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Oil Output

U.S. Crude Imports To Continue To Rise

Due to declining domestic crude oil production and rising oil demand, crude imports will continue to increase over the next two decades accounting for 64 percent of U.S. oil supplies by 2020, the U.S. Energy Information Administration (EIA) said in its annual long-term energy outlook. Currently, the U.S. imports 52 percent, or 8.6 million bpd of its oil and domestic oil output at 6 million bpd is at its lowest level since the early 1950s. U.S. petroleum consumption is projected to rise an average 1.3 percent annually over the next two decades, growing from the current 19.4 million bpd to 25.1 million bpd by 2020, EIA said. Although world crude oil prices have more than doubled since the beginning of 1999, price increase are expected to moderate in the longer-term, reaching $22.04 (in 1998 dollars) in 2020, compared with the current $23 a barrel. Technology improvements, particularly in offshore oil production, will lead to increased non-OPEC oil output and therefore will keep energy prices in check, the agency said.


Venezuela Revises Down 10-Year Oil Output Target

Venezuela has reportedly revised its 10-year oil production capacity target downward by more than a million bpd between 4.8 million and 5.2 million bpd.


Declining Oil Output Attributed to Lackluster Tanker Stock Performance

Tanker stocks have taken a severe beating this month on declining oil output and global economic jitters, but several analysts are predicting a steady recovery and consider the slump a good buying opportunity. "Charter hire rates are expected to rebound steadily through 2001 as Iraq and OPEC increase oil production," investment bank Lehman Brothers said in a report on Wednesday. "Recent weakness in the oil tanker sector provides an extremely attractive entry point for investors


Kazakhstan Forges Ahead with Offshore Projects

Kazakhstan wants to forge ahead with developing new oil and gas fields in its sector of the Caspian Sea and hopes to wrap up a string of deals with foreign partners next year, a senior official said on Wednesday. The deals, primarily based on PSAs, mark a second stage of offshore development to follow major initial projects such as the giant Kashagan field, being developed by Italy's ENI-led consortium. The new projects should help boost Kazakhstan's offshore oil output to 89


Frontline Shares Surge

Shares in Norwegian tanker group Frontline rose 6.8 percent on Tuesday despite planned oil output cuts by OPEC, buoyed by strong chartering rates and a presentation of the company in New York. Frontline was trading at 157 Norwegian crowns per share, up from 147 crowns at Monday's close. It hit an all-time high of 170 crowns in November after rallying in 2000 from a January low of 36.9 crowns. The Oslo Bourse was up 1.4 percent at 14.00 GMT


Libyan Port's Oil Exports Halted by Protesters

 Zueitina oil terminal: Photo courtesy of Zueitina Oil Company

Protesters demanding jobs closed off the eastern Libyan port of Zueitina for a sixth day, extending a halt in oil exports, according to a senior oil industry source and to one of the demonstrators, as cited by Reuters. Roughly a dozen men last Tuesday evening forced their way into the port, just hours after Zueitina Oil Company workers had temporarily suspended a strike and resumed production at oilfields that pump to the terminal.


Norway Extends Oil Cutback To Q1 2000

Norway, keeping in step with OPEC, will extend a 200,000 barrels per day (bpd) curb to oil output to the end of the first quarter of next year. Norway's Oil and Energy Ministry said it was extending the cuts beyond December 31 even though oil prices have more than doubled since late 1998. "Norway's oil production will be reduced by 200,000 barrels per day in the first quarter 2000," it said in a statement. Norway produces about 3


Oil Holds around $110

By Shadi Bushra, Reuters   Brent crude oil steadied around $110 a barrel on Monday, resisting sharp declines in some other risk assets on news of further supply losses in Africa and expectations of revived oil demand growth. Libyan oil output plunged further over the weekend, falling to 230,000 barrels per day (bpd) on Sunday after a new protest shut the El Sharara field. Before nationwide protests started in the middle of last year, Libyan oil production was closer to 1


OPEC oil output rises in February

Supply rises by 170,000 bpd, led by Iraq, Angola. Saudi Arabia trims output, Libyan supply falls and OPEC output below 30 million bpd target for fifth month. OPEC's oil output has risen further in February from December's 2-1/2-year low, due to more shipments from Iraq and Angola, and further upward creep in Iranian exports, a Reuters survey found on Friday. Output from the Organization of the Petroleum Exporting Countries averaged 29.96 million barrels per day (bpd), up from a revised 29


Libyan Rebel Refuses to Hand Over Oil Ports

Libyan militia leader Ibrahim al-Jathran

A former Libyan rebel leader, who seized oil ports in the past to campaign for eastern autonomy, said he had turned down an offer to join an armed group challenging the internationally-recognized government. The loyalty of Ibrahim Jathran to the government is key to ensure that three oil ports accounting for at least 500,000 barrels of days of exports in eastern Libya will stay open. He had closed with thousands of supporters the ports in summer 2013 to press for regional autonomy


