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Asia-Pacific crude-Libyan exports likely to weigh

Posted on 08 April 2014 by VRS  |  Email |Print

Differentials in the Asia-Pacific crude market could come under pressure from an expected increase in Libyan exports, traders said on Monday. Libyan rebels agreed with the government on Sunday to gradually end their eight-month petroleum blockade, which would free four eastern oil ports to export.
The Zueitina and Hariga ports, which account for around 200,000 barrels per day (bpd) of export capacity, will open immediately, while the larger ports, Ras Lanuf and Es Sider with capacity of around 500,000 bpd, will be freed in two to four weeks after more talks, the government said………………………………………..Full Article: Source

Iran ‘won’t wait for America’s permission’ to hike oil exports: minister

Posted on 08 April 2014 by VRS  |  Email |Print

Iran will continue its efforts to boost crude production and exports regardless of Washington’s opposition to increased international sales of Iranian oil, oil minister Bijan Zanganeh said Monday.
“Iran will use every possibility to increase the amount of oil exports and will not wait for America’s permission,” Zanganeh was quoted as saying by oil ministry news service Shana. “The sanctions do not ban Iran from increasing oil production and we have a big plan for increasing Iran’s oil production.”……………………………………….Full Article: Source

Speculators cut bullish oil bets by most in nine months

Posted on 07 April 2014 by VRS  |  Email |Print

Fewer than three weeks into spring, oil speculators are already thinking about the summer. Hedge funds and other money managers boosted bullish wagers the most since February, betting that refineries will need to buy more crude to accelerate gasoline output before the peak U.S summer driving season.
Fuel supply is already tight, with consumers paying the most at the pump in seven months. U.S. refineries are processing the most oil since January as plants come out of seasonal maintenance, squeezing crude stockpiles for the first time in 11 weeks………………………………………..Full Article: Source

China’s days of “stealing” the world’s oil and gas are numbered

Posted on 07 April 2014 by VRS  |  Email |Print

For years, China’s oil companies PetroChina , Sinopec , and CNOOC have had a major advantage over their integrated major peers, which flummoxed competing oil companies. This advantage has allowed them to gobble up oil and gas assets around the world at premiums well above market price.
Unfortunately for these Chinese companies, it looks like this advantage is ending, and they will need to compete with the rest of the world’s oil and gas producers for assets. Let’s look at what this advantage was, why it may no longer be there, and what this could mean for the energy markets………………………………………..Full Article: Source

Libyan rebels, government agree to gradually reopen occupied oil ports

Posted on 07 April 2014 by VRS  |  Email |Print

Libyan rebels occupying four eastern oil ports agreed with the government on Sunday to gradually end their eight-month petroleum blockade, which has cost the North African state billions in lost revenues.
Zueitina and Hariga ports, held by federalist rebels demanding more autonomy from Tripoli, will open immediately while the larger ports, Ras Lanuf and Es Sider, will be freed in two to four weeks after more talks, the government said………………………………………..Full Article: Source

EIA: Iran’s oil output at 3.2 mbpd in 2013

Posted on 07 April 2014 by VRS  |  Email |Print

US Energy Information Administration (EIA) announced that Iran produced 3.2 million barrels per day (mbpd) of oil in 2013 maintaining its 2nd rank in the Organization of Petroleum Exporting Countries (OPEC).
According to EIA’s latest Monthly Energy Review, Iran’s oil output shrank by 167,000 bpd in 2013, compared with that of last year, Tasnim News Agency reported. Iran’s crude oil production dropped by 687,000 bpd in 2012, which was the first year in which Western sanctions against Iran were enforced………………………………………..Full Article: Source

Oil industry can be ‘solution’ to climate change says Figueres

Posted on 04 April 2014 by VRS  |  Email |Print

The UN’s climate chief has appealed to the oil and gas industry to become the solution rather than the problem to addressing the causes of global warming. In a speech today at the London headquarters of IPIECA, the industry’s association for environmental and social issues, Christiana Figueres said she wanted fossil fuel companies to drive investments in renewables and technologies to capture and store carbon dioxide.
“We need, and are undoubtedly moving towards a new, sustainable energy mix. What is exciting is that the oil and gas industry can actually be part of the solution,” she said………………………………Full Article: Source

