Falklands : Hydrocarbons Daily Record Tuesday, 10 June 2008
Submitted by Falkland Islands News Network (Juanita Brock) 11.06.2008 (Article Archived on 25.06.2008)
Crude prices declined today when Saudi Arabia said that it would increase production. OPEC, meanwhile, has stated that increasing production won’t be considered until their meeting in September.
HYDROCARBONS DAILY RECORD TUESDAY, 10 JUNE 2008
By J. Brock (FINN)
At 1930hrs LMT on Tuesday, 10 June 2008 Light Sweet Crude was trading at $134.35 down $4.19 on the New York Mercantile Exchange. Brent Crude was trading at $133.91 down $3.78 on London’s ICE Futures Market.
ANALYSIS:
Crude prices declined today when Saudi Arabia said that it would increase production. OPEC, meanwhile, has stated that increasing production won’t be considered until their meeting in September.
Oil producers and consumers are to meet together on 22 June to discuss, amongst other things, why the market is so tight when demand has largely slacked off. Another item could be how speculators have affected the price of crude futures.
Nonetheless, people nowadays are more careful with expenditure on fuel. Demand is down in the United States compared to what it was last year at this time and, as HDR has said on many occasions, people are sharing rides, using more public transport, using more fuel-friendly vehicles, including ones with alternative fuel and generally not taking as many road trips.
RELATED ARTICLES:
(Asia Cutting Fuel Subsidies)
With the effects of surging oil prices reverberating through the global economy - from airlines curtailing flights to Asian governments cutting fuel subsidies - the International Energy Agency on Tuesday lowered its forecast for global oil demand this year, but just a bit.
http://www.iht.com/articles/2008/06/10/business/oil.php
(Saudi Summit)
Saudi Arabia's proposed oil summit for the world's biggest oil producing and consuming countries to discuss the problem of record crude prices is to take place on June 22, OPEC said Tuesday.
http://afp.google.com/article/ALeqM5j7S5nrkJnnZWBzBg5wWTaM5m8koQ
(Demand Growth Forecast)
As expected, the International Energy Agency (IEA) on Tuesday cut slightly its oil demand growth forecast for the year. But, in a surprise move, the energy watchdog announced a deep reduction in its non-OPEC supply growth forecast, leaving the world economy more dependent on OPEC
http://www.indiainfoline.com/news/innernews.asp?storyId=70110&lmn=1
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Tuesday, 10 June 2008.
TLW: 938.50 up 19.50, DES: 94.50 down 1.25, FOGL: 156.00 unchanged RKH: 101.00 unchanged, BOR: 104.25 down 1.50 PRE: 13.50 down 0.75, GBP: 8.50 down 0.13, GPK: 403.00 down 15.00, BLT 1825 down 52.00, RDSA: 2094.00 down 43.00 RDSB: 2048.00 down 39.00.
New York Stock Exchange:
XOM: 87.89 down 1.18 (USD)
THE MARKETS (10/06/08)
FTSE100: 5,827.30 down 50.26, FTSE250: 9,626.50 down 114.80 SmallCap: 3,045.20 down29.62
DJI: 12,289.76 up 9.44 NASDAQ: 2,448.94 down 10.52 S&P500: 1,358.44 down 3.32
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 30/05/08
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
INTERNATIONAL DEVELOPMENTS:
(Caribbean)
Hyperdynamics Corporation (AMEX:HDY) announced today that the processing of its newly acquired seismic offshore the Republic of Guinea is scheduled for completion by the end of this month. The Company’s geoscientists are now set to extensively interpret this new data.
http://www.businesswire.com/portal/site/google/?ndmViewId=news_view&newsId=20080610005345&newsLang=en
(Iraq)
Iraq intends to sign Technical Support Agreements (TSAs) with foreign oil majors by the end of June to add an eventual 500,000 barrels per day (bpd) in output capacity, a specialist newsletter quoted the oil minister as saying.
http://economictimes.indiatimes.com/News/International_Business/Iraq_to_sign_
deals_with_foreign_oil_firms_this_month_MEES/articleshow/3111429.cms
(North Sea Oil)
We've all seen the headlines, and felt the impact in our pockets. Food prices rose 5% in May alone, according to the British Retail Consortium, with some UK supermarkets already reporting shortages of products like rice and pasta. The world now has only 10 weeks' supply of wheat at any one time while US corn exports could seize up in three years if the country continues to subsidise ethanol production.
http://www.iii.co.uk/articles/articledisplay.jsp?section=Markets&article_id=9921087
(United States)
The prices are mind boggling and the president said he understands consumers' pain.
http://www.news8austin.com/content/your_news/default.asp?ArID=211066
REGIONAL DEVELOPMENTS:
(Bolivia)
The decision of the Transredes company (the Shell -Ashmore group that took over from Enron) to hand over the expansion of their Villamontes gas pipeline to the departmental prefecture of Tarija, bypassing central government, demonstrates yet once more how that company has promoted the break-up of Bolivia, an issue of world interest. Faced with that situation President Evo Morales did the very least he could do, namely, decree the compulsory purchase by the State of the hydrocarbons transport company shares.
http://www.scoop.co.nz/stories/HL0806/S00122.htm
(Brazil)
Brazilian oil company Petrobras forecast lifting costs in its Tupi oil field will be lower than its current average $8.20 a barrel by the end of 2010, when the giant subsalt reserve is expected to start producing some 100,000 barrels per day (bpd).
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(Venezuela)
State-run oil holding Petróleos de Venezuela (Pdvsa) has not caught up with its payments against invoice to contractors since last August.
http://english.eluniversal.com/2008/06/10/en_eco_art_pdvsa-lags-behind-in_10A1661799.shtml
I am a former Miss Venezuela, and although a naturalized U.S. citizen, I feel a deep responsibility for and commitment to my country of origin. Today, I condemn the disaster that has befallen my country since Hugo Chávez took office, and continue to denounce it to let the world know the current reality of Venezuela. This is a personal account juxtaposed by political and social events.
http://www.energytribune.com/articles.cfm?aid=910
LOCAL DEVELOPMENTS:
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
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