Petroleum Intelligence Weekly articles from April 2003

Petroleum Intelligence Weekly archives from April 2003

Special supplement: Iraq's upstream: unlimited potential.
April 7, 2003... Just before the launch of the US-led invasion of Iraq on Mar. 19, Energy Intelligence's Middle East correspondent Ruba Husari spent two weeks in the country meeting with top officials at the oil ministry and directors of its affiliated...

Iraqi oil and aid shape US-UN roles. (Eye On Iraq).
April 14, 2003... The increasing likelihood of a quick end to the Iraq war is putting pressure on the debate over who should run postwar Iraq, which is coming to a head in talks between the US and the United Nations over control of Iraq's oil and humanitarian...

Private oil firms wrestle with reserves.
April 14, 2003... The potential opening of Iraq's stated 112 billion barrels of proven oil reserves could not come soon enough for international oil companies. Replacing production with new reserves through exploration has become more of an uphill battle for top...

Majors pick up crumbs left by energy traders.
April 14, 2003... Whether by design or default, the demise of the energy merchant has prompted the big oil international companies to assume the roles of natural gas and power marketers and project developers. BP, for example, was the largest natural gas...

Civilian air slump grounds military growth. (Eye On Iraq).
April 14, 2003... Extra military demand for jet fuel in the Middle East pales in significance when compared with the slump in civilian airline demand. War in Iraq and the Sars virus in Asia combined have sliced 10%-15% from global jet demand, equivalent to at...

More sellers than buyers for Asia's LNG.
April 14, 2003... Asia is fast finding itself with too many liquefied natural gas (LNG) suppliers and not enough buyers. Australia alone has more than 40 trillion cubic feet of undeveloped gas seeking an outlet. New markets on the US West Coast are a long shot...

Colombian oil output at a crossroads.
April 14, 2003... Unless it can find and develop new reserves pretty soon, Colombia is set to become a net oil importer within the next few years. Apart from the economic cost--the country derives one-quarter of its revenues from oil--state Ecopetrol may have to...

Corporate--The Russian joint venture of BP and Tyumen Oil Co. (TNK) will be fully operational from the day the deal is completed in the summer, with 10% production growth seen in the first year and major aspects of future development already decided, the new company's future Chief Executive Bob Dudley says. (General).(Brief Article)
April 14, 2003... CORPORATE--The Russian joint venture of BP and Tyumen Oil Co. (TNK) will be fully operational from the day the deal is completed in the summer, with 10% production growth seen in the first year and major aspects of future development already...

Formula prices--Despite all the evidence of mounting supply, notably of sour grades, Saudi Arabia increased its May official selling prices for Arab Heavy and Arab Medium into the US and Asia, but lowered them for Europe. (General).
April 14, 2003... FORMULA PRICES--Despite all the evidence of mounting supply, notably of sour grades, Saudi Arabia increased its May official selling prices for Arab Heavy and Arab Medium into the US and Asia, but lowered them for Europe. Sweet/sour...

IEA--The International Energy Agency's April Oil Market Report tries to reassure markets that the worst risks are over for oil consumers, but that volatility will continue to whipsaw the market (PIW Mar.17,p6). (General).(Brief Article)
April 14, 2003... IEA--The International Energy Agency's April Oil Market Report tries to reassure markets that the worst risks are over for oil consumers, but that volatility will continue to whipsaw the market (PIW Mar.17,p6). Stocks are low and Opec spare...

Tankers--What appears to be a flat rate from the Mideast Gulf masks a month of volatility, and rates for very large crude carriers out of the Mideast Gulf have given up some ground. (General).
April 14, 2003... TANKERS--What appears to be a flat rate from the Mideast Gulf masks a month of volatility, and rates for very large crude carriers out of the Mideast Gulf have given up some ground. By late last week, east- and westbound rates out of the...

Australia -- Evidence is piling up in Australia that oil refining and marketing has hit a new low, as Exxon Mobil said it was closing the smaller of its two Australian refineries and giant consumer goods retailers announced they were in talks to take retail petrol chains off the hands of oil majors. (Countries).(Brief Article)
April 14, 2003... AUSTRALIA -- Evidence is piling up in Australia that oil refining and marketing has hit a new low, as Exxon Mobil said it was closing the smaller of its two Australian refineries and giant consumer goods retailers announced they were in talks...

