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Tot hoever stijgt de olieprijs?

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De vorige verzameldraad "Tot hoever zakt de olieprijs?" dateert alweer uit december 2008. Toen lag de situatie anders.

Het is een uitstekende "verzameldraad" met ruim 1600 posts en ruim 93000 views. De titel is nu achterhaald. Hierbij een verse start, mede omdat ik denk dat de olieprijs hoog blijft, dan wel verder gaat stijgen.

Hier nog een linkje naar de oude draad:

www.iex.nl/Forum/Topic/1188697/Koffie...

Het eerste bericht op deze draad:

Olieprijs sluit hoger


AMSTERDAM (Dow Jones)--De olieprijs is maandag hoger gesloten, nadat de Europese Unie (EU) instemde met een embargo op de import van olie uit Iran vanaf 1 juli.

Het alom verwachte embargo komt voort uit de wereldwijde inspanningen om de economie van Iran te beperken in een poging Iran terug aan de onderhandelingstafel te krijgen om het atoomprogramma te bespreken. De EU importeert volgens het Internationaal Energie Agentschap circa 600.000 vaten olie per dag uit Iran, dit komt dichtbij een kwart van de export van Teheran van 2,6 miljoen vaten per dag. De grootste importeurs uit Europa zijn de lidstaten die getroffen worden door ernstige economische spanningen: Griekenland, Italie en Spanje.

De EU heeft aangegeven de effecten van het beleid op EU-lidstaten te beoordelen op 1 mei, maar voor elke poging om het embargo te herzien of uit te stellen is een unanieme beslissing vereist van de zevenentwintig aangesloten staten, stellen functionarissen op maandag. De ministers van buitenlandse zaken van de eurozone hebben toegezegd alle noodzakelijke maatregelen te nemen om ervoor te zorgen dat alle lidstaten toegang blijven houden tot olie-aanvoer.

De maart-future voor een vat ruwe olie sloot maandag op de New York Mercantile Exchange 1,3hoger op $99,58.

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Door Ellen Proper; Dow Jones Nieuwsdienst: 31-20-5715200; ellen.proper@dowjones.com
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Mmmmmm....

Olieprijs sluit lager


AMSTERDAM (Dow Jones)-- De prijs voor een vat ruwe olie is dinsdag lager gesloten, vanwege een sterke dollar, waarbij beleggers beducht blijven op de mogelijke impact van een embargo van de Europese Unie (EU) op de import van olie uit Iran vanaf 1 juli.

De EU besloot hiertoe maandag in een poging het land terug te krijgen aan de onderhandelingstafel om het attoomprogramma te bespreken. De grootste importeurs uit Europa zijn de lidstaten die getroffen worden door ernstige economische spanningen: Griekenland, Italie en Spanje.

De EU gaf maandag aan de effecten van het beleid op EU-lidstaten te beoordelen op 1 mei, maar voor elke poging om het embargo te herzien of uit te stellen is een unanieme beslissing vereist van de zevenentwintig aangesloten staten.

Daarnaast ging de aandacht dinsdag uit naar de ontwikkelingen omtrent de schuldproblemen in de eurozone. Naast het effect van de stijgende dollar leidt de crisis in de eurozone tot een afnemende vraag naar olieproducten in de regio en neemt de vrees toe dat de problemen overslaan naar andere ontwikkelde economieen.

Tevens wordt uitgekeken naar de publicatie van de wekelijkse olievoorraden woensdag voor de week die eindigt op 20 januari. Voor olie wordt uitgegaan van een stijging met 900.000 vaten tegen een daling met 3,44 miljoen vaten een week eerder. Benzine stijgt in de prognoses met 1,7 miljoen vaten tegen een stijging met 3,72 miljoen vaten een week ervoor. Distillaten lopen naar verwachting met 200.000 vaten terug tegen een toename met 440.000 vaten een week eerder. De raffinagecapaciteit komt naar verwachting uit op 83,2% tegen 83,7% een week eerder.

De maartfuture voor een vat ruwe olie sloot dinsdag op de New York Mercantile Exchange $0,63 lager op $98,95.


Door Patrick Buis; Dow Jones Nieuwsdienst +31-20-571-52-01; patrick.buis@dowjones.com


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Olievoorraden VS stijgen harder dan verwacht


AMSTERDAM (Dow Jones)--De voorraden ruwe olie in de Verenigde Staten zijn vorige week harder gestegen dan verwacht, blijkt woensdag uit cijfers van de Amerikaanse Energy Information Administration.

De voorraad ruwe olie steeg afgelopen week met 3,6 miljoen vaten tot 334,8 miljoen, waar vooraf door Dow Jones Nieuwsdienst geraadpleegde economen op een toename met 0,7 miljoen vaten rekenden.

De benzinevoorraden daalden met 0,4 miljoen vaten tot 227,13 miljoen vaten. Hier werd gerekend op een toename met 1,4 miljoen vaten.

De voorraden stookolie en diesel daalden met 2,5 miljoen vaten tot 145,6 miljoen, waar gerekend werd op een daling met 0,5 miljoen vaten.

