2004
- The news you choose »
- Login to Add to Watchlist
Opec could cut quotas
Opec could surprise the market and announce output reductions at its meeting on Friday 10 December, according to Reuters. Analysts said the cartel may lower its output ceiling by about 1m bpd, to take effect in March or April 2005 to coincide with the Northern Hemisphere spring. Most experts expect Opec to keep its current production quotas and price ceiling.
Oil falls to USD42 a barrel
Oil prices fell sharply at the end of last week to close at USD42.50 for US light crude and USD39.60 for Brent crude. Traders said there was an aggressive sell-off by speculative funds on the back of rising US heating fuel stocks thanks to a mild winter so far.
Opec to ignore price band
Iran has repeated its call for Opec to pull supplies back to official quotas. But Iran's Opec Governor Hossein Kazempour Ardebili said Opec would probably not discuss changing its USD22-28 per barrel price band at its next meeting on December 10 in Cairo.
Shell ups KSA gas reserves 6.7pc
The Saudi gas deal won by a Shell consortium last year will add 15 trillion cubic feet or 6.7 per cent to the Kingdom's gas reserves, Shell Saudi Chairman Floris Ansingh told reporters. He said the USD2.5bn deal was a breakthrough and covered an area almost the size of Great Britain.
Kuwait wants Opec cuts
Kuwait's Energy Minister Sheikh Ahmad Al Fahad said Opec has to take seriously the slide in the price of oil over the past two days. He noted that over production is in the range of 1.5 to 2m bpd. We have to take the price cut seriously and cut over production, he added.
Shell invests USD700m in KSA
Shell is set to invest USD700m in the expansion of its Saudi petrochemicals joint venture with Saudi Basic Industries Corporation in Q1 next year, reported Bloomberg. Saudi Shell Chairman Floris Ansingh said the investment was driven by future requirements of our major markets of China and Japan.
Oil back at USD47 a barrel
Oil prices dropped back sharply yesterday with US light crude down USD1.93 to USD47.25 a barrel. Brent crude fell by USD1.80 to USD43.72. The upward movement followed a 2.3m barrels rise in heating oil and diesel stocks in the US to 117.9m barrels in the week to November 26.
Aramco, USD800m refinery upgrades
Saudi Aramco plans to spend USD800m over the next five years to upgrade its domestic refineries and produce clean fuel. Officials told Bloomberg in Dubai that the refineries will be upgraded to produce low sulphur fuels to meet new environmental standards in Europe and Asia.
World more dependent on oil
World energy supplies will become increasingly dependent on oil from the Gulf States over the next two decades, said a report published by the CSIS in Washington. It predicts that protecting Saudi and Gulf reserves will remain of major strategic importance. IEA studies point to an investment of USD3 trillion in new oil and gas capacity in the Middle East to meet new demand.
Opec 1.5m bpd over quota
Opec is presently producing 28.5m bpd, 1.5m bpd over its quota, said President Purnomo Yusgiantoro yesterday. He told reporters that world demand for oil would increase in Q2 2005 which was a concern to the cartel, and that steps should be taken while oil prices are high.
USD1.5bn AD job for Bechtel
Abu Dhabi has awarded its largest deal in the gas sector this year to US giant Bechtel. The USD1.5bn engineering, procurement and construction contract from Abu Dhabi Gas Industries is for the second package in the Onshore Gas Development scheme. Four more contracts on the project will follow.
Saudi aims for 12.5m bpd
Saudi Arabia's Oil Minister Ali Naimi said that the Kingdom plans to lift its sustainable oil production capacity to 12.5m bpd over the next few years and has reached 11m bpd. He told reporters the Qatif and Abu Safah projects had increased capacity by 800,000 bpd ahead of schedule.
AD cuts diesel prices
Abu Dhabi petrol distribution companies have cut the price of diesel by 20 fils per gallon due to falling oil prices. Abu Dhabi National Oil Company said that it will reduce the price of diesel at its pumps from Dhs6.70 to Dhs6.50 a gallon.
Oman, more oil than 2003
Oman will produce more oil in 2004 than 2003, marking a decisive change of direction in dwindling output, according to Petroleum Development Oman MD John Malcolm. He admitted to reporters at the Muscat Oil and Gas exhibition that declining output had been a concern in recent years.
Opec will stick with the dollar
Saudi Arabian Oil Minister Ali Al Naimi said yesterday that Opec will not consider switching away from the US dollar. He said that every strategic review had concluded that there was no need to change. Earlier this year Opec cited dollar weakness as a justification for high oil prices.
It looks like you are using a Mac - check out our 
Web Feeds