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.
HOUSTON/DUBAI, April 21 (Reuters) – ConocoPhillips <COP.N>,
the third-largest U.S. oil company, said on Wednesday it
canceled plans to build a new plant with Saudi Aramco in the
Middle East, citing its strategy to reduce its refinery
The refinery was to be built by the two oil companies in
Yanbu Industrial City, Saudi Arabia, and have a processing
capacity of 400,000 barrels per day. Yanbu accounts for just
under a quarter of Saudi plans to add around 1.7 million
barrels per day of refining capacity.
DUBAI/BEIJING April 13 (Reuters) – Chinese state oil firms
have maintained the pace of project development in Iran while
Beijing resists any new sanctions on the energy sector designed
to press Tehran to curb its nuclear programme, industry sources
said on Tuesday.
China, which has close economic ties with Iran, has much to
lose from any sanctions that limit new investment to develop the
world’s second-largest oil and gas reserves.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ For a factbox on Iran’s crude export and fuel import customers,
click on [ID:nLDE63A011]
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Chinese firms have stepped into the vacuum left by western
companies who have yielded to years of political pressure to
steer clear as the U.S. and its allies look to isolate Iran over
its nuclear programme.
DUBAI/LONDON (Reuters) – Iraq’s oil minister has raised questions over the country’s planned energy expansion by indicating Baghdad would consider OPEC output curbs that may keep supply well short of ambitious capacity targets.
After Baghdad signed contracts to add around 10 million barrels per day (bpd) to its oil supply, tough talks were expected within the Organization of the Petroleum Exporting Countries on an eventual output target for Iraq.
VIENNA (Reuters) – Oil demand is picking up, Saudi Oil Minister Ali al-Naimi said on Tuesday, which could mean OPEC does not have to take any action on supply this year.
“We have been sailing very well and we will continue to sail very well,” Naimi, minister for the world’s top oil producer, told reporters a day ahead of a meeting of the group, many of whose members have voiced concern it is pumping too much oil.
VIENNA (Reuters) – OPEC ministers due to arrive here for their meeting on March 17 say there is no need to change output targets with oil prices above their preferred range, but soft demand is prompting calls to curb overproduction.
“In my opinion, I don’t think we are going to see any change, even though inventories are high,” Qatar’s Oil Minister Abdullah al-Attiyah told Reuters by telephone on Monday.
DUBAI (Reuters) – OPEC is expected to leave oil output targets unchanged when it meets in Vienna next week, as a price around $80 and hope that a rebounding world economy will burn more fuel override concern about oversupply.
U.S. crude futures traded above $81 a barrel on Wednesday, down a couple of dollars from a 15-month high touched in January. The price has averaged $78 this year, well above the $62 of 2009 and enough to meet the budget needs of most of OPEC.
DUBAI/LONDON (Reuters) – The storm brewing on OPEC’s horizon over future Iraqi oil output could engulf the producer group sooner than it would like.
OPEC was unlikely to discuss Iraq at its meeting on March 17 but it may need to do so within a couple of years.
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.