MEED Oil Blog
Can Aramco's GES-plus survive?
Saudi Aramco’s plan to tender the offshore maintain potential programme in 2012 raised questions over design and detailed engineering work in the kingdom
Saudi Arabia aims for top tier in downstream sector
The 2nd Saudi Downstream Conference was held on March 6-7 in Jubail and the message from the speakers and delegates was clear – we need to move quickly
Has Iran stopped European oil exports?
Has Iran halted crude oil deliveries to certain European countries? Not according to the London-based Centre for Global Energy Studies (CGES) who believe the Islamic Republic is simply “quite content to sow the seeds of uncertainty” to earn some extra revenues.
IEA cuts oil demand forecast for 2012
The Paris-based International Energy Agency (IEA) released its monthly oil market report on 18 January, reducing its 2012 global oil demand forecast, on the back of weak consumption at the end of 2011 and warns it may cut its estimates again.
Libyan oil production rises
Oil officials in Libya are optimistic about their recovery prospects with France’s Total saying it expects onshore production to start in early 2012 at the Mabruk field.Opec and the International Energy Agency have also released new forecasts for 2020 demand, increasing their consumption assessment from last year.
Brent recovers from sub-$100 dip
Europe’s Brent crude briefly dropped through the $100 a barrel floor for the first time since 8 February, settling at $99.79 a barrel on 4 October as the region’s debt crisis continues to keep pressure on prices.
Virtue borne out of necessity
Shell was forced to adopt new safety standards to fend off PR disaster at its Pearl GTL complex
Why oil prices aren’t moving
Continued macroeconomic pessimism seems to be spreading from the US and Europe to developing countries where oil demand growth remains positive, but has almost halved from nearly 6 per cent in the first half of 2010 to just 3.3 per cent in the first six months of this year. So why haven’t oil prices reflected this?
Opec and IEA cut global oil demand outlook on weak demand
Oil producers’ group Opec made a further revision to its world oil demand outlook for 2011, as did the Paris-based International Energy Agency (IEA).
Crude steadies after fall of Libyan leader
Regime change in Libya put some uncertainty back into the crude oil markets, as traders weighed the news against US economic performance. After dropping almost $3 a barrel on news of the fall of Tripoli on 22 August, European benchmark Brent crude oil prices edged up $0.84 to $110.15 a barrel, while the US’ West Texas Intermediate (WTI) contract closed at $85.16 a barrel, down $0.28 on 24 August. With the six-month long Libyan stalemate coming to a conclusion, the big question is how ...
Brent crude drops to six month low
European benchmark Brent crude oil prices dropped to a six-month low on 9 August, falling to $99 a barrels, having shed $10 in the space of as many days, since the downgrade of the US’ credit rating spread fears of a global economic slowdown in early August.
Oil prices rebound since IEA reserves release
Oil prices are drifting upwards again. On 5 July, European benchmark Brent crude futures for August traded at $113.61 a barrel, having eased to $105 a barrel over the past two weeks following the release of strategic stocks held by the Paris-based International Energy Agency (IEA). US West Texas Intermediate (WTI) contracts remain below $100 a barrel at $96.89 a barrel.
Opec calls on IEA to halt oil release
Opec has not had a good year so far. It has lost production from one member, Libya and seen its reputation battered by indecision and bickering at its last meeting on 8 June. Now, the oil producers group has been forced to call on the Paris-based International Energy Agency (IEA) to immediately stop the emergency release of 60 million barrels of oil. The call is likely to fall on deaf ears.
IEA oil and gas forecasts for 2015
The Paris-based International Energy Agency (IEA) released its medium-term oil and gas markets report on 16 June, forecasting annual oil demand to grow by an average of 1.1 million barrels-a-day (b/d) until 2016.
Oil up as Opec fails to agree in Vienna
Meeting on 8 June in Vienna for the first time in 2011, and the first time since the spread of civil unrest across the region, the twelve member countries of Opec dashed any expectations of a boost in crude oil supplies.
Tough decisions ahead for Opec
Oil producers’ group, Opec meets today for the first time in 2011, with Brent crude oil prices once again approaching $120 a barrel.
Brent back up to $115 a barrel
European benchmark Brent crude oil futures rose above $115 a barrel on 26 May. Weakening dollar the cause
Libya's sweet crude is hard to replace
UK analysts Barclays Capital explain why oil production in Libya is so important, particularly for Europe
Opec under Ahmadinejed
Iran currently holds the Opec presidency and Mahmoud Ahmadinejed is now caretaker oil minister