Russia-Iran oil swap deal gains momentum

Posted on 04 April 2014 by VRS  |  Email |Print

Russia and Iran are moving closer to a $20 billion oil-for-goods deal launched earlier this year, according to a Reuters report citing unnamed sources close to the deal. Russia has finished preparation of all documents related to the deal on its side, and the deal’s completion now allegedly hinges on an oil price agreement, the source reportedly said.
The deal could eventually be worth $15-$20 billion, but would be completed in increments, with an initial $6-$8 billion transaction, while both sides are still bargaining over the exact nature of a barter deal that would trade Iranian oil for Russian industrial goods and food………………………………Full Article: Source

Key senator says U.S. office can lift part of oil export ban

Posted on 03 April 2014 by VRS  |  Email |Print

A U.S. government office has the power to approve exports of an abundant type of petroleum and help energy companies begin to partially bypass a 40-year ban on crude exports, according to a report released on Tuesday by Lisa Murkowski, the top Republican on the Senate Energy and Natural Resources Committee.
The ban on crude exports the government put in place after the Arab oil embargo of the 1970s includes a prohibition on exports of unprocessed condensate, a light petroleum that appears in oil reservoirs as a gas, but condenses to a liquid when it leaves the well…………………………………Full Article: Source

Oil futures dip on continued demand concerns

Posted on 03 April 2014 by VRS  |  Email |Print

Oil prices declined Wednesday as a drop in U.S. supply failed to erase traders’ fears about sluggish demand. U.S. crude-oil supplies fell last week for the first time in 11 weeks, the U.S. Energy Information Administration said, upending analyst expectations. But traders wrote off the drop as a one-week aberration–a closure of the Houston Ship Channel between March 22 and March 25 limited imports of crude oil and required refiners to draw more supplies from storage.
Inventories likely will rise again next week, said Andy Lipow, president of Lipow Oil Associates in Houston. Demand for crude oil typically falls in March as refineries shut down units for seasonal maintenance…………………………………Full Article: Source

The most profitable gas in the world

Posted on 03 April 2014 by VRS  |  Email |Print

There is only one certainty in Ukraine: The energy sector must and will be transformed, and how long this takes will depend on who ends up in the driver’s seat and how serious they are about becoming a part of Europe and reducing dependence on Russia. But by then, investors will have missed the boat.
The driving factor for any energy investor in Ukraine is the pricing environment. There is nowhere else in Europe—or some would even argue in the world—where you are going to get significant access to resources and potential resources for the price. Gas is selling at $13.66/Mcf, while it costs $4-$5 to produce and operate. That means producers are netting anywhere between $8 and $9/Mcf…………………………………Full Article: Source

Here comes $75 oil

Posted on 02 April 2014 by VRS  |  Email |Print

The long-term outlook for global oil prices is lower, perhaps much lower, giving a strong boost to the U.S. economy while potentially crippling the economy of Vladimir Putin’s Russia. Vast new discoveries of oil and natural gas in the U.S. and around the globe could drive the oil price to as low as $75 a barrel over the next five years from a current $100.
The demand side, too, will put pressure on the supremacy of petroleum. For the first time in its 150-year history, the internal combustion engine can be run efficiently on alternative fuels from a number of sources, including natural gas. As these alternatives are increasingly introduced, global consumption of oil will slow its growth and flatten out………………………….Full Article: Source

Vitol CEO Taylor says oil price underpinned by Libya supply halt

Posted on 02 April 2014 by VRS  |  Email |Print

Oil supply disruptions in countries such as Libya will support crude prices this year, said the chief executive officer of Vitol Group. Booming U.S. output means the world’s largest independent oil trader is looking to invest more there, he said.
Libya has “severe problems” and is producing “extremely little” crude, Ian Taylor said in an interview at the FT Commodities Global Summit in Lausanne, Switzerland. This is important for Europe, where oil demand has been higher than expected this year, he said………………………….Full Article: Source

OPEC March oil output falls in survey led by Angola, Libya drops

Posted on 02 April 2014 by VRS  |  Email |Print

OPEC crude oil production dropped in March, led by declines in Angolan and Libyan output, a Bloomberg survey showed. Production by the 12-member Organization of Petroleum Exporting Countries slipped by 117,000 barrels a day to an average 30.293 million from 30.41 million in February, according to the the survey of oil companies, producers and analysts.
Last month’s total was revised 533,000 barrels a day higher because of changes to the Saudi Arabian, Iranian, Iraqi and Nigerian estimates………………………….Full Article: Source

