Oil Blog

Oil News 1/31/06

Update 4: Oil Prices Fall Below $68 Per Barrel
Forbes - USA
Crude oil prices fell below $68 a barrel Tuesday after OPEC ministers said the group had decided to hold production steady. Light ...

Oil prices fall below $68 as OPEC boosts output
Xinhua - China
NEW YORK, Jan. 31 (Xinhuanet) -- World crude oil prices fell below $68 a barrel Tuesday after OPEC decided to keep the maximum oil output. ...

Oil prices continue lower; Iran says will not halt exports, OPEC ...
Forbes - USA
LONDON AFX - Oil prices continued lower as OPEC said it would keep oil production at a near record high while Iran insisted it would not halt oil exports amid ...

German shares close higher on easing oil prices, upbeat US data
Forbes - USA
FRANKFURT (AFX) - Shares closed higher, led by Deutsche Boerse and Deutsche Lufthansa, as oil prices eased and a report showing US consumer confidence reached ...

Libya: Sending Iran to UN will Affect Oil Prices
Zaman Online - Istanbul,Turkey
Libyan Energy Minister Fathi Hamed bin Shatwan said transferring Iran to the United Nations Security Council will have "an enormous impact" on oil prices. ...

Oil Prices Drop as Production Remains Steady
E-Commerce Times - USA
... Crude oil prices fell below US$68 a barrel Tuesday after OPEC ministers said the group had decided to hold production steady. Light ...

London shares outlook - seen higher as oil prices ease; FOMC ...
Forbes - USA
LONDON (AFX) - Leading shares are tipped to start the session higher as oil prices eased back slightly overnight, but gains could be capped ahead of the final ...

Oil prices fall in Asian trade
Sify - Taramani,Chennai,India
Singapore: Oil prices skidded lower in Asian trade today as OPEC oil ministers were expected to keep current production ceilings, snubbing a call by Iran to ...

Update 5: Oil Prices Drop, Just Above $68 a Barrel
Forbes - USA
Crude oil prices retreated Tuesday after making a 3.2 percent gain over the previous two sessions and ahead of an OPEC meeting at which the cartel is expected ...

High Oil Prices Help Boost Exxon Profits
ABC News - USA
... the fourth quarter and $36.13 billion for the year, as the world's biggest publicly traded oil company benefited from high oil and natural-gas prices and solid ...

Rig Notes 1/31/06

Kupe field joint venture leases drilling rig
National Business Review - New Zealand
... not proceed. Ensco will employ a new rig for the drilling, one only recently launched and commissioned in Singapore. The rig will ...

Tullow Oil plc - Trading Statement and Operational Update
PR Newswire (press release) - New York,NY,USA
... The field redevelopment program commenced in November 2005 with the arrival of the Ensco 101 drilling rig to drill five new wells and conduct nine workovers on ...

OPEC in the News 1/31/06

Oil falls below $68 on OPEC supply reassurance
Reuters - USA
LONDON, Jan 31 (Reuters) - Oil prices fell Tuesday as OPEC unanimously agreed to keep output near a 25-year high, countering fears that rising international ...

Oil slips below $68 on OPEC supply reassurance
Reuters Canada - Toronto,Ontario,Canada
LONDON (Reuters) - Oil prices slipped on Tuesday as OPEC unanimously agreed to keep output near a 25-year high, countering fears that rising international ...

OPEC: Iran Won't Halt Oil Production
Salon - USA
January 31,2006 | VIENNA, Austria -- OPEC President Edmund Daukoru said Tuesday that Iran had reassured the cartel that it would keep its oil production ...

OPEC keeps output at 28mln barrels
Xinhua - China
31 (Xinhuanet) -- The 139th Meeting of the OPEC Conference sealed a deal here on Tuesday to keep the oil output ceiling of the OPEC at a maximum 28 million ...

OPEC confirms deal to retain high output
Reuters - USA
VIENNA (Reuters) - OPEC, including Iran, has sealed a deal to keep its oil output ceiling at a near-maximum 28 million barrels per day, Algeria's oil minister ...

OPEC decides to keep oil output at record highs
TMCnet - USA
(Evening Standard (London) (KRT) Via Thomson Dialog NewsEdge) Jan. 31--Oil cartel Opec today agreed unanimously to keep pumping at record levels. ...

OPEC Said to Reject Iran's Bid to Cut Output
New York Times - United States
30 -- OPEC members said they had agreed to maintain their current policy and keep pumping oil at 25-year record levels, rejecting earlier calls from two ...

Opec to keep output at near capacity
Business Times - Malaysia - Malaysia
VIENNA, Tues: The Organisation of the Petroleum Exporting Countries (Opec) decided today to leave oil production unchanged, Qatari and Algerian ministers said ...

OPEC meeting will leave output as it is- Libya
Reuters - USA
VIENNA (Reuters) - OPEC oil ministers will leave oil production unchanged at their Tuesday meeting, Libyan Energy Minister Fathi Omar Bin Shatwan told reporters ...

OPEC to keep output ceiling unchanged
WAM - Emirates News Agency - Abu Dhabi,United Arab Emirates
31st, 2006 (WAM) - An official source at the Organisation of Petroleum Exporting Countries (OPEC) said today that the member states' oil ministers decided to ...

Refinery News 1/31/06

Pump paranoia
New Orleans CityBusiness - New Orleans,LA,USA
... 5. "We lost significant refinery capacity as a result of the hurricanes and we still have not seen a full return of these facilities," Right said. ...

$36,130,000,000 Company sets profit records
Newsday - Long Island,NY,USA
... released a letter she sent to President George W. Bush, calling on him to support a strategic energy fund to pay for increased refinery capacity and investment ...

OPEC seals deal to keep pumping near maximum
Reuters - USA
... "They're supplying the market the best they can, but they have very little impact on global refinery capacity and very little impact on geopolitical events ...

Bill would offer energy tax breaks to small businesses
Albany Business Review - Albany,NY,USA
... State lawmakers can't do anything about global competition for oil, corporate profits, or a loss of refinery capacity that are increasing energy costs, said ...

