DUBAI (Reuters) – Oil producers are pumping more crude than consumers need but the oversupply is insufficient to have a big impact on the market, Iran’s OPEC governor said on Sunday.
“There is some oversupply in the market,” Mohammad Ali Khatibi told Reuters in a telephone interview. “But it cannot damage the market. It can be absorbed into stocks.”
TOKYO (Reuters) – Regulators would have to walk a fine line between increasing oversight of oil markets and making new rules so tough they chase investors away, the IEA and a Japanese government-affiliated energy agency said on Friday.
U.S. regulators want the right to peer harder at often opaque energy markets, part of broader reform moves after the financial crisis sparked a global recession and brought Wall Street into the political spotlight.
TOKYO, Feb 26 (Reuters) – Better operating markets and
improved demand-supply data are crucial to curb wild oil price
swings but further moves to regulate must factor in liquidity
and the ability to manage risk, the IEA and a Japanese agency
As the U.S. Congress is expected to pass a regulatory
reform bill this year that would include giving the top futures
watchdog more clout to regulate over-the-counter (OTC) swaps,
the International Energy Agency and Institute of Energy
Economics Japan cautioned against any rules that could impair
DUBAI/SINGAPORE (Reuters) – The strength of the global economic recovery and the winding down of government spending programs are among the biggest tests for the oil market that experts will puzzle over at a meeting this week in Tokyo.
Governments have spent big on stimulus packages to revive sick economies during the global downturn. The end of those injections, the risk of worsening inflation and tightening fiscal policy threaten a modest oil demand recovery in 2010 after two years in which the world has burned less fuel.
DOHA, Jan 26 (Reuters) – OPEC is unlikely to adjust output
quotas at its next meeting in March if oil prices remain at
current levels, Qatar’s oil minister said on Tuesday.
“If it stayed in the levels of the $70s I don’t think so,”
Abdullah al-Attiyah, told reporters on the sidelines of a MEED
LUANDA (Reuters) – OPEC agreed on Tuesday to keep supply curbs unchanged but faces a battle to crack down on those in its ranks who are failing to comply with quota restrictions if it wants to drain bulging global fuel inventories.
The 12-member Organization of the Petroleum Exporting Countries that pumps some 50 percent of the world’s oil exports has seen crude prices almost double since the start of the year after it sliced output when recession hit fuel demand.
BAGHDAD (Reuters) – Iraq, emerging from the shadow of war, expects to boost its oil output to rival the level of top producer Saudi Arabia after awarding some of its most attractive oilfields to global oil companies this week.
By the end on Saturday of a two-day bidding round for 10 oil contracts — the second auction since the 2003 U.S. invasion — Iraq had received pledges from oil firms to boost its output by 4.765 million barrels per day, almost double its current output.
BAGHDAD, Dec 12 (Reuters) – Iraq on Saturday offers up one
of its choicest oilfields on day two of a contract auction, as
the country emerges from the shadow of war and seeks to leap
into the top ranks of oil producing nations.
The West Qurna Phase Two oilfield, with a massive 12.9
billion barrels of reserves, is expected to produce fierce
competition among the 30-odd international oil companies that
braved the threat of violence and attacks to come to Baghdad.
BAGHDAD/DUBAI, Dec 9 (Reuters) – The geopolitical power
balance in the Middle East faces upheaval if Iraq succeeds in
tripling oil output, and fellow Shi’ite power Iran will feel
more threatened than rival Sunni oil giant Saudi Arabia.
Iraq’s potential leap into the ranks of the top three global
oil producers could result in a strengthened Shi’ite Muslim
front within OPEC if Baghdad aligns supply policy with Tehran.
ISTANBUL (Reuters) – Iraq is poised in the coming weeks to sign a series of deals that promise to lure the tens of billions of dollars it needs to become one of the world’s elite oil producers.
In addition to signing contracts already being negotiated, the world’s largest energy companies will face off in December in a second fierce competition to develop some of the country’s largest untapped oilfields.