2005
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China to lift Saudi oil imports
China will raise crude imports from Saudi to 500,000 bpd in 2006, an increase of about 14% over this year's 440,000 bpd, according to Reuters. China now imports close to 43% of its crude oil, with Saudi its largest supplier.`
Bapco, $150m expansion
Bahrain-based Bapco will outlay more than $150m to expand its gas production and distribution network in order to meet power generation demands. Plans involve the drilling of eight Khuff gas wells and the installation of eight gas dehydration units, according to President Dr Mustafa Al Sayed.
Opec waits for winter
Opec is waiting for the northern hemisphere winter to set in before deciding on oil supply policy for 2006, but sees no need to cut output at the moment, according to the group's president. Building US fuel stockpiles have reduced consumer fears of winter fuel shortages, and oil prices are more than $13 below a high of $70.85 in August.
Oil back over $58
Oil kicked back over $58 on Monday with the markets now looking to winter demand for direction. US light crude was up 48 cents at $58.01 a barrel, while London Brent moved up 44 cents to $55.43 a barrel. Prices dropped 5% percent last week, hitting $56.93 a barrel on Friday, their lowest since July.
Saudi expansion on track
Saudi Arabia says its plan to boost oil production capacity by 1.5m bpd by 2009 is on track. The Oil Ministry statement answered reported comments by a former top executive of state oil firm Saudi Aramco, who said the kingdom may fall behind its schedule to raise output to 12.5m bpd due to shortages of oil rigs and equipment.
Opec urged to maintain supplies
The US wants Opec to keep crude up to markets despite prices retreating from records highs and forecasts of lower global demand. Energy Information Administration official Guy Caruso says it was not necessary in the short term for the group to cut output, according to Reuters. Crude prices are more than $13 lower than the $70.85 a barrel record set in August.
China oil imports to rise
China's oil imports may rise 6% in 2005 despite high international prices that discourage refiners from buying overseas, according to a Chinese official quoted by Bloomberg. China may import 130m metric tons of crude oil this year, according to the National Development and Reform Commission director Xu Dingming.
Kuwait oil field exhausted
Kuwait's huge Burgan oil field is exhausted and production levels are running down, Chairman of Kuwait Oil, Farouk Al Zanki told Bloomberg. It will now produce 1.7m bpd rather than 2m bpd for the rest of its 30-40 years. This will be siezed on as further evidence that oil production is peaking in older fields (see Editorial).
Oil prices slip below $57
Oil prices dropped below the $57-a-barrel mark at the end of last week after news of higher than expected oil and gas stocks in the US and mild weather. However, oil prices are still up by a third this year, if down from the $70 peak seen at the end of August.
US urges single GCC oil policy
GCC States should adopt a uniform policy on oil production expansion to bring about a more stable oil pricing environment, US Energy Secretary Samuel Bodman said during a visit to Abu Dhabi yesterday, reported Wam. He claimed that such transparency would help the market.
Cargo surcharges to drop
Cargo carriers are set to reduce fuel surcharges to $0.55 cents a kilo from 21 November, reported Gulf News. The decrease comes on the back of lower oil prices in the past few weeks. Emirates Skycargo resisted the last price hike and kept its surcharge at $0.55 cents, while other international carriers lifted rates to $0.60 cents.
Iran oil nominee withdraws
Sadeq Mahsuli, the second candidate for oil minister chosen by president Mahmoud Ahmadinejad, has withdrawn after criticism from MPs. Iran has been without an oil minister for three months after parliament refused to accept the first of Ahmadinejad's nominees. Analysts say the crisis indicates a growing rift between the hardline parliament and the president.
Oil down as investors wait
Oil prices drifted lower yesterday as investors wait for confirmation of an anticipated rise in US crude and fuel stocks. US light crude oil dropped 20 cents to $59.51 a barrel, and London Brent fell 27 cents to $57.54 a barrel. Prices have fallen more than $11 since a record $70.85 in August.
KNPC, $6.2bn refinery plans
Kuwait National Petroleum Company plans to pre-qualify international contractors next month for a $6.3bn, 615,000-bpd refinery, according to Reuters. Up to $4bn of upgrade works at the state's two other refineries is also due to begin in a year. The construction will boost Kuwait's refining capacity to 1.2m bpd from 930,000 bpd.
Saudi maintains supplies
Saudi Arabia will keep crude supplies to Asian lifters at full contracted volumes for December, according to a source quoted by Reuters. Refiners are expected to receive their formal allocations within the next week. Saudi Aramco exports about 3-4m bpd of crude to refiners in Asia.
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