Azerbaijan -- Eager to repair the damage done by pulling out of Baku's self-styled "contract of the century," Russia's Lukoil has increased its commitment to another block offshore Azerbaijan. (Countries).(Brief Article)
April 14, 2003... AZERBAIJAN -- Eager to repair the damage done by pulling out of Baku's self-styled "contract of the century," Russia's Lukoil has increased its commitment to another block offshore Azerbaijan. Lukoil has raised its stake in the Yalama/D-222...

Ecuador -- The government is counting on an upcoming bid round to help reverse last year's crude output slump, which was the worst in at least a decade. (Countries).(Brief Article)
April 14, 2003... ECUADOR -- The government is counting on an upcoming bid round to help reverse last year's crude output slump, which was the worst in at least a decade. The top attraction is set to be the Ishpingo Tambococha Tiputiti (ITT) fields, an estimated...

Germany -- Russia and the Caspian states are carving out a growing share of Europe's largest oil consuming market. (Countries).(Brief Article)
April 14, 2003... GERMANY -- Russia and the Caspian states are carving out a growing share of Europe's largest oil consuming market. Data for the first two months of 2003 show their continued growth, contrasting with a 16% decline in deliveries from the UK...

India -- India's oil ministry said the country's oil import bill surged by 7% to $175 billion (840 billion rupees) for the fiscal year ending in March 2003, and stressed the need to speed up the building of a strategic reserve. (Countries).(Brief Article)
April 14, 2003... INDIA -- India's oil ministry said the country's oil import bill surged by 7% to $175 billion (840 billion rupees) for the fiscal year ending in March 2003, and stressed the need to speed up the building of a strategic reserve. Oil Minister Ram...

Nigeria -- ChevronTexaco and Royal Dutch/Shell have ramped production back up to 450,000-500,000 b/d in the volatile western Niger Delta, a significant improvement on the 130,000-150,000 b/d produced in late March after violent clashes between local communities and police forced the duo to slash output. (Countries).(Brief Article)
April 14, 2003... NIGERIA -- ChevronTexaco and Royal Dutch/Shell have ramped production back up to 450,000-500,000 b/d in the volatile western Niger Delta, a significant improvement on the 130,000-150,000 b/d produced in late March after violent clashes between...

Portugal -- The government is planning to split off and merge the merchant gas business of state oil firm Galp Energia with state power utility Electridade de Portugal (EdP) and, separately, combine the gas and power networks into an independent regulated transport business. (Countries).(Brief Article)
April 14, 2003... PORTUGAL -- The government is planning to split off and merge the merchant gas business of state oil firm Galp Energia with state power utility Electridade de Portugal (EdP) and, separately, combine the gas and power networks into an...

United Kingdom -- Oil and gas producers were unable to reverse last year's surprise hike in upstream corporation taxes in Chancellor Gordon Brown's Apr. 9 budget, but they did extract one significant concession. (Countries).(Brief Article)
April 14, 2003... UNITED KINGDOM -- Oil and gas producers were unable to reverse last year's surprise hike in upstream corporation taxes in Chancellor Gordon Brown's Apr. 9 budget, but they did extract one significant concession. From January 2004 Brown is...

Opec tempted to tighten taps. (What's New Around The World).(Organization of Petroleum Exporting Countries plans to cut oil production)
April 14, 2003... Afraid that a burgeoning oversupply of crude will further undermine prices, which have fallen 20% since early March, Opec ministers are ready to tighten their leaky taps. After ensuring that the world would not fall short of crude despite the...

Virgin voyage. (Marketview).(Russian oil is sold on US West Coast for first time, economic impact of Iraq war on petroleum industry)
April 14, 2003... WASHINGTON -- When a cargo of Russian Urals crude has to travel all the way to the US West Coast before it can find a willing buyer, it is safe to say the global oil market is more than well-supplied despite a number of supply disruptions,...

Sakhalin-1 plan approved.(Exxon Mobil Corp. receives approval for oil, gas investment plan)(Brief Article)
April 14, 2003... Exxon Mobil's Sakhalin-1 oil and gas venture took a big step forward after a group of representatives from the Russian federal and regional governments approved the project's development program and investment plan. Capital investment on full...

PIW market indicators.(pricing data for petroleum products)(Illustration)
April 14, 2003... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $25.12 $26.57 $28.42 UK Brent (Dated) ...

