2004
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AD transfers NPCC to GHC
Abu Dhabi Crown Prince Sheikh Khalifa bin Zayed Al Nahyan has transfered the National Petroleum Construction Company to the General Holdings Company, reported Wam. The law included protection for the jobs, salaries and privileges of staff.
Oil prices slip back a little
Oil prices slipped back again yesterday on signs that high energy costs are slowing economic growth. US light crude was down 32 cents at USD53.35 a barrel after Monday's USD1.26 slide from a record close on Friday of USD54.93. Brent crude eased 11 cents to USD48.80 a barrel.
Gobal oil demand set to ease
A Reuters survey found that global demand for oil will moderate a little next year. A survey of 14 oil analysts showed an average estimate of 1.8m bpd in additional oil demand next year compared with 2.7m bpd this year. However, this was significantly higher than forecasts from the International Energy Agency of 1.45m bpd.
No price hike for UAE petrol
The UAE Ministry of Petroleum has rejected demands to increase petrol prices by Dhs2 per gallon to solve a financial crisis facing retailers, reported Khaleej Times. Officials met yesterday in Abu Dhabi but found no immediate solution to the problem.
Yukos may attract Arab bidders
Russian television reported that foreign investors may be allowed to bid for the main production unit at Yukos, the Russian oil giant selling off assets to pay back taxes, reported Reuters. Arab oil states interested in acquiring new oil assets are seen as likely bidders.
Opec cuts 2005 forecast
Opec has cut its forecast for increased demand next year because the cartel believes higher oil prices will dampen consumption. The growth estimate for 2005 has been cut by 130,000 bpd to 1.6m bpd. This is still higher than the International Energy Agency's prediction of a 1.45m bpd increase in global oil consumption.
Low stocks keep oil prices high
Oil prices broke new highs above USD55 a barrel yesterday as low US inventories led to fears about winter fuel oil supplies. US light crude hit a new peak of USD55.33, a gain of 68 per cent since the start of the year. Brent crude also reached an all-time high of USD50.40.
Oil sails past USD55 a barrel
Oil prices rallied above USD55 a barrel in Singapore trading on concerns over a winter fuel supply crunch, and as traders took comments from a top US official to mean high prices have yet to really hit US demand. US light crude futures hit a new peak at USD55.33 a barrel, up 40 cents, or about 70 per cent since the start of the year.
Aramco sees no need for FDI
Saudi Aramco Chief Petroleum Engineer Amin Nasser told Bloomberg that rising oil prices meant that Saudi Arabia would not need foreign investment to develop its oil capacity. He reckoned a USD16bn investment would be needed to enhance output by 3m bpd and that whatever capital was required would be put in.
ExxonMobil, record AD output
ExxonMobil pumped 110,000 bpd of crude oil from Abu Dhabi last year, its highest extraction rate in 40 years, officials told Gulf News. They promised that by 2010 the Middle East would account for 20 per cent of ExxonMobil's total global investments in upstream oil and gas.
UAE petrol, no agreement yet
Petrol retailers and the UAE Ministry of Petroleum and Mineral Resources met yesterday in an effort to settle gasoline prices which are presently incurring large losses for retailers. Officials told Gulf News that the ministry would now study the problem from all angles before coming to a decision.
Shell to advise on Iraqi gas
Shell is to advise Iraq's oil ministry on how to rebuild the country's gas infrastructure, reported The Financial Times. Officials said Shell was to provide technical assistance on the creation of a gas masterplan, although this did not mean it was negotiating access to Iraqi gas.
Greenspan accepts higher prices
US Federal Reserve Chairman Alan Greenspan accepted that higher oil prices may be here to stay in a speech at the end of last week. He noted that oil futures now pointed to USD35 per barrel rather than USD20 previously. But the US economy can handle high prices much better than in the 1970s, he added.
Opec boss sees higher prices
Opec President Purnomo Yusgiantoro told agencies last week he thought world oil prices would continue to rise until the end of October due to strong demand. Opec producers are presently pumping at near full capacity to meet rising demand from China and the US.
Enoc hikes diesel prices again
Dubai Government owned oil retailer Enoc is to hike the price of diesel for the third time since August from Dhs6.40 to Dhs6.70 today, reported Gulf News. Meanwhile, local petrol retailers are to meet with the authorities in Abu Dhabi today to try to reach a solution to mounting losses on petrol sales. A planned shutdown of stations has now been avoided.
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