2004
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Kuwait probes Iraq fuel deal
Kuwait's top prosecutor is to investigate allegations of overcharging and profiteering on an Iraq fuel deal between Kuwait Petroleum Corporation and Halliburton. Auditors of the US Department of Defence have already found that the deliveries may have been USD61m overpaid.
Iraqi oil supply remains uncertain
Top of the agenda for Opec ministers meeting in Algeria tomorrow will be the return of Iraqi oil to the global market. The failure of Iraq to get oil production moving has been the main factor behind the continuation of high oil prices. So far there is little sign of an improvement due to security problems.
Opec likely to vote no change
Opec is unlikely to vote to change oil output at its meeting in Algiers next week, said Algerian Energy Minister Chakib Khelil. He told reporters that prices are fairly high, even if they have fallen in the past few days they are still high. But quota discipline may be improved, he added.
UAE happy with oil prices
UAE Oil Minister Obeid bin Saif Al Nasiri told reporters that Opec is happy with current oil prices and is not thinking of changing the pricing mechanism away from the US dollar. He was speaking ahead of an Opec meeting in Algeria on Tuesday.
Oman invites bids for Sohar PRT
Oman has invited global bids to build a USD26m pressure reduction terminal in Sohar for state-run Oman Gas Co. It would have a capacity of controlling pressure of 21m standard cubic metres a day of natural gas. Such pressure is needed to feed the large industrial projects coming up at Sohar.
Oil prices steady on high demand
Oil prices steadied on February 4 on expectations of rising demand for heating oil due to freezing temperatures across North America. Brent crude in London was up seven cents to USD29.56 a barrel as dealers prepared for US oil data that was due to be released. US light crude for March was trading at USD34.24 a barrel.
Opec members busting quotas
Opec members are producing 1-1.5m bpd of crude above the group's target output ceiling, said Opec president. If Iraq is included, then the leakage rises to about 2-2.5m bpd, said Opec president Purnomo Yusgiantoro while pointing out that despite the excess, oil prices are still strong.
Doubt over Saudi oil cushion
A globally prominent energy expert has cast doubt on Saudi Arabia retaining future ability to swing production to cushion supply swings. Houston-based Matt Simmons said the kingdom may face a production decline in the next five to ten years as severe as Russia's early 1990s plunge.
Oil prices dip on profit-taking
Oil prices again dipped on February 3 on profit-taking by speculators. US light crude futures were down USD0.26 to USD34.72 a barrel, while London Brent crude futures lost USD0.40 to stand down at USD29.83 a barrel. Ahead of next week's Opec meeting, Venezuela said the group could cut or leave the output unchanged.
Gulf tanker rates climb on demand
Gulf supertanker rates have risen on demand for March cargoes and limited availability. About 25 tankers are likely to take on cargo in the Gulf next month. At just nine, only a fraction of the March bookings have been completed. In February there were 100 bookings and 96 in January.
Oil prices edge down further
Oil prices fell further on February 2 with milder weather fuelling fresh selling by speculative US hedge funds. London Brent fell USD0.37 to USD28.81 a barrel. New York crude too was down by a similar amount to USD32.68 a barrel. Expectations that Opec will not cut output, have impacted on the price weakness.
Iraq January oil exports 11pc short
Oil exports from Iraq during January at 1.51m bpd were about 11 per cent short of the target of 1.7m bpd. Rough seas and power cuts were blamed for disrupting tanker loadings. About 46.6m barrels of crude moved through Basra terminal in January. December had seen 48m barrels move.
Egypt's crude output edges lower
Egypt's average monthly crude output has fallen to 618,589 bpd in 2003, down by 1.5 per cent a year earlier, Mees said. Crude output last year was lower by 81,000 bpd or 12 per cent against 2000. Natural gas and condensate production, however, continued to rise.
Adnoc condensate output to rise
Adnoc's condensate production is to go up by an additional 130,000 bpd by 2007 once the OGD-3 project is completed, Khaleej Times said. Adnoc currently refines around 230,000 bpd of crude and another 220,000 bpd of condensate providing 4.3m tonnes a year of naphtha, 3.3m tonnes a year of jet fuel and 1.4m tonnes a year of gas oil.
IOC begins lube production
Indian Oil Corp has begun production of its Servo brand of lubricants in Dubai for the Mideast and African markets. Servo is a leading brand in India, Khaleej Times said. IOC is having the lubricant blended at the BP plant in Jebel Ali. Marketing will begin soon. IOC plans to blend 100 kilo litres in the first year.
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