2005
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US shut-in fuels VLCC rates
The continuing shut-in of 63% of production in the Gulf of Mexico has not lessened, fuelling demand for Very Large Crude Carriers, as predicted in Gulf News last week. There are many cargoes for November loading in the Persian Gulf with fewer and fewer vessels to cover them, said the same columnist today. VLCC rates have surged.
Adnoc to open 200 stations
Adnoc Distribution intends to open more than 200 service stations in the UAE by 2008 at a cost of some $41m, officials told reporters. The petrol retailer presently has 182 stations mainly in Abu Dhabi, Al Ain and the northern emirates, and will be working on a fast track basis.
US gas demand decline temporary
The recent decline in September demand for gasoline in the US is temporary, according to the Gulf Research Center's Q3 Oil Report. It says the evacuation of more than one million people from the New Orleans area and the flooding of tens of thousands of cars, may have caused a significant decrease in demand for gasoline.
Traders predict static oil price
A Bloomberg survey of oil traders in New York suggested that oil prices were unlikely to rise or fall by much next week. Analysts commented that the market was waiting for the winter heating oil season to show it a new direction. Oil closed last week at just over $61-a-barrel.
Oil loses ground
Oil slipped back toward $62 a barrel yesterday as traders took profits following the previous day's surge. US light crude dropped 41 cents to $62.03 a barrel after surging $2.12 on Tuesday. London Brent lost 32 cents to $59.92 a barrel.
Orex Qatar ready in March
The $1bn Orex Qatar gas liquefaction project, a joint venture between the Qatar government and South African firm Sasol, will be ready by March 2006, according to a statement by GM Chris Turner that was carried by the Qatar News Agency. Turner says the project will start producing by the middle of next year, and turn out 34,000 bpd of GTL liquefied gases.
Saudi ups petro-chem business
Saudi Arabia will be producing about 13% of the world's petrochemicals by 2009, up from a current share of 7%, SAGIA director Dr Abdul-Wahab Al Sadoon told delegates at an ISF Petrochemicals forum in London. He says investment in the hydro carbonic sectors will reach $94.4bn in the same period, according to a report in Asharq Al-Awsat publication.
Syria searches for oil
Syria has ratified an oil drilling accord with Kuwait Foreign Petroleum Exploration Company and Canada-based Stratic Energy Corporation for oil exploration in its territory, reported the Kuwait News Agency. Under the agreement, the companies will conduct geological and geophysical surveys over a 42-month period at a cost of approximately $5.2m in a search for crude reserves.
KOC awards flow-line contracts
Kuwait Oil Company has signed three contracts for the construction of flow-lines and associated works. Contracts were awarded to local contractors Combined Group Company, Mechanical Engineering and Contracting Company, and Heavy Engineering Industries and Shipbuilding Company. KOC says the four-year deals will help enhance crude production capacity in line with the 2020 strategy.
Basra oil running again
Iraq's Basra oil terminal has resumed operations after wild weather conditions caused a four-day shutdown that prevented ships from berthing at the port. The terminal has been a mainstay for Iraqi oil exports since the US-led invasion in March 2003, due to frequent sabotage to the northern pipeline into Turkey.
Sinopec, Shell Oman crude steady
China-based refiner Sinopec has agreed with Shell to keep its term Oman crude supply unchanged at 10m barrels in its renewed contract for 2006, according to Reuters. Sinopec will nearly double its term crude imports from Kuwait to 30,000-40,000 bpd in 2006, up from 20,000 bpd this year.
Oil drops under $60
Oil slipped below $60 a barrel yesterday as Hurricane Wilma missed US oil and gas facilities in the Gulf of Mexico. US light crude dropped $1.08 to $59.55. London Brent lost 99 cents to $57.49 a barrel. Some analysts predict the price of crude could push back up on higher demand as the northern hemisphere winter begins to bite.
Iraqi oil exports stop
Four bomb attacks have stopped all oil exports from northern Iraq and repairs could take a month, and bad weather in the south has presently stopped loading at Basra, reported Reuters. The northern pipeline only reopened recently after repairs following previous attacks by insurgents.
VLCC rates push higher
Very Large Crude Carrier operators have largely been successful in pushing for higher rates, reported Gulf News. Rates for western shipments are up from Worldscale 100 to 110. Rates in all load areas rose sharply last week with strikes in France and delays in the Bosphorus on the horizon.
$60 oil on lower US demand
Higher oil prices appear to be putting the break on US oil and gas consumption with US stocks rising. This sent crude oil prices to a touch below $60-a-barrel at the close last week. But analysts noted that the cold season of the northern hemisphere is yet to come.
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