Bush Pushes Health Reform
Forbes - USA
... energy bill. That is likely to include opening up domestic oil and gas reserves and lifting obstacles to expanding refinery capacity. ...

Democrats see winning issue in oil company profits
San Jose Mercury News - CA, USA
... "Are there plans to invest in additional refinery capacity in the US?" Bonjean asked. "What are the plans of oil companies in regards ...

Investigation into gas prices finds no gouging
Sioux City Journal - Sioux City,IA,USA
... gas prices in Nebraska from June 2004 to October 2005 were due primarily to an increase in the price of crude oil, with declines in refinery capacity and an ...

Gas Prices 1/31/06

NiSource 4Q Profit Falls on Gas Prices
MSN Money - USA
MERRILLVILLE, Ind. (AP) - Natural gas distributor NiSource Inc. reported Tuesday fourth-quarter profit fell as higher gas prices kept customers at bay. ...

Spike in gas prices gives a lift to ridership on the CTA, Pace
Chicago Tribune - United States
As gas prices soared last year and Chicago jumped to second on a national list for road congestion, more people took the Chicago Transit Authority and Pace ...

Alagasco, Mobile Gas defend surging prices to PSC
Dateline Alabama - Birmingham,AL,USA
... Commissioner Jan Cook called surging natural gas prices a "national disaster," and PSC member George Wallace Jr. said companies ...

Gas Prices Among Top 10 Wisconsin Consumer Complaints
Milwaukee Channel.com - Milwaukee,WI,USA
State consumer protection specialists said Tuesday gas prices and health and medical services are among the top 10 complaints for the first time. ...

Columbia Gas lowers natural gas prices
Kentucky.com - Lexington,KY,USA
... that mild winter temperatures and the return of some natural gas supplies from the hurricane-ravaged Gulf Coast led to a decrease in natural gas market prices. ...

Putin Comments on Increase of Gas Prices
Civil Georgia - Georgia
Russian President Vladimir Putin said on January 31 that increase of gas prices for the neighboring countries was a transition to the market prices, which ...

Investigation into gas prices finds no gouging
Sioux City Journal - Sioux City,IA,USA
... The higher gas prices in Nebraska from June 2004 to October 2005 were due primarily to an increase in the price of crude oil, with declines in refinery ...

Do High Prices Mean We're Running Out of Natural Gas?
Newhouse News Service (NNS) - USA
... Stephen Andrews, co-founder of the Association for the Study of Peak Oil & Gas-USA, a Denver research group, agreed. "Natural gas prices have gotten a lot of ...

Gas prices stable this week
Providence Eyewitness News - RI,USA
... dollars, 40 cents, down a penny from its survey last week. Triple A says gas prices are 47 cents higher than at this time last year. ...

Gas prices headed back up
KVBC - Las Vegas,NV,USA
The days of record high gas prices could be returning soon. Remember paying $3.00 for a gallon of unleaded? Analysts say it's possible ...

Refinery New 1/30/06

Alumina supply disruptions to drive price hike
Metals Place - UK
... For this reason, the country is turning its attention to growing its refinery capacity, particularly given that China's tight power market and dramatic growth ...

Special interest vs. public interest
Dunn County News - Menomonie,WI,USA
... Arguing that there is not enough refinery capacity in this country, he said, "They don't want new refineries built so that they can keep their profit margin ...

Taiwan : KPTC Yunlin plant to produce 800000 tons of paraxylene
Fibre2fashion.com - India
... will set up a refinery and petrochemical complex in the Island nation. The plant will be built at a cost of US $12.46 billion having a capacity of processing ...

Tillerson's Exxon Makes History With Record Profit
Forbes - USA
... September, served to dent production by 1%. But by taking out refinery capacity, the storms pushed up oil and gasoline prices, and with them, Exxon's profit. ...

Health Care, Heal Thyself
National Review Online - New York,NY,USA
... mish-mash of formulas meant to satisfy environmentalists in California and the northeast, to the detriment of national gasoline supplies and refinery capacity. ...

MRPL in alliance with ONGC to develop export oriented refinery
Myiris.com - India
... Engineers India Ltd (EIL) has completed detailed feasibility study for the refinery upgradation project, to enhance refining capacity to 15 MMTPA (presently ...

MRPL net profits down to Rs 19 crore
NewKerala.com - Ernakulam,Kerala,India
... M/s. Engineers India Limited (EIL) has completed Detailed Feasibility study for the Refinery Upgradation Project, to enhance refining capacity to 15 MMTPA ...

Gas Price News 1/30/06

Market primed to pump up gas prices
DetNews.com - Detroit,MI,USA
Unless something dramatic happens soon to lower oil prices -- say, a sharp economic slowdown -- analysts believe US motorists could pay close to $3 a gallon ...

Massachusetts gas prices unchanged from a week ago
Providence Eyewitness News - RI,USA
Over the preceding four weeks, prices had risen an average of 13 cents a gallon. Today's survey found prices as low as two dollars ...

don't get Burned Natural gas prices
Elgin Courier News - Elgin,IL,USA
... However, as this winter's natural gas prices rise above unprecedented levels, the Citizens Utility Board is warning area residents to be wary of "too good to ...

Gas prices to remain the same, students still drive to campus
The Exponent - West Lafayette,Indiana,USA
By Mike Nolan. Many commuting students are feeling a crunch on their wallets from high gas prices, which have been climbing since the first of the year. ...

Energy prices jump since 1996
WSAW - Wausau,WI,USA
The Associated Press reports our state has seen a 49-percent increase in electric prices, and a 74-percent jump in natural gas prices over the last decade. ...

GAS PRICES PROMPT ARMENIA TO DEBATE ALLIANCE WITH RUSSIA
EurasiaNet - New York,NY,USA
... Plans by the Russian state-owned GazProm company to increase gas prices from $56 per 1000 cubic meters to $110 per 1000 cubic meters had foreshadowed the ...

Gas prices don't curb local drivers
The Evening Sun - Hanover,PA,USA
... After falling from their post-Hurricane Katrina high, gas prices are back up. ... Plank thinks gas prices are a big reason nobody's biting. ...

RI gas prices inch up 1 cent
Providence Business News - Providence,RI,USA
Gasoline prices in Rhode Island inched up another penny over the last week, the eighth consecutive week in which prices locally have risen, according to AAA ...

