Falklands : Hydrocarbons Daily Record Sunday, 15 June 2008
Submitted by Falkland Islands News Network (Juanita Brock) 16.06.2008 (Article Archived on 30.06.2008)
Crude prices declined today due to hopes that OPEC and Saudi Arabia will increase production. Some reports are of as much as 500,000 barrels a day and others only say by 200,000 barrels, giving no time limit.
HYDROCARBONS DAILY RECORD SUNDAY, 15 JUNE 2008
By J. Brock (FINN)
At 1930hrs LMT on Friday, 13 June 2008 Light Sweet Crude was trading at $134.86 down $1.88 on the New York Mercantile Exchange. Brent Crude was trading at $134.25 down $1.89 on London’s ICE Futures Market.
ANALYSIS:
Crude prices declined today due to hopes that OPEC and Saudi Arabia will increase production. Some reports are of as much as 500,000 barrels a day and others only say by 200,000 barrels, giving no time limit.
Factors that are keeping crude prices high include speculation and the scared chicken screaming at us saying that we are running out of oil.
The affect of production increases will be tempered by the decrease in subsidy that Asian countries are paying for fuel. Demand is going down but the jury is out on whether this will help to decrease the price of crude for good, or only temporarily.
RELATED ARTICLES:
(Running Out of Resources)
The need for oil is rising in parts of the world that, 20 years ago, used very little. Large, undeveloped oil fields are scarce. The fields that oil companies are finding now tend to be in hard-to-reach places, like the bottom of the ocean. And oil-rich countries have become much more assertive in their dealings with the major oil companies, sometimes insisting on business terms that make development uneconomic.
http://www.marketoracle.co.uk/Article5083.html
(Speculation Keeps the Price High)
Considering how much untapped oil is known to exist, not just in the United States, but worldwide, one would think that its current price was some kind of anomaly and it is. It is more the result of speculation than anything else.
http://www.usadaily.com/article.cfm?articleID=382202
(Bringing trhe Price of Crude Down)
OPEC powerhouse Saudi Arabia views skyrocketing oil prices as "abnormally high" and is willing to do what it can to bring them down, visiting UN chief Ban Ki-moon said on Sunday.
http://news.theage.com.au/world/saudis-willing-to-act-to-bring-oil-prices-down-un-chief-20080616-2r1g.html
(500,000 Barrel Increase)
The UN secretary general spoke with reporters after meeting King Abdullah in the port city of Jidda during a one-day trip to the world's largest oil producer.
http://bugleobserver.canadaeast.com/article/326661
(200,000 barrel increase)
OPEC powerhouse Saudi Arabia will raise oil production by 200,000 barrels in July in response to heightened demand, UN Secretary General Ban Ki-moon said on Sunday.
http://afp.google.com/article/ALeqM5iaICOrgsLe_wyAtpVoS13no4k8dA
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Friday, 13 June 2008.
TLW: 887.00 down 33.00, DES: 85.00 down 2.75, FOGL: 150.50 down 3.50 RKH: 95.50 up 0.75, BOR: 90.50 down 9.75 PRE: 13.50 up 0.25, GBP: 8.00 unchanged, GPK: 403.00 unchanged, BLT 1852.00 up 8.00, RDSA: 2045.00 down 23.00 RDSB: 2007.00 down 22.00.
New York Stock Exchange:
XOM: 88.36 up 1.30
THE MARKETS (13/06/08)
FTSE100: 5,802.80 up 12.89, FTSE250: 9,652.30 up 98.14 SmallCap: 3,013.50 up 6.04
DJI: 12,307.35 up 165.77 NASDAQ: 2,454.50 up 50.15 S&P500: 1,360.03 up 20.16
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 06/06/08
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
INTERNATIONAL DEVELOPMENTS:
(Canada)
Stelmine Canada Ltd. (TSX:STH) stock more than tripled Monday after the company said it will acquire a 100 per cent interest in a mining licence covering 34,000 hectares of land in the Gaspesia hydrocarbons area in Quebec.