US pushing for privatized Iraq oil sector. (Eye On Iraq).
April 21, 2003... Plans taking shape in Washington for the postwar Iraqi oil industry point to the most radical transformation in the Mideast petroleum sector since the nationalizations of the 1970s. In keeping with US plans to make Iraq a regional example of...

Iraq upstream is a waiting game for oil industry. (Eye On Iraq).(upstream oil and gas projects, analysis)
April 21, 2003... Patience is a virtue the oil industry will need plenty of in Iraq in the years ahead. While Saddam Hussein's regime may have fallen in only a matter of weeks, new upstream oil and gas projects are likely to take much longer even to get started....

Conflict adds to Nigeria's offshore allure.(petroleum production and capacity)
April 21, 2003... Italy's ENI pumped Nigeria's first deepwater crude from the Abo field last week, providing a timely reminder of the attractions of producing and exporting far offshore and well away from the country's troubled Niger Delta. Election-related...

Wary oil price forecasters go back to basics.(U.S., world; oil price forecasts, statistics)
April 21, 2003... Oil price forecasters have gone back to basics: Now that the geopolitical uncertainty that pushed West Texas Intermediate (WTI) to $40 per barrel earlier this year has eased, supply-demand fundamentals are expected to return to the driver's...

Opec reads oil market entrails before meeting.
April 21, 2003... Opec is set to meet on Apr. 24 to decide how to manage the expected decline in global demand in the second quarter--nearly two months after that decline got underway. A seasonal dip in non-Opec supply will help a bit, but only a bit, taking a...

Russian tax code change imperils majors.
April 21, 2003... In a potentially huge setback for foreign oil companies in Russia, new legislation on production sharing agreements (PSAs) is brewing that could lead to a number of big energy investments being put on hold, and leaving foreign companies with...

Asia split on benefit of strategic stocks.(strategic crude reserves)
April 21, 2003... For Asia, the war in Iraq provided a stress test for strategic crude reserves and the government policies promoting them. The results are mixed. Neither South Korean reserves nor Japan's giant stockpiles have been tapped, but the psychological...

Industry restructuring--investment bank Goldman Sachs is paying $456 million in cash for US energy merchant El Paso's majority interest in East Coast Power, owner of a 940 MW natural gas-fired power plant in Linden, New Jersey, which provides electricity to New York City and a nearby refinery. (General).(Brief Article)
April 21, 2003... INDUSTRY RESTRUCTURING -- Investment bank Goldman Sachs is paying $456 million in cash for US energy merchant El Paso's majority interest in East Coast Power, owner of a 940 MW natural gas-fired power plant in Linden, New Jersey, which provides...

Algeria -- spurred by soaring profits, Thailand's PTT Exploration & Production is looking to expand overseas, with new acreage in the Mideast and North Africa. (Countries).(PTT Exploration and Production Company Ltd.)(Brief Article)
April 21, 2003... ALGERIA -- Spurred by soaring profits, Thailand's PTT Exploration & Production is looking to expand overseas, with new acreage in the Mideast and North Africa. PTTEP is set to join forces with PetroVietnam and state Sonatrach to explore Blocks...

Australia -- independent oil company Woodside Petroleum is being targeted for takeover by Shell Australia, according to sources in Australia. (Countries).(Brief Article)
April 21, 2003... AUSTRALIA -- Independent oil company Woodside Petroleum is being targeted for takeover by Shell Australia, according to sources in Australia. Royal Dutch/Shell, which already has a 34% stake in the company, tried but failed to gain control of...

Brazil -- Petrobras' March oil and gas production rose 5% year on year to 1.898 million boe/d, but failed to match February's record levels of 1.935 million boe/d. (Countries).(Petroleo Brasileiro S.A.)(Brief Article)
April 21, 2003... BRAZIL -- Petrobras' March oil and gas production rose 5% year on year to 1.898 million boe/d, but failed to match February's record levels of 1.935 million boe/d. In March, Petrobras produced 1.61 million b/d of oil and 1.73 MMcf/d of gas. Two...

Colombia -- in a letter last week, the government asked US oil firms to abstain from a Nicaraguan tender to explore for oil in disputed Caribbean waters. (Countries).(Brief Article)
April 21, 2003... COLOMBIA -- In a letter last week, the government asked US oil firms to abstain from a Nicaraguan tender to explore for oil in disputed Caribbean waters. Colombian Foreign Minister Carolina Barco, speaking from Vienna with local Caracol radio,...