Gas Prices Hold Steady In MA
CBS4Boston - Boston,USA
(CBS4) BOSTON After four straight weeks of increases, gasoline prices in Massachusetts are now holding steady. The latest AAA survey ...

Oil Future News 1/30/06

Oil futures soar on US markets
The Age - Melbourne,Victoria,Australia
US crude oil futures finished higher Monday as gasoline and heating oil futures surged amid some refinery run cuts and seasonal maintenance. ...

Futures Movers
MarketWatch - USA
Front-month crude-oil futures were recently down 12 cents at $67.64 a barrel after climbing as high as $68.42 in electronic trade. ...

= OIL FUTURES: Brent Crude Lower On Nigerian Field Restart
TMCnet - USA
... 1130 GMT, the front-month March Brent contract on London's ICE Futures exchange - formerly ... Iran is still the central focus for the oil market, but an easing of ...

Stocks set to open down to start week
San Jose Mercury News - CA, USA
... Front-month crude oil futures contracted traded 25 cents lower at $67.51 a barrel, with Venezuela calling for a cut in production but other members calling for ...

Rig Notes 1/30/06

China, Iran to work together in Caspian Sea
Oil & Gas Journal - Houston,TX,USA
... China National Offshore Oil Corp., have signed a cooperation agreement that includes repair and maintenance of the Alborza semisubmersible drilling rig in the ...

Australia's Roc says no oil at Mauritania's Dore well
Reuters South Africa - Johannesburg,South Africa
Roc said its 2005 Mauritanian drilling programme was now finished and the Stena Tay drilling rig would be released. Exploration ...

OPEC in the News 1/30/06

OPEC agreed to keep high oil output to calm prices
Reuters - USA
VIENNA (Reuters) - OPEC oil ministers gave unanimous support to keeping output near a 25-year high on Monday as worries over supplies from Iran, Nigeria and ...

OPEC has consensus to cut output in March
BusinessWeek - USA
... its next meeting. A member of the Kuwaiti delegation also said a key OPEC panel recommended no rate cut this week. Free Hot Stock ...

Oil lower as Opec seeks to reassure markets
Financial Times - London,England,UK
Crude prices moved lower on Monday as Opec oil ministers reassured markets on supply ahead the cartel's meeting this week although concerns about threats to ...

ANALYSIS - OPEC investors mature, keep petrodollars at home
Reuters - USA
VIENNA (Reuters) - Thirty years of experience have turned OPEC countries into sophisticated investors, who pile their record amounts of petrodollars into a ...

Oil prices higher in Asian trade on eve of OPEC meet
Forbes - USA
SINGAPORE (AFX) - Oil prices rose sharply above 68 usd a barrel in Asian trading hours as Iran stirred turmoil on the eve of an OPEC meeting by calling for a ...

Oil price below $68 in advance of OPEC meeting Tuesday; Stocks ...
FinFacts Ireland - Ireland
Light crude oil fell Monday for the first time in three trading sessions after Saudi Arabia's oil minister said OPEC would keep pumping near capacity, allaying ...

All OPEC ministers agreed to leave production unchanged - Saudi ...
Forbes - USA
VIENNA (AFX) - All OPEC members have agreed to keep the production ceiling unchanged at a meeting in Vienna on Tuesday, Saudi Oil Minister Ali al-Naimi said. ...

Oil prices rise on eve of OPEC meeting
Sify - Taramani,Chennai,India
London: World oil prices climbed today on the eve of an OPEC meeting in Vienna where member countries are to decide whether to alter the cartels level of crude ...

Algeria sees OPEC keeping output steady
Africast - Westport,CT,USA
ALGIERS, Janaury 30 -- OPEC is likely to maintain oil output at current levels when it meets at the end of the month because the market is well supplied ...

DJ Libya Oil Min: No Need For Opec Output Cut Now -3-
TMCnet - USA
(Comtex Business Via Thomson Dialog NewsEdge)Jan 30, 2006 (Dow Jones Commodities News via Comtex) --US light, sweet crude oil futures for March delivery were ...

Oil Price News 1/20/06

OPEC agreed to keep high oil output to calm prices
Reuters - USA
... OPEC has been producing close to 30 million barrels per day for months but oil prices remain at their highest level in real terms for a quarter of a century. ...

London shares close lower as high oil prices offset buoyant energy ...
Forbes - USA
... shares ended the day lower, hit by a volatile start on Wall Street, with strength in energy stocks offset as stubbornly high oil prices prompted investors to ...

Oil prices rise on eve of OPEC meeting
Sify - Taramani,Chennai,India
London: World oil prices climbed today on the eve of an OPEC meeting in Vienna where member countries are to decide whether to alter the cartels level of crude ...

Oil Prices: The New Reality
BusinessWeek - USA
Everyone knows it: oil prices have gone through the roof. The price of benchmark crude rose 11% this year alone, to about $67 per ...

Euroshares remain flat midday on profit-taking, high oil prices
Forbes - USA
LONDON (AFX) - Europe's largest remained flat midday as high oil prices and profit-taking weighed and amid uncertainty ahead of a new raft of earnings and this ...

Stockholm shares little changed midmorning on caution over oil ...
Forbes - USA
STOCKHOLM (AFX) - Shares were little changed in midmorning trade as higher oil prices ahead of an OPEC meeting at which Iran will call for a cut in oil ...

Crude prices pushed higher
ABC Online - Australia
... MATTHEW HASSAN: If the current rise in oil prices starts to feed through into a more generalised rise in inflation, so we start to get those secondary effect ...

Oil prices higher in Asian trade on eve of OPEC meet
Forbes - USA
SINGAPORE (AFX) - Oil prices rose sharply above 68 usd a barrel in Asian trading hours as Iran stirred turmoil on the eve of an OPEC meeting by calling for a ...

Exxon Profit Soars on High Prices
FOX News - USA
... Crude oil prices rose about 40 percent last year, driven up by tensions in oil-producing countries likeIran and Nigeria and tight supplies. ...

