Energy Intelligence Briefing articles from September 2004

Energy Intelligence Briefing archives from September 2004

Global market tightens, but supply surpasses demand.
September 3, 2004... NEW YORK -- Economic growth is pushing global year-on-year oil demand growth to a buoyant 3.5% in August, but global oil supply is still outpacing demand by over 1 million barrels per day as Opec is ramping up output to a 24-year high,...

Opec meets big oil in post-meeting face-off in Vienna.
September 14, 2004... VIENNA -- Shortly after their conference ends on Wednesday, Opec ministers will be hosting some of the captains of the global oil industry at a two-day gathering in Vienna that kicks off Thursday. With the world in a panic over tight capacity,...

Global need for sweet bolsters West African oil sales.
September 15, 2004... LONDON -- West Africa's sweet crudes have had another strong month of buying for October loading cargoes despite lower US demand, spurred by weakening futures prices and weaker differentials to benchmark crudes compared with month-earlier...

Opec bets higher quota, not more oil, cools the price.
September 15, 2004... VIENNA -- Opec used the language of global responsibility on Wednesday in Vienna, to explain a hike in its production quota, which will add no new oil to the market. Citing its concern for the continuing high level of oil prices, while claiming...

Big questions, few answers from big oil and Opec.
September 16, 2004... VIENNA -- The uncertainty stalking the energy world was evident when the top executives of the world's largest oil firms, Opec ministers and oil market analysts got together in Vienna on Thursday as they discussed surging demand, tight supply,...

Stocks are growing but not enough yet for comfort.
September 16, 2004... NEW YORK -- More than four months of ramped up supply, outstripping sizzling demand, has pushed up global oil stocks, but it looks as if much higher stocks are needed to give the market a clear direction where prices should be going, says EIB's...

North Sea loadings bounce due to heavy summer work.
September 17, 2004... The North Sea is set to play a major role in fourth-quarter non-Opec production growth as it returns from unusually heavy third-quarter maintenance. EIB expects an incremental 750,000 barrels per day of offshore oil production from the region...

Ivan's damage grows as oil firms struggle to restart.
September 17, 2004... NEW YORK -- Hurricane Ivan has sunk at least four production platforms and one rig in the US Gulf of Mexico, damaged a number of other platforms and rigs, and caused several pipeline leaks, company officials and the US Minerals Management...

Higher Iraqi exports meet harsh realities of the market.
September 23, 2004... NEW YORK -- Despite stepped up bombings on pipelines recently that have grabbed headlines about disrupted oil flows, Iraq looks set to export more crude in September than earlier thought, with a total of 59 million barrels, equivalent to 1.99...

Oil flirts with $50 on Angst, but it could become love.
September 28, 2004... NEW YORK -- In this relatively tight market--which speculators think is about to run short of crude oil and products--any output disruption could have pushed US oil prices over $50 per barrel. But it was threats by Nigerian militias on Monday...

Russia plans to boost October crude exports by sea.
September 30, 2004... MOSCOW -- Russia is planning a hefty 123,000 barrel per day boost in its October seaborne crude exports from the previous month, and potentially even more once the schedule for Odessa is available. The increase is planned to come entirely from...