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.
ISTANBUL, Oct 19 (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
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.
ISTANBUL (Reuters) – Iraq will hold a second auction of contracts to develop some its prized oilfields on December 11-12, and plans to meet oil majors in coming weeks to seal deals rapidly renegotiated after a lackluster first bidding round.
If finalized, the three revised deals would catapult Iraq to number three among world oil producers from its current 11th spot. The second bid round in December would offer more deals on untapped oilfields, with potential to produce millions of barrels more that could take Iraqi production higher still.
DUBAI, Oct 14 (Reuters) – Iraq has lured big oil firms into
new service contracts on some of its giant oilfields by cutting
taxes and sweetening terms to make the deals more profitable,
industry sources said on Wednesday.
International oil companies are close to striking deals that
would almost triple Iraq’s output and catapult it up the table
of global producers. The firms walked away from those deals at
an auction just over three months ago.