2003
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UAE top supplier to Japan
The UAE has replaced Saudi Arabia has the top oil supplier to Japan, reported Gulf News. Official statistics show that in July the Kingdom supplied 824,000 bpd compared with 1m bpd from the UAE. Conversely Japan's imports from Oman tumbled from 368,000 bpd to 88,129 bpd in June.
Opec fails to deliver cuts
Opec members this month failed to cut output as much as promised at their September meeting, according to Petrologistics. This month the cartel will pump 25.5m bpd, or 700,000 bpd less than in October. But this figure should have been 24.5m bpd.
Oil trio meet before Opec talks
Oil Ministers from Venezuela, Mexico and Saudi Arabia are due to meet before next week's Opec summit in Vienna in a bid to stabilise prices, reported Bloomberg. Opec President Abdullah bin Hamad Al Attiyah said the three countries had formed a committee to coordinate oil output policy.
Iran ups exploration 18pc
Iran's state owned oil exploration company has drilled 77 oil and gas wells since the start of the Iranians year on March 21, 18 per cent up on the same period last year, reported MEES. The newsletter said that 43 onshore and four offshore rigs were used while four other rigs were out of service.
Shell may sell higher Egypt stake
Shell has offered to sell an additional five per cent stake in Shell CNG Egypt to Gail (India), according to the Financial Express. Shell had earlier offered to sell a 17 per cent stake in the Cairo gas supplier, said the paper. Gail will also buy a 19 per cent stake in another Shell gas company in Egypt, Fayum Gas, it added without naming its source.
Iran, USD3bn pipeline to India
Iran has offered to pay 60 per cent of the cost of a proposed USD3bn natural gas pipeline to Iran via Pakistan, reported AP. Officials said the 2,600km pipeline would provide a long term, credible gas supply at the lowest cost and would save India USD300m a year in energy costs.
Kuwaiti minister cool on prices
Kuwaiti Energy Minister Sheikh Ahmad al-Fahd al-Sabah said he sees no need for Opec to increase production to cool high oil prices. The price of crude or Brent at this stage does not reflect the reality of supply and demand, he told reporters. I think the prices have increased in this manner due to the situation in Iraq and Venezuela, and other political problems in the Middle East, he added.
Terror keeps oil prices high
Oil prices start the week with benchmark Brent crude just a whisker below USD30 per barrel and New York crude futures at USD31.61. Traders are uneasy about the security of winter supplies from the Middle East with recent terror attacks in Istanbul and continued violence in Iraq adding to concern.
Rasgas, Italian LNG terminal
Qatar's Rasgas has signed an agreement with Edison Gas to build a LNG terminal in northern Italy. The Adriatic LNG Terminal project will be 45 per cent owned by Qatar Petroleum and 45 per cent by ExxonMobil with Edison Gas holding 10 per cent. Supplies will start from 2007 and are already contracted for 4.7m tonnes a year.
Kuwait best for Iraq oil sales
Kuwait is the best alternative outlet for Iraq's oil sales, said Iraqi Oil Minister Ibrahim Bahr Al Uloum in remarks published locally. He told Al Seyassah newspaper that diversification was Iraq's policy, particularly to use the capabilities of neighbouring countries and Kuwait comes first.
Iran to supply Iraq
Iran has agreed to provide former arch enemy Iraq with oil products over the winter in a landmark deal, officials told Reuters. There will be shipments of LPG, petrol and kerosene as soon as possible, they said, after a meeting of Oil Ministers in Tehran.
Oman, BP, 6-year LNG contract
Oman LNG has inked a six-year sales and purchase agreement with BP to supply 3.6m tonnes of LNG from 2004. This allows BP to receive up to 12 cargoes of LNG per annum to be shipped to Spain. Oman is in the process of building a third LNG train to boost output by 50 per cent.
UAE to step on the gas
UAE gas consumption is expected to surge by 50 per cent in the next 12 years as the nation moves to this clean energy source, reported Gulf News. The massive Dolphin Energy project to bring gas from Qatar to the UAE will spearhead this transformation and spur new industrial opportunities.
Shell Aviation wins jet fuel award
Shell Aviation has been voted best international jet fuel marketer in the Middle East, Africa and Asia Pacific regions by Jet Fuel Report. In total 78 airlines submitted a response, representing 67 per cent of the world's total jet fuel sales.
Kuwait re-tenders oil contract
Kuwait is likely to re-tender a major contract aimed at raising its oil export capacity to 3m bpd, according to newspaper reports. The contract provisionally went to Kvaerner. But the Kuwait Oil Company has decided to return it to the Central Tenders Committee, saying a number of technical problems were unanswered.
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