US oil boom takes punch out of Putin on world crude prices

Posted on 02 April 2014 by VRS  |  Email |Print

The next move for world oil prices is likely lower, as growing U.S. oil supplies outweigh some of the impact of the geopolitical tensions surrounding Ukraine. The U.S. oil boom is having a bigger impact on world oil prices, and now the release of more crude via the southern leg of the newly opened Keystone pipeline running from Cushing, Okla., to Port Arthur, Texas, is creating a gusher of new supply in the Gulf Coast.
“I’m pretty bearish crude prices because I see there’s a significant amount of supply out there, and I suspect U.S. supply is going to continue to grow through the course of the year,” said Andrew Lipow, president of Lipow Oil Associates. “I suspect by the end of the year, we’ll be producing close to 9 million barrels a day.”…………………………Full Article: Source

OPEC to cut exports on lower Asian demand, Oil Movements says

Posted on 28 March 2014 by VRS  |  Email |Print

The Organization of Petroleum Exporting Countries will curtail exports through mid-April in response to lower seasonal demand from refiners in Asia, according to tanker-tracker Oil Movements.
OPEC, responsible for 40 percent of global oil supplies, will reduce shipments by 620,000 barrels a day, or 2.5 percent, to 23.78 million a day in the four weeks to April 12, the researcher said in an e-mailed note. The figures exclude two of OPEC’s 12 members, Angola and Ecuador………………………………Full Article: Source

A U.S.-Saudi move to lower oil prices?

Posted on 28 March 2014 by VRS  |  Email |Print

Could the U.S. unleash a flood of oil from the strategic petroleum reserve that would drive down prices in order to punish Russia? While the idea has been kicked around over the last few weeks – most recently by George Soros – it has also been dismissed as not a serious option.
Some say the impact of an oil sale, if it actually succeeded in lower prices, would be temporary. Saudi Arabia could cut back on production to keep oil prices at their current levels. Others decried the idea as contrary to the objective of the SPR, which has been setup to be used only in cases of emergency………………………………Full Article: Source

U.S. oil now 10pct of world total

Posted on 28 March 2014 by VRS  |  Email |Print

The United States now produces 10.4% of the world’s crude oil, or 7.84 million barrels of crude oil a day. Of that total, 3.22 million barrels (43%) come from tight plays, including the shale oil fields of North Dakota and Texas. The rest comes from conventional production.
For those of you who are wondering why the U.S. Energy Information Administration (EIA) is claiming that 7.84 million is 10% of global production we’ll explain. According to the EIA and the International Energy Agency (IEA) and OPEC, total global production in 2014 will average right around 90 million barrels a day, meaning that 10% would equal 9 million barrels………………………………Full Article: Source

Spain’s oil deposits and fracking sites trigger energy gold rush

Posted on 27 March 2014 by VRS  |  Email |Print

Spain is already the world’s largest olive oil producer but now it’s looking to a very different kind of oil to pull it out of economic decline: petroleum. The discovery of two significant offshore deposits, and prospects for fracking in many areas, have triggered a black-gold rush, with demand for exploration permits up 35% since 2012.
A report published this week by Deloitte says the oil industry could create 250,000 jobs and constitute 4.3% of GDP by 2065. The report is based on an estimate of 2bn barrels of oil and 2.5bn cubic metres of gas…………………………………Full Article: Source

Obama moves to wean Europe off Russian oil and gas

Posted on 27 March 2014 by VRS  |  Email |Print

Barack Obama pitches the US as a source of energy that would weaken the European Union’s dependence on Russia for oil and gas “in the light of what’s happened”. In response to the Russian annexation of Crimea, many European leaders have been torn between the desire to impose sanctions whilst also being heavily dependent on Russian energy exports.
On Wednesday, President Obama met with EU leaders to discuss exporting US natural gas to Europe, which could be an alternative to Russian exports…………………………………Full Article: Source

U.S. shale oil could withstand big price correction: analyst

Posted on 26 March 2014 by VRS  |  Email |Print

U.S. oil production from shale formations such as the Bakken in North Dakota and Eagle Ford in Texas would remain economically viable even if world crude prices drop by as much as 30 per cent from today’s levels, a U.S. analyst says.
The industry that has revolutionized North American energy supply faces numerous risks, including the potential for weak markets, transport constraints and the inability of technology to keep up with demand, though none currently looks like it could force a halt in drilling for the light, tight oil, said Skip York, analyst at Wood Mackenzie, the international energy consultancy……………………………….Full Article: Source

Will gas prices keep rising?

