2006
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Qatar, 35,000 bpd cut
Qatar is to cut 35,000 barrels per day from its crude oil production from November 1 in line with the 1.2m bpd cut announced by Opec in Doha late last week, reported The Peninsula. Qatar, which has huge reserves of natural gas, is a relatively small producer, while Saudi Arabia, the biggest producer in the cartel, must slice 380,000 bpd from its output, with Iran scaling back by 176,000 bpd.
QP, four fuel oil tenders
Qatar Petroleum has issued a tender to sell four prompt November loading fuel oil cargoes totalling 120,000 tonnes, according to agency reports. The 180-centistoke cargoes, with a maximum sulphur content of 3% are for loading from the firm's Mesaieed terminal on November 2-3, 9-10, 17-18 and 25-26. The tender closes on October 25 but remains valid until October 27.
Power outage in Bahrain
Parts of Bahrain were plunged into darkness on Thursday evening due to a major power outage, reported the Gulf Daily News. Traffic chaos was caused in a number of areas including Manama, Hamad Town, Sanabis and Naim. A government official blamed the power cut, which lasted well over an hour, on a problem with gas lines at the Hidd power station.
Oil prices fall despite cuts
Oil prices dipped below 58% a barrel yesterday despite Opec announcing a bigger than expected cut in its output, reported Reuters. Analysts say that a certain amount of scepticism about whether the cuts will actually be adhered to influenced the drop of US crude to $57.85 a barrel and of London Brent to $60.18. Opec ministers agreed a cut of 1.2m bpd on Thursday, 200,000 barrels more than was expected.
Adnoc drops diesel prices
Diesel will be 20 fils a gallon cheaper from Abu Dhabi National Oil Company filling stations from today, Gulf News reported. Diesel will be offered at Dhs8.80, down from Dhs9 a gallon due to a decline in global crude prices. Dubai-based oil retailer Enoc says it has no intention at present to change its prices.
Opec supplies decline in 2006
Opec supplies are projected to decline by 200,000 bpd in 2006, but will increase by 500,000 bpd in 2007, according to a report cited by Gulf News. Statistics by the US Energy Information Agency point to global oil demand reaching around 85m bpd in 2006, growing to 86.7m bpd in 2007. China and the US will account for most of the demand increase.
Bourage gears for major expansion
Borouge, an Abu Dhabi-based producer of plastics products, has opened tenders for the setting up of distribution and storage hubs in the Middle East, North East Asia and South East Asia, as well as for shipping services between them. The operations will be brought in phases starting 2007. Meanwhile, three bidders for the Borouge 2 petrochemicals project in Abu Dhabi - Linde, Shaw Group and Snamprogetti - have been invited to submit prices by 30 October 2006.
Oil companies keep spending plans
Oil majors including ExxonMobil, ConocoPhillips and the US arm of Royal Dutch Shell say they won't be cutting back on their spending plans despite a drop in crude prices, Reuters reported. There has been speculation that oil companies might rein in spending after seeing US oil futures fall from an all-time high of $78.40 a barrel in July to around $60, a drop of around 23%.
Oil back over $60
Oil prices passed $60 a barrel Tuesday ahead of an Opec meeting expected to cut output, while weather forecasters are predicting a relatively cold winter in the US, Reuter reports. The topside on prices is being limited by ample crude inventories in the US, according to one analyst.
New desal unit at Yanbu
A new desalination plant in Yanbu will supply residents in the Medina region with 400,000 cubic metres of water daily, Arab News reported. The plant will make up for shortfall in water supplies. Jeddah, which has a population of over two million, has been facing a major water crisis for more than a month, the report said.
Marubeni $2.3bn Qatar deal
A consortium led by Japan's Marubeni has won a $2.3bn contract to build a natural gas power plant in Qatar, Reuters reports. Marubeni says it will build the plant with Qatar Petroleum and Qatar Electricity & Water Co, investing $142m for a 40% share. The facility will generate 2,000 megawatts, enough to power 600,000 homes.
Oil demand growth cut
Opec has cut its 1006 forecast of world oil demand growth by 100,000 bpd, with prices falling since July, AFX reports. The group blames a slowing global economy, higher oil prices, lower gas prices, and warmer weather. Opec also identifies government conservation and substitution policies as a threat to future oil demand.
QP, ExxonMobil Ras Laffan deal
Qatar Petroleum and ExxonMobil Qatar have teamed up to carry out studies into a proposed $3bn petrochemical complex in Ras Laffan Industrial City, reported The Peninsula. The complex would utilise Exxonmobil's steam cracking furnace and polyethylene technologies as well as feedstock from gas development projects in Qatar's North Field. The complex would produce 1.3mtpa of ethylene, 570,000 tonnes of low density polyethylene and 700,000 of ethylene glycol among other products.
Oapec, costs threaten growth
Concerns over the long-term global demand for oil by consuming nations and rising construction costs are impacting on the expansion plans of oil producing nations, reported Gulf News citing the Kuwait based Organisation of Arab Petroleum Exporting Countries. The Oapec said that spiralling costs with regard to engineering, procurement and construction has lead to the postponement and shelving of projects aimed at boosting output and refining capacity.
Dana enters Iran talks
Sharjah's Dana Gas is to enter negotiations with Iran on Saturday regarding the importation of gas from the country's Salman field next year, reported Gulf News. An official from Iran's Oil Ministry said Dana was likely to accept the National Iranian Oil Company's price demands. The official added that other UAE based firms were interested, including Crescent Petroleum who originally signed an agreement regarding the field in 2001.
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