Oil Blog

Oil Price News 12/28/05

Update 6: Oil Prices Firm, but Remain Somewhat Low
Forbes - USA
... 30 high of $70.85. Oil prices remained above $60 a barrel for months after Hurricane Katrina disrupted Gulf of Mexico oil and gas output. ...

Climbing oil prices cut into stocks' gains
BusinessWeek - USA
DEC. 28 2:18 PM ET Rising oil prices and the return of bond market anomaly cut into stocks' early gains Wednesday, leaving Wall Street stuck in a narrow range. ...

How Long Will Oil Prices Remain Stable?
Dar Al-Hayat - Saudi Arabia
During the past few weeks, crude oil prices stood at reasonable rates - with $50 for OPEC oil basket and $60 for the US light oil. ...

US Stocks Pare Advance as Oil Prices Climb; Visteon Declines
Bloomberg - USA
28 (Bloomberg) -- US stocks pared their advance as the price of oil climbed. ... Crude oil for February delivery rose 1.6 percent to $59.10 a barrel in New York. ...

Oil company stocks rebound with prices
BusinessWeek - USA
... a roughly four-day decline, after Iran called for the Organization of Petroleum Exporting Countries to consider cutting output, nudging oil prices higher. ...

Why oil prices keep on rising
ABS CBN News - Philippines
... The Organization of Petroleum Exporting Countries could have stabilized prices by stepping up oil production. But it was too careful ...

Oil prices fall slightly on expected US warm weather
Forbes - USA
LONDON (AFX) - World oil prices dipped slightly on expectations of warmer weather in the US, the world's biggest consumer of energy, analysts said. ...

Soaring oil prices shock Iraqis
Sydney Morning Herald - Sydney,New South Wales,Australia
... 28 per cent of the country's projected gross domestic product this year, because the low prices have encouraged a big smuggling operation, with oil bought in ...

Canadian Energy Stocks, Talisman Decline on Drop in Gas Prices
Bloomberg - USA
... following the drop in natural gas and oil prices the previous day. ... Natural gas prices plunged 10 percent yesterday, while oil prices fell 0.5 percent. ...

Oil prices fall on expected US mild weather
Forbes - USA
LONDON (AFX) - World oil prices extended losses today on expectations of milder weather in the United States, the world's biggest consumer of energy, analysts ...

Oil Future News 12/28/05

Oil rises ahead of supply data, OPEC
MSN Money - USA
... But OPEC was likely to decide to cut production in the second quarter of 2006 when it meets next month as officials say supply exceeds demand. ...

Iran wants Opec output cut in Jan
Economic Times - India
TEHRAN, LONDON: Opec heavyweight Iran thinks the oil cartel should cut its production ceiling by 1 million barrels per day when it meets on January 31, Iran ...

Oil rises ahead of supply data, OPEC
Reuters - USA
By Timothy Gardner. NEW YORK (Reuters) - Oil prices jumped on Wednesday as analysts forecast US crude and distillates supplies would ...

OPEC to Cut Output
123Jump.com - Miami Beach,FL,USA
However, rising oil prices narrowed the stocks' early boost, following Iran''s call for OPEC to consider a production cut. Crude ...

Iran Says OPEC Should Cut Production After Winter
Persian Journal - Iran
The Organization of Petroleum Exporting Countries, or OPEC, should cut oil output after winter to "keep prices stable", Hadi Nejad-Hosseinian, Iran's deputy ...

DJ Iran: OPEC Should Consider 1M B/D Cut At Jan Mtg-Paper-2-
TMCnet - USA
... Fars News Agency quoted Deputy Oil Minister For International Affairs Hadi-Nejad Husseinian as saying Iran would support a cut in OPEC's production ceiling at ...

Oil Rises Past $60 Amid Concern OPEC May Decide to Cut Output
Bloomberg - USA
29 (Bloomberg) -- Crude oil climbed past $60 a barrel in electronic trading in New York after Iran's deputy oil minister said OPEC should cut output next month ...