De capaciteitsbenutting van raffinaderijen daalde naar 82,2%, van 83,7% een week eerder. Gerekend werd op een daling tot 83,4%.


- Door Patrick Buis; Dow Jones Newswires; +31 20 571 52 00; patrick.buis@dowjones.com


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UAE to pump USD 98 billion in oil sector

According to a regional bank report, the UAE is planning to pump nearly USD 98 billion into hydrocarbon projects involving expansion of its crude output capacity and development of the gas industry.

Kuwait based Global Investment House said that the investments account for nearly 28% of the total capital of around USD 353 billion approved by the six nation Gulf Cooperation Council for projects in the oil and gas sector. The UAE investments cover 116 major projects, including the giant

Tacaamol - Al -Gharbia Chemicals Industrial City venture that is currently in planned phase, with an estimated budget of USD 20 billion. Another major upcoming project is the ZADCO oilfield development and has an estimated budget of USD 10 billion.

It gave no other details but the UAE has been locked in a massive expansion program to tap its huge gas resources of more than 6 trillion cubic meters the world's fifth largest after Russia, Iran, Qatar and Saudi Arabia.

The projects also involve boosting the country's crude production capacity to nearly 3 million barrels per day within 2 years and 3.5 million barrel per day by 2015. The UAE's current capacity is estimated at 2.7 million barrel per day while its proven oil deposits are officially put at 98 billion barrels.

GIH said that Saudi Arabia accounts for more than 60% of the GCC's total hydrocarbon projects with planned investment of around d USD 215 billion covering 147 major ventures. The projects are focused heavily on the upstream oil and gas segment including the massive Yanbu Integrated Refinery and Petrochemicals Complex that is currently in the study phase at a cost of USD 20 billion.

Another major upcoming project is the Jizan Refinery Project that has an estimated budget of nearly USD 7 billion. In order to continue to benefit from previous high oil prices, GCC countries are concentrating on expanding their output.

As of today total value of planned projects in the regional hydrocarbon sector is estimated at USD 353 billion despite this optimistic scenario project postponement and cancellation trend continues to plague the market.

(Sourced from Emirates Business 24/7)
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China sees record Saudi crude import in Dec

According to the Chinese customs data, China's crude oil imports from Saudi rose to 1.12 million barrels per day in December, the fourth highest on record on a daily basis as the world's top oil exporter pumped just under the 10 million barrel per day mark.

Data from the China General Administration of Customs showed that China bought Saudi imports were a touch below November's 1.17 million barrel per day.

The record was 9.56% more crude oil from the kingdom last month versus December 2010 and wound up the whole of 2011 with 12.6% growth at 50.28 million tonnes or 1.01 million barrels per day. That would leave Saudi supplying nearly 20% of total crude oil imports at about 5.08 million barrel per day into China, the world's second largest crude buyer after the United States.

The December Saudi imports were a touch below November's 1.17 million barrels per day. The record was set in December 2009 at 1.18 million barrels per day and the third highest in July 2009 at 1.15 million barrels per day.

Gulf based sources said that the world's top oil exporter was pumping just under record rates of 10 million barrels per day earlier this month after a record rate in November at 10.047 million barrels per day.

Imports from Iran, China's third largest supplier jumped 41% in December over a year earlier at 2.43 million tonnes or 572,000 barrels per day. For the whole of last year, China's Iranian oil imports rose 30% to 27.76 million tonnes or about 555,200 barrels per day putting China firmly on the top spot of Iran's global crude oil clients.

China, however has scaled back imports in the first two months of this year as two sides have yet to agree on the main terms for the 2012 contract. China's crude import growth last year slowed to nearly a third of the blistering pace of 2010, as weaker economic growth likely to drag into the New Year weighed on demand.

Analysts expected China's imports this year to at least maintain or quicken from last year's pace, bolstered by new refining capacities started in late 2011 and through this year and an increasing chance to build stocks.

(Sourced from Reuters)

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Economic gloom pushes oil lower

Gulf News reported that oil prices fell pressured by economic uncertainty ahead of a possible debt deal in Greece, concerns about China's sluggish manufacturing sector and weak US petroleum demand.

China's manufacturers had a sluggish start to the year, a survey of purchasing managers showed, weighing on oil and also on copper prices.

Analysts and broker said that news that major powers seeking to negotiate an end to Iran's suspected pursuit of nuclear weapons are soon to lay out what Tehran would need to do return to talks added to pressure on oil prices.

Mr Phil Flynn analyst at PFGBest Research in Chicago said that "There are questions about Europe as far as [oil] demand and the weak US gasoline demand numbers indicate the economy may not be doing as well as thought."

Mr Flynn said that "Signs of slowing in Chinese manufacturing didn't help and there are signs that there are efforts to take some of the tension out of the air on Iran."

In London, ICE Brent March crude settled at USD 109.86 per barrel, sliding USD 1.69 or 1.52% having fallen intraday to USD 109.42 below front month Brent's 100 day moving average at USD 109.62. For the week, front month Brent fell 58 cents or 0.53%.