Egypt -- the UK's Melrose Resources has found gas at its South Mansoura No. 1 well onshore the Nile Delta, following February drilling success at its South Batra well in the same concession area in February. (Countries).(Brief Article)
April 21, 2003... EGYPT -- The UK's Melrose Resources has found gas at its South Mansoura No. 1 well onshore the Nile Delta, following February drilling success at its South Batra well in the same concession area in February. South Mansoura tested at 17.7...

Kazakhstan -- crude exports via the Caspian Pipeline Consortium (CPC) route across Russia to a new terminal on the Black Sea are starting to pick up with a third company, Embamunaigas, a subsidiary of Kazakh state-owned Kazmunaigas, signing up to start shipments in May at 15,000 b/d. (Countries).(Brief Article)
April 21, 2003... KAZAKHSTAN -- Crude exports via the Caspian Pipeline Consortium (CPC) route across Russia to a new terminal on the Black Sea are starting to pick up with a third company, Embamunaigas, a subsidiary of Kazakh state-owned Kazmunaigas, signing up...

Romania -- BP and Lukoil are shaping up to be the main potential bidders for a 51% stake in oil and gas holding Petrom, Romania's largest company, which is to be sold to a strategic investor by the end of 2003, according to official sources in Bucharest. (Countries).(Brief Article)
April 21, 2003... ROMANIA -- BP and Lukoil are shaping up to be the main potential bidders for a 51% stake in oil and gas holding Petrom, Romania's largest company, which is to be sold to a strategic investor by the end of 2003, according to official sources in...

Russia--Lukoil, the largest domestic company with oil production over 1.5 million b/d, plans to invest $19 billion to increase its oil output to 2.2 million b/d by 2010-12, under a 10-year strategic development program approved by the company's board on Apr. 16. (Countries).(Brief Article)
April 21, 2003... RUSSIA -- Lukoil, the largest domestic company with oil production over 1.5 million b/d, plans to invest $19 billion to increase its oil output to 2.2 million b/d by 2010-12, under a 10-year strategic development program approved by the...

Russia -- Royal Dutch/Shell looks set to announce within weeks that its offshore Sakhalin-2 project in the Far East has beat Exxon Mobil-led Sakhalin-1 to the punch in signing a first sales and purchase agreement with a Japanese buyer. (Countries).(Brief Article)
April 21, 2003... RUSSIA -- Royal Dutch/Shell looks set to announce within weeks that its offshore Sakhalin-2 project in the Far East has beat Exxon Mobil-led Sakhalin-1 to the punch in signing a first sales and purchase agreement with a Japanese buyer. Shell is...

Sudan -- Oil & Natural Gas Corp. (ONGC) of India is on a drive to increase output from domestic and overseas fields. (Countries).(Brief Article)
April 21, 2003... SUDAN -- Oil & Natural Gas Corp. (ONGC) of India is on a drive to increase output from domestic and overseas fields. The state oil company has six new finds including a major one in Vassai west offshore, with an estimated 240 million boe of...

Turkmenistan -- President Saparmurat Niyazov and Russian President Vladimir Putin have inked a 25-year agreement on cooperation in the gas sector. (Countries).(Brief Article)
April 21, 2003... TURKMENISTAN -- President Saparmurat Niyazov and Russian President Vladimir Putin have inked a 25-year agreement on cooperation in the gas sector. The deal was accompanied by a 25-year contract between Gazprom's international marketing arm...

US, Japan miss out on 2002 LNG trade growth.
April 21, 2003... The amount of LNG in global trade rose by 6% in 2002 to almost 113 million metric tons, or 2.69 million boe/d, according to the International Group of LNG Importers (GIIGNL). Oddly enough, the one country with the greatest perceived increase in...

Black hole. (Marketview).
April 21, 2003... NEW YORK -- Where is all that extra Saudi oil produced over the last couple of months? Not in the US, according to the latest US government data. US import figures for February, released by the Energy Information Administration last week, show...

Sempra gets Baja LNG permit.
April 21, 2003... Sempra Energy said Wednesday it received a much-awaited environmental permit from the the government for its proposed liquefied natural gas (LNG) terminal near Ensenada, in Baja California. With the permit from Mexico's environmental agency,...

PIW market indicators.(oil prices)
April 21, 2003... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $25.46 $25.34 $25.91 UK Brent (Dated) 24.89 24.89 26.74...

