Energy Intelligence Briefing articles from December 2003

Energy Intelligence Briefing archives from December 2003

Opec hands tied by high prices ahead of meeting.
December 1, 2003... Some of Opec's hawkish members would like to push for an output ceiling cut when the group meets on Thursday in Vienna, while major consuming nations would like to see more oil on the market to cool the rally that has kept US prices above $30...

Weather, Bosporus logjam hamper Russian oil exports.(Is reversing its long-running trend of crude export growth this month)
December 1, 2003... Russia is reversing its long-running trend of crude export growth this month, as it sets out a slim reduction of 4,000 barrels per day in the seaport loading programs for December. Nasty weather and shipping congestion at Turkey's Bosporus...

Raising output now would be foolish: Opec delegate.
December 2, 2003... VIENNA -- Saudi Arabia and most other Opec member countries believe that current oil market fundamentals do not justify altering the group's production ceiling when ministers meet in Vienna on Thursday to discuss first-quarter output plans. A...

Soft US dollar tempers crude oil price rise: Naimi.(Ali Naimi)(Interview)
December 3, 2003... Opec heavyweight Saudi Arabia has given the strongest indication yet that it is content with current strong oil prices, mainly because the value of the US dollar, in which oil prices are denominated, is so weak. "The current prices are...

Iraq pushes exports, seeks firms to rebuild ports.(Eye on Iraq)
December 3, 2003... Exports from the Basrah Oil Terminal in the Mideast Gulf for November topped out at 1.567 million barrels per day, in 26 cargoes totaling approximately 47 million bbl of oil, according to Energy Intelligence calculations. This figure is nearly...

BP to announce plans for New Jersey LNG terminal.(British Petroleum Company PLC)
December 3, 2003... HOUSTON -- Supermajor BP is the latest entrant into the scramble to build liquefied natural gas (LNG) import facilities in North America, setting its sights on the banks of the Delaware River in New Jersey, just downstream from Philadelphia. BP...

Iraq restates goal to export 2 million b/d next quarter.(Eye on Iraq)
December 4, 2003... VIENNA -- Iraqi Oil Minister Ibrahim Bahr al-Uloum on Thursday reaffirmed a set of targets for the oil sector, including production of 2.8 million barrels per day by the end of the first quarter of 2004, and exports of 2 million b/d. ...

Opec holds production steady and signals future cuts.
December 4, 2003... VIENNA -- With its decision to keep production unchanged until "further notice," Opec made it clear on Thursday that it is looking after its bottom line. By keeping a tight rein on supplies during a potentially cold winter, Opec is hoping...

Opec getting help from demand, supply still a problem.
December 5, 2003... Opec oil ministers who met in Vienna last week are counting on winter demand increases--along with better compliance with Nov. 1 quotas--to keep the market from getting uncomfortably oversupplied until it meets again on Feb. 10 to fine tune its...

Urals absence may whet appetite for Kirkuk's return.(Eye on Iraq)
December 8, 2003... LONDON -- With Basrah Light crude now flowing steadily out of southern Iraq, the potential for a significant jump in the country's exports appears to have firmly switched to Kirkuk sales from the north. But given repeated sabotage attacks in...

West African crudes subdued by bearish market.
December 9, 2003... LONDON -- The outlook for West African crude looks bearish--with highly selective Asian demand and lackluster US appetite. While most expect January Asian buying to lag December's bumper levels, they have yet to agree on the likely extent of...

Iraq oil exports steady, on target for December.(Eye on Iraq)
December 10, 2003... Oil exports from the Basrah Oil Terminal in the Mideast Gulf have held steady at 1.7 million barrels per day so far this month. To date, 11 cargoes, totaling approximately 17 million bbl, have departed, according to Energy Intelligence Briefing...

Saddam's capture no panacea for Iraq's oil industry.(Eye On Iraq)
December 15, 2003... WASHINGTON -- The images of a captured and bedraggled Saddam Hussein may have triggered dancing in the streets of Baghdad and in the corridors of power in Washington, D.C., but the uphill climb to restore Iraq's oil industry to its prewar...

December overhang delays January North Sea sales.
December 18, 2003... LONDON -- The North Sea January loading programs for the eight principal UK and Norwegian crude oil systems at 103.2 million barrels showed a 3 million bbl increase over December. With January and December both having 31 calendar days, a...

Ignoring oil balances, stockdraws push up oil prices.
December 18, 2003... Oil market fundamentals and oil prices appear to be converging at the moment, with growing demand and declining inventories supportive of the current $30-plus prices for West Texas Intermediate, says EIB's sister publication Oil Market...