US February crude settled at USD 98.46 dropping USD 1.93 having fallen intraday to USD 97.91, pushing below the 50 day moving average at USD 99.07. For the week, front month US crude dipped 24 cents.

US crude's deficit to Brent widened to USD 11.53 at the close from USD 11.01. Total Brent trading volume slipped 12% from its 30 day average. Total US crude dealings were up 22% from the 30 day average.

A planned reversal of the Seaway crude oil pipeline in the US is being delayed two months to June 1, pushing back near term expectations that the US Midwest crude oil glut will be eased.

The EIA data showed that US gasoline and heating oil both weakened after Thursday's weekly oil data from the Energy Information Administration showed rising gasoline and total distillate stockpiles and weak demand. US gasoline demand last week plummeted to the lowest level in more than a decade.

The industry group American Petroleum Institute said that petroleum consumption in December declined 5.9% versus December 2010 and total 2011 demand fell 1.2% to an average of 18.9 million barrels per day compared with the previous year.

Japan pledged to keep cutting purchases of Iranian crude, the clearest public offer of support yet among Asia's big buyers for US efforts to get consumer nations to stop buying Iran's oil.

A senior Brussels official said that European Union foreign ministers will assure Greece tomorrow that it will still be able to buy oil on reasonable terms after the introduction of a planned EU ban on Iranian crude.

EU ministers meet tomorrow and are expected to announce sanctions on importing Iranian oil. The expected statement on what terms talks with Iran could be started by major powers Britain, China, France, Germany, Russia and the US would be the latest signal the diplomatic path remains open to Iran despite tougher sanctions and speculation of a military strike on its nuclear facilities.

(Sourced from Gulf News)

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IMF: hoge olieprijzen door conflict met Iran

Gepubliceerd op 25 jan 2012 om 20:55 | Views: 0
WASHINGTON (AFN) - Het Internationaal Monetair Fonds (IMF) vreest dat de politieke spanning rond Iran kan leiden tot torenhoge olieprijzen. De Europese Unie en de Verenigde Staten willen het land treffen met een olieboycot. Iran heeft daarop gedreigd met een blokkade van de Straat van Hormuz, een belangrijke olieroute.

Een olie-embargo van Iran kan leiden tot een prijsstijging van 20 tot 30 procent, als andere olielanden de verminderde aanvoer niet compenseren. Een blokkade kan nog grotere gevolgen hebben, aldus het IMF.

Het Westen wil Iran treffen omdat het stiekem atoomwapens zou maken.
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Olieprijs sluit hoger


AMSTERDAM (Dow Jones)--De olieprijs is woensdag hoger gesloten, nadat de Federal Reserve woensdag bekendmaakte dat het de belangrijkste rentestand handhaaft op 0% tot 0,25% tot tenminste 2014. Omdat de handhaving van de rentestand kan bijdragen aan het herstel van de economie in Amerika en het land de grootste olieverbruiker ter wereld is, wordt de stap positief ontvangen op de oliemarkten.

In het commentaar bij het rentebesluit waarschuwden de beleidsbepalers van de Federal Reserve echter wel dat het herstel te traag is en wordt gekenmerkt door significante risico's.

Eerder op de dag fluctueerden de olieprijzen nog nadat Amerikaanse Energy Information Administration bekendmaakte dat de voorraad ruwe olie de afgelopen week steeg met 3,6 miljoen vaten tot 334,8 miljoen, waar vooraf werd gerekend op een kleine toename van 0,7 miljoen vaten. De benzinevoorraden daalden juist met 0,4 miljoen vaten tot 227,13 miljoen vaten, terwijl vooraf werd uitgegaan van een toename met 1,4 miljoen vaten.

De voorraden stookolie en diesel daalden met 2,5 miljoen vaten tot 145,6 miljoen en daarmee namen de voorraden meer af dan de vooraf verwachte 0,5 miljoen vaten.

De capaciteitsbenutting van raffinaderijen daalde naar 82,2%, van 83,7% een week eerder. Gerekend werd op een daling tot 83,4%.

Volgens analisten wijzen de cijfers erop dat de oliemarkten een betere balans zoeken tussen vraag en aanbod. "Er is vraag naar olie. De vraag is slecht, maar we hebben erger gezien tijdens recessies", aldus Carl Larry van Oil Outlooks and Opinions. "We moeten ons voorbereiden op een toename. De economie beweegt zich en hoewel het een langzame beweging is, zal de vraag uiteindelijk weer omhoog gaan".

Het gebruik van olie en brandstof in de VS is niet gestegen hoewel een reeks aan macro-economische cijfers erop wijzen dat de economie in het land zich herstelt. Toch zijn de futures er de afgelopen maand niet in geslaagd om boven de $100 per vat te komen.

De spanningen tussen Iran en het Westen zorgen er echter voor dat de olieprijzen niet verder onderuit gaan. Maandag maakte de Europese Unie bekend dat er per 1 juli een embargo komt op olie uit Iran. Tevens worden er nu al geen nieuwe oliecontracten met het land meer afgesloten

De maartfuture voor een vat ruwe olie sloot woensdag op de New York Mercantile Exchange $0,45 hoger op $99,40.