Statoil: $32.5 bln for Sverdrup Startup

Staoil Depiction: Statoils Johan Sverdrup oil field

Development of field could cost up to $32.5 bln; cost estimate higher than analyst forecasts. Sverdrup scheduled to start up in late 2019. Statoil's giant Johan Sverdrup oil field could cost as much as $32.5 billion, the company said in its first full estimate of the price tag to develop


Russia Has No Plan to Cut Oil Output

Russian Energy Minister Alexander Novak

  Russia, the world's biggest energy exporter, does not plan to cut oil production to shore up prices, Rossiya 24 television quoted Energy Minister Alexander Novak as saying on Saturday. Russia, which relies on oil and gas exports for about half its federal budget


50 Millionth Ton of Oil from RN-Uvatneftegaz

RN-Uvatneftegaz is a subsidiary of Rosneft. The Uvat project is a cluster of 17 licensed blocks with about 338 million tons recoverable reserves of oil and condensate.

  RN-Uvatneftegaz, a subsidiary of Rosneft, produced 50 millionth ton of oil since the start of Uvat project implementation in 2004. In 10 years of enterprise performance the annual oil output increased almost by 10 times – from 1


Shell Resuming Nigeria EA Oil Production

Royal Dutch Shell said on Thursday it had resumed production of Nigerian EA crude oil and lifted its force majeure on the grade after completing repairs to a mooring platform. Shell shut down output on June 12 after weather damage to its platform, the company said


Asia Buyers Wary of U.S. Condensate Test Results

Petchem producers unlikely to buy due to impurities in oil. Big middle distillates yield, less naphtha, LPG; wide variance in API gravities in assays, samples. Tests on samples of the same type of U.S. condensate now heading to South Korea and Japan have raised questions about the ultra-light


Brent Crude Falls Below US$98

HFO: File image

Brent crude dropped below $98 a barrel on Thursday, falling for the sixth straight session, as worries about ample supply and weak demand, which have dragged prices to 17-month lows, outweighed geopolitical concerns in the Middle East. * US air strikes could threaten Islamic reprisals -risk


China Aug Power Output Falls First Time in 4 yrs

Chinas Output fell first in four years

  China's power output, a bellwether for economic activity, posted its first annual decline in more than four years in August, adding to evidence that the world's second-largest economy is losing momentum after a brief rebound in the second quarter.


Brent Oil Hits 26-month Low Under US$97

HFO: File image

 Brent crude oil on Monday slumped to its lowest in over two years, below $97 per barrel as lacklustre economic data from China, the world's top energy consumer, cast a shadow over the outlook for oil demand at a time of abundant supply.


Oil Edges Below $99 but Supply Risks in Focus

Oil traded slightly lower below $99 a barrel on Thursday, pressured by ample supply and concern over the weakening of demand growth in major consumer nations, as well as a rise in the U.S. dollar. Threats to supply as Libya's output fell and talk of OPEC production cuts limited the decline for


Brent Holds Above $97, Eyes Worst Quarter Since 2012

HFO: File image

Brent crude futures hovered above $97 a barrel on Tuesday, aided by firm U.S. and Chinese data, but the oil benchmark was on track for its deepest quarterly drop in more than two years on plentiful supplies. * Underpinned by firm U.S. economic data, steady China PMI


Oil Traders Say OPEC May Be Heading for Price War

Saudi Arabia's decision to slash the official selling price for its oil has sparked trader talk of an emerging OPEC price cutting war, as members of the producer group could compete to defend their market share amid ample supplies and tepid demand.


S. Arabia Raised Output in Sept

  Top oil exporter Saudi Arabia told OPEC it raised its oil production in September by 100,000 barrels per day, adding to signs it has yet to respond to a drop in prices well below $100 a barrel by trimming output. In a monthly report issued on Friday


Total CEO Killed in Moscow Runway Accident

Christophe de Margerie

Private jet collided with snow plow during takeoff; Total's CEO a defender of Moscow policies. Insiders Boisseau and Pouyanne long seen as potential successors. The chief executive of French oil major Total, Christophe de Margerie, was killed when his private jet collided with a snow plough as


Yemen Restarts Main Oil Export Pipeline

Marib pipeline

  Yemen resumed exports from its main oil pipeline on Saturday, one day after an attack by tribesmen temporarily halted flows, industry sources said. Yemen's oil and gas pipelines have been repeatedly sabotaged, often by tribesmen who have feuds with the central government


Russia's Oil Output Steady

  Monthly oil output in Russia, the world's biggest producer, was flat in October, according to energy ministry data published on Sunday. Russia pumped an average 10.6 million barrels per day (bpd)last month, producing a monthly total of 44.838 million tonnes.






 
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