Iran favours OPEC crude output cut post winter
Reuters India - Mumbai,India
NEW DELHI (Reuters) - Iran favours an OPEC crude output cut after winter, an Iranian oil official said on Wednesday, adding that he expected crude prices to ...

Energy Prices Rise on Official‘s Remarks
Brocktown News - NV, USA
NEW YORK - Energy futures rose sharply on Wednesday after Iran ‘s oil minister said OPEC should consider cutting production next month. ...

OPEC in the News 12/28/05

Oil rises ahead of supply data, OPEC
MSN Money - USA
... But OPEC was likely to decide to cut production in the second quarter of 2006 when it meets next month as officials say supply exceeds demand. ...

Iran wants Opec output cut in Jan
Economic Times - India
TEHRAN, LONDON: Opec heavyweight Iran thinks the oil cartel should cut its production ceiling by 1 million barrels per day when it meets on January 31, Iran ...

Oil rises ahead of supply data, OPEC
Reuters - USA
By Timothy Gardner. NEW YORK (Reuters) - Oil prices jumped on Wednesday as analysts forecast US crude and distillates supplies would ...

OPEC to Cut Output
123Jump.com - Miami Beach,FL,USA
However, rising oil prices narrowed the stocks' early boost, following Iran''s call for OPEC to consider a production cut. Crude ...

Iran Says OPEC Should Cut Production After Winter
Persian Journal - Iran
The Organization of Petroleum Exporting Countries, or OPEC, should cut oil output after winter to "keep prices stable", Hadi Nejad-Hosseinian, Iran's deputy ...

DJ Iran: OPEC Should Consider 1M B/D Cut At Jan Mtg-Paper-2-
TMCnet - USA
... Fars News Agency quoted Deputy Oil Minister For International Affairs Hadi-Nejad Husseinian as saying Iran would support a cut in OPEC's production ceiling at ...

Oil Rises Past $60 Amid Concern OPEC May Decide to Cut Output
Bloomberg - USA
29 (Bloomberg) -- Crude oil climbed past $60 a barrel in electronic trading in New York after Iran's deputy oil minister said OPEC should cut output next month ...

Iran favours OPEC crude output cut post winter
Reuters India - Mumbai,India
NEW DELHI (Reuters) - Iran favours an OPEC crude output cut after winter, an Iranian oil official said on Wednesday, adding that he expected crude prices to ...

Energy Prices Rise on Official‘s Remarks
Brocktown News - NV, USA
NEW YORK - Energy futures rose sharply on Wednesday after Iran ‘s oil minister said OPEC should consider cutting production next month. ...

Rig Notes 12/28/05

Roc Oil Company: Stena Tay Drill Rig Starts Drilling
Yahoo! News - USA
LONDON (Dow Jones)--ROC Oil Company Ltd. Wednesday said that the "Stena Tay" drilling rig commenced drilling the Zoule-1 exploration well on Dec. 25. ...

Gail starts rigging in Bay of Bengal
Webindia123 - India
... The announcement also mentioned that ''contracted offshore Jack-up Drilling Rig has reached Bay of Bengal.'' With spate in E&P activities, rig availability has ...

(PRN) Grey Wolf, Inc. Announces Changes to Its Board of Directors
Houston Chronicle - United States
... provider of contract oil and gas land drilling services in the best natural gas producing regions in the United States with a total drilling rig fleet of 127. ...

Pride sees restatements filed by next month
Reuters - USA
NEW YORK, Dec 28 (Reuters) - Drilling rig contractor Pride International Inc. (PDE.N: Quote, Profile, Research) plans to file restated ...

AREA & STATE BRIEFS
Fort Worth Star Telegram - Fort Worth,TX,USA
Workers diverted the gas flow away from the well and are still burning off, or "flaring," excess gas in a ditch near the drilling rig site. ...