Door Marleen Groen; Dow Jones Nieuwsdienst; +31 20 5715 216; marleen.groen@dowjones.com
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De VS heeft de sleutel in de hand voor de toekomst dewelke ook de prijs zal zijn of de economie onthoofd wordt ja al dan nee.
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Iran stopt olie-export naar EU mogelijk volgende week


LONDEN (Dow Jones)--Iran zal de export van olie naar de Europese Unie mogelijk begin volgende week al stopzetten. Dit verklaart Hossein Ebrahimi, beleidsmaker van de Iraanse Commissie van Nationale Veiligheid en Buitenlands Beleid.

Zondag stemt het Iraans parlement over het voorstel en indien er een akkoord komt, kan de export naar de EU direct worden stil gelegd.

Daarmee ondermijnt Iran de beslissing van de EU om per 1 juli een embargo te leggen op olie uit het land.

Tevens maakt de actie van Iran het voor EU-lidstaten als Italie en Spanje, die veel olie uit het land importeren, lastig om snel vervangende leveranciers te vinden.


Door Benoit Faucon. Vertaald en bewerkt door Marleen Groen; Dow Jones Nieuwsdienst; +31 20 5715 216; marleen.groen@dowjones.com
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Shell CEO ziet volatiele olieprijzen, maar geen herhaling 2008


AMSTERDAM (Dow Jones)--De olieprijs zal volatiel blijven, maar naar verwachting niet zo omhoog schieten als het geval was in 2008, stelt Chief executive van het Brits-Nederlandse olieconcern Royal Dutch Shell (RDSA) vrijdag.

"We zullen ons geconfronteerd zien met volatiele prijzen", stelt Shell-topman Peter Voser, eraan toevoegend dat hij echter geen herhaling ziet van de enorme stijging van de olieprijs zoals in 2008.

Voser meldt tevens dat vijf grote Nederlandse bedrijven, waaronder Shell en Unilever plc (UL), de handen ineen hebben geslagen om "bij de Europese Unie (EU) te pleiten zijn zaken snel op orde te krijgen".

De bestuurder waarschuwde tevens dat de toename aan regulering in de financiele sector geleidelijk merkbaar wordt in de industriele sector.

"Deze golf aan regels - in reactie op de financiele crisis - wordt nu voelbaar en is niet concurrentiebevorderend", aldus de bestuurder, eraan toevoegend dat dit er waarschijnlijk toe zal leiden dat meer bedrijven hun activiteiten naar het buitenland verhuizen of meer in het buitenland zullen investeren.


Door Patrick Buis; Dow Jones Nieuwsdienst; +31 20 571 52 01; patrick.buis@dowjones.com
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Crude prices dip towards USD 99 as Greek woes offset Iran tension

Gulf News reported that oil edged down toward USD 99 as uncertainty over a Greek debt deal offset concerns that Iran could block shipments of crude in the wake of the European Union's decision to embargo imports of Iranian oil.

Negotiations to have Greece's private creditors swap their bonds for new ones of a lower value are crucial to avoiding a default and contain the European debt crisis. But Eurozone governments have taken a hard line on the rates the new bonds should pay, insisting they should be below 3.5% less than the creditors are so far willing to accept. That has raised the prospect that the deal might fail, increasing uncertainty over Greece's future and hurting stock and commodity markets yesterday.

Benchmark oil for March delivery was down 38 cents at USD 99.20 per barrel by late morning in Europe in electronic trading on the New York Mercantile Exchange. The contract rose USD 1.25 to settle at USD 99.58 per barrel in New York. Front month Brent crude slipped 68 cents to USD 109.90 per barrel by 1105 GMT. US crude was down about 58 cents at USD 99.00.

Mr Tobias Merath head of global commodity research at Credit Suisse said that the fact US crude futures did not break up through USD 100 per barrel despite the EU embargo suggested the market was beginning to discount issues surrounding Iran.

The concerns over Greece offset worries about supplies out of the Arabian Gulf. Iran has said it could close the strategic Strait of Hormuz, through which a fifth of the world's crude is transported in response to sanctions by the West.

The EU said that its refineries would stop buying Iranian crude after July. It also froze assets of Iran's central bank. The sanctions are meant to force Iran to talk with the West about its nuclear program. Iran says its nuclear program is peaceful, but Western nations suspect it is trying to build nuclear weapons.

The embargo itself isn't expected to affect world supplies although markets would get reshuffled. Analysts said that China which is one of the biggest buyers of Iranian crude, probably will buy more Iranian oil at below market prices when the embargo begins. China would reduce imports from other oil producing countries which would then sell more to Europe.

Mr Stephen Schork independent analyst and trader said that "Iran needs to sell its oil to someone. Outside the West, Iran really has only one buyer: China. That means China's probably going to get some sweetheart deals."

Experts said that Iran doesn't have the firepower to close off the strait, which is the only way to get from the Arabian Gulf to the open sea. But a conflict there could clog the waterway with military vessels and force the world's refineries to wait for crucial oil shipments.

