2007
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Political tension boosts oil price
Qatar's Energy Minister Abdullah bin Hamad al-Attiyah said he believes political tensions such as Turkey's threatened strike on Iraq have added a premium of as much as $20 to oil prices, reported Bloomberg. Al-Attiyah said oil prices, which climbed to a record close of more than $87 a barrel yesterday, were rising not because of any shortage in supplies, but from fear arising from events in Iraq, Turkey and elsewhere.
Aramco closes Rabigh refinery
Saudi Aramco is to shut down its 400,000 barrels per day Rabigh refinery for at least a month from next week, reported Reuters citing un-named sources. The closure will enable the plant to be linked up to Aramco's new $10bn joint venture petrochemical complex alongside Japan's Sumitomo Chemical. Routine maintenance will also be carried out once the plant closes on or around October 22.
Taqa Kuwaiti agreement
The Abu Dhabi National Energy Company (Taqa) has signed a letter of intent with the Kuwait Energy Company, an oil exploration and production company, in respect of potential opportunities in the oil and gas sector in Egypt, Oman, Yemen, Syria, Iraq, Kazakhstan and Iran. The tie-up does not include any capital commitments at this stage, although it is hoped the first projects will be unveiled in H1 2008.
Oil closes above $87
US light, sweet crude for November delivery finished the day's trading at $87.6 a barrel on Tuesday, a record close, after hitting an intraday high of $88.2 due to ongoing tensions between Turkey and Kurdish rebels in Iraq and worries over imminent military intervention, reported the AFP. London Brent also reached a new all-time high of $84.5 during trading and closed on $84.2.
Oil touches $87.7 a barrel
Escalating tensions between Turkey and Kurdish rebels in Iraq, alongside the weakening dollar and concerns over stockpile shortages in the US, has pushed oil prices to new record highs today, Tuesday. In early trading in the US, US light, sweet crude had smashed through the $87 barrier and had reached $87.7 a barrel, while London Brent was just below $84 on the ICE Futures Exchange in London.
Musical chairs in Kuwait
Kuwait's Acting Oil Minister Mohammed Al Olaim has announced that the heads of the country's upstream and downstream sectors have swapped jobs, reported Reuters citing the KUNA. Sami Al Rushaid, the Head of the Kuwait National Petroleum Company (KNPC), will now take over as CEO of the Kuwait Oil Company (KOC), while Farouk Al Zanki, the Head of the KOC, will become the new CEO at the KNPC.
Qatar gas concerns
Analysts have voiced concerns over whether Qatar will be able to increase the liquefied natural gas (LNG) output from its huge North Field after 2011 when ongoing developments are all up and running, reported the Financial Times. There is presently a moratorium on new projects while a geological survey is conducted but it is feared subsequent ventures would require extremely expensive, and possibly uneconomic, equipment to squeeze out the LNG.
Iraq, Turkey look long-term
Iraq and Turkey are discussing a long-term oil supply contract as the pipeline from the former's Kirkuk fields becomes more reliable and less prone to sabotage, reported Reuters. The pipeline has managed to provide supplies over a two month period without any major hiccups. Meanwhile, Iraq issued a tender for 6m barrels of crude for early November loading on Sunday.
Opec ups demand forecasts
Opec has raised its estimate of oil demand over the winter, according to Reuters citing the cartel's October Monthly Oil Market Report. Demand for Opec's oil will reach 31.4m barrels per day (bpd) in Q4, up 100,000 barrels on previous predictions, while in Q1 2008 demand will hit 31.7 bpd, a lift of 120,000 barrels. Increased pumping and the end of the hurricane season should also help ease prices.
Bharat snares RAK deal
India's Bharat Heavy Electricals has received a $38m order for two gas turbine units, with each generating 42 megawatts, reported Reuters. The contract has come from Al Ghail Power, a wholly owned unit of the Ras Al Khaimah Investment Authority. Bharat hopes to up its exports six-fold by 2012 with the Middle East a key market.
Iran $4bn of petrol imports
Iran is expected to import $4bn worth of petrol in the current Iranian year which ends in March 2008 following the introduction of rationing, according to Noureddin Shahnazi, the MD of the National Iranian Oil Products Distribution Company, and cited by Reuters. The figure would be a 20% reduction over last year and a saving of around $1bn. But this is down on predictions of a $3bn saving made last month.
Oil above $86, hits new record
Oil prices hit record highs yesterday, Monday, due to escalating tensions between Turkey and Kurdish rebels in northern Iraq which has led to limited military exchanges and continued fears over global supply constraints, reported the AFP. US light, sweet crude for November delivery closed on $86.1 a barrel, a rise of $2.4, while London Brent for November also hit a new record, closing slightly under $82.8.
US crude through $85 barrier
The price of US light crude has broken through the $85 a barrel barrier for the first time in early trading on Monday in London, reported the AFP. Prices have been spiking in recent days due to concerns over stockpiles not being sufficient to cope with upcoming winter demand. London Brent has also touched a new record high at $81.3 a barrel.
Saudi, Malaysia eye Iranian plants
Saudi Arabian and Malaysian firms are negotiating the development of power stations in Iran's Fars and Zanjan provinces, reported the Saudi Press Agency quoting the Tehran Times. The Deputy Head of the Iran Power Development Company, Mostafa Ali Rabbani, said the projects would either be offered on a build-own-operate or build-operate-transfer basis. In the first four months of the Iranian year, ten power plants have come on stream.
Nozari nears Iran job
Iran's Caretaker Oil Minister Gholamhossein Nozari is likely to be given the job on a permanent basis by the end of this week, or next week, according to Reuters citing a presidential aide. President Mahmoud Ahmadinejad is expected to nominate Nozari shortly and Iran's parliament must then approve the selection. Ahmadinejad removed predecessor Kazem Vaziri-Hamaneh from his post in August.
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