Energy Intelligence Briefing articles from October 2008

Energy Intelligence Briefing archives from October 2008

Financial crisis takes a big chunk out of oil demand.
October 2, 2008... WASHINGTON -- The current financial crisis gripping economies across the globe has grave implications for the oil markets. At first, it appeared as though the economic turmoil might simply be contained within the US. But that has not been the...

November sales volumes will show Saudi winter plans.
October 7, 2008... NEW YORK -- Now that oil prices have fallen below $90 per barrel, the oil market anxiously awaits word from Opec if it will step in to "balance the market"--to cut supplies as demand is dropping. Opec President Chakib Khelil promises the...

Nigerian November exports perk up amid uncertainty.
October 10, 2008... LONDON -- Sales of November-loading Nigerian crude finally perked up midweek after a lackluster fortnight marked by uncertainties in the key US market. The main question is whether low freight rates and a wide-open arbitrage window can clear...

Credit crisis keeps refiners from buying too much oil.
October 15, 2008... WASHINGTON -- In the current financial and economic turmoil, refineries are buying just the bare necessities and living hand to mouth, as they are scared to tie up scarce and expensive capital, even if they have it. Refineries are unwilling to...

Opec now meets sooner as oil price plunges further.
October 16, 2008... NEW YORK -- Opec is meeting next week on Friday, Oct. 24, instead of Nov. 18, after the producer group's price hawks pushed for an earlier meeting as prices continued their relentless slide this week. The hard-liner group led by Iran and...

Shifting product demand should help Angolan crudes.
October 22, 2008... LONDON -- Angola's Sonangol has released the final program for 2008, paving the way for sales in December-loading fare. The country appears to have a full program for December, with loadings tallied at 1.985 million barrels per day. This...

Market compass.
October 22, 2008... There is some talk that Angola's crudes may be due for realignment relative to Nigeria's lighter, sweeter barrels as markets for light-end products that dominate the product yields of the key Nigerian crudes whither under the weight of the...

Opec president sees cut balancing economic interests.
October 22, 2008... VIENNA -- When Opec cuts output in Vienna on Friday, the organization will look for a balance that takes the interests of both consumers and producers into account, said Opec's president, Chakib Khelil. Arriving in Vienna on Wednesday night,...

Saudi Arabia keeps market in dark on production cut.
October 23, 2008... VIENNA -- Most Opec ministers arriving in Vienna on Thursday for Friday's emergency meeting favor an output cut of 1 million barrels per day or more to mop up a growing oil surplus. But the organization's key player, Saudi Arabia, refused to...

Opec tightens taps as oil price mirrors global turmoil.
October 24, 2008... VIENNA -- Opec decided on Friday to cut its output target by 1.5 million barrels per day from Nov. 1 in hopes that this would be enough to rein in oversupply for now. However, the producer group was under no illusion that this cut could stop...

Russian schedules hold steady, but exporters may not.
October 29, 2008... Despite muted interest in exports because of Russia's burdensome taxation regime, Moscow has penciled in only a modest dip of 2,000 b/d in seaborne flows for November, according to finalized port loading schedules released late Tuesday. State...

North Sea trade hit by general crude market worries.
October 31, 2008... LONDON -- It would be a brave trader indeed who would be willing to predict where crude oil prices are going beyond their intraday trading ranges--and those who do are showing no compelling confidence in their own predictions. At the end of...