2004
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Riyadh bombs up oil prices
US oil futures jumped yesterday after two car bombs exploded in Riyadh but later fell back. Nymex crude for February closed USD1.87 higher at USD43.64 following the blasts in the Saudi capital. Traders said a major price hike was unlikely ahead of the holiday weekend.
Oil price steady at USD42
US light crude held steady at USD42 a barrel in light trading yesterday while Brent crude hovered around the USD40 a barrel mark. Traders think that oil prices will weaken going into 2005 due to excess supply and a mild winter, but geo-political developments remain a wild card.
Adnoc trims extra Feb supply
The UAE is set to refrain from offering extra crude oil in February, the first month without extra supplies in 10 months, reported Reuters from Singapore. Planned oilfield maintenance at Murban oilfield and the 1m bpd Opec output cuts explain the action.
Egypt's first LNG for Spain
Next week the first Egyptian LNG shipment for Spain will leave the new Damietta plant, 200km north of Cairo, reported AP. The 140,000 cubic metre shipment heralds a new era for energy exports, and belongs to Union Fenosa, the Spanish group that was part of the consortium behind the project.
Oil prices down USD2
US light crude futures for February delivery fell by USD2.28 yesterday to USD41.90 a barrel on the New York Mercantile Exchange. Traders were anticipating warmer weather and weekend snow storms in the Midwest that kept aircraft grounded and traffic quiet.
KSA adds 800,000 bpd
Saudi Arabia's Crown Prince Abdullah bin Abdul Aziz yesterday inaugurated an 800,000 bpd production plant in the Eastern Province. The Qatif plant is owned by Saudi Aramco. Oil Minister Ali Al Naimi said that Saudi Arabia now has a total production capacity of 11m bpd with a surplus capacity of 2m bpd.
Opec cuts hit freight rates
Shipping rates have tumbled in the wake of Opec's decision to cut output by 1m bpd, reported Gulf News. Trends for Very Large Crude Carrier rates were weaker across the board, with shipowners competing fiercely for a lower amount of business.
USD800m Qafac II progress
Qatar Fuel Additives Company has signed a heads of agreement for the USD800m Qafac II project, reported The Peninsula. This methanol and ammonia plant in Messaied is expected to start production by early 2008, and is being funded by a 30 per cent equity contribution and 70 per cent debt financing.
Syria, drilling deals for Tunisia
Syria has awarded a USD14m contract for oil and natural gas exploration to Tunisian company HBS International, reported AP. The 25-year contract gives the Syrian Government 12.5 per cent of the gross total output, and the drilling of wells and surveys will last four years.
US stocks hit oil prices
Crude futures dropped on Wednesday after the US reported large increases in fuel oil stocks. Light crude for February delivery was down USD1.52 to USD44.24 per barrel. Brent crude fell USD1.73 to USD40.64 per barrel. The Department of Energy said the supply of crude oil rose by 2.1m barrels last week to 295.9m barrels, while fuel inventories were up by 600,000 barrels to 119.9m barrels.
Asia overflowing with oil
A sharp fall in demand from China and Japan has left oil stocks at their highest levels since September, reported Reuters from Singapore. Regional hub Singapore was holding nearly 12m barrels of fuel oil last week with 20m barrels due to arrive in the next six weeks, said traders. Unless a new buying wave comes next week the supply glut is not likely to clear until February, they warned.
Iraq, 3.5m bpd by end 2005
Iraq hopes to produce 3.5m bpd by the end of 2005, Iraqi Finance Minister Adil Abd Al Mahdi told reporters in Washington. He said actual production of oil depends on pipelines, if they are functioning or not. We could achieve 2.5m bpd and expect to reach 3.5m bpd, he added.
Opec, USD157m philanthropic loans
The UAE-chaired Opec Fund for International Development has approved 17 loans worth USD157m to offer credit finance for philanthropic projects in Angola, Armenia, Bosnia, Congo, Jordan, Turkey and Turkmenistan. The loans are for up to 20 years with a five-year grace period and the interest from one to 1.75 per cent.
Total to buy into Qatar Gas II
Total is in the final stages of negotiating an entry into the USD12bn Qatar Gas II project, CEO Faisal Al Suwaidi told Bloomberg. Exxon and Qatar are building the world's largest LNG plant to export gas to the UK from 2007-8. Total wants to buy plants to handle 5m tonnes out of the total capacity of 16m tonnes.
Oil back above USD46
Oil prices held above USD46 a barrel in overnight trading, supported by freezing weather in the US and renewed threats by militants to attack oil facilities in Saudi Arabia. Oil rallied more than USD5.50 a barrel last week, and is now less than USD10 below the all-time high at USD55.67 from late October.
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