DOHA (Reuters) – OPEC’s Secretary General said on Sunday global oil markets were oversupplied, but it was too early to talk about the producer group taking action to halt the sharp price fall sparked by the euro zone debt crisis.
U.S. crude oil futures settled at $75.11 a barrel on Friday, posting their largest weekly loss in almost a year and a half, on concern Europe’s problems could derail global economic recovery.
DOHA (Reuters) – The sovereign debt crisis unfolding in Europe and the potential for China to tighten fiscal policy were among the biggest risks to global oil demand, the head of the International Energy Agency said on Sunday.
“Europe is still under a certain turmoil,” the IEA’s Executive Director Nobuo Tanaka told Reuters in an interview. “If there is contagion from Greece and economic growth worldwide is not as good as expected, that would have a substantial impact on oil demand.”
DOHA (Reuters) – Iraq plans to boost power capacity to 27,000 megawatts in four years after opening its gas sector to foreign investment and sealing a gas capture deal with Royal Dutch Shell, a minister said on Sunday.
The OPEC member would need to invest at least $3 billion to $4 billion per year to reach that target, Iraq’s Electricity Minister Karim Waheed told Reuters on Sunday.
DOHA, May 9 (Reuters) – Global oil markets are oversupplied
but OPEC thinks it is too early for the group to take action to
halt a recent decline in prices as fallout from the euro zone
debt crisis sets in.
OPEC Secretary General Abdullah al-Badri said on Sunday
global oil markets were oversupplied, urging greater compliance
among members of the group.
DOHA (Reuters) – The impact from the Greek debt crisis will be “limited” and oil prices are unlikely to fall below $65 a barrel, a senior OPEC delegate from the Gulf Arab region said on Sunday.
Oil at below $65 a barrel would be too low to encourage production from marginal oil fields where extraction is difficult, the delegate said on the sidelines of an energy conference in Qatar.
DOHA (Reuters) – Oil ministers from several OPEC nations played down on Saturday a sharp fall in prices, but Kuwait said another $10 drop may force the group into action.
U.S. crude oil futures settled at $75.11 a barrel on Friday, posting their largest weekly loss in almost a year and a half, as worries grew that the euro zone’s debt crisis might derail the global economic recovery.
KUWAIT (Reuters) – The world’s fourth-largest oil exporter Kuwait is looking to entice big oil firms back with new deals.
A change in the political mood has given optimism to both Kuwait oil officials and foreign oil firms, which failed for years to make progress on new deals as a power struggle between government and parliament paralysed the state.
ABU DHABI, April 28 (Reuters) – Third-largest U.S. oil firm
ConocoPhillips <COP.N> has pulled out of its second big ticket
Middle East energy project in a month as it focuses investment
on oil and gas exploration and away from refining.
The withdrawals would likely make it tough for Conoco to
land future work in two of the world’s top oil exporting
countries Saudi Arabia and the United Arab Emirates.
KUWAIT, April 27 (Reuters) – Development of Iraq’s oilfields
by foreign oil companies is progressing swiftly despite the
lengthy process of government formation after Iraqi elections in
March, a senior Statoil <STL.OL> executive said on Tuesday.
“The major oil companies are starting to move forward at a
very high speed. Oil companies are tendering huge contracts and
making commitments in the market,” said Kjetil Tonstad,
Statoil’s vice-president for International Exploration and
Production, Middle East. “Execution is going full speed ahead
despite the political situation.”
KUWAIT, April 26 (Reuters) – The Middle East needs to solve
the conundrum which sees it sitting on 40 percent of the world’s
gas reserves and yet suffering from a supply shortage, a senior
executive from Royal Dutch Shell <RDSa.L> said on Monday.
Natural gas demand in the region was growing at such a rate
that by 2015, total consumption in the Middle East and North
Africa (MENA) would be close to that in major European
economies, Malcolm Brinded, Shell’s executive director for
international upstream, said in a speech at an industry event.