Market primed to pump up gas prices
DetNews.com - Detroit,MI,USA
Unless something dramatic happens soon to lower oil prices -- say, a sharp economic slowdown -- analysts believe US motorists could pay close to $3 a gallon ...

Rig Notes 1/26/06

Storm Cat Energy Corporation Provides Operational Update; Company ...
PR Newswire (press release) - New York,NY,USA
... Saskatchewan. Although a drilling rig has not yet been secured, the Company is confident it will secure a rig in the near future. * On ...

Dana Provides Operational Update
OilVoice (press release) - UK
... Agreements have now been executed to contract the Atwood Hunter drilling rig to drill two wells in 2006 on competitive terms. The ...

OPEC in the News 1/26/06

OPEC chief sees no halt in Iran oil exports
Reuters - USA
DAVOS (Reuters) - OPEC producer Iran is unlikely to halt oil supplies to world markets in response to mounting Western pressure over its nuclear program, OPEC ...

OPEC President Reiterates No Need For Cut Next Week - CNBC -2-
Business Online - London,UK
LONDON -(Dow Jones)- OPEC's president reiterated Thursday there is no reason for the oil producing group to cut output when it meets in Vienna Tuesday. ...

Saudi Arabia expects stable oil output at OPEC meet
Middle East Times - Cairo,Egypt
NEW DELHI -- Saudi Arabia said on Thursday that it expects OPEC to maintain current output levels at its upcoming meeting while the country could increase ...

OPEC President Sees No Need for Oil Output Cut
Antara - Antara,Indonesia
San Francisco (ANTARA News) - There is no need for the Organization of the Petroleum Exporting Countries to cut oil production, OPEC President Edmund Daukoru ...

No need to cut output: Opec chief
Business Times - Malaysia - Malaysia
LONDON/DAVOS: Thurs: Organisation of Petroleum Exporting Countries (Opec) president Edmund Daukoru said there is no need for the grouping to cut output while ...

ANALYSIS - Asian crude market pins 2006 hopes on China demand
Reuters India - Mumbai,India
... Daily OPEC capacity will rise by 1 million barrels this year, the Paris-based International Energy Agency (IEA) estimates, of which some 700,000 barrels will ...

Oil slips on supply news
Houston Chronicle - United States
... Also Wednesday, OPEC President Edmund Daukoru said there is no need for the Organization of Petroleum Exporting Countries to cut output while prices stay close ...

The Energy Report for Thursday, January 26, 2006
FXstreet.com - Barcelona,Spain
... Of course Iran will try to make waves and use their oil as leverage. They are expected to make noise at the OPEC meeting next week demanding an out-put cut. ...

Oil Price News 1/26/06

Oil prices up, natural gas prices drop
BusinessWeek - USA
... The rise in oil prices trickled over into motor fuels, sending unleaded gasoline futures more than 3 cents higher to $1.695 per gallon. ...

European govt bonds remain lower on higher equities, oil prices
Forbes - USA
LONDON (AFX) - European government bonds remained on the backfoot, pushed down by stronger equities and as oil prices resumed their upward trend. ...

Oil prices
Economist - UK
CHINA is one of the most important markets for oil, and Saudi oil is one of the most important sources of energy for China. So declared ...

UPDATE 1-Suncor earnings double on high oil prices
Reuters - USA
(SU.TO: Quote, Profile, Research) on Thursday said fourth-quarter profit more than doubled, helped by higher oil prices and increased production. ...

UPDATE 1-Petro-Canada earnings jump on strong oil prices
Reuters - USA
... profit rose sharply as the country's No. 5 oil producer and refiner by market value reaped rewards from strong oil and gas prices. ...

BoE's Gieve says sky-high oil prices need not push up interest ...
Forbes - USA
... The crucial thing, he stressed, is whether the spike in oil prices is a one-off or whether there are second-round effects. So far ...

UPDATE 2-Marathon profit nearly triples on higher prices
Reuters - USA
... quarter. Conflicts in oil-producing countries and tight global supplies of crude pushed up oil prices about 40 percent last year. ...

High Oil Prices not to Profoundly Affect Turkish Economy
Zaman Online - Istanbul,Turkey
By Economy News Desk, Istanbul. The increase of oil prices to $70 brought the potential negative impact on the Turkish economy to the agenda. ...

ConocoPhillips profit soars on higher prices
New Zealand Herald - New Zealand
... Crude oil prices rose about 40 per cent last year because of hurricanes, lack of spare production capacity, and tensions in oil-producing countries like Iran ...

MARKET WATCH Supply indicators ease oil prices
Oil & Gas Journal - Houston,TX,USA
... session on the New York market, pulling down other energy prices amid new ... Meanwhile, oil companies in Nigeria reported no change in their operating conditions ...

Refinery News 1/26/06

Ogun, British firm seal pact on US$ 695,085,403 refinery project
African News Dimension - Johannesburg,South Africa
... will concentrate on wind back energy."His words: "It is going to be a modular type of refinery, which will be built in stages up to a maximum capacity of cubic ...

Sugar prices sour note for foodmakers
MSNBC - USA
... Also, US refinery capacity was hammered during harvest season by hurricanes in the US Gulf region. Katzman estimated that candy maker Hershey Co. ...

FIIs may get to take part in Reliance Petro IPO
Economic Times - India
... Reliance is building an export-oriented refinery with an annual capacity of 27 million tonnes and a polypropylene plant with a capacity of 1 million tonnes per ...

Strong 2005 Financial Results And Solid Growth Portfolio For The ...
MSN Money - USA
... (2) Includes Oakville capacity pro-rated to reflect partial operation of Oakville refinery prior to permanent closure, effective April 11, 2005. ...

Marathon Oil Corporation Reports Fourth Quarter and Full-Year 2005 ...
Yahoo! News (press release) - USA
... 26,000 bpd Detroit refinery expansion and Tier II low-sulfur fuels project was completed during the fourth quarter and ramped up to full capacity of 100,000 ...

NEREFCO CONTRACTS WITH KBC
I-Newswire.com (press release) - USA
... 1989, the Nerefco oil refinery is located in the Rotterdam port area ( Europoort ), in the Netherlands and has the largest crude oil refining capacity in Europe ...

