ISTANBUL, Nov 23 (Reuters) – Libya may award long term
oil contracts to trading houses, departing from a custom of
keeping those deals for oil firms and refiners as it looks to
maximize revenues and reward traders’ support of new leaders
during the civil war.
Trading houses are meeting with top officials in Libya’s
National Oil Corporation (NOC) this week in Istanbul in a rare
chance to gain access to the OPEC member’s prized annual supply
contracts, potentially leaving a smaller share for refiners.
LONDON (Reuters) – Gulfsands Petroleum has agreed with Syria that the government will resume payments to the company for oil, and it plans to continue operating there unless British or European Union sanctions make it illegal to do so, its president said.
The firm, which produces more than 90 percent of its total output from the troubled country, said last month it had not received payments for its August output.
LONDON, Nov 17 (Reuters) – The most senior energy
officials from the Kurdish region of Iraq and from the central
government were due to meet on Thursday to try and resolve a
spat over a major oil deal involving U.S. oil major Exxon Mobil
Kurdish Regional Government Natural Resources Minister Ashti
Hawrami and Iraqi Deputy Prime Minister with responsibility for
energy, Hussain al-Shahristani, were due to meet at the
sidelines of a conference in Turkey, a source familiar with the
LONDON, Nov 15 (Reuters) – Three extra tankers of
Nigeria’s Bonny light crude oil stream are due to load in
December, traders said on Tuesday, adding nearly 3 million
barrels to the loading programme.
The three extra cargoes of 950,000 barrels each are expected
to load Dec. 8-9, 15-16 and 25-26, although traders said that
they are waiting for final confirmation of dates.
LONDON (Reuters) – Libya’s National Oil Corporation (NOC) expects crude exports to rise to 1.345 million barrels per day (bpd) by the fourth quarter of 2012, indicating the OPEC member’s oil is returning to the international market faster than expected.
The NOC made the forecast in a table entitled “Estimated Daily Production,” which was sent to NOC clients and seen by Reuters on Monday.
LONDON (Reuters) – Libya’s National Oil Corporation (NOC) expects crude production to reach around half of pre-war output as early as December and rise to 1.345 million barrels per day (bpd) by the fourth quarter of 2012, according to an NOC document seen by Reuters.
The document, sent to NOC clients to advise them of supply projections, adds to mounting evidence that the OPEC member’s oil is returning to the international market sooner than many analysts HAD expected.
LONDON, Nov 11 (Reuters) – Crude oil output from nine
North Sea grades is set to rise by nearly 3 percent in December
from the previous month on higher supplies of the UK grade
Forties, trade sources said on Friday.
Output will average around 1.842 million barrels per day
(bpd) compared with a planned 1.792 million bpd in November,
traders said, citing provisional loading programmes.
LONDON (Reuters) – Brent crude oil prices rose towards $113 a barrel on Thursday, after sharp falls a day earlier, as rallying equities and an unexpected drop in U.S. oil stocks cheered investors despite the spreading euro zone crisis.
Brent crude rose by 18 cents to $112.49 a barrel by 1548 GMT, having fallen nearly $3 the previous day.
LONDON, Nov (Reuters) – Brent oil prices climbed toward $113 a barrel on Thursday, after sharp falls a day earlier, as a weak dollar and an unexpected drop in U.S. oil stocks outweighed concerns about the spreading euro zone crisis.
Brent crude rose by 45 cents to $112.76 a barrel by 1050 GMT (5:50 a.m. ET), having fallen nearly $3 the previous day.
LONDON, Nov 9 (Reuters) – Oil prices could hit economically
damaging record highs if unrest in Africa and the Gulf cuts
investment in output, the West’s energy watchdog warned oil
producers, which said the real problem was likely defaults among
euro zone members and banks.
The International Energy Agency (IEA), which advises major
oil-consuming countries on energy policies, said on Wednesday
oil prices could spike by a third to above their all-time high
of $147 a barrel. The Organization of the Petroleum Exporting
Countries (OPEC) said the main risks were of price falls.