Emma's Feed
Nov 9, 2011

IEA fears oil spike; OPEC dreads European defaults

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.

Nov 9, 2011

Oil could hit $150 near term – IEA

LONDON, Nov 9 (Reuters) – Oil prices could reach $150 a
barrel in the near term if investment in the Middle East and
North Africa (MENA) oil-producing region falls significantly,
the International Energy Agency (IEA) said on Wednesday.

The IEA, adviser on energy policy to major oil-consuming
countries, said world demand for oil would rise steadily over
the next two decades to around 99 million barrels per day (bpd)
by 2035, and investment in new production would have to keep up.

Oct 18, 2011

Libya oil fields face guerrilla war threat

LONDON (Reuters) – Pro-Gaddafi fighters may resort to hit-and-run guerilla attacks against Libyan politicians, foreign workers and oil installations in the remote southwestern Fezzan district if they are driven from their last bastions, risk consultants say.

A full-scale insurgency like the one that erupted in Iraq following the ouster of Saddam Hussein by U.S.-led forces is unlikely, but a determined guerrilla campaign could make life difficult for Libya’s new rulers and foreign oil companies considering a return.

Oct 17, 2011

Analysis: Libya oil fields face guerrilla war threat

LONDON (Reuters) – Pro-Gaddafi fighters may resort to hit-and-run guerilla attacks against Libyan politicians, foreign workers and oil installations in the remote southwestern Fezzan district if they are driven from their last bastions, risk consultants say.

A full-scale insurgency like the one that erupted in Iraq following the ouster of Saddam Hussein by U.S.-led forces is unlikely, but a determined guerrilla campaign could make life difficult for Libya’s new rulers and foreign oil companies considering a return.

Oct 14, 2011

Brent rises towards $113 on euro meeting

LONDON (Reuters) – Brent crude rose toward $113 a barrel on Friday on investor speculation that European leaders could soon reach a rescue deal on the euro zone debt crisis and on early hints that China may loosen credit as inflation cools.

G20 finance chiefs and central bank heads are meeting in a Paris summit as leaders aim to thrash out a crisis resolution in time for a European Union summit on October 23.

Oct 14, 2011

BA says too early to resume Libya flights

LONDON, Oct 14 (Reuters) – British Airways (BA) said it is
still assessing the security risks of flying to Libya’s capital
Tripoli and will not resume operations before the NATO no-fly
zone is lifted.

The British flag-carrier said it plans to begin a review of
the security risks of flying to the capital, Tripoli, but has no
date to restart flights.

Oct 12, 2011

Hedge or die, bankers tell small oil firms

LONDON (Reuters) – Energy bankers are telling small oil companies they will soon face a spike in funding costs and should therefore hedge through selling oil not yet produced to protect future cash-flows and survive.

“We are saying to people: You need to be creative and look at other sources. The IPO market is not a place where, if you are a small company, you can find funding,” Morgan Stanley’s co-head of the oil and gas group, Michael O’Dwyer, told an annual Oil and Money conference.

Oct 11, 2011

Libya’s NOC to prioritise oil for own use

LONDON (Reuters) – Libya’s National Oil Corporation (NOC) said on Tuesday it will give priority to sending crude oil to domestic refineries in the early stage of ramping up production and has no immediate plans to export crude oil from ports other than Tobruk.

Oil production resumed in early September and official Libyan estimates say that about a quarter of the pre-war output of 1.6 million barrels per day (bpd) is now onstream.

Oct 10, 2011

Glencore buys Libyan oil as flows recover

LONDON (Reuters) – Commodities trader Glencore (GLEN.L: Quote, Profile, Research) is planning to lift its first cargo of Libyan crude oil since production resumed there, trade sources said on Monday, in a further sign of recovery despite continued fighting.

Competition to buy the oil, absent from the spot market for months, has heated up following the easing of sanctions against Libya’s National Oil Corporation in mid-September.

Oct 7, 2011

Insight: Libyan oil export flow a trickle, not a gush

LONDON/TRIPOLI (Reuters) – Libya’s prized light, sweet oil is trickling slowly onto the global spot market but demand from domestic refiners, production glitches and an internal struggle for control of the sector means it is unlikely to gush until deep into 2012.

Oil production resumed in early September and since then a flurry of field restarts has surprised many analysts who have been pessimistic about recovery prospects.