Refinery News 12/28/05

Refineries capacity utilisation increases
Business Standard - India
Refinery capacity utilisation is trekking high in the back-drop of growing oil demand in the country. According to the ministry ...

Report: US trails in refinery growth
CNN/Money - USA
... newspaper says. Investment in overseas refinery capacity is expected to outstrip US efforts, according to a published report. NEW YORK ...

Refining margins seen rising in 2006: Merrill
Gulf Times - Doha,Qatar
... Refinery capacity growth will be constrained in 2006 as refiners in the US and Canada remain focused on meeting environmental standards and leaving less room ...

BIZ-2005 at a glance
Business Standard - India
... According to a source close to RIL, the company's plans to expand its Jamnagar refinery capacity by 30 million tonnes and also its polymer and hydrocarbon ...

Expensive driving
San Francisco Chronicle - CA, USA
... tore through the Gulf of Mexico's oil patch, source of 28.7 percent of the United States' domestic oil production and nearly half of its refinery capacity. ...

Sinopec receives $1.2 billion subsidy
MarketWatch - USA
... "We import more than one third of our crude oil from the overseas market and operate more than half of our country's refinery capacity.". ...

Gas price is dropping again
Portland Business Journal - Portland,OR,USA
... Another concern is the refinery capacity of US processors. American demand for gasoline is expected to continue its steady annual climb. ...

Russia to build oil refinery in Syria
ITAR-TASS - Moscow,Russia
The oil refinery and the petrochemical plant will be built in the Deir Ezzor Province, 458 kilometres northeast of Damascus. Its capacity will be 140,000 ...

Syria, Russia to establish US$2.7 billion oil complex
Al-Bawaba - Amman,Jordan
... The Syrian minister commented by saying that the production capacity of the oil refinery would be at 140,000 bpd, adding that some 2,000 workers from different ...

Gas Price News 12/28/05

Natural gas, oil prices fall
Globe and Mail - Canada
SINGAPORE -- Natural gas prices slipped further Wednesday amid forecasts of mild weather in the United States, which means less consumption in the world's ...

Consumer Confidence Up As Gas Prices Fall
Forbes - USA
... "Now it's the holidays, and gas prices are down, so consumers are feeling mellow and content - and cautiously confident about the future.". ...

Canadian Energy Stocks, Talisman Decline on Drop in Gas Prices
Bloomberg - USA
... following the drop in natural gas and oil prices the previous day. ... Natural gas prices plunged 10 percent yesterday, while oil prices fell 0.5 percent. ...

Gas prices fall despite freezing weather
Reuters.uk - UK
LONDON (Reuters) - Gas prices slipped on Wednesday as lower demand from factories and businesses offset the impact of freezing weather, dealers said. ...

Gas prices stabilize but relief may not last
DetNews.com - Detroit,MI,USA
... During the winter, oil and gas prices are heavily dependent upon weather, and a cold snap can quickly send them rocketing upward. ...

China raises gas prices to meet demand
Gulf Times - Doha,Qatar
... "In the long-term, natural gas prices should become ... Gas prices would also be adjusted in line with those of alternative fuels such as crude oil, it said. ...

Natural gas prices ease on anticipated milder weather in the US
New Ratings - USA
NEW YORK, December 28 (newratings.com) -- Natural gas prices Wednesday eased further, following a 10% decline on Tuesday, on forecasts of warmer weather in ...

SC seeks probe on natural-gas prices
Charlotte Business Journal - Charlotte,NC,USA
South Carolina's consumer advocate on utility issues is asking federal agencies to investigate the recent rise in natural-gas prices. ...

Rig Notes 12/27/05

Strike Petroleum Ltd. Operations Update
Canada NewsWire (press release) - Canada
... success. The drilling rig was released on December 9 and completions and production testing were released on December 19. We have ...

