Emma's Feed
Nov 30, 2011

Britain to support Iran oil embargo: diplomatic source

LONDON (Reuters) – Britain will support an embargo on Iranian oil imports following the deterioration of relations between the two countries, a diplomatic source told Reuters Wednesday, in an apparent reversal of its former position.

Britain shut down the Iranian embassy in London and expelled all its staff Wednesday, saying the storming of the British diplomatic mission in Tehran could not have taken place without some degree of consent from Iranian authorities.

Nov 29, 2011

Galp plans to move oil trading to Geneva-sources

LONDON, Nov 28 (Reuters) – Portuguese oil company Galp
Energia plans to move its oil traders from Lisbon to
Geneva in the next few months, oil industry sources told
Reuters, as it seeks to build a bigger client base for its
future Brazilian crude volumes.

Low corporate taxes and a culture of secrecy have made
Geneva a magnet for oil trading firms such as Trafigura and
Gunvor and around a third of the world’s oil is now traded
there.

Nov 28, 2011

Asia to import less W.African crude in Dec

LONDON, Nov 28 (Reuters) – Asian imports of West
African crude oil are set to fall sharply in December to 1.26
million bpd, oil traders said on Monday, despite the relatively
inexpensive price of Brent compared to Asian grades.

About 41 cargoes of West African crude are set to sail to
Asia from West Africa in December compared with a planned 53
cargoes in November, according to traders.

Nov 25, 2011

Nigerian crude exports set to rise in Jan

LONDON, Nov 25 (Reuters) – Nigeria is set to load
around 1.93 million barrels per day (bpd) of crude oil in
January, according to provisional loading programmes, up
slightly from planned levels last month due to higher supplies
of the benchmark Qua Iboe grade.

Planned exports were 1.9 million bpd in December, although
traders said actual exports will likely be higher because of
three late additions to the Bonny Light loading programme.

Nov 24, 2011

Vitol, Glencore win Libyan oil products tender

LONDON/ISTANBUL, Nov 24 (Reuters) – Trading giants
Vitol and Glencore have won tenders to supply oil
products to Libya’s government until the end of the year in a
move that rivals said was increasing their chances of snapping
up lucrative deals to export Libyan oil next year.

Libya’s National Oil Corporation (NOC) was seeking to buy up
to 450,000 tonnes of gasoline, 360,000 tonnes of gasoil and
180,000 tonnes of fuel oil in November-December and five trading
sources told Reuters on Thursday Glencore and Vitol have won the
tenders.

Nov 23, 2011

CORRECTED (OFFICIAL)-Libya’s 2012 oil supply deals due in a fortnight

ISTANBUL, Nov 22 (Reuters) – Libya’s National Oil
Corporation (NOC) will inform the winners for its 2012 crude oil
contracts within the next two weeks, a senior NOC official told
Reuters on Tuesday, as a handful of top officials meet with
around 50 hopeful clients from oil majors and top trading houses
this week.

The process will determine who wins the best access to the
OPEC member’s prized light, sweet oil with daily exports worth a
nominal $141 million a day once exports return to full flows
following wartime disruptions.

Nov 23, 2011

Trading houses jockey with majors for Libyan oil

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.

Nov 17, 2011

Gulfsands reaches deal with Syria on oil payments

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.

Nov 17, 2011

Kurd, Baghdad oil officials meet on Exxon spat

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
matter said.

Nov 15, 2011

Nigeria to add three Bonny oil cargoes in December

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.