Mr Jason Schenker president of Prestige Economics LLC, an Austin, Texas based energy consultant said that "Iranian military action or domestic unrest could both disrupt global crude oil flows. As such, this means that there are rising additional upside risks to crude oil."

Mr Mohammad Kowsari deputy head of the parliament's National Security and Foreign Policy commission said that Iran will sell its crude to non Europeans if the European Union makes good on its decision to stop buying its oil.

Mr Gene McGillian an analyst and broker at Tradition Energy in Stamford, Connecticut said that "In the long term, the Chinese and Indians are going to continue to purchase oil from Iran, so the embargo is more of a reshuffle of the cards."

(Sourced from Gulf News)
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Saudi sees USD 66 billion worth of projects signed in 2011

According to new research, the total value of contracts awarded in Saudi Arabia reached USD 66 billion in 2011, a 6% increase on the previous year.

The steep slowdown in activity in the UAE had propelled the kingdom to be the largest projects market in the region, totalling more than half of the USD 120 billion contracts awarded in the GCC in 2011.

Forecasts by MEED Insight said that the Saudi Arabia projects market will grow 10% to USD 72 billion worth of contract awards in 2012 spurred by increased investments in the construction, petrochemicals and power sectors.

It said that with more than USD 300 billion worth of projects planned and un awarded, the kingdom has also by far the biggest future projects market.

High oil prices which enable the government to increase its capital projects outlay was one of the main reasons behind the growth. Demographic growth was also critical as a larger population and a booming economy result in the need to invest in utilities and transportation infrastructure.

Mr Ed James head of MEED Insight said that "With the UAE projects market declining and Qatar yet to really get going with its project plans, Saudi Arabia is the only GCC projects market to offer immediate opportunities for many companies. The Saudi projects market was based on a fundamental need for investment rather than speculation.”

(Sourced from www.arabianbusiness.com)
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EU oil ban will hurt West growth

Gulf News reported that a European Union ban on imports of Iranian crude will drive up oil prices and boost instability in markets for the commodity, threatening economic growth in Western countries.

The Iranian oil ministry said that the decision by EU foreign ministers to phase out purchases of Iranian oil from July was hasty and may lead to heavy economic loss and damages to the crisis stricken people of Europe.

US Energy Department data showed that Iran has no concerns whatsoever for finding new customers for its oil. Europe, collectively the second biggest buyer of Iranian oil after China imported 450,000 barrels per day of the nation's crude in the H1 of last year.

The EU ban is part of efforts by the bloc and the US to pressure Tehran over its nuclear program that Western nations say is aimed at producing weapons.

Iran said that the program is for civilian energy and medical purposes. The EU measures include freezing assets of the Iranian central bank in Europe and banning trade in petrochemical products from Iran.

(Sourced from Gulf News)
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Oil may hit USD 150 on EU ban - Iran

Reuters cited Mr Ahmad Qalebani deputy oil minister of Iran as saying that oil prices could rise as high as USD 150 per barrel because of the European Union ban on imports of Iranian crude. Although a precise prediction cannot be made on oil prices, it seems we will witness USD 120 to USD 150 oil price per barrel in future.

Benchmark Brent crude prices rose to around USD 111.50 per barrel on expectations Iran's parliament will vote to halt exports to the European Union as early as next week in retaliation for EU plans to stop all Iranian crude imports by July.

Escalating tensions between Iran and Western allies over Tehran's nuclear program including Iranian threats to close the vital Straits of Hormuz have helped push up Brent crude prices by about USD 8 per barrel since mid December.

But analysts said that the world is likely to have more oil this summer thanks to additional output from Saudi Arabia, Iraq and Libya that will more than make up for any lost from Iran after the EU's ban is imposed on July 1st 2012 and this is likely to be reflected in oil prices.

Iran's parliament is due to debate a bill this week that would cut off oil supplies to the EU in a matter of days in response to a decision last Monday by the 27 EU member states to stop importing crude from Iran as of July.

The EU banned imports of oil from Iran on Monday and imposed a number of other economic sanctions, joining the United States in a new round of measures aimed at hindering Tehran's nuclear development program.

Mr Qalebani warned foreign oil companies to either renew their long term contracts with Tehran or face the consequences of losing their benefits from the OPEC's second largest producer.

