2004
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Oil price USD45, four-week high
Oil prices open this week at over USD45 a barrel, a four-week high. The latest hike in oil prices comes in the wake of Hurricane Ivan which has interrupted oil supplies in the southern US states. Oil prices have yo-yoed recently with multiple adverse supply factors maintaining high prices.
GCC Oil Ministers meet in AD
Oil Ministers from the GCC states will meet in Abu Dhabi next week to discuss soaring oil prices and future market supply, reported Gulf News. They will gather in the margins of the annual UAE oil and gas conference entitled, The Gulf Oil and Gas Sector: Potential and Constraints, from September 26-27.
Opec ups quotas, oil prices rise
Oil prices headed higher yesterday despite the raising of Opec's formal oil output quotas by 1m bpd. However, with the oil cartel already pumping more than this amount, the action seemed irrelevant to markets. US light crude jumped 76 cents to USD45.10 as traders worried about the impact of Hurricane Ivan on US offshore output.
Iraq, 3.25m bpd target 2006
Iraq's Oil Minister Thamir Ghadhban told Reuters his country will raise capacity to 3.25m bpd by 2006 despite continuing violence that is keeping foreign investors away. He said domestic resources would boost capacity from 2.8m bpd today but pledged to continue dialogue with foreign oil firms in readiness for more stable times.
Qalhat LNG, partnership stakes
Oman has signed an agreement with Oman LNG and Fenosa Gas making them partners in Qalhat LNG which will own the country's third LNG train. The USD700m facility is now under construction by Chiyoda-Foster Wheeler. Oman holds 55.8 per cent, Oman LNG 36.8 per cent and Union Fenosa 7.4 per cent.
Opec reluctant to boost output
Opec countries are reluctant to boost oil output in a bid to lower oil prices, said Saudi Arabian Oil Minister Ali Al Naimi yesterday. We will be pumping 9.5m bpd in October and our customers know that, he told agencies, USD40 per barrel is not low enough and the fundamentals do not support this price.
KSA sees no oil shortage
Saudi Arabia Oil Minister Ali Al Naimi told reporters in Vienna that oil markets have more than enough supply. There is no shortage in the market, he said, our customers are getting everything they want. Opec is pumping at the highest level in more than two decades in a bid to bring down prices.
Opec unlikely to move quotas
Opec is unlikely to change oil quotas at its meeting this week, officials told Reuters. Delegates said that the group wants to avoid a stockbuild in Q4 that might hit prices later. Oil prices have recently come off their August peaks, although the market remains volatile.
Hurricane sends oil to USD44
The threat of Hurricane Ivan to US offshore oil supplies sent oil prices back up yesterday. US light crude ended up USD1.18 to USD44 a barrel, while Brent crude rose by USD1.25 to USD41.45. Several oil companies have evacuated facilities in the Gulf of Mexico which will reduce production capacity.
Total boss calls for Opec FDI
The Chairman of Total Thierry Desmarest told the Financial Times that Opec must open its doors to oil majors to ensure that supply meets demand in coming years. It is important to have the opportunity to invest more in Opec countries, he said, maybe through joint ventures with national companies. If you want to increase production capacity, it is key, he added.
Opec to discuss new price band
Opec is to set up a commission to recommend a new crude oil price band by the end of the year, reported AFP citing senior sources in Vienna. The old USD22-28 price band has been rendered redundant by persistently high oil prices, though it has called into question Opec's ability to manipulate the oil market.
Havana pipeline sabotaged in Iraq
The pipeline linking Kirkuk to the Havana oilfield has been sabotaged by gunmen, an oil executive from the North Oil Company told AFP. He said the oil flow had stopped and sand dikes built to stop crude oil from spreading. Security guards were wounded in the attack.
USD180bn GCC oil income 2004
Oil income in the GCC will top USD180 billion this year, the highest ever, according to the London based Centre for Global Energy Studies. However, in real terms this is still substantially less than earnings in 1980, allowing for inflation.
Opec united on USD30 target
Opec is united around the need to raise its average oil price target to USD30 a barrel, Iran's Opec Governor Hossein Kazempour Ardebili told journalists. But he said that members had differing views on when to implement the new price band, and some wanted to wait for more market stability.
USD10-15 political premium on oil
Opec President Purnomo Yusiantoro yesterday told the World Energy Congress in Sydney that there was a USD10-15 political premium on oil prices at the moment. He said prices should fall by USD5 a barrel before the end of the year based on the futures markets.
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