2003
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Non-Opec urged to back cuts
Opec President Abdullah bin Hamad Al Attiyah told reporters in Tokyo that non-Opec crude oil producers need to cooperate to prevent a glut in supplies as Iraqi output increases. He said non-cooperation would reflect negatively on both sides and noted that Opec's own internal cooperation was strong.
Iraq reopens Gayaro refinery
The Gayaro refinery in Mosul, Iraq was reopened yesterday. The refinery had not been in operation since the Iran-Iraq War which ended in 1990. Commander of the US 101st Airbourne Division Major General David Petraeus cut the ribbon at a ceremony attended by Mosul Deputy Mayor Khisro Goran.
Shell consortium, Saudi gas deal
A Shell-led consortium is in the final stages of completing a landmark gas deal in Saudi Arabia, the sole survivor of the Saudi Gas Initiative , reported Reuters. Sources close to the USD2bn project said staff would be sent to the Empty Quarter in January. Shell has a 40 per cent stake in the deal, with Total and Saudi Aramco 30 per cent each.
Crude prices drop on inventory rise
Crude oil dropped in New York after a report Nigeria's biggest labor union suspended a planned national strike and on signs the US may have ample inventories to meet demand this winter. Crude oil for November delivery fell as much as 31 cents, or 1 per cent, to $29.50 a barrel, in New York, Bloomberg said.
Aramco awards USD100m contract
Jacobs Engineering Group subsidiary received a USD100m contract from Saudi Aramco to oversee the development of Hawiyah Natural Gas Liquids (NGL) recovery/gas plant expansion and related projects in Saudi Arabia. Jacobs will provide project management consultant services, including front-end engineering, as well as project and construction management for the facilities.
Mideast crude premiums move little
Premiums on Mideast crude oil grades were locked in a narrow band on Tuesday with the market awaiting a pick-up in trade for December supplies. Oman cride traded at a little changed premium of 15-24 cents a barrels, while Brent/Dubai exchange for swap was at USD2.21/2.22 a barrel.
India to develop USD2bn oilfield
India and Opec member Venezuela are considring a joint venture to develop a USD2bn oilfield in India's western desert.The Baghewala field in Rajasthan contains heavy grade crude similar to that produced in Venezuela's Orinocco belt. Pilot drilling is expected by mid-2004.
Oil spikes above USD30
US crude oil prices settled at USD30.40 on Tuesday after rising Middle East tensions and the threat of a general strike in Nigeria sent prices higher. Israel's deep strike inside Syria raised fears of a wider Middle East response, while the general strike in Nigeria may disrupt oil exports.
Petrovietnam eyes Iraq oil field
Petrovietnam told Reuters that it hopes to resume operations at Iraq's Amara oil field later this year. Its USD300m development contract was signed with the government of Saddam Hussein in March 2002, one of only three contracts with foreign oil companies approved by the former ruler.
Saudi 2004 distillate talks
Saudi Aramco will open negotiations for the sale of four million tonnes of gas oil and jet-kerosene for 2004 in the week beginning October 20, traders told Reuters. Lower bids are expected than earlier in the year at the talks which will probably be held in Dubai.
US focuses on Iraq oil smuggling
Coalition forces in Iraq are now focussed on stopping oil smuggling from Iraq, according to Commander of the US Naval Forces Central Command Vice-Admiral Timothy J. Keating. Ten vessels carrying illegal oil in the international waters have been seized so far, he said.
Adnoc reduces oil prices
Adnoc has cut the September retroactive price for its key Murban crude to USD26.95 a barrel, down by USD1.90 from August's USD28.85 a barrel. September prices for Lower Zakum and Umm Shaif were also reduced by USD1.90 from August to USD26.95 and USD26.70. It has also cut its September price for Upper Zakum by USD2.10 to USD26.10 a barrel.
Saudi cuts September supply
Saudi Arabia cut oil supply sharply in September, just before the Opec's agreement to lower ouput by 3.5 per cent. The 11-member Opec pumped 27.11m bpd in september, 300,000 bpd above the August average. Meanwhile, Iraq has lifted production to an average of 1.45m bpd in September, up from 500,000 bpd in August.
Apicorp on Oman petrochem project
Oman has named Arab Petroleum Investmets Corp (Apicorp) as financial advisor for Oman Polypropylene Plant (OPP) project to be built in Sohar. Apicorp will lead the financial mandate for the necessary loans from local and international banks by the beginning of next year.
Non-Opec producers being wooed
Opec-member Venezuela will meet with non-Opec oil producers Mexico and Norway later in October in a bid to take them along with any future production cuts to hold oil prices. Opec last week cut output by 3.5 per cent and is next to meet on December 4, where the possibility of a further cut is there.
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