(Sourced from Reuters)
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Unlocking reserves
1903 words
30 January 2012
Oil and Gas News
OLNGAS
English
Copyright 2012 Al Hilal Publishing & Marketing Group.
UAE, the fourth largest oil producer in the Organization of the Petroleum Exporting Countries (Opec), has drawn up plans for the massive expansion of its oil and gas industry that will boost its oil output to 3.5 million barrels per day (mbpd) in 2016 against 2.5 mbpd at present.
The $60-billion investments into the dozens of projects will also see new 50 per cent boost up in refining capacity in the country, increasing the gas production by adding one billion cubic feet daily (bcfd), which will be made available for the heavy industries apart from trebling the products of pole olefins, or plastics, which will make Abu Dhabi the largest producer of plastics.
Abu Dhabi sits on 98 billion barrels of oil and 6.5 trillion cubic metres of natural gas. In a major development, which is quite significant in regional context, one of the most strategic projects of the UAE has been completed. The mega pipeline project will transport crude oil from Abu Dhabi to Fujairah’s oil terminals situated on the shores of the Indian Ocean, which means the oil export could skip the Arabian Gulf, for its onward export.
This project went into testing and trial phase in the third quarter after its construction was completed on time in the summer.
The commercial supply from Fujairah terminal is likely to begin in summer this year, bringing greater stability to the international oil market and to Abu Dhabi oil buyers in South East Asia, who can now expected an uninterrupted supply of essential commodity oil.
The pipeline will transport oil from Abu Dhabi’s oil installations in Ruwais overland to the oil terminal in Fujairah, which is located on the Indian Ocean, due to which Abu Dhabi would continue to supply its oil even in the case of a war, or any other political event that can threatened the closure of vital oil transport water channel of Strait of Hormuz. Iran has already threatened to block it in case its oil export is brought under the UN, US and EU’s economic sanctions.
Al Hamli ... hunting for technology toramp up output
Meanwhile, the UAE is seeking partnership with international energy companies to access the technology required to expand production capacity in the era of post-easy oil, the country’ s energy minister Mohammed Bin Dhaen Al Hamli says.
For much of the 20th century, the Gulf has been blessed with a steady flow of low-cost oil and gas production, thanks to its abundance of conventional reservoirs - in parts of Iraq crude oil has been known to bubble to the surface without any assistance. But as a relatively mature oil producing region, there is renewed focus on improving recovery from the Middle East’s largest fields.
"Over the years, oil and gas has become more challenging to produce, and the UAE has embraced this challenge with the development of increasingly complex fields such as ultra-sour gas reservoirs." More than ever, the UAE is looking for oil majors, service companies and technology suppliers that are able to help the nation develop new projects," he says.
The US Geological Survey estimates there are some 3 trillion barrels of heavy oil in the world, about 100 years of global consumption at current levels. The catch: only a fraction of it - about 400 billion barrels - can be recovered using existing technology. New techniques are required to unlock more.
But with ageing reservoirs and prices at $100 per barrel, the economics of using enhanced oil recovery to go after heavy oil extraction has become more attractive.
"Global enhanced oil recovery spending has leapt from a standing start over the past decade to almost $100 billion and is expected to continue growing rapidly with the support of government investment as we have seen in Oman, the UAE and now Saudi Arabia," says Stuart Walley, regional manager for Senergy in the Middle East and India. The world’s largest reservoirs, such as Kuwait’s Burgan, Abu Dhabi’s Upper Zakum and Saudi Arabia’s giant Ghawar, have pumped more than half their recoverable reserves after 50 years - the point at which production traditionally begins to decline.
Demand for energy will grow faster in the Middle East over the next two decades than any region other than Asia, according to the International Energy Agency.
"The outlook for the international energy industry in 2012 is clouded by uncertainty with ongoing concerns about economic growth, energy consumption and global financial stability, but not withstanding these issues, the UAE continues to invest heavily in oil and gas production," Al Hamli says.
Meanwhile, Asian companies are well-placed to take more stakes in Abu Dhabi’s upcoming oil and gas concessions as the oil exporting emirate seeks stronger ties with its biggest customers and better financial terms for itself. Western oil majors ExxonMobil, Shell and Total hold large stakes in concessions that pump most of the oil and gas which has helped transform Abu Dhabi into one of the world’s largest oil exporters and richest countries over the last five decades. Abu Dhabi plans of investment may welcome eastern companies into the oil club to make it happen.
"You are not going to have a small club anymore. You will have some more upstream presence from the consumer countries. I would expect some other partnerships from Japan, South Korea and even China," Thaddeus Malesa, a Dubai-based independent energy analyst, says.
Zadco ... in the hunt for reserves
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part 2:

