2005
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Saudi eyes take-or-pay
Saudi Arabia is willing to pursue longer-term oil supply contracts with Asian consumers, including take-or-pay deals, according to Oil Minister Ali Al Naimi. In these the seller is guaranteed payment even if the buyer does not want all the supply. These type of arrangements are currently rare in international oil markets.
Kuwait restarts oil unit
Kuwait is to restart an oil gathering centre with the capacity to produce around 300,000 bpd by the end of 2005. The centre was badly damaged in a fire in 2002. Kuwait has agreed to cut back 120,000 bpd as part of a deal by Opec to reduce production by 1m bpd.
Japan wins USD3bn water project
A consortium lead by Japan-based Marubeni Corp has won a USD3bn 20-year power generation and desalination project in Abu Dhabi. The plant will generate 1m kilowatts to produce 300,000 tons of water per day. Other partners include Japan's JGC Corp, Malaysia's Powertek Bhd and US-based BTU Power Co.
Oil price almost back to USD44
Crude oil futures jumped toward USD44 a barrel yesterday as colder weather approached the Northeast. Light crude for February delivery climbed USD1.79 to settle at USD43.91 on the New York Mercantile Exchange. Brent crude for February delivery was up 58 cents to USD41.04 per barrel in London.
Iraq exports drop to 1.16m bpd
Iraqi crude oil exports fell to 1.16m bpd during December due to sabotage attacks on facilities. This was the lowest monthly total since September 2003 when exports amounted to 930,000 bpd. Average exports for 2004 stood at 1.53m bpd, down from 2m bpd pre-war.
KSA down to 9m bpd
Saudi Arabia has cut back oil production to 9m bpd in line with Opec pledges, reported Oil Minister Ali Al Naimi. He told journalists that Saudi Arabia had made good its promise to meet half the 1m bpd cut back agreed at the December Opec summit.
Iraq retakes oil security
Iraq has taken over the protection of its oil facilities from a South African contractor. The oil ministry says it will not renew a postwar contract between the occupation authority and security company Erinys after it expired at the end of 2004. Northern oil exports are remaining idle for a third week due to sabotage.
Mild US winter sees oil slide
Oil prices fell USD1.25 to USD42.20pb on expectations that milder US weather in early January 2005 will limit heating oil demand. The winter has been unusually warm in the US Northeast, the world's biggest heating oil market.
Insurgents cost Iraq oil USD8bn
Insurgent attacks on Iraq's oil industry have cost the country nearly USD8bn in lost export revenue since March 2003, according to Iraqi Oil Minister Thamer Ghadban. Exports are currently limited to the south, with terminals in Basra averaging 1.8m bpd.
VLCC rates tumble 25-30pc
Rates for chartering Very Large Crude Carriers have tumbled from USD230,000 a day in November to around USD60,000 a day today, according to shipbroker Andrew Lansdale. He said a fall of 25-30 per cent was recorded over the Christmas period and that owners are now fixing quite a long way ahead.
IEA, oil prices to ease
The International Energy Agency thinks oil prices should retreat in 2005 after their 32 per cent surge last year. Chief economist Fatih Birol told Reuters that in the absence of a major geo-political event we think supply will increase in a positive way and leave prices at a more moderate level.
Iraq foils refinery attack
Iraqi security forces yesterday successfully foiled an attempt to attack a refinery in southern Iraq with Katyusha rockets, reported Reuters. Officials said that the Iraqi ministry's protection unit had intercepted the attackers mounting the weapons.
Iraq, USD3.7bn oil upgrade
Iraq is set to invest USD3.75bn in new oil refineries and the upgrading of old ones in 2005-7, Planning Minister Dr. Mehdi Hafedh told Gulf News. He said the rehabilation and creation of new refining capacity was the first priority for 2005 because the lack of proper refinery capacity was costing Iraq 40 per cent of its oil revenues.
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