Falklands : Hydrocarbons Weekend Record (03/04 June 2006)
Submitted by Falkland Islands News Network (Juanita Brock) 04.06.2006 (Article Archived on 18.06.2006)
For the past month oil prices have ranged in a narrow band between just under $69.00 to just over $73.00 per barrel.
HYDROCARBONS WEEKEND RECORD (03/04 JUNE 2006)
By J. Brock (FINN)
At the last reporting, Light Sweet Crude was $72,33 per barrel on the New York Mercantile Exchange and Brent Crude at $70.72 on London’s ICE Futures Exchange. Reporting on the oil price per barrel and local exploration stocks will continue in Monday’s Hydrocarbons Daily Record.
TRENDS
For the past month oil prices have ranged in a narrow band from just under $69.00 per barrel to just over $73.00. Hopes of oil prices nearer $60.00 seem remote given the volatile geopolitics in areas where oil is produced and the tight exploration rig market. Several prospects all over the world have been discovered but with exploration facilities high in demand those prospects remain untapped. Supply, the third ingredient in the mix, seems to be stabilised with the announcement at the 141st Extraordinary OPEC Meeting in Caracas, Venezuela that production levels will remain the same.
DEVELOPING FACTORS
(Iran)
Officials in Iran have announced that they want fair and unconditional bilateral talks with the United States, Germany and delegates of the UN Security Council. The statements were made prior to the delivery of the proposals and sanctions document to Iranian Officials that was sanctioned in Vienna by members of the UN Security Council and Germany. Iran remains clear that it will not stop enriching nuclear fuel for power generation as a pre-condition for talks.
(Nigeria)
Eight oil workers who were kidnapped last week have been freed. Vandalism of infrastructure and kidnapping are two weapons that Nigerians rebels are using to weaken the present government.
(Venezuela)
At a press conference after the 141st Extraordinary OPEC meeting at the Eurobuilding Hotel in Caracas, OPEC President, Edmond Daukoru explained that the meeting dealt mainly with market trends and reporting to help evaluate the necessity for adjustments in production levels. He explained that observer nations were an important part of keeping oil prices from wildly fluctuating upwards or downwards.
(OPEC)
The next ordinary meeting of OPEC will be held in Vienna on 11 September 2006.
(Falkland Islands)
The Falklands are in an area where huge oil and natural gas reserves have been found. Unfortunately, they have had to join the queue alongside other areas where there are equally large prospects. It’s a leaser’s market as far as rigs go and it would not be unusual for one to have a $80,000.00 per day price tag on it.
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