2007
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Oil at $88 a barrel
Oil ended the week below $90 a barrel as a stronger dollar helped to cool prices, reported the BBC. US light crude closed down almost $2 at $88.3 a barrel, while London Brent was trading at $88.6, a retreat of more than $1.5. Longer term forecasts remain problematic after concerns over Iran's nuclear policy eased somewhat this week but Opec also refused to up production as winter kicks in.
KPC seeks Indian deals
The Kuwait Petroleum Corporation (KPC) is holding talks with Indian firms, including Reliance Industries, regarding the construction of a possible refinery and petrochemical complex in India, reported Reuters. The refinery would have a capacity of up to 400,000 barrels per day (bpd). Meanwhile, the KPC is also eyeing involvement in the Indian Oil Corporation's 300,000 bpd refinery at Paradip in Orissa.
Kuwait to tap northern field
The Kuwait Oil Company has said it should produce 50,000 barrels per day (bpd) of light crude and 175m cubic feet of gas per day early next year at a field discovered in the north of the country in 2006, reported Upstream. The field contains 32trn cubic feet of gas and 10bn barrels of oil. Production will eventually reach 1bn cubic feet per day of gas and 275,000 bpd of oil.
Iraqi pipeline blaze
A fire broke out on Thursday in a pipeline carrying crude from oil fields in Kirkuk to a refinery in the Iraqi town of Baiji, reported Reuters citing the Northern Oil Company. It was not immediately clear if the blaze had completely stopped the flow of the pipeline or what caused the fire. The pipeline was previously ruptured back in September in a suspected bomb attack.
Oil prices surge after Opec decision
Oil prices surged after the Organisation of Petroleum Exporting Countries (Opec) froze its production at current levels at a meeting in Abu Dhabi on Wednesday, reported Khaleej Times. In London, Brent North Sea crude for January delivery soared $1.49 to $91.02 per barrel, after earlier hitting $91.91. New York's main contract, light sweet crude for January delivery, surged $1.51 to $89.83 per barrel after striking as high as $90.39.
Opec refuses to raise output
The Organisation of Petroleum Exporting Countries (Opec) decided to maintain its current output level at its meeting in Abu Dhabi, reported Gulf News. Officials said the decision was based on the assessment that the oil market continues to be well supplied.
Oil falls to $86
Oil prices fell for a third straight day in New York, hitting a six-week low, boosted by an unexpected surge in U.S. stockpiles, reported Bloomberg. Crude oil for January delivery dropped as much as 96 cents, or 1.1%, to $86.53 a barrel in after-hours electronic trading on the New York Mercantile Exchange.
Iran & Saudi invest in power plant
Saudi Arabia's Zenel Company and Iran's Power Generation, Transmission and Distribution Company Tavanir have agreed to build the 1,200-megawatts power plant worth 500m euros to build a combined cycle power plant in Heris, East Azerbaijan province. Iran's deputy energy minister for power affairs stated that the construction of the power plant will be launched by March 21 and will be completed within two years. The project will be abuild, operate, transfer (BOT) deal, and the electricity generated from the power plant would be sold to Iran.
New refinery project in Syria
The Syrian government recently signed an agreement with Iran, Venezuela and a Malaysian consortium to build a refinery with a capacity of 140,000 barrels per day. The refinery would be located in s Furoklos in Central Syria and close to the old pipeline linking the oilfields of Iraq with Syria's Mediterranean coast. The project, with a value of $2.6bn will be a joint venture between all the parties. Production of the facility should begin in 2011 with a capacity.
OPEC sets to reject requests to increase oil
The Organization of the Petroleum Exporting Countries is set to give a deaf ear to pleas for a rise in oil production and leave supply levels unchanged, reported Gulf News. Ministers from OPEC countries are meeting in Abu Dhabi today to decide whether to increase output. Pressure has been building up to increase the levels of production after the price of a barrel hit the $100 mark.
ADNOC receives vessel
The Abu Dhabi National Oil Company (ADNOC) has acquired a second of four mooring work and oil recovery boats from Dubai-based shipbuilding and repair specialist Grandweld, in a deal worth $15.1m signed in 2006.
LNG production to lag
Global liquefied natural gas supply may rise less than expected over the next eight years because of higher project costs, which could lead to more shortages and higher prices, according to a report by UBS AG. LNG production may rise by 9% a year through 2015, slightly lower than the the 'consensus' estimate of about 10%, the report said. The forecast assumes a one-year delay for projects that have not yet been approved for development, resulting in a potential supply shortfall of about 10 million metric tons a year in 2010-2015, or 3% of global consumption, reported Bloomberg.
$5bn China-Kuwait tie-up
China Petroleum & Chemical Corp. and Kuwait Petroleum Corp. have received approval from the Chinese government to start work on an oil refinery and chemical project in southern China, reported Bloomberg. The proposed ethylene plant in Nansha in the province of Guangdong will produce one million metric tons a year of the chemical, Sinopec, as China Petroleum is known.
No talk of oil supply increase
Opec oil ministers hinted on Monday that they may decide against an oil supply increase after a fall in crude prices from record highs, reported Reuters. Opec President Mohammed Al-Hamli said the market is 'adequately supplied' and there is no shortage. Likewise, Libya's Shokri Ghanem said he does not think the market needs any more oil.
Oil hits five-week low
Oil prices sank to their lowest in more than five weeks on Monday, which could reduce the likelihood Opec will agree to boost output at a meeting in Abu Dhabi this week, reported Reuters. Oil hit an an intraday low of $87.47, its weakest since October 24.
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