Mindoro Resources Ltd.: Director Resigns
CCNMatthews (press release) - Toronto,ON,Canada
... gold discovery on the Lobo Project, where drilling continues, and drilling is underway ... Mindoro plans to mobilize another drill rig to the Kay Tanda prospect on ...

OPEC in the News 12/27/05

China, OPEC establish cooperation framework
China Daily - China
China recently initiated a negotiation on energy supply with OPEC (Organization of Petroleum Exporting Countries), in a bid to obtain a stable oil supply from ...

Daukoru's OPEC Presidency: Matters arising
Vanguard - Apapa,Lagos,Nigeria
... For Petroleum Resources is set to become the next President and Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), come January ...

Update 3: Natural Gas Futures Plunge in Thin Trading
Forbes - USA
... In news that could affect longer term prices, OPEC, which over the past year has tried to reduce market volatility by raising or lowering production, announced ...

Oil Predictions: Slippery Turf
BusinessWeek - USA
... With crude inventories rising, OPEC chiefs, who have spent the last year sitting back and admiring their huge inflows of cash, are now preparing the groundwork ...

Oil Price News 12/27/05

Update 1: Oil Prices Drop on Warm Weather Forecasts
Forbes - USA
... Milder weather in the world's largest energy consumer means less heating fuel consumption, which tends to put a downward pressure on oil prices. ...

Stocks drop as oil prices and online retail off
Reuters - USA
NEW YORK (Reuters) - US blue-chip stocks slipped on Tuesday, reversing earlier gains as crude oil prices fell and dragged energy companies' shares lower, while ...

Oil prices in for a fall in 2006
Bangkok Post - Thailand
Average oil prices next year are expected to drop by US$3 to $5 a barrel below this year's levels, according to the Energy Policy and Planning Office (EPPO). ...

US stocks fall as oil slides and online retail off
Reuters - USA
NEW YORK, Dec 27 (Reuters) - US stocks added to losses on Tuesday as a drop of more than $1 a barrel in crude oil prices weighed on energy companies' shares ...

Oil prices fall below 58 usd in Asian trading
Forbes - USA
SINGAPORE (AFX) - Oil prices fell in Asian trading as warmer weather in the Northern hemisphere lowered demand for heating oil, dealers said. ...

Stocks Set to Open Up on Oil Prices
Minneapolis Star Tribune (subscription) - MN,USA
LONDON (AP) - US stock market futures were pointing to a higher start Tuesday, as oil prices drifted lower and as retail giant Wal-Mart Stores Inc. ...

World oil prices fall on mild US weather forecasts
Forbes - USA
LONDON (AFX) - World oil prices retreated in quiet holiday trade on weather forecasts of milder than normal temperatures in the United States, dealers said. ...

Soaring oil prices cut growth targets for '07
Manila Times - Philippines
... Committee (DBCC), which sets and reviews the Philippines' macroeconomic targets, cut the country's growth goal for 2007 owing to soaring oil prices. ...

DJ ASIA FUEL OIL: Prices Lower On Crude Losses, Supply Glut
TMCnet - USA
(Comtex Business)SINGAPORE, Dec 27, 2005 (Dow Jones Commodities News via Comtex) --Asia's fuel oil prices were lower Tuesday, pressured by weaker crude futures ...

Refinery News 12/27/05

Syria, Russia Sign Deal for Oil Refinery
Minneapolis Star Tribune (subscription) - MN,USA
... The petrochemical plant would have an annual capacity of 430 million gallons of gasoline. The refinery would produce about 140,000 barrels of refined product ...

IOC commissions new diesel unit
Sify - Taramani,Chennai,India
... its new diesel hydrotreatment unit (DHDT) at its Panipat refinery, as part of the ongoing refinery expansion project that would double its capacity from six to ...

Japanese companies set to participate in new oil and gas projects ...
Turkmenistan.ru - Turkmenistan
... projects aimed at enhancing Turkmenistan's polypropylene production capacity both at the existing polypropylene plant in the Turkmenbashi refinery and the ...