2004
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Al-Naimi predicts higher prices
Oil prices will rise next week, Saudi Oil Minister Ali Al-Naimi told Arab News, playing down the significance of a sharp fall on Friday when Opec tried to bolster prices by cutting output. Watch what happens tomorrow, he said, I tell you prices will go up tomorrow.
Opec cuts 1m bpd from Jan
Opec producers agreed to cut 1m bpd or 3.5 per cent of current supply at their meeting in Cairo at the end of last week. Ministers said stocks were growing at an unreasonable rate. Analysts noted that the cut was a preventative measure to stabilise prices at current levels.
Oil prices plummet, USD40
World crude oil prices plunged late last week as traders cast aside news of a modest Opec production cut, betting that prices are now too high as energy stockpiles expand. US light crude was down USD1.82 to USD40.71 a barrel, the lowest finish since July 21. Brent crude finished down USD2.29 to USD37.38.
UAE backs Opec action
New UAE Energy Minister Mohammed bin Dha'en Al Hamili has said the UAE was committed to the Opec decision to cut 1m bpd in output last week, reported Wam. He said the decision is aimed at achieving a balance between supply and demand on the international oil market. Oil prices would be threatened in H2 2005 without the action, he added.
USD110m Qatari rig for Keppel
Keppel, a Singapore conglomerate, has secured a USD110m oil rig contract from Qatar's Gulf Drilling International. Keppel is one of the world's biggest builders of offshore oil rigs, and has benefited strongly in the last two years from the growth in oil exploration and drilling.
Egypt, new gas discovery
Egypt has made a new offshore natural gas discovery in its deep Mediterranean waters, according to Petroleum Minister Sameh Fahmy. The discovery was made using high-tech equipment that reduced the investment risk. The find takes Egypt's reserves to 66 trillion cubit feet, nearly double that recorded in 1999.
India opts for Qatari gas
India is looking to source LNG from Qatar and Yemen, after talks failed to finalise a deal to buy 5m tonnes of LNG from Iran-based Petropars, according to India's Petroleum Minister. India has been pushing for a fixed term and price agreement, but Iran wants prices to be indexed against Brent crude oil price.
Bahrain oil income surges
Bahrain's oil revenues in the first nine months of 2004 totalled USD1.8bn compared with a budgeted USD1.3bn, officials told members of the Shura Council. Bahrain exports some 240,000 bpd of petroleum products. Officials said the surplus would be transferred to general reserves.
Saudi, no need for Opec cuts
Saudi Arabian Oil Minister Ali Al Naimi told reporters in Cairo that there was no need for oil output cuts. He said the Opec basket is still at USD33 a barrel and the winter has not even started yet in the US northeast. Other Opec countries are more nervous after a 25 per cent price fall.
UAE wants USD30-38 range
New UAE Energy Minister Mohammed bin Dha-en told reporters that the UAE would like to see a USD30-38 a barrel price range for Opec oil. He said it may be appropriate to comply with output quotas in the first stage, and if prices continue to decline then we would discuss cutting the output ceiling.
Total, Iran Pars gas deal
Total has signed a framework deal with Iran to go ahead with the Pars LNG project by early 2006. A spokesman said the agreement allowed engineering studies to proceed ready for a start in late 2005 or 2006. The project intially involves building two 5m tonnes-a-year LNG plants.
Shell, Qatar, USD6bn GTL
Shell is to invest USD6bn in a major gas-to-liquids plant in Qatar, CEO Jeroen van der Veer told Business Week. A USD5bn deal to build a 140,000 bpd GTL plant was signed last October, and the plant is set to come onstream in two phases, in 2008-9 and 2010-11.
Opec keeps all options open
Opec is keeping all its options open, including cutting quotas, Iranian Oil Minister Bijan Zanganeh told reporters. But he said that there was still no consensus within Opec in favour of altering the group's price band target which is still USD22-28 a barrel.
Oil rises on Opec cut talk
Oil prices were higher yesterday on calls from some Opec members for production quota cuts. US light crude bounced off recent lows to USD43 a barrel. Last week prices dropped by more than USD7 as speculators unwound their positions and US fuel stocks rose.
Omani oil production drops
Oman's oil production will drop to 750 000 bpd next year, 8.4 per cent lower than in 2004, according to the Sheikh Ahmad bin Abdel Nabi Meki, Minister of the Economy. Oman is a non-OPEC oil producer but remains heavily dependent on oil revenues, which account for around 80 per cent of its exports and 40 per cent of GDP.
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