Opec runs risk in ignoring Iraq challenge.(company production management)
April 28, 2003... Opec managed to confound the pundits last week with its surprise decision at an emergency meeting in Vienna to raise the group production ceiling to 25.4 million b/d, rather than retain it at 24.5 million b/d--while claiming that actual...

Russian giant seeks role on global stage.(Sibneft and Yukos)
April 28, 2003... The decision of Russian majors Yukos and Sibneft to merge into a 2.3 million barrel per day producing giant suggests that Russian oil companies may soon be strong enough to compete in the global arena with their international peers. Maybe. It...

Oman inches toward higher marker profile.(Oman oil trading industry, prices and sales)
April 28, 2003... Trading in Oman and Dubai crude oil, which provides the pricing benchmark for around 11 million barrels per day of Middle East sales to Asia, is being readied for another round of tinkering in a further effort to boost trading liquidity and...

Iraqi oil flows returning to fill domestic needs.(petroleum sales and pricing)
April 28, 2003... With growing help from the Iraqis themselves, US army engineers look to be getting Iraq's oil industry back into operation at levels adequate to cover domestic needs. This week should see enough oil flowing from restarted production in the...

Scorecard shows US gets brunt of price rises.(oil prices)
April 28, 2003... US refiners took the biggest hit from the surge in crude oil prices over the last six months in the wake of the succession of supply losses from Venezuela, Iraq, and Nigeria. At the market peak in February, US Gulf Coast buyers were paying...

Iberia eyes European-scale gas and power.
April 28, 2003... The recent liberalization of Spanish natural gas and electricity markets looks to have ushered in winds of change that could see the emergence of `national champions' in both Spain and Portugal that fuse gas and power operations, with national...

Japan's refiners search out powerful profits.(oil refiners)
April 28, 2003... Facing dismal margins and gloomy prospects for oil demand, Japan's refiners are diversifying into what they see as future money-makers: natural gas and electricity. Deregulation has newly opened up these markets to ailing Japanese refiners that...

Industry restructuring--majors are following through on plans to sell lower-return upstream assets. (General).(Brief Article)
April 28, 2003... INDUSTRY RESTRUCTURING -- Majors are following through on plans to sell lower-return upstream assets (PIW Feb.24,p3). ChevronTexaco plans to sell more than 100 producing properties throughout North America in several regional packages. Its net...

Opec--the scramble to name the next Secretary General has begun in earnest. (General).(Brief Article)
April 28, 2003... OPEC -- The scramble to name the next Secretary General has begun in earnest. Saudi Arabia has nominated its Opec Governor Suleiman al-Herbish as its candidate to replace Opec Secretary-General Alvaro Silva when his term expires in December....

Refining--compared to their disastrous start in 2002, US independent refiners enjoyed strong profits in this year's first quarter. (General).(Brief Article)
April 28, 2003... REFINING -- Compared to their disastrous start in 2002, US independent refiners enjoyed strong profits in this year's first quarter. A recovery in refining margins, which were bolstered by low product inventories, the strike in Venezuela, a...

Algeria -- a new bid round due as early as next month will put 12 exploration blocks up for grabs, including the first-ever offering of two offshore blocks. (Countries).(Brief Article)
April 28, 2003... ALGERIA -- A new bid round due as early as next month will put 12 exploration blocks up for grabs, including the first-ever offering of two offshore blocks. Preparations have been in hand for several months. A further three Algerian licenses...

Egypt -- Malaysia's state Petronas is gaining a toehold in the Mediterranean LNG market. (Countries).(Brief Article)
April 28, 2003... EGYPT -- Malaysia's state Petronas is gaining a toehold in the Mediterranean LNG market. Italy's Edison agreed last week to sell its 50% non-operating interest in the 370 Bcm West Delta Deep Marine (WDDM) concession offshore Egypt and stakes in...

India -- Oil and Natural Gas Corp. (ONGC) is struggling to boost domestic crude oil production despite heavy investment in Mumbai High and other offshore fields. (Countries).(Brief Article)
April 28, 2003... INDIA -- Oil and Natural Gas Corp. (ONGC) is struggling to boost domestic crude oil production despite heavy investment in Mumbai High and other offshore fields. Production rose last year by just 26,000 b/d, much of it from Mumbai High. The...

Mexico -- the recent run of record oil exports and windfall earnings ground to a halt last month. (Countries).(Brief Article)
April 28, 2003... MEXICO -- The recent run of record oil exports and windfall earnings ground to a halt last month. Reflecting lower international prices and the return of Venezuelan crude, both the price and volume of crude exports fell in March from February...