"If you want to be tied into the future, if you want to have ties with countries with higher demand growth, you will have to let them in. That is really the consideration within the government in terms of getting the best all-around deal for Abu Dhabi," Malesa says.
Almost all of crude exports out of UAE, the world’s third largest crude exporter, is sold to Asian countries, but when it comes to concessions Japanese Oil Development Co (Jodco) is the only Asian company with a major stake in one of its four largest oil concessions. Cosmo Oil Co, also from Japan - the leading importer of emirati oil - was awarded a minor concession in early 2011 and has stakes in a few small fields. But analysts, sources close to the government and industry observers say companies from South Korea and increasingly import-dependent China are likely front-runners when the concessions come up for renewal in 2014.
Analysts and sources close to the government expect some shift in concession control from West to East point to a memorandum of understanding signed by Adnoc and South Korea in March which secured access to at least a billion barrels of reserves for one of the UAE’s biggest crude consumers. The UAE’s oil concessions have an unusual structure which allows producers to acquire equity stakes in return for providing much of the investment and accepting profit margins that analysts say are very tight by international standards.
Adnoc holds a controlling stake in each concession which it operates with several partners - a system which irks some oil companies who do not want to share their technology with rivals. In October last year, the senior vice president of ExxonMobil, one of the largest stake holders in the big concessions, said the multi-partnered structure prevented the US energy giant from bringing in its "best" technology. "The biggest company pushing for change is Exxon," a senior industry source based in Abu Dhabi says. "They have been lobbying for that for quite some time."
But Abu Dhabi’s Supreme Energy Council (SPC), the highest authority on energy policy, will not shift readily from a concession system which has worked well for the wealthy emirate for decades.
"We are going through a very conservative period in terms of investment. I would be really surprised if they broke up the concessions," a government source says.
"If we are going to allow any new players, I would say it would be for small fields," he adds. With the first expiry of Abu Dhabi concessions looming in 2014, international oil company (IOC) executives hope Adnoc and the SPC will announce their plans for the renewals this year.
I can tell you from experience that whenever there is any kind of bidding, Adnoc would consistently pick the lowest price," Malesa says. "Even if a rival bid is within a 10-per cent band it would be rejected, even if the other bidder has better technology," he adds.
US-based Occidental Petroleum beating front-runner Shell in January to develop the large but technologically challenging Shah Gas field was seen by many analysts as evidence of Adnoc’s sensitivity to price.
The complex nature of future oil and gas extraction in the region should ensure western IOCs with experience extracting fuel from tricky deposits in other parts of the world continue to play a major role in the UAE.
"Adnoc will explore its options," a source at Adnoc says. "But you will still have the likes of BP, Shell involved."
With Asian oil demand rising while consumption in the western hemisphere wanes, Asian companies with long-term supply concerns may out bid the established IOCs to secure fuel they need to drive rapid economic growth. "The concessions are not about profits for the next 10 years but more about what this region will look like in 50 years’ time," a western oil industry source says." They recognise this will be very important in 60 years’ time so they start the relationship today."
Meanwhile on the refining front, Abu Dhabi’s International Petroleum Investment Company (Ipic) started work on a new oil refinery in Fujairah, in the third quarter of 2011. The Dh11 billion ($2.99 billion) refinery will refine 200,000 barrels of oil per day (bpd) in 2016, at the same time when Abu Dhabi’s new oil supply would come on-line, only to strengthen Abu Dhabi’s already a pivotal role as a major reliable oil producer, refiner and manufacturer of plastics.
On the domestic side also, Abu Dhabi continued to focus its attention as the market is marred by strong growth in refined products against stagnant output.
Abu Dhabi National Oil Company’s (Adnoc) refining arm Takreer is continuing its expansion activities, planning to add 50 per cent more refining capacity by 2014, which will allow self-sufficiency in oil and products for the next five to eight years. Takreer launched the Ruwais refinery expansion to install new 417,000 bpd oil refining capacity to meet growing domestic demand. It will also help capture future growth for refined products.
The construction contracts have already proved the farsightedness of the leaders and planners of the nation, who continued the development activities and thus benefited from up to 35 per cent fall in the construction materials. The majority of the country’s hydrocarbon projects were awarded to contractors last year, and during 2011 saw mobilisation and groundbreaking on these over two dozen small and large construction projects.
The oil refining company Takreer, which is responsible for operating and developing the refining industry for Adnoc is on the forefront of a new expansion.
The company’s two refineries are located in Abu Dhabi with a total refining capacity of 485,000 bpd.
The expansion to Takreer’s refinery will meet the demand growth in local market and strengthen Adnoc’s presence in the refined product international market.
Al Bawaba (Middle East) Ltd. (Middle East aggregated content)
voda
0
Olieprijs sluit lager


(Correctie van eerder gepubliceerd bericht 'Olieprijs sluit lager', om de verwachte stijging voorraad vaten ruwe olie in de e e n na laatste alinea te corrigeren.)


AMSTERDAM (Dow Jones)--De prijs voor een vat ruwe olie is dinsdag lager gesloten, waarbij de olieprijs gedurende de handelsdag zijn winsten van eerder op de dag inleverde, vanwege een sterkere dollar.

Gedurende de handelsdag steeg de prijs voor een vat ruwe olie ruim $2,00 tot een tussentijds hoogtepunt van $101,20, vanwege een zwakke dollar en de in Europa geboekte vooruitgang omtrent de oprichting van een permanent noodfonds ter waarde van EUR500 miljard.

Tegenvallende macrodata uit zowel de VS en Europa dempten echter het positieve sentiment, waardoor de vrees voor met name een economische recessie in Europa opnieuw de kop opstak en de dollar ten opzichte van de euro opnieuw aan kracht won.

Daarnaast wordt uitgekeken naar de publicatie van de wekelijkse olievoorraden voor de week eindigend op 27 januari. Voor olie wordt uitgegaan van een stijging met 3,2 miljoen vaten in vergelijking met een toename met 3,56 miljoen vaten een week eerder. Voor benzine wordt een daling verwacht met 200.000 tegen een afname met 390.000 vaten de week ervoor. Bij distillaten is de verwachting dat er hier een daling met 1,6 miljoen vaten is opgetreden tegen een daling met 2,46 miljoen vaten een week eerder.

