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.
KUWAIT, April 26 (Reuters) – Total <TOTF.PA> Chief Executive
Christophe de Margerie said on Monday the European oil major
will cease gasoline sales to Iran if the United States passed
legislation to penalise fuel suppliers exporting to Tehran.
Total was currently delivering only small amounts of fuel to
the Islamic republic, he told reporters on the sidelines of an
KUWAIT, April 26 (Reuters) – Energy companies have no time
to lose in making the necessary investments to keep supplying
the world with enough oil and gas to meet future demand, Total’s
chief executive Christophe de Margerie said on Monday.
Oil and gas producing countries and companies put many
projects on hold when energy demand fell during the global
KUWAIT (Reuters) – OPEC would pump more oil to prevent a rally in oil prices above $100 from hurting the global economic recovery, Kuwait’s oil minister said on Sunday.
Oil is well below the $100 a barrel mark, settling at just over $85 a barrel on Friday. For a month, oil has traded over the $70 to $80 level that many in OPEC have pegged as fair. But there was room for more upside before the producer group would respond, Sheikh Ahmad al-Abdullah al-Sabah told Reuters in an interview at a media event.