Posted on 26 March 2014 by VRS  |  Email |Print

Recent rises in the price of crude oil have also driven gasoline prices higher, to around $3.50 per gallon currently. Despite the recent rally, gas prices might actually be in for a decline in the coming months. Don’t blame OPEC this time…
OPEC’s policy to maintain its quota at 30 million barrels per day has driven oil prices higher in the past. But in recent months OPEC’s production has increased, mainly due to the slow recovery of Libya’s oil production and the sharp rise in Iraq’s production. Moreover, OPEC’s current oil production is higher than the agreed upon quota: As of February, output reached 31.4 million barrels per day. If OPEC continues to increase its production, this trend could push oil prices lower……………………………….Full Article: Source

Oil bound for cheaper price era

Posted on 24 March 2014 by VRS  |  Email |Print

Oil prices are in for a slide. With growing global conventional and non-conventional output and slowing consumption growth, lower oil prices seem a certainty. China has been the constant, the sole star performer in the global economic stage, all these recent years. But things seems to be changing there too.
Trend growth is slowing down and markets have been shaken up by the actions of the People’s Bank of China, endeavouring to tame a virulent credit boom. In the first two months of 2014, industrial confidence and output indices, retail sales, fixed asset investment and credit creation, all were weaker than anticipated………………………………………..Full Article: Source

Shale Oil plays to become economical on new technology infusion: Barclays

Posted on 24 March 2014 by VRS  |  Email |Print

High capital expenditure, lesser productivity has caused oil majors in shale plays to complain of diminishing returns to capital. Barclays said in a report that technological breakthroughs could help make the projects more economical.
“Service companies outlined major technological breakthroughs, some of which are already commercialised or will be commercialised in the next two years. Schlumberger is focusing on making the fracturing process more efficient…Technologies including BroadBand and HiWAY will help improve recovery rates by improving how operators target the most productive parts of the wellborne which will improve the economics,” Barclays report said………………………………………..Full Article: Source

Why the world oil prices should be high and stable

Posted on 21 March 2014 by VRS  |  Email |Print

After a decade of volatile prices, the past three years saw an unusual period of stability in the oil market, with a barrel of crude oil averaging $110 each year. However, forecasts for 2014 predict a decline to an average of $105, on the basis of expanding supply and a weaker-than-expected demand.
A combination of geopolitical events in Syria, Libya and Nigeria have prevented oversupply despite the expanding entry of US shale oil into the market. The price has remained high thus far, but how long can prices stay above $100?……………………………………….Full Article: Source

OPEC to cut exports to lowest in two months, Oil Movements says

Posted on 21 March 2014 by VRS  |  Email |Print

The Organization of Petroleum Exporting Countries will cut crude exports to the lowest level in two months as refiners around the world conduct seasonal maintenance, according to tanker-tracker Oil Movements.
OPEC, responsible for 40 percent of global oil supplies, will reduce shipments by 620,000 barrels a day, or 2.5 percent, to 23.74 million a day in the four weeks to April 5, the researcher said in an e-mailed note………………………………………..Full Article: Source

Oil and gas: At what price?

Posted on 21 March 2014 by VRS  |  Email |Print

Regional power shifts and how they affect the supplies of gas and oil central to 21st Century life. It keeps the lights on, our transport systems running and businesses on track - without it modern life would simply not function.
Energy is at the centre of our lives and - as recent events have shown a key influence in the cause and consequences of conflicts around the globe………………………………………..Full Article: Source

IEA warns on US gas price

Posted on 21 March 2014 by VRS  |  Email |Print

The International Energy Agency’s gas expert has warned United States natural gas prices could rise by more than 50 per cent and they would still stack up well against Australian exports. IEA senior gas analyst Anne-Sophie Corbeau spoke in Sydney yesterday where she acknowledged Australia is still on track to become the largest LNG supplier in the world by the end of the decade.
However, according to media reports, Ms Corbeau also said North America is best placed for new investment in the sector………………………………………..Full Article: Source