http://canadianpress.google.com/article/ALeqM5heEy1slVxIJ-c02qTANIjz3LUoDQ
(Canada and Europe)
Q You're giving a major speech in Paris in a few hours time on what you describe as a new era of transatlantic union. And obviously the picture in Europe is much more encouraging, it would seem, than a few years ago. What's changed, in your view, and what needs to be fixed?
http://www.businesswire.com/portal/site/google/?ndmViewId=news_view&newsId=20080615005062&newsLang=en
(Iran)
The 29th summit of the 12 member states of the OPEC Fund for International Development (OFID) will be opened on June 17 in the city of Isfahan, Mehr reported on Sunday.
http://www.mehrnews.ir/en/NewsDetail.aspx?NewsID=699988
(Mexico)
Eight miles north of the maritime border with Mexico, in waters a mile and a half deep, Shell Oil Co. is constructing the most ambitious offshore oil platform ever attempted in the Gulf of Mexico.
http://www.nwanews.com/adg/Business/228784/
(North Sea Oil?)
Nodding donkeys can already be seen in East Hampshire and the question now is: are they set to become a more common sight and is the district home to a major source of oil?
http://www.petersfieldpost.co.uk/bordon-news/Black-Gold-under-our-feet.4170489.jp
REGIONAL DEVELOPMENTS:
(Bolivia and Venezuela)
National Congress approved on Friday a crude prospecting/exploitation contract signed between state-run oil firm YPFB (Yacimientos Petroliferos Fiscales Bolivianos) y Venezuelan state-run oil firm PDVSA (Petroleos de Venezuela S.A).
http://www.plenglish.com/article.asp?ID=%7B609A171C-1252-473C-A66F-B8FADBDE7AB2%7D&language=EN
(Brazil)
The consortium formed by Petrobras (45% - operator), BG (30%), and Repsol YPF (25%), to explore block BM-S-9, located in ultradeep Santos Basin waters, proved the existence of yet another field bearing light oil, with specific gravity around 28º API, in pre-salt reservoirs.
http://www.oilandgaseurasia.com/news/p/0/news/2462
Reserves: 11 billion barrels. In addition, state-owned Petroleo Brasileiro SA (Petrobras) has estimated recoverable reserves at its new Tupi field of up to eight billion barrels, one of the largest discoveries in the past 20 years.
http://www.reportonbusiness.com/servlet/story/RTGAM.20080614.wrcover14NEW/BNStory/Business/
home?cid=al_gam_mostemail
(Colombia)
Suroco Energy Inc. (TSX Venture Exchange: SRN) (the "Corporation") is pleased to announce that the National Agency of Hydrocarbons of Colombia (ANH) has awarded the Alea 1848 A Block, in the Putumayo Province to a consortium (the "Consortium") in which the Corporation, indirectly through its wholly owned subsidiary NCT Corporacisn Petrolera Latinoamericana S.L. ("NCT"), participates with a 35.1% working interest.
http://www.newswire.ca/en/releases/archive/June2008/10/c2472.html
(Ecuador)
Ecuadorean President Rafael Correa said on Saturday most foreign companies that filed lawsuits against the government over an oil tax have reached out of court settlements, which should help revive stalled oil production.
http://uk.reuters.com/article/businessIndustry/idUKN1444568420080614
(Venezuela)
It seems that the special contribution on prices in the international oil and gas market is not going back. Private partners have not started to pay it yet. However, for almost two months, state-run oil holding Petróleos de Venezuela (Pdvsa) has made weekly deposits to the National Development Fund for this matter.
http://english.eluniversal.com/2008/06/13/en_eco_art_oil-tax-amounts-to-u_13A1677119.shtml
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
DISCLAIMER: The sources for related articles come from a variety of websites so that readers can get as wide a selection of views as possible. HDR does not necessarily align itself with any of the views expressed.
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