Russia -- the urgent need for more export capacity seems to have persuaded Moscow that private investment and ownership is necessary to build new pipelines. (Countries).(Brief Article)
April 28, 2003... RUSSIA -- The urgent need for more export capacity seems to have persuaded Moscow that private investment and ownership is necessary to build new pipelines. It is now backing a project promoted by five of the country's biggest oil companies to...

Russia -- while two of its rivals merged last week, state Rosneft was on the way to securing control of massive reserves in East Siberia with the purchase of UK-based Anglo Siberian Oil for $72.6 million. (Countries).(Brief Article)
April 28, 2003... RUSSIA -- While two of its rivals merged last week, state Rosneft was on the way to securing control of massive reserves in East Siberia with the purchase of UK-based Anglo Siberian Oil for $72.6 million (p1). In another acquisition move, US'...

Saudi Arabia -- Exxon Mobil downplayed comments made in a recent interview by Chairman Lee Raymond suggesting that its involvement in the natural gas initiative may be at an end. (Countries).(Brief Article)
April 28, 2003... SAUDI ARABIA -- Exxon Mobil downplayed comments made in a recent interview by Chairman Lee Raymond suggesting that its involvement in the natural gas initiative may be at an end. In an article in Forbes magazine, Raymond hinted that the $20...

Turkey -- BP has come away from top-level meetings in Ankara satisfied that Turkey will tackle the UK major's concerns about the ability of the Turkish state pipeline firm Botas to handle its end of the Baku-Tbilisi-Ceyhan (BTC) oil pipeline within budget and on schedule. (Countries).(Brief Article)
April 28, 2003... TURKEY -- BP has come away from top-level meetings in Ankara satisfied that Turkey will tackle the UK major's concerns about the ability of the Turkish state pipeline firm Botas to handle its end of the Baku-Tbilisi-Ceyhan (BTC) oil pipeline...

United Kingdom -- Exxon Mobil has applied to develop a 15 million ton/yr terminal on the site of a former Exxon refinery in Milford Haven, Wales, to receive LNG from its huge new development in Qatar. (Countries).(Brief Article)
April 28, 2003... UNITED KINGDOM -- Exxon Mobil has applied to develop a 15 million ton/yr terminal on the site of a former Exxon refinery in Milford Haven, Wales, to receive LNG from its huge new development in Qatar. Using existing jetties at the deepwater...

Venezuela -- just in time for the peak summer demand season, state-owned PDV lifted its strike induced force majeure on gasoline exports last week, which had been in place since December. (Countries).(Brief Article)
April 28, 2003... VENEZUELA -- Just in time for the peak summer demand season, stateowned PDV lifted its strike induced force majeure on gasoline exports last week, which had been in place since December. Current crude and products exports are at 2.75 million...

Opec again opts for choreographed confusion. (What's New Around In The World).
April 28, 2003... At a one-day meeting in Vienna Apr. 24, Opec for the second time in four months employed the somewhat confusing tactic of simultaneously raising its group production ceiling while promising to lower actual output. The maneuver was employed in...

Saudi Arabia and $25 oil. (Marketview).
April 28, 2003... LONDON -- Saudi Arabia's efforts to tighten global oil supplies and micromanage the postwar oil price began at least ten days before Opec ministers agreed last Thursday to comply with a new 25.4 million b/d output quota (p7), when state Saudi...

Back to reality for Syrian export volumes.(Brief Article)
April 28, 2003... Syria's export schedule for May provides something of a reality check for state oil marketer Sytrol. Export obligations total 1.12 million tons of crude, or 263,490 b/d--a reduction of just under 140,000 b/d, or about 35% from April. The...

PIW market indicators.
April 28, 2003... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $26.44 $25.61 $26.57 UK Brent (Dated) 25.32 25.11 26.71 UK...

Updated Price Scorecard for key world grades.
April 28, 2003... PIW's Price Scorecard is designed to sort through the complexities of crude oil pricing under term contracts, allowing a deeper understanding of market trends than is possible from tracking only spot grades. The scorecard aims to put all...

How term-contract prices are calculated.
April 28, 2003... Term-contract formulas generally have four basic components: the point of sale, a market-related benchmark, an adjustment factor for differences related to crude oil quality and point of sale, and a timing mechanism stipulating when the value...