Global LNG demand set to tumble from April, China Coal demand weak: PIRA Energy

Posted on 21 March 2014 by VRS  |  Email |Print

NYC-based PIRA Energy Group believes that global LNG demand is set to tumble. In the U.S., Thursday’s EIA report highlighted the market’s continued above-normal reliance on inventories. In Europe, PIRA remains relatively unconcerned about a cut-off in gas flows through Ukraine. Specifically, PIRA’s analysis of natural gas market fundamentals has revealed the following:
Global demand is set to tumble starting next month and weak signals from key counter-seasonal markets like Brazil and India are emerging too. Spot price floors will be kept by a strong round of seasonal maintenance in Qatar in particular………………………………………..Full Article: Source

Why world oil prices should be high and stable

Posted on 20 March 2014 by VRS  |  Email |Print

After a decade of volatile prices, the past three years saw an unusual period of stability in the oil market, with a barrel of crude oil averaging $110 each year. However, forecasts for 2014 predict a decline to an average of $105, on the basis of expanding supply and a weaker-than-expected demand.
A combination of geopolitical events in Syria, Libya and Nigeria have prevented oversupply despite the expanding entry of US shale oil into the market. The price has remained high thus far, but how long can prices stay above $100?……………………………………….Full Article: Source

Is fracking the market’s revenge on OPEC?

Posted on 20 March 2014 by VRS  |  Email |Print

Market interference by petro states spurred the energy revolution led by fracking, according to the head of commodities research for Citigroup—and that revolution is bound to spread around the world.
As it spreads, governments will find it more difficult to interfere in energy markets, said Edward L. Morse, the managing director and global head of commodities for Citi. “The irony is that what we see unfolding is a return to market forces,” Morse said during a recent panel discussion in Chicago, “an erosion of the ability of countries to use oil or natural gas as an instrument of foreign policy.”……………………………………….Full Article: Source

Ukraine crisis as likely to result in lower as higher oil prices

Posted on 20 March 2014 by VRS  |  Email |Print

Concerns about potential disruption to Russian energy exports initially caused oil and natural gas prices to rise as the crisis in Ukraine unfolded, and they may yet do so again. But global energy prices could eventually end up lower than otherwise if tensions escalate, according to Julian Jessop Chief Global Economist at Capital Economics.
Indeed, the balance of power increasingly favours the West over Russia in the energy sector, just as it long has in finance. In short, Russia is of course a major producer and exporter of both oil and natural gas. Russia exports more than 7 million barrels per day (bpd) of oil and oil products (fuel oil and diesel), representing around 8% of global consumption………………………………………..Full Article: Source

Release oil from US reserve to hurt Russia

Posted on 19 March 2014 by VRS  |  Email |Print

World oil price could drop $10-$12 per barrel. Russia’s seizure of Crimea has prompted political leaders in Europe and North America to seek meaningful measures to convince Russia to pull back its troops.
In particular, they seek measures that would affect Russia immediately, putting internal pressure on the country’s leaders to stop their aggression while leaving the rest of the world unharmed. Some propose accelerating natural gas exports from the US to Europe. However, this is no better than computer “vapourware” because the gas would not arrive for years………………………………………..Full Article: Source

Iran oil exports show steady increase as Asia buys more

Posted on 19 March 2014 by VRS  |  Email |Print

Iran exported more crude than allowed under Western sanctions for at least a fourth straight month in February, as ship loading data obtained by Reuters showed top clients again bought more than 1 million barrels per day (bpd) of Tehran’s oil.
The rise in sales to Iran’s main clients, mostly in Asia and including Turkey, comes after an agreement that eased some of the sanctions aimed at the OPEC member’s nuclear program. The November deal also freed up 4.2 billion US dollars in oil payments to Tehran, but it does not allow for shipments to increase………………………………………..Full Article: Source

OPEC to cut exports as refinery demand slows

Posted on 19 March 2014 by VRS  |  Email |Print

The Organisation of Petroleum Exporting Countries (OPEC) will cut crude exports this month to the lowest level since November as refinery demand slows in Europe and North America, according to tanker-tracker Oil Movements.
OPEC, responsible for 40 percent of global oil supplies, will decrease shipments by 1.1 million barrels per day (bpd), or 4.6 percent, to 23.6 million bpd in the four weeks to March 29, according to Oil Movements, reported Bloomberg………………………………………..Full Article: Source

Crude oil prices to bounce back in H2 2014 on US recovery: Barclays

Posted on 18 March 2014 by VRS  |  Email |Print

Crude Oil prices are expected to bounce back strongly in second half of 2014 as the US recovery gathers momentum, refineries come out of maintenance and global oil balances tighten once again, according to Barclays Research.
In the short run, oil prices may remain weak but for the Ukraine crisis which could keep the market supported on supply fears. However, there are three strong reasons why globally oil prices may remain elevated, according to Barclays………………………………………..Full Article: Source