Shell Canada announces record earnings of $2 billion
CNW Telbec (Communiqués de presse) - Canada
... equals crude oil processed by Shell refineries divided by total capacity of Shell refineries, including capacity uplifts at Scotford Refinery due to processing ...

Gas Price News 1/25/06

Will Higher Gas Prices Mean Lower Car Insurance?
Washington Post - United States
If higher gasoline prices have prompted you to change your driving habits--making you use the bus or subway to commute to work or getting you to substantially ...

ConocoPhillips Fourth-quarter Profit Surges On Higher Oil, Gas ...
KOTV - Tulsa,OK,USA
... Higher natural gas prices and volumes boosted results, while crude oil prices were lower and exploration expenses rose, the company said. ...

NI consumers facing huge rise in electricity prices
Ireland Online - Dublin,Ireland
... Help the Aged has expressed disappointment with the news, which comes just a week after the announcement of a 30% hike in gas prices. ...

Government to holdfast to gas prices over Tet
Thanh Nien Daily - Ho Chi Minh city,Vietnam
... is not going to cost more in Vietnam this lunar New Year (Tet) as the government announced it would buffer domestic petrol versus climbing global prices. ...

Gas Prices Remain the Same
580 CFRA Radio - Ottawa,Ontario,Canada
... Drivers in Gander, Newfoundland paid the most at 1.07 a litre, while Edmontonians enjoyed the cheapest gas at 84.4 cents a litre.

Fear of Iran pushes gas prices skyward
Tampa Bay Business Journal - Tampa,FL,USA
Gasoline prices in Florida have increased by 16.5 cents since December 25. ... Tampa Bay, which sports the lowest prices in the state, averages $2.35.

Gas prices, Olympians and the Canadian flag
Parry Sound North Star - Parry Sound,Ontario,Canada
... And while I'm up here -- a couple of other things -- we were in Huntsville on Sunday past and gas was 86.9 cents/ litre downtown and 92.9 cents on Highway ...

Gas prices take bite out of city budget
Attleboro Sun Chronicle - Attleboro,MA,USA
ATTLEBORO -- Spiraling gasoline prices have forced the city to double its previous year's budget for fuel only halfway through the current fiscal year. ...

OPEC in the News 1/25/06

Indonesia energy minister asks OPEC to maintain oil output level
Forbes - USA
JAKARTA (AFX) - OPEC should maintain the group's oil output at current levels as oil prices are likely to stay high through the second quarter due to ...

DJ OPEC Pres: No Need For Output Cut, Given High Prices -2-
TMCnet - USA
... The OPEC president said the organization currently has 1.5 million to 2 million b/d of spare output capacity, but didn't give a detailed breakdown. ...

RPT - Oil closes over $1 lower on OPEC, supply predictions
Forbes - USA
SAN FRANCISCO (AFX) -- Oil futures closed with a loss of over $1 per barrel Tuesday with OPEC expected to stand pat on output quotas, warmer weather in the ...

Indonesia energy minister asks OPEC to maintain oil output level
FXstreet.com - Barcelona,Spain
He said Indonesia will ask the Organization of Petroleum Exporting Countries (OPEC) not to cut the group's production level. OPEC's ...

Oil market not facing supply shortage: oil official
Islamic Republic News Agency - Tehran,Iran
... He said in the current situation, many regard reductions in OPEC production ceilings in the next ministerial session as "not unrealistic.". ...

Oil Prices Drop to Near $66 on Higher Domestic Gas Supplies
FOX News - USA
... Adding to weakness, producer group OPEC appeared unlikely to decide on a cut to production at its meeting next week. "At over 60 ...

Letters | Letters
Centre Daily Times - Centre County,PA,USA
... renewable, nonpolluting, "home-grown" fuel is building a new, much-needed economy in the United States, benefiting our citizens and businesses instead of OPEC. ...

Crude Oil: Gaining Insight Into The Market
CattleNetwork.com - Stanley,KS,USA
... today, in that some of the increase in oil prices recently is seemingly related to concerns about the situation in Iran , the second largest OPEC crude oil ...

Oil Price News 1/25/06

Rising Oil Prices Skirt Poorer Nations
Asian Tribune - Bangkok,Thailand
United Nations 26 January, (IPS): Contrary to expectations, the sharp increase in world oil prices has not had any devastating consequences on the fragile ...

UPDATE 2-Shell Canada profit triples on surging oil prices
Reuters - USA
... 3 oil producer and refiner benefited from surging energy prices, growing oil sands output and rich refining returns, it said on Wednesday. ...

Oil Prices Drop to Near $66 on Higher Domestic Gas Supplies
FOX News - USA
... he did not believe the world's fourth biggest crude exporter would use oil as a ... on the supply of Russian gas to Ukraine at sharply increased prices has been ...

Oil prices down by more than 1 usd as US fuel supplies rise
Forbes - USA
LONDON (AFX) - Oil prices fell by more than a dollar after US stockpiles of both gasoline and distillates rose more than expected last week while demand for ...

Earnings Recap: Oil Prices Deter Investors
MSN Money - USA
... Stronger quarterly profit posted by two major US oil companies on Tuesday didn't excite Wall Street, which remained tempered by the day's drop in oil prices. ...

Stocks Head Lower on Falling Oil Prices
Forbes - USA
Stocks edged lower Wednesday as declining oil prices sent the energy sector lower and investors' continued their jittery reactions to corporate earnings. ...

Uptick in LI heating oil prices
Newsday - Long Island,NY,USA
... Mueller said cold weather in Western Europe could be affecting prices here, although heating oil futures declined by 2.29 cents in New York trading yesterday ...

DAVOS France's Breton says high oil prices do not pose domestic ...
Forbes - USA
DAVOS, Switzerland (AFX) - French finance minister Thierry Breton said that current high oil prices are having an effect on the economy, but do not represent ...

US Stocks Advance as Oil Prices Extend Drop; Abbott Gains
Bloomberg - USA
Jan. 25 (Bloomberg) -- US stocks advanced as oil prices extended their drop. Shares of Abbott Laboratories climbed. The Standard ...

Stock markets mixed on higher metals prices, lower oil, housing ...
CBC News - Canada
New York weakened despite lower oil prices and positive corporate news as another sign of a weakening US housing sector appeared. ...

