The U.S. Energy Information Administration expects OPEC countries to continue producing above their quotas, pushing the cartel's average output 770,000 bpd above official levels for the quarter. OPEC's actual production would also be just 619,000 bpd lower during the first quarter from output levels at the end of last year, the agency said in its monthly OPEC update. That would be much less than the 1.5 million bpd that OPEC members (excluding Iraq) agreed to cut from their production quotas during a meeting last month in Vienna. The cartel set its production at 25.2 million bpd beginning Feb. 1 in order to stop oil prices from falling from what is expect to be lower oil demand in the first half of this year. The EIA said OPEC's production cuts should be sufficient, unless there is a world economic slowdown that dampens oil demand. "Not further cuts would be needed to maintain prices within OPEC's ($22-$28) target range," the agency said. Separately, the agency lowered its assessment of Iraqi oil production for the year. The EIA said it assumes Iraq will try to further erode United Nations sanctions by disrupting its own oil supplies. The EIA said it continues to believe that Iraq will not be able to meet its goal of producing 3.4 million bpd of oil this year, which was the country's output level in July 1990 just prior to the Gulf War. Because of problems with Iraq, the EIA lowered its projected overall OPEC production levels by 300,000 bpd for this year.
U.S. oil prices rocketed almost two dollars Wednesday on word that Saudi Arabia would reduce February crude sales by five percent despite U.S. appeals to the OPEC cartel not to cut oil output too sharply, Reuters reported. February crude futures oil on the New York Mercantile Exchange (NYMEX) closed at $29.50, up $1.86 a barrel or some seven percent. This takes gains over the last eight trading sessions to more than $3.50 dollars a barrel.
Oil Averages $18 In 1999 Oil prices in 1999 posted a 35 percent increase on average over 1998, in a triumph of output restraints by exporter group OPEC and key ally Mexico. International benchmark Brent blend for the year was averaging $18 a barrel near the close of business on the last trading day of the year. Brent averaged just $13.34 a barrel in 1998, the lowest in 22 years, when prices slumped amid global surplus caused by excess output and shrinking demand in collapsing Asian economies
Excess oil industry stockpiles are likely to disappear entirely in October or November as winter demand overwhelms supply constrained by OPEC export curbs, analysts said. Inventory statistics, always key to the international oil market, have assumed an even greater significance over the past week as OPEC officials singled out the indicator as the leading factor for judging when to ease supply limits. Now, even the most cautious of analysts expect OPEC's target of shrinking stockpiles to
Oil importers last week were facing the prospect of a severe winter price spike as OPEC exporters prepared to turn the screw on stringent supply restrictions. Benchmark Brent crude in London struck new 31-month highs last week at $22.30 barrel -- another 32 cent rise on top of Tuesday's 60 cent jump which took prices above $22 for the first time since February 1997. "As long as key producers give no hint of relaxing output restraint the price of Brent will probably approach $25 in the fourth
OPEC compliance with supply curbs appears to have fallen in October but from a level revised higher for September, according to a leading consultant. Preliminary indications from shipping and oil industry data are that OPEC October supply rose 230,000 barrels a day to 26.52 million bpd from a revised 26.29 million in September, Geneva's Petrologistics told clients on Wednesday. Output from the 10 OPEC members, excluding Iraq, that agreed output reductions in March was 23
Oil prices steadied as buyers returned to the market on Friday to take advantage of a five percent slump set off by speculative fund sell-off on Thursday. Brent crude futures in London were trading 18 cents stronger at $21.60 a barrel, clawing back some of the losses sustained in Thursday's dramatic $1.17 fall. The losses were caused by funds selling futures in response to technical indicators, denting OPEC's hopes of keeping prices firm while they hold a tight rein on production
Oil inventories are getting so tight that commercial stockcover held by oil companies could hit minimum operating levels by early next year, London's Center for Global Energy Studies warned. The CGES said that after a heavy draw in September, commercial inventories held in the industrialized nations of the OECD fell again in October - by an estimated 800,000 bpd in the U.S. and Europe. "What is more, there are hardly any spare stocks at sea, in temporary storage or in the non-OECD countries