Global oil supply up in February

Posted on 18 March 2014 by VRS  |  Email |Print

According to the International Energy Agency (IEA), global oil supplies rose by 600 00 bpd in February, reaching 92.81 million bpd. This growth was led by a 500 000 bpd rise in OPEC crude output.
In February, OPEC Crude supplies surmounted the 30 million bpd mark for the first time in five months, led by a surge in Iraqi output, rising 500 000 bpd to reach 30.49 bpd. Total non-OPEC supplies rose 1.3 million bpd in 2013, and the IES anticipates that this figure will rise a further 1.7 million bpd in 2014………………………………………..Full Article: Source

Iran’s crude oil prices up in February: OPEC

Posted on 18 March 2014 by VRS  |  Email |Print

Iran sold crude oil at $104.96 per barrel in February, a 7 cent rise compared to January, ISNA reported, citing the Organization of Petroleum Exporting Countries (OPEC).
Iran maintained its crude oil shipments at the highest since the end of 2012 last month amid talks between the country and world powers over its nuclear program, according to the International Energy………………………………………..Full Article: Source

Canada setting stage for oil exports beyond U.S.

Posted on 18 March 2014 by VRS  |  Email |Print

Canadian Natural Resources Minister Joe Oliver said his country is on the verge of becoming an energy superpower. While the United States mulls its options for energy hegemony, a recent free-trade deal with South Korea and pipeline developments suggest Canada may beat it to the punch.
The International Energy Agency said that, despite recent volatility, Asian economies are contributing to the bulk of macroeconomic growth. That, in turn, means global oil demand is expected to grow by 1.4 million barrels per day this year………………………………………..Full Article: Source

OPEC production surges as Iraq pumps most in 35 years, IEA says

Posted on 17 March 2014 by VRS  |  Email |Print

OPEC crude production rose above its target for the first time in five months as Iraq pumped the most in 35 years, according to the International Energy Agency.
The 12 members of the Organization of Petroleum Exporting Countries produced 30.49 million barrels a day in February, up from 29.99 million in January, the Paris-based IEA said today in its monthly oil market report. That’s about 300,000 barrels a day higher than the average level required in the second half of the year, according to the agency………………………………………..Full Article: Source

Is the U.S. using oil to fight Russian gas politics in Ukraine?

Posted on 17 March 2014 by VRS  |  Email |Print

The U.S. appears to be building pressure on Russia over its actions in Ukraine by releasing crude oil from its emergency stockpile onto the market, with news of a “test sale” causing oil prices to dip to their lowest levels in a month.
The U.S. announced yesterday that it would hold the first test sale of crude from its strategic reserve since 1990, releasing 5 million barrels onto the market — just enough to send a message to Russia, whose economy depends on high oil prices. U.S. crude oil fell by more than 2 percent on Wednesday, its biggest drop in two months, on the news………………………………………..Full Article: Source

Will oil producers run into losses without crude exports?

Posted on 17 March 2014 by VRS  |  Email |Print

The chief operating officer at Continental Resources said that oil producers would be forced to cut back on production if the United States doesn’t allow for crude oil exports.
Is a problem of plenty brewing? Rick Bott — president and COO of Continental — said that crude oil prices will remain artificially depressed because domestically produced crude isn’t finding its way into the global markets. And this eventually lowers the incentive to keep up with production volumes. As evidence, he points out to the fact that the crude oil markets are heavily “backwardated.”……………………………………….Full Article: Source

Iraq’s oil output surges to highest level in over 30 years

Posted on 17 March 2014 by VRS  |  Email |Print

Iraq’s oil production surged to its highest level in over 30 years last month, surprising skeptics of the country’s efforts to restore its oil industry after decades of war and neglect, The Wall Street Journal said in news briefed by “Shafaq News”.
In its monthly oil report published Friday, the International Energy Agency said Iraq’s oil output jumped by half a million barrels a day in February to average 3.6 million barrels a day. The country hasn’t pumped that much oil since 1979, when Saddam Hussein rose to power………………………………………..Full Article: Source