De maartfuture voor een vat ruwe olie sloot dinsdag op de New York Mercantile Exchange $0,30 lager op $98,48.


Door Patrick Buis; Dow Jones Nieuwsdienst +31-20-571-52-01; patrick.buis@dowjones.com


Bowski
0
quote:

voda schreef op 31 jan 2012 om 17:31:


part 2:

"If you want to be tied into the future, if you want to have ties with countries with higher demand growth, you will have to let them in. That is really the consideration within the government in terms of getting the best all-around deal for Abu Dhabi," Malesa says.
Almost all of crude exports out of UAE, the world’s third largest crude exporter, is sold to Asian countries, but when it comes to concessions Japanese Oil Development Co (Jodco) is the only Asian company with a major stake in one of its four largest oil concessions. Cosmo Oil Co, also from Japan - the leading importer of emirati oil - was awarded a minor concession in early 2011 and has stakes in a few small fields. But analysts, sources close to the government and industry observers say companies from South Korea and increasingly import-dependent China are likely front-runners when the concessions come up for renewal in 2014.
Analysts and sources close to the government expect some shift in concession control from West to East point to a memorandum of understanding signed by Adnoc and South Korea in March which secured access to at least a billion barrels of reserves for one of the UAE’s biggest crude consumers. The UAE’s oil concessions have an unusual structure which allows producers to acquire equity stakes in return for providing much of the investment and accepting profit margins that analysts say are very tight by international standards.
Adnoc holds a controlling stake in each concession which it operates with several partners - a system which irks some oil companies who do not want to share their technology with rivals. In October last year, the senior vice president of ExxonMobil, one of the largest stake holders in the big concessions, said the multi-partnered structure prevented the US energy giant from bringing in its "best" technology. "The biggest company pushing for change is Exxon," a senior industry source based in Abu Dhabi says. "They have been lobbying for that for quite some time."
But Abu Dhabi’s Supreme Energy Council (SPC), the highest authority on energy policy, will not shift readily from a concession system which has worked well for the wealthy emirate for decades.
"We are going through a very conservative period in terms of investment. I would be really surprised if they broke up the concessions," a government source says.
"If we are going to allow any new players, I would say it would be for small fields," he adds. With the first expiry of Abu Dhabi concessions looming in 2014, international oil company (IOC) executives hope Adnoc and the SPC will announce their plans for the renewals this year.
I can tell you from experience that whenever there is any kind of bidding, Adnoc would consistently pick the lowest price," Malesa says. "Even if a rival bid is within a 10-per cent band it would be rejected, even if the other bidder has better technology," he adds.
US-based Occidental Petroleum beating front-runner Shell in January to develop the large but technologically challenging Shah Gas field was seen by many analysts as evidence of Adnoc’s sensitivity to price.
The complex nature of future oil and gas extraction in the region should ensure western IOCs with experience extracting fuel from tricky deposits in other parts of the world continue to play a major role in the UAE.
"Adnoc will explore its options," a source at Adnoc says. "But you will still have the likes of BP, Shell involved."
With Asian oil demand rising while consumption in the western hemisphere wanes, Asian companies with long-term supply concerns may out bid the established IOCs to secure fuel they need to drive rapid economic growth. "The concessions are not about profits for the next 10 years but more about what this region will look like in 50 years’ time," a western oil industry source says." They recognise this will be very important in 60 years’ time so they start the relationship today."
Meanwhile on the refining front, Abu Dhabi’s International Petroleum Investment Company (Ipic) started work on a new oil refinery in Fujairah, in the third quarter of 2011. The Dh11 billion ($2.99 billion) refinery will refine 200,000 barrels of oil per day (bpd) in 2016, at the same time when Abu Dhabi’s new oil supply would come on-line, only to strengthen Abu Dhabi’s already a pivotal role as a major reliable oil producer, refiner and manufacturer of plastics.
On the domestic side also, Abu Dhabi continued to focus its attention as the market is marred by strong growth in refined products against stagnant output.
Abu Dhabi National Oil Company’s (Adnoc) refining arm Takreer is continuing its expansion activities, planning to add 50 per cent more refining capacity by 2014, which will allow self-sufficiency in oil and products for the next five to eight years. Takreer launched the Ruwais refinery expansion to install new 417,000 bpd oil refining capacity to meet growing domestic demand. It will also help capture future growth for refined products.
The construction contracts have already proved the farsightedness of the leaders and planners of the nation, who continued the development activities and thus benefited from up to 35 per cent fall in the construction materials. The majority of the country’s hydrocarbon projects were awarded to contractors last year, and during 2011 saw mobilisation and groundbreaking on these over two dozen small and large construction projects.
The oil refining company Takreer, which is responsible for operating and developing the refining industry for Adnoc is on the forefront of a new expansion.
The company’s two refineries are located in Abu Dhabi with a total refining capacity of 485,000 bpd.
The expansion to Takreer’s refinery will meet the demand growth in local market and strengthen Adnoc’s presence in the refined product international market.
Al Bawaba (Middle East) Ltd. (Middle East aggregated content)


Who the hell is Adnoc?
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