Saudi Arabia is poised to unilaterally boost its oil output by 500,000 barrels per day (bpd) by the end of August, industry sources said. The kingdom, the world's biggest oil producer, has already turned up its taps by 250,000 bpd and aims to lift output by the same amount starting from August 1, the sources added. The extra Saudi barrels will head for markets in the U.S. and the Far East, they said. OPEC President and Venezuelan Oil Minister Ali Rodriguez said on Tuesday OPEC would not raise
To characterize as stable the business of carrying oil aboard tankers of any size or route would be foolhardy at best. But as curious as the market's undulations may appear to those on the outside, it is in fact the market's instability that serves as stability. Owning and operating a fleet of petroleum carrying tankers has undoubtedly become a much more scrutinized and legislated endeavor than any time past. The eyes of the world
IEA’s Medium-Term Oil Market Report sees companies overhauling global investment strategies; meanwhile, surge in non-OECD refining capacity shakes up product market The supply shock created by a surge in North American oil production will be as transformative to the market over the next
Lumitec, a designer and manufacturer of marine LED lighting solutions, is set to premier three new products at IBEX September 17-19 at booth 2155. Lumitec will also reveal technology updates for some of their most popular lights. Leading the launch is Lumitec’s new Cayman line of
Oil output (oil plus natural gas liquids - NGL) from all of Petrobras' fields in Brazil averaged 1.979 million barrels per day (bpd) in September, which is 3.7% higher than the average output of the previous month (1.908 million bpd). Petrobas explain that this positive result was due to the
Iran’s pledge to restrict nuclear work in return for loosened economic sanctions may have a limited effect on crude prices, report Bloomberg, citing analysts who regarded a 2.7 percent slump in Brent as a knee-jerk reaction. The six-month agreement
Mitsui Engineering & Shipbuilding Co., Ltd. completed and delivered a 56,000 dwt type bulk carrier M.V. Windsor Adventure (MES Hull NO. 1666) at its Tamano Works on March 26, 2008 to Keymax Maritime Co. Ltd./Fairmont Shipping. This is the 72 ship of the “Mitsui 56” Series
An attack by armed separatists in speedboats has forced Royal Dutch Shell to shut down its biggest offshore oil production unit in , removing a tenth of the Opec state's output. The raid on Bonga, a floating oil production and storage facility 120km offshore
According to a report from The Economic Times, the Indian shipping industry is concerned with the steady fall in crude oil prices and is waiting for the outcome of an important upcoming OPEC meeting. Industry officials feel that if Organization of the Petroleum Exporting Countries (OPEC) cuts
Ametek Programmable Power introduced the Elgar XWave high-power AC power source/frequency convertor. The XWave Series delivers high-power density, efficiency and modular flexibility using advanced MOSFET-based, switch-mode power conversion technology for a wide range of common AC power source
Rising oil prices will not help the tanker sector, according to the latest Tanker Forecaster from Drewry Shipping Consultants. “The economic turbulence and the subsequent impact on oil prices have dealt a double blow for this sector,” said the editor of the quarterly report
Reuters reported that is set to nationalize the companies that run some of its ports. The affected ports receive many of the imports that depends on, but do not handle oil shipping from the OPEC nation. Authorities are reportedly revising the contracts of the port operators.
Overseas Shipholding Group’s Q4 2009 results were aided by an unexpected tax credit. OSG reported a loss of $0.59 excluding one-time items versus our ($1.02) forecast and the Street’s ($1.25) forecast. However a $30.5 million tax credit for 2009 against 2004 earnings led to the
According to the International Energy Agency’s July 2010 Oil Market Report, global oil demand through 2011 is projected to rise 1.6% or 1.3 mb/dyear‐on‐year to 87.8 mb/d, driven entirely by non-OECD country consumption, as OECD countries continue to see a gradual decline
DEUTZ shows the TCD 3.6 L4 for the Tier 4 Interim emissions standard Engines for the Tier 3 emissions standard in the 20–520kW power output range Cologne-based engine manufacturer DEUTZ is exhibiting at CTT again this year, one of the leading trade fairs for the construction
International Energy Agency (IEA) reports call on 'OPEC crude & stock change' rising IEA reports that global oil supply increased by 0.6 mbd to 91.0 mbd in April, 3.9 mbd above last year. Higher Iraqi, Nigerian and Libyan supplies lifted OPEC production by 0.41 mbd, to 31.85 mbd.
North America is at the forefront of a game-changing transformation in oil and gas production claims International Energy Agency publication. This year’s World Energy Outlook published by IEA finds that the extraordinary growth in oil and natural gas output in the United States will mean