OPEC to cut exports as refinery demand slows, Oil Movements says

Posted on 14 March 2014 by VRS  |  Email |Print

The Organization of Petroleum Exporting Countries will cut crude exports this month to the lowest level since November as refinery demand slows in Europe and North America, according to tanker-tracker Oil Movements.
OPEC, responsible for 40 percent of global oil supplies, will decrease shipments by 1.1 million barrels a day, or 4.6 percent, to 23.6 million a day in the four weeks to March 29, Oil Movements said in an e-mailed note. The figures exclude two of OPEC’s 12 members, Angola and Ecuador………………………………………..Full Article: Source

OPEC boosts oil demand estimate as Iraq pumps most since 1980

Posted on 14 March 2014 by VRS  |  Email |Print

The Organization of Petroleum Exporting Countries (OPEC) bolstered forecasts for the amount of crude it will need to provide this year as the economic recovery stokes global fuel consumption. Iraq, its second-largest member, pumped the most oil since 1980.
OPEC, responsible for 40 percent of the world’s oil supply, said its 12 members will need to produce an average of 29.7 million barrels a day this year, 100,000 a day more than forecast last month. The amount required is about 400,000 barrels a day less than the group said it pumped in February, when output surpassed 30 million a day for the first time since August………………………………………..Full Article: Source

Nat Gas sees end of peak winter buying in US, fundamentals bearish in Europe: PIRA Energy

Posted on 14 March 2014 by VRS  |  Email |Print

NYC-based PIRA Energy Group believes that peak winter buying has been wrapped up. In the U.S., Appalachian shale bottlenecks are increasingly visible. In Europe, gas fundamentals becoming more bearish. Specifically, PIRA’s analysis of natural gas market fundamentals has revealed the following:
Peak winter buying has been wrapped up - In Europe and Asia, peak winter buying has been wrapped up, with the recent Ukraine crisis having little impact. South American and Mideast counter-seasonal buyers are entering the scene, but it appears that in Brazil at least buying will not be as strong as last year………………………………………..Full Article: Source

Petrol price hike feared as Opec forecasts rising oil demands

Posted on 13 March 2014 by VRS  |  Email |Print

Oil cartel reveals plans to release emergency supplies as Washington announces ‘test’ sale of oil reserves. Fears grew of an increase in petrol prices after Opec raised its forecasts for world oil demand and the US revealed plans to release emergency supplies.
The Middle East-led oil cartel, which controls a third of world oil supply, said it now expected demand to increase during 2014 by 50,000 barrels a day to 1.14m as the world economy slowly picks up speed………………………………………..Full Article: Source

OPEC, unlike U.S., raises 2014 global oil demand view

Posted on 13 March 2014 by VRS  |  Email |Print

World oil demand will increase more than expected in 2014, OPEC said on Wednesday, raising its prediction for a second straight month as economic growth picks up in Europe and the United States.
The view on oil demand growth from the Organization of the Petroleum Exporting Countries, source of a third of the world’s oil, contrasts with that of the U.S. government’s Energy Information Administration, which on Tuesday cut its forecast………………………………………..Full Article: Source

OPEC raises oil demand forecast

Posted on 13 March 2014 by VRS  |  Email |Print

The Organization of the Petroleum Exporting Countries boosted its closely watched forecast for oil demand growth for the second month in a row Wednesday, despite continuing to warn of possible emerging market headwinds. In its monthly oil market report, the cartel of some of the world’s biggest oil producers upgraded its forecast for demand growth this year by 50,000 barrels a day, after tweaking its expectations higher by the same amount last month.
The producer group now expects oil demand to increase by 1.14 million barrels a day this year, largely as a result of higher consumption in North America, as well as improved demand in Europe and Africa. Total oil demand for 2014 is pegged 91.1 million barrels a day………………………………………..Full Article: Source

OPEC boosts demand estimate as Iraq pumps most since 1980

Posted on 13 March 2014 by VRS  |  Email |Print

OPEC bolstered forecasts for the amount of crude it will need to provide this year as the economic recovery stokes global fuel consumption. Iraq, its second-largest member, pumped the most oil since 1980.
The Organization of Petroleum Exporting Countries, responsible for 40 percent of the world’s oil supply, said its 12 members will need to produce an average of 29.7 million barrels a day this year, 100,000 a day more than forecast last month. The amount required is about 400,000 barrels a day less than the group said it pumped in February, when output surpassed 30 million a day for the first time since August………………………………………..Full Article: Source

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