Energy Intelligence Briefing articles from June 2003

Energy Intelligence Briefing archives from June 2003

Iraqi oil advisory board taking shape, Carroll says. (Eye on Iraq).(members of the advisory board for the Iraqi oil sector will be named by mid-6/03)
June 2, 2003... BAGHDAD -- Ending the mystery of its composition and the weeks of speculation about whether it would ever materialize, initial members of the US-appointed advisory board for the Iraqi oil sector are to be named by mid-June. Iraqi citizens will...

Iraq Oil recovery in worse shape than publicly reported. (Eye on Iraq).
June 3, 2003... BASRAH -- A large gap exists between the ambitious plans being hatched in Baghdad to restore Iraqi oil production and the reality on the ground in southern Iraq, the country's largest production center. While officials at the oil ministry talk...

Upbeat western tune plays for Nigerian July loadings.(Nigerian crude sellers are poised to trade July cargoes on an upbeat note)
June 3, 2003... Sellers of Nigerian crudes are poised to trade July cargoes on an upbeat note buoyed by a currently bullish outlook on the US Gulf Coast. The start of the driving season, expectations of improved refining margins, and a favorable trans-Atlantic...

May oil market data deepens mystery of balances.(decline in oil demand continues in 5/03)(Illustration)(Industry Overview)
June 4, 2003... The seasonal decline in global oil demand is likely to have accelerated slightly in May, to a month-to-month fall of 1.22 million barrels per day following a 1.18 million b/d drop in April. A combination of reduced heating requirements,...

North Sea loadings set to bounce back by 8% in July.(crude oil)
June 16, 2003... North Sea loading programs for July from the eight principal UK and Norwegian crude oil systems add to 98.54 million barrels, an increase in total volume of 7.32 million bbl--or 8%--against June's 91.22 million bbl. On a barrel-per-day basis...

El Paso incumbents take slight lead in proxy fight.
June 17, 2003... HOUSTON -- Proxy fights are rare enough in the annals of American business, but such battles usually are between groups of outsiders and insiders. The one at El Paso--which came to a shareholder vote on Tuesday--involves two sets of insiders:...

Lingering West African cargoes sail into bearish seas.(Illustration)
June 18, 2003... Sellers of West African crude are steeling themselves for some hard bargaining to move lingering cargoes of July loading crude, as the US market--which has single-handedly propped up light, sweet grades in recent weeks--turns bearish. Till now...

Fundamentals point to turning point for oil markets.(Illustration)
June 19, 2003... According to calculations by EIB's sister publication Oil Market Intelligence (OMI), daily crude flows into the market exceeded demand by 3.7 million barrels per day in May, up from a smaller surplus of 2.4 million b/d in April. Softening oil...

US presses on with tricky task of forming Iraq board. .
June 19, 2003... The formation and first meeting of a proposed 15-member advisory board for the Iraqi oil sector has been delayed. US officials are apparently finding it difficult to convince qualified Iraqis to serve on the body, more than eight weeks after...

Iraq oil recovery takes one step forward, two back.
June 23, 2003... The first export of sanction-free, post-Saddam Iraqi oil was overshadowed by reports of two pipeline explosions, underlining the mighty challenges Iraq faces as it struggles to restore production capacity to prewar levels and generate...

US companies plan oil-backed bonds to rebuild Iraq. .
June 24, 2003... WASHINGTON -- Shaky security aside, the lack of sufficient and sustained funds has become a nagging concern for companies that are eyeing opportunities to rebuild war-ravaged Iraq. To beef up the skeletal funds now available, the US...

Iraq's Somo to launch term contract talks next week. (Eye on Iraq).
June 25, 2003... LONDON -- Iraqi State Oil Marketing Organization (Somo) is launching the first series of talks with major crude lifters who expressed interest in Iraq's newly revamped term contracts sales, although a series of explosions on a number of Iraq's...