2004
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Opec spare capacity 1-1.5m bpd
Opec only has a spare capacity of another 1-1.5m bpd, according to Qatar Energy Minister Abdullah bin Hamad Al Attiyah. He said there was nothing more that Opec could do to cool oil prices, and noted that any further output increase would wait until the Opec meeting in December.
Oil set to hit USD50 a barrel
Oil prices could pass the USD50 per barrel barrier this week, said traders in a Bloomberg survey. Prices rallied sharply as Hurricane Ivan did more damage than expected in the US last week. Once the USD50 per barrel barrier is broken traders expect oil prices to shift much higher.
UAE, Qatar subsea gas pipeline
The UAE and Qatar are due to sign an agreement today to construct a subsea pipeline, the first to connect two Gulf states, reported Bloomberg. The agreement will allow Dolphin Energy to build a 2bn cubic feet a day pipeline from Qatar to the UAE.
BG, Egypt LNG export deal
The UK's BG Group has signed five-year contracts for the export of 700,000 tonnes of LNG a year from Egypt, mainly to North America, reported Reuters. The deals start from Q1 2005 and are with the Egypt General Petroleum Corporation, Egyptian Natural Gas Holding Company and Petronas.
Adipec conference Oct 10-13
The Abu Dhabi International Petroleum Conference will be held October 10-13 with thousands expected to participate, said organisers General Exhibitions Corporation and the Abu Dhabi National Oil Company. The event will focus on the latest developments in the industry.
UAE, 2.6m bpd by 2007
The UAE will increase its oil production to 2.6m bpd over the next two years against 2m bpd before 2000 and 1.5m bpd in 1995 thanks to sustained investment plans, reported Gulf News. Oil income in the UAE should reach a record USD27-19bn this year.
KSA, Iran, Kuwait, Q4 up 1m bpd
Saudi Arabia, Iran and Kuwait will boost their combined output by 1m bpd in the fourth quarter, reported agencies. Saudi Arabia will have a production capacity of 11m bpd after the opening of new oil fields next month, said Oil Minister Ali Al Naimi, while Iran's output will rise 150,000 bpd on the completion of a Shell project.
Shell, USD15bn investment plan
Shell will invest USD15bn to boost reserves and production in 2004-6, and plans USD10-12bn in disposals of non-core assets over three years, said a company statement. Chairman Jeroen van der Veer said replacing our reserves is a strong priority for future growth.
Oil past USD48, US stock fears
The price of US light crude gained USD1.44 yesterday to close at USD48.20, only marginally below its all-time high of USD49.20 hit on August 20. London Brent crude was up USD1.26 to USD44.65. The draw down of US oil stocks due to Hurricane Ivan rattled the market.
Kuwait adds 150-200,000 bpd
Kuwait's Oil Minister Shaikh Ahmad Al Fahd Al Sabah said the country plans to increase its oil production by 150,000 to 200,000 bpd by the middle or end of October to help stabilise oil prices. We will continue, as Kuwait, to supply the market with whatever we have as spare capacity until the stability of the market is achieved, he told reporters at Kuwait Airport.
Oil hits USD47 on supply worries
US light crude ended slightly below USD47 yesterday, just USD2 off its record set in August. Supply worries in China due to the Yukos situation, and the rising tension between the United Nations and Iran over nuclear development, kept oil markets nervous.
Kuwait strengthens oil supervision
Kuwait is to enact a new oil strategy next year to supervise and monitor the oil sector, reported KNA. The Ministry of Energy is to begin field inspection and supervision of national oil companies and coordinate with them to enhance performance and realize defined strategic goals, said a statement.
Oil price above USD46 a barrel
World oil prices surged on Monday with US light crude back above USD46 a barrel. The decision by Russian oil giant Yukos to suspend supplies to China seriously worried oil markets. Meanwhile, US supplies remain disrupted by Hurrican Ivan's progress last week, and Iraq remains very unstable.
Yukos halts China oil supplies
Russian oil giant Yukos said it has partly suspended supplies to China due to cash flow problems, raising the spector of higher oil prices this week. Yukos is the sole Russian supplier to China and provides around seven per cent of Chinese crude oil consumption, some 400,000 bpd.
Oil giants plead for FDI options
Oil majors meeting their Opec counterparts in Vienna last week issued a plea to oil countries for more opportunities for foreign direct investment. ExxonMobil CEO Lee Raymond said world oil demand could double by 2020 and that new investment would be needed to meet that demand.
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