Refinery News 1/25/06

Syria sugar refinery on way
Trade Arabia - Manama,Bahrain
A new 600,000-tonne-per-year capacity sugar refinery being built in central Syria is expected to come onstream in the second half of 2007, its chairman said. ...

New Valero CEO sees growth continuing
Reuters - USA
... Valero plans to boost its total refining capacity by at least 110,000 bpd in ... at its Port Arthur, Texas, plant and a 35,000 bpd expansion at its Aruba refinery. ...

Oil closes under $66 with US supply deemed ample
Investor's Business Daily (subscription) - USA
... Refinery-capacity utilization was at 86.2% in the latest week, down from 86.5% the previous week, according to the Energy Department. ...

ConocoPhillips Reports Fourth-Quarter Net Income of $3.7 Billion ...
Business Wire (press release) - San Francisco,CA,USA
... Our worldwide refining crude oil capacity utilization rate was 88 percent, as the Alliance refinery remained shut down due to Hurricane Katrina and the Lake ...

LUKoil Unveils Caspian Reserves
The Moscow Times - Russia
... same region and hoped to acquire Yukos' stake in Lithuania's Mazeikiu refinery. The announcement of new reserves and plans to boost refining capacity, made at ...

Size does matter
Financial Express - Bombay,India
... From a sectoral point of view, the move to set up a large capacity refinery, when refinery margins are at a record high, augur well for shareholders. ...

(PRN) Sunoco Logistics Partners LP Reports Fourth Quarter and Year ...
Houston Chronicle - United States
... as well as higher volumes at the Partnership's refined product and refinery terminals. ... of two new crude oil storage tanks with total capacity of approximately ...

Rig Notes 1/25/06

Tanganyika Oil Company Provides Update On Egypt And Syria ...
شام برس - Syria
... This drilling rig is capable of operations on the large inventory of idle wells available for re-entry and horizontal drilling, and drilling the multiple new ...

Fitch Affirms Chesapeake Energy's Ratings; Outlook Stable
Business Wire (press release) - San Francisco,CA,USA
... Drilling Corporation. Including the Martex acquisition, Chesapeake expects to end 2006 with 60 land rigs, representing approximately 60% of its expected rig ...

OPEC in the News 1/24/06

Oil Falls; OPEC, Rising Stockpiles Indicate Supply Is Adequate
Bloomberg - USA
24 (Bloomberg) -- Crude oil fell for a second day as OPEC's production and growing US stockpiles eased concern supplies of crude from Iran and Nigeria would be ...

Venezuela Supports Reducing OPEC Output
MSN Money - USA
LA PAZ, Bolivia (AP) - Venezuela would support a decision by OPEC this month to cut output in a bid to control overproduction, the nation's oil minister said ...

OPEC production cut 'no longer required' to keep oil over dlrs 50
Islamic Republic News Agency - Tehran,Iran
The need for OPEC to make an output cut to support prices and prevent them falling below dlrs 50 per barrel (dpd) is no longer required, according to the ...

'Opec unlikely to cut output at Jan 31 meet'
Economic Times - India
NEW DELHI: The Organisation of Petroleum Exporting Countries (Opec) is unlikely to cut output at the cartel's meeting on January 31, Saudi Arabia's oil ...

Earnings Lift Stocks Ahead of Open
TheStreet.com - USA
... The contract lost 38 cents on Monday as comments from two OPEC officials suggested the cartel won't cut production at a meeting next week in Vienna. ...

Iraq Oil Min:Price To Stay High On Refineries, Politics-2
Business Online - London,UK
... OPEC's reference basket of 11 crude oils is at $60.90 a barrel Monday, up $0.51 from $60.39/bbl Friday, OPEC said Tuesday. The minister ...

OPINION: Iran's oil weapon not what it was
TMCnet - USA
... At the same time domestic oil consumption is growing. Of course, as Opec's second-biggest exporter, it can still move markets. Oil ...

The Energy Report for Tuesday, January 24, 2006
FXstreet.com - Barcelona,Spain
... So if you lose that you might as well go get a bottle of Mad Dog. Of course soothing Saudi words regarding OPEC production output was met with some selling. ...

Refinery News 1/24/06

IOC's Paradip project commissioning may be delayed
Sify - Taramani,Chennai,India
... IOC has decided to expand the refinery capacity to 7.5 million tonnes. The company was allowed to acquire part of the unused land ...

Oil and Gas Companies Shortchanging Taxpayers by Hundreds of ...
American Chronicle - Beverly Hills,CA,USA
... Profit and Consumer Assistance Act of 2005 which would also exempt profits that are reinvested by oil companies to increase refinery capacity or invest in new ...

New Zealand refinery FEED study under way
Oil & Gas Journal - Houston,TX,USA
... an existing distillation unit to increase crude distillation capacity and the construction of new process units to increase total refinery output, particularly ...

ONGC, Cairn to set up Rs 8,000 cr refinery
Daily News & Analysis - Mumbai,India
... with a capacity to produce about 6 million tonne annually. The two MoUs would be precursors to a shareholders agreement to be signed for the refinery and a ...

Lebanon's refining potential becomes source of regional interest
Daily Star - Lebanon - Beirut,Lebanon
... the Tripoli refinery (there are no plans to rebuild Zahrani) is immediately geared toward filling local energy consumption needs, the remaining capacity will ...

Reliance plans fundraising to expand refinery
Daily Times - Lahore,Pakistan
... and petrochemicals company plans to nearly double capacity at its 660,000 barrels-per-day facility, making it the world's single-largest oil refinery, and a ...

Jeddah sugar plant expanding
Trade Arabia - Manama,Bahrain
... year. Savola is also building a 750,000-tonne-per-year capacity sugar refinery in Egypt, Shukri said. He gave no details. Shukri ...

RIL forays into retail biz
The Statesman - Kolkata,India
... announcements for expansion of existing businesses and new initiatives including Rs 25,000 crore investment to double the capacity of existing refinery to 60 ...

