2004
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Ex-Im backs USD930m Qatar loan
The US Export-Import Bank has approved a loan guarantee of up to USD930m to support the export of US goods and services to Qatar LNG II to build a USD7bn LNG project and related offshore and onshore facilities in Qatar. US exporters participating include Air Products and Chemicals and ExxonMobil Development.
Oil price surges as dollar falls
Oil prices leaped higher at the end of last week as the US dollar sank in value. US light crude was up by USD2.18 to close at USD48.40, while Brent crude gained USD1.78 to finish the week at USD44.50. Renewed dollar weakness this week looks set to drive Black Gold higher.
Global refining, 2pc annual rise
Global oil refining capacity will rise by around two per cent annually until 2007 as strong margins promote investment, predicts US analysts Friedman Billings Ramsey. Capacity in Asia and the Middle East will expand more rapidly than in the US where environmental regulations are tougher, said a spokesman.
Iraq blamed for high oil prices
The high price of oil can be partly attributed to the inability of the US, and in particular the US-based Halliburton, to adequately rebuild Iraq's oil industry, said Saadalla Al Fathi, former head of the Opec Energy Studies Department. He told Gulf News Iraq imports half of its domestic fuel needs and is experiencing local shortages of fuel and electricity.
January crude market weak
Traders of Abu Dhabi crude told Reuters in Singapore that interest in the middle distillate-rich grades remained limited. Adnoc allocations for January will be released next week but traders said the market looked very weak at the moment.
Iran wants to cut Opec quotas
Iranian officials told Reuters they would like Opec to cut back quota levels to bolster falling prices for its lower quality oil. The oil cartel's reference oil price basket has fallen to USD36.11, its lowest level since mid-July. Iran produced 3.97m bpd in October in line with its Opec quota.
Oil prices may have peaked
Oil prices may now be past their peak, as bearish technical signals emerge in charts, HSBC Global Markets Head of Sales Rahul Badhwar notes in an article in Gulf News today. He reports a Three Black Crows pattern is emerging in oil charts that normally signals a peak is past.
IEA predicts lower oil prices
The International Energy Agency yesterday predicted that oil prices will fall further due to adequate supplies and cooling economic growth. Executive Director Claude Mandil said there is room for a further decline in oil prices and that prices were still too high.
Iraq's nothern oil flow drops
Sabotage attacks have reduced the flow of oil from northern Iraq to 200,000 bpd from 500,000 bpd earlier this month, reported Reuters. Attacks on five oil wells and a pumping station over the past three days have stopped production at the Khabbaz oilfield near Kirkuk.
Oil steady at USD47
Oil prices levelled off yesterday after recent sharp falls. US light crude was three cents higher at USD46.90, while Brent crude gained 16 cents to USD43.20 a barrel. Slowing economic growth and a rise in Opec production has steadied markets.
Halliburton, JGC, USD3bn GTL bid
Halliburton, JGC Corporation and Snamprogetti may join forces to bid for Shell's USD3bn gas-to-liquid plant in Qatar, reported MEED. The magazine said the three companies would compete against a team of Technip and Chiyoda for the contract without naming its sources.
World must find oil alternative
The world must find alternatives to oil so that it can supply its future energy requirements according to Claude Mandil, Executive Director of the International Energy Agency. He said dependence on oil was dangerous as supply could easily be disrupted in violence-prone areas, and urged governments to pursue the development of substitutes, including nuclear power.
Oil prices continue to drop
Oil prices have continued their recent downward trend falling to an eight-week low. US light crude closed at USD45.60 per barrel, and London Brent at USD40.20 per barrel. Markets reacted to news that fuel stocks in the US have risen by 22m barrels in the past seven weeks after Opec had increased production.
Oman, GTL, Salalah plant
Oman Oil and GTL Resources have announced an agreement to construct a methanol plant at Salalah in Oman in association with an international petrochemical marketing company. Financial closure is the next hurdle for the 3,000 tonnes per day plant.
North Sea oil, wide discounts
Steep discounting of Brent crude oil prices late last week point to a bearish phase for the old market, reported Reuters. Such heavy discounting has not been seen since the 1998-99 price crash. Sentiment for spot cargoes has rapidly declined despite expectations for cold weather, said analysts.
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