2003
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Opec decision risks lower prices
Opec's decision last week to hold back on output cuts until February at the earliest risks pushing oil prices lower. Oil analysts said Brent crude could dip from USD30 to USD25 per barrel in that time. They noted that by then Iraq and Russia will be pumping oil like crazy.
Shell, aviation fuel sales up 4.5pc
Growth in aviation jet fuel sales in the region is expected to hit 4.5 per cent in 2003, and will continue to achieve steady growth of 4.5%-5% annually, according Shell Aviation, which will have a big presence at Dubai Airshow 2003. General Manager Mike Lumley said that the rapid development of the industry would create a new stimulus generating more demand.
Oman, oil output to fall 10pc
Oman will reduce its oil output by as much as 10 per cent next year due to declining production, officials told Bloomberg. Output from Oman's ageing oil fields has fallen by 12 per cent in the past two years. Oman relies on oil for three-quarters of government revenue.
Opec cuts likely in 2004
UAE Oil Minister Obeid bin Saif AL Nasiri joined his colleagues from Algeria and Indonesia in signalling that output cuts were likely next year, according to Bloomberg. Speaking ahead of the Opec meeting today he said that the second quarter of next year is a big concern.
Al Naimi defends higher oil prices
Saudi Oil Minister Ali Al Naimi said higher oil prices of more than USD30 were justified by the recent slump in the US dollar. Ahead of the Opec meeting in Vienna today he said that the oil cartel would need to cut output again early next year to support prices.
Brent futures sharply higher
IPE Brent crude futures moved sharply higher on Tuesday ahead of the Opec meeting this week, and closed up 69 cents at USD28.94 a barrel. Traders said the US northeast region was heading for the big winter chill and this was influencing prices. They said prices could go a lot higher.
Oil lower, Opec cuts ruled out
January Brent futures fell 55 cents to USD27.90 on Monday after Opec Oil Ministers said they were not planning any cut in production at tomorrow's summit meeting in Vienna. UAE Oil Minister Obeid bin Saif Al Naisiri said Opec may meet in January or February to review policy again.
Syria, US oil reserve study
Despite looming US sanctions, Syria has signed a deal with America's Veritas DGC to carry out a seismic study to assess offshore oil reserves. The USD4m deal gives Veritas exclusive rights to carry out seismic studies for 10 years in an area adjacent to Syria's Mediterranean coast.
Aramco, new export contracts
Saudi Aramco has sealed its largest ever term distillate export contracts, reported Reuters. The energy giant has signed with at least 15 companies for the sale of 7.9m tonnes of gas oil and jet-kerosene in 2004, up from the 5.26m tonnes termed out this year. "The Saudis have termed out almost 90 percent of their gas oil and around 70 percent of their jet fuel. There's a significant rise in the volume and this is down to the new splitter at Ras Tanura and some changes to their operations," said one industry source involved in the term negotiations.
Qatar GTL plant foundation stone
Qatar's heir apparent Sheikh Tamim bin Hamad Al Thani will lay the foundation stone for the world's most advanced gas-to-liquids plans on December 7 in Ras Laffan Industrial City. The USD900m Oryx GTL plant is a joint venture between Sasol and Qatar Petroleum and will be commissioned by November 2005.
Mexico avoids Saudi meeting
Mexican Energy Secretary Felipe Calderon said he is not planning to meet with his opposite numbers from Saudi Arabia and Venezuela before the next Opec summit, contradicting earlier reports. He told reporters he had no meetings scheduled, at least not this year.
Aramco books tankers for US
Saudi Aramco has booked three 2m-barrel tankers to ship crude oil to the US, signalling a willingness to ensure that inventories are stocked for the winter, reported Bloomberg. US inventories dropped to 289.1m barrels in the week ended November 21.
Brent up, awaiting stocks news
IPE Brent crude futures rose by 29 cents a barrel to USD28.23 on Wednesday as the markets awaited news on US inventory data. Nymex crude futures also moved higher while the exchange will be closed today and tomorrow in observance of the US Thanksgiving holiday.
BP mulls Oman LNG for UK
BP Gas and Power is reviewing the sourcing of LNG from Oman to supply UK customers, reported Gulf News. Business Development Manager David Thomas said BP is just floating the idea. Just three weeks ago the energy giant announced plans for a LNG terminal in the UK.
Non-members boost Opec
Non-members of Opec could fail to meet growth forecasts next year, relieving the pressure on Opec to cut production, analysts told Reuters. The IEA projects 1.45m bpd in non-Opec supply increases in 2004. But analysts think local instability may leave this projection too high.
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