Gas Price News 1/24/06

After Holiday Lull, Gas Prices Inching Upward
The Ledger - Lakeland,FL,USA
When Gabrielah McIntosh moved from Colorado to Lakeland recently, she discovered that temperatures are higher here, but so are gas prices. ...

Shell announces 6-cent increase in gas prices
Pacific Daily News - Hagåtña,GU,USA
Shell this afternoon announced it will increase the price of its gas products by 6 cents effective tomorrow. That means the current ...

Despite national rise, local gas prices have dropped
Elkhart Truth - Elkhart,IN,USA
Amid national reports of rising gas prices, local prices reported to Pump Patrol appear to be down about a dime a gallon compared with prices during the past ...

Shell hikes gas prices by 6 cents
Saipan Tribune - Saipan,Northern Mariana Islands,Micronesia
Motorists who gas up at Shell stations will have to pay little bit more beginning today, after Shell Marianas Inc. decided to raise its prices by 6 cents a ...

Metro gas prices climbing
DetNews.com - Detroit,MI,USA
... "Gas prices are headed onward and upward," said Mike Berdette, an analyst with the US Energy Information Administration. "I don't ...

Oil follows natural-gas prices down
Philadelphia Inquirer - Philadelphia,PA,USA
LONDON - Oil prices pulled back yesterday in sympathy with a sharp decline in natural-gas futures. But analysts said oil prices ...

Gas prices don't deter RVers
The News-Press - Fort Myers,FL,USA
... popular.". At North Trail RV Center, Byers said " '05 was a terrific year -- the best we've had -- even with (higher) gas prices.". With ...

High gas prices may signal trend
Boston Herald - United States
What's worrying some is that gas prices usually ease in winter, then begin to pick up in late March and really take off in May as the driving season ...

Restaurant owner eats cost of rising natural gas prices
KHOU (subscription) - Houston,TX,USA
By Dan Lauck / 11 News. With natural gas prices at double and even triple what they were a year ago, costs for some businesses have skyrocketed. ...

Rig Notes 1/24/06

Completed Acquisition of Oak Hills Drilling and Operating ...
Yahoo! News (press release) - USA
... It owns and successfully operates a 10,000- foot operating depth Wilson Giant triple mechanical drilling rig and is fully equipped to drill, complete, and ...

(BW) 2nd Well Strickland Bay-1 on ACOR's PEL 100 Has Spudded; 1st ...
Houston Chronicle - United States
... evaluate. The well is to be drilled by the Ensign Drilling Rig #30 to a total depth (TD) of 2,770 meters rig floor (2,728m subsea). The ...

Oil Price News 1/24/06

Oil prices continue falling, but fresh attacks in Nigeria limit ...
Forbes - USA
LONDON AFX - Oil prices continued falling for a second day on assurances from top exporter Saudi Arabia it will supply spare oil if needed and expectations of ...

Oil Prices Send Imports Figures Flying High
Korea Times - South Korea
SEOUL (Yonhap) _ Rising international oil prices have caused South Korea's import growth to outpace that of exports in the first 20 days of the year, a ...

Retail fuel prices up by 0.40 baht per litre
Bangkok Post - Thailand
... Unless global oil prices drop in coming days, most local oil traders said, retail fuel prices on the domestic market might further edge up, as their marketing ...

Asian stocks slump on oil prices, Wall Street
Daily Times - Lahore,Pakistan
HONG KONG: Asian stocks slumped on Monday after the sharpest fall on Wall Street in three years and another spike in oil prices pushed cost of crude to nearly ...

Oil prices drive push for smaller cars
The Age - Melbourne,Victoria,Australia
Surging petrol prices have pushed the number of new passenger vehicle sales down with many Australians opting for the more economical four cylinder models over ...

Shares Regain Ground as Oil Prices Decline
Los Angeles Times - CA,USA
By Tom Petruno, Times Staff Writer. Stocks stabilized on Monday after Friday's sharp sell-off as a drop in oil prices soothed Wall Street's nerves. ...

High oil prices support fuel companies growth
Puls Biznesu - Warsaw,Poland
... Both gained on high oil prices. Bioton insulin producer was hardly rising in the morning but then fell nearly 3 percent. Shares worth PLN 120m changed hands. ...

Shares seen up on easier oil prices, 2005 deficit results
INQ7.net - Philippines
SHARE prices are expected to open higher on Tuesday, supported by a mild pullback in oil prices overnight as well as news of a better-than-expected budget ...

Bonds prices ease on oil
Economic Times - India
Finance Minister P Chidambaram said on Sunday the rise in global oil prices could boost India's inflation and the government and the central bank would take ...

Crude oil prices edge down on profit-taking
Xinhua - China
NEW YORK, Jan. 23 (Xinhuanet) -- Crude oil prices edged down on profit-taking Monday as Saudi Arabia promised to produce more oil. ...

Gas Price News 1/23/06

Survey shows gas prices are cheapest in Portland
Katu.com - Portland,OR,USA
Trilby Lundberg, who publishes the semimonthly Lundberg Survey of 7,000 gas stations around ... Lundberg says prices at the pump have gone up nearly 20 cents since ...

US gas rights payments not rising with prices: report
Reuters - USA
... Natural gas prices nearly doubled between 2001 and 2005, but the $5.15 billion in gas royalties for 2005 was less than the $5.35 billion in 2001, the newspaper ...

High demand and record prices boost an industry decimated during ...
Houston Chronicle - United States
... others have discounted such claims, but Peter Huntsman Jr., CEO of chemical maker Huntsman Corp., and others say recent spikes in natural gas prices seem to ...

Area Average Gas Prices Hit $2.39
WJLA - Washington,DC,USA
Washington, DC (AP) - Thirteen cents in one month. That's how much gas prices have jumped according to Triple-A Mid-Atlantic's latest check. ...

Local gas prices fall
Sweetwater Reporter - Sweetwater,TX,USA
... Sweetwater saw its gas prices drop to an average of $2.16 per gallon. Dallas tops the list with the highest average at $2.293 a gallon - down two cents. ...

Gas Prices Continue Steady Climb In MA
CBS4Boston - Boston,USA
(CBS4) BOSTON It was just a penny, but gasoline prices in Massachusetts increased for the fourth straight week. According to the ...

