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Oil Output

Russia: 2014 Crude Exports Down 4.3 pct

Novak says Russian oil output to rise 0.6 pct in 2014; Natural gas production seen down 4 pct this year. Russia's oil exports are expected to fall by 4.3 percent this year, Energy Minister Alexander Novak said on Tuesday, citing preliminary data. He said oil exports will be 229 million tonnes (4.6 million barrels per day), while natural gas production will fall by 4 percent to 641 billion cubic metres (bcm) and exports by 6.7 percent to 183.3 bcm. Russia, one of the world's top oil producers, has been cutting crude exports in recent years due to rising domestic demand and refining volumes. Novak said that crude oil output will edge up 0.6 percent to 526.6 million tonnes, in what would be a post-Soviet record high. Output may edge down to 525 million tonnes next year, he added. Russia's economy has suffered from plummeting prices of oil, its chief export, which have almost halved since mid-June. Reporting by Katya Golubkova, Olesya Astakhova and Anastasia Lyrchikova


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


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.


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


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


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


Russia's Sechin: US, Not OPEC, Rules Oil Market

Igor Sechin, the head of Russia's top oil producer Rosneft, said on Wednesday the United States is calling the shots on global oil markets, while the influence of OPEC has shrunk.   The United States emerged with renewed vigour as a top producer thanks to its shale boom. By refusing to curb its  output to prop up oil prices, OPEC has tried to maintain its share in the global market, shrugging off lower prices which damage U.S. producers.  


PDVSA to Receive US Crude Cargo from BP

Venezuela's PDVSA will discharge in the coming days its first cargo of U.S. crude bought from British BP, who along with China Oil was awarded a tender to supply the state-run company with some 8 million barrels in the second quarter, traders close to the deal told Reuters on Wednesday.  


Some 18-20 Oil, Gas Fields off Norway in Danger of Shutting Output Early

Some 18-20 oil and gas fields off Norway are in danger of shutting output earlier than planned due to low oil prices, but the impact on the overall output outlook would be limited, the head of the Norwegian oil directorate told Reuters on Tuesday.  


Stars Still Shining for Seaborne Trade?

Graph: Clarksons Research

 As the pace of growth in Chinese seaborne imports has slowed, and prospects for a return to stronger rates of expansion appear to have diminished, focus on the potential for other countries to help provide impetus to global seaborne trade growth has increased, says Clarksons Research report


Italians Go to polls for Drilling Referendum

Prime Minister Matteo Renzi Photo MatteoRenzi website

Italy went to the polls on Sunday for a referendum on off-shore oil and gas drilling rights, a complex issue that the government hopes voters will shun. For the ballot to be valid, more than 50 percent of the Italian electorate must vote and Prime Minister Matteo Renzi has urged people to stay


Greece to Restart Crude Oil Purchases from Iran

Greece's biggest oil refiner Hellenic Petroleum agreed on Friday to buy crude oil from the National Iranian Oil Company (NIOC), the first European refiner to restart trade relations with Iran after the lifting of international sanctions.  


Insurance Snags May Impede Iran Oil Exports

Efforts by Iran to start exporting oil to Europe are being held up as foreign tanker owners are still struggling to secure insurance for cargoes, leading shipping players said on Tuesday. A nuclear deal between world powers and Iran earlier this month led to the removal of curbs on Tehran's


Iran Slowly Offloads Stockpiled Oil

Iran is slowly winding down stocks of oil stored on tankers close to its shores and the process is likely to take longer than Tehran had wanted, despite the lifting of international sanctions this month. The pace of sales taken from floating storage highlights the difficulties Iran is facing


Nigerian Navy Foils Hijack of Maersk Ship

Safmarine Kuramo Pic: A.P. Moeller-Maersk

 The Nigerian Navy has foiled an attempt by suspected pirates to hijack and abduct 25 foreign nationals aboard a container ship operated by A.P. Moeller-Maersk A/S carrying general cargo to Nigeria with 25 sailors on board, say local media.  


Saudi's Rule Out Production Cuts, Oil Drops 4%

Oil prices fell 4 percent on Tuesday after Saudi Oil Minister Ali Al-Naimi ruled out any production cuts, restating the kingdom's rationale for maintaining output was that demand would pick up excess crude that has crushed prices over the past 20 months.  


Iran Hopes to Raise March Oil Exports

Iran, OPEC's No. 3 producer, is expected to raise its oil exports in March to around 1.65 million barrels per day from 1.5 million bpd a month earlier on the back of higher crude shipments to Europe, two industry sources told Reuters on Thursday.  


Brazil Onshore Assets for Sale produce 2% of Output

Petrobras Headquarters

Brazil's state-run oil company Petroleo Brasileiro SA said on Friday it plans to sell its rights to 104 onshore oil and gas concessions, part of efforts to raise cash and focus increasingly scarce capital on more profitable offshore assets.


New Oil Debris Sensor Launched

Image: Gill Sensors & Controls Limited

New oil debris sensor helps prevent unscheduled downtime by detecting particle buildup    Gill Sensors & Controls Limited announced immediate availability of its new Oil Debris Sensor that provides continuous real-time monitoring of particle contamination in hydraulic and engine


Low Bunker Prices to Support Tanker Earnings

Image: Hamilton Energy

 Lower oil prices performed wonders for the tanker market in 2015, says  Drewry Maritime Research. Tonnage demand surged and oil trade expanded because of high consumption demand and increased stocking activity.    Tonnage supply was also kept in check as the contango in oil


US Oil Drillers Cut Rigs for 12th Week in a Row

U.S. energy firms this week cut oil rigs for a 12th week in a row to the lowest level since December 2009 as drillers continue to slash capital expenditures despite crude prices having apparently bottomed, data showed on Friday.   Looking forward


Oil Prices Rise in Thin Asian Trade after Break

Oil prices rose in early Asian trading on Monday after a three-day break, but volumes were tiny as a number of markets remain on holiday for Easter.   U.S. crude's front-month contract was up 37 cents at 39.83 a barrel at 0055 GMT.  






 
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