GAS PRICES RISE AGAIN
KFDX-TV - Witchita Falls,TX,USA
Gas prices in different areas of Wichita Falls continue to rise while some remain steady. We have noticed quite a variety in gas prices today. ...

Gas prices decrease takes effect tonight
Netherlands Antilles Daily Herald - Philipsburg,Saint Maarten,Netherlands Antilles
PHILIPSBURG--The gas prices decrease will take effect as of 11:58pm today, based on the Executive Council decision of January 20. ...

RI gas prices up 1 cent, AAA says
Providence Business News - Providence,RI,USA
Gasoline prices continue to increase in Rhode Island, rising by a penny over the last week, according to AAA Southern New England. AAA's Jan. ...

Oil Price News 1/23/06

Update 5: Oil Prices Pull Back on Natural Gas Drop
Forbes - USA
Oil prices pulled back Monday in sympathy with a sharp decline in natural gas futures. However, analysts said oil prices could resume ...

High oil prices a risk to economy, says FM
Financial Express - Bombay,India
HYDERABAD, JAN 23: High crude oil prices pose a risk to the economy, finance minister P Chidambaram said on Monday, but he added that he expected the economic ...

German shares close flat as Wall Street gains, oil prices ease ...
Forbes - USA
FRANKFURT (AFX) - Shares closed flat, having recovered from earlier lows as Wall Street posted early gains and oil prices eased after Saudi Arabia pledged to ...

Oil prices threatening inflation
iAfrica.com - Cape Town,South Africa
... In the past, the Bank has said that it would not respond to first-round price effects, such as those arising from higher dollar-based crude oil prices. ...

Rising oil prices hit other stocks
Advertiser Adelaide - Adelaide,South Australia,Australia
... market closed sharply weaker yesterday after struggling to overcome a negative lead from the United States, stemming from concerns about rising oil prices. ...

BoE's Lambert says spike in oil prices appears to have had only ...
Forbes - USA
LONDON (AFX) - Bank of England rate setter Richard Lambert today stressed that the spike in oil prices through most of 2005 did not seem to have led to higher ...

Oil prices jump above $ 69
Sify - Taramani,Chennai,India
Singapore: Oil prices were higher in Asian trade today on continued worries over security and political tensions in key producers Nigeria and Iran, dealers said ...

The Impact of the Soaring Oil Prices on the World Economy
Dar Al-Hayat - Saudi Arabia
When oil prices hit in 2004 record levels of more than $40 a barrel, some feared that such spike would disrupt the world economy by slowing down its growth ...

Disruption of Gas Supplies from Russia Pushes Oil Prices Upwards
MOSNEWS - Russia
This had a negative effect on oil prices which have surged to their highest levels since Sept. 2, during Monday trading on Asian markets. ...

Stocks Dive As Earnings, Oil Prices Sour Traders
Black Enterprise - New York,NY,USA
... Soaring oil prices -- light sweet crude settled at a 4 1/2-month high above $68 a barrel -- also helped push stocks down, more than offsetting positive ...

OPEC in the News 1/23/06

Saudi oil minister sees no change in OPEC output
Resource Investor - Herndon,VA,USA
OPEC is unlikely to cut output at the cartel's meeting at the end of the month, Saudi Arabia's Oil Minister Ali al-Naimi said on Monday, adding that global ...

DJ Saudi Naimi Sees No Need For OPEC To Change Output Policy
TMCnet - USA
... anything different.". OPEC is scheduled to output policy ahead of the second quarter when demand traditionally falls. Earlier Monday ...

IRAN SEEKS OPEC OIL PRODUCTION DROP
Middle East Newsline - Montreal,Quebec,Canada
NICOSIA [MENL] -- Iran has pressed OPEC to reduce oil production by 1 million barrels per day. Teheran ... quarter.". OPEC plans to meet on Jan. 31. ...

Saudi oilmin says fundamentals in excellent shape - TV
Reuters India - Mumbai,India
NEW DELHI (Reuters) - OPEC is unlikely to cut output at the cartel's meeting at the end of the month, Saudi Arabia's Oil Minister Ali al-Naimi said on Monday ...

NYMEX oil heads for $69 on Iran, Nigeria concerns
Reuters - USA
... said on Friday it was moving its foreign assets to shield them from possible UN sanctions in its nuclear standoff with the West and it said OPEC should cut ...

Stocks Headed for Small Bounce
TheStreet.com - USA
... euro. Oil fell after a Nigerian official downplayed the likelihood of production cuts at an OPEC meeting scheduled for next week. ...

Saudi energy Min rules out crude oil supply cuts
Webindia123 - India
Saudi Petroleum and Mineral Resources Minister Ali bin Ibrahim Al Naimi has ruled out crude oil supply cuts ahead of the January 31 extraordinary OPEC meeting. ...

Iran's Really Big Weapon
Center for Research on Globalization - Canada
... There are, naturally, limits to the degree to which the United States can debase its currency, as the world found with the first great OPEC price rise of 1973 ...

Refinery News 1/23/06

The Impact of the Soaring Oil Prices on the World Economy
Dar Al-Hayat - Saudi Arabia
... As Hurricanes Katrina and Rita have revealed, the global refinery capacity is shrinking, continuously raising the prices of petroleum products. ...

Reliance to Spend $750 Mln to Set Up Supermarkets (Update1)
Bloomberg - USA
... Reliance Petroleum will build a refinery with a capacity of 27 million metric tons a year and a plant with a capacity to make 1 million metric tons of ...

Stage set for Reliance Petroleum's return to bourses with mega ...
Financial Express - Bombay,India
... The capacity expansion would make the Jamnagar refinery the largest petroleum refinery at any single location, anywhere in the world, RIL chairman Mukesh ...

Valero leader goes out on top
Fort Worth Star Telegram - Fort Worth,TX,USA
... by analysts for years when he tried to talk up Valero's strategy of buying refining capacity when the ... "He is the father of the refinery renaissance," said ...

Reliance Petro for Rs 6,000 cr float
Business Standard - India
... Reliance Petroleum is setting up an export-oriented refinery with a capacity of 27 million tonnes and a 1 million tonne polypropylene plant. ...