12042016Sun
Last update: Sun, 04 Dec 2016 07pm

Europe

Markets - Energy - Europe

West African oil exports to Asia to hit 17-month high in December      LONDON: West African crude exports to Asia are set to hit 2.1 million barrels per day (bpd) in December, the highest level since July 2015, driven by pricing that made the grades more attractive when compared with supply from the Middle East.According to a Reuters survey of shipping fixtures and traders, China will load 1.23 million bpd, the highest since September 2014, while Indonesia snapped up a number of cargoes of Nigerian crude.Ehsan Ul-Haq, principal consultant with KBC said the drop in the Brent-Dubai price spread <DUB-EFS-1M>, which fell below $2 per barrel in November for the first time since late 2015, had helped spur demand.A narrower spread makes crude oil priced off Brent, which includes West African grades, more competitive compared with Middle Eastern or Russian oil that are priced in relation to Dubai crude futures.Angola's medium sweet grades have also been in high demand in China as its refineries run full steam to prepare for New Year celebrations at the end of ...

Markets - Energy - Europe

IEA BRATISLAVA: Oil markets are entering a period of greater volatility after OPEC's decision to cut output, International Energy Agency chief Fatih Birol said on Thursday.  Birol told an energy conference in the Slovak capital more US oil would be pumped if prices rose to around $60 a barrel.  "Unlike in the past OPEC decisions, if prices move to around $60, a substantial amount of oil in United states is ready to come to the markets," Birol said.  "What does ...

Markets - Energy - Europe

West Africa Crude-IOC tender closes, flows to Asia rise in Dec LONDON: Oil prices rallied by more than 2 percent on Thursday as the market digested the first OPEC cuts to production in coordination with Russia since 2001.   Nigeria will be exempt from the cuts as it works to regain production taken out by militant attacks, but Angola agreed to cut 80,000 barrels per day (bpd) and Gabon 9,000 bpd.  Saudi Arabia and other Gulf producers would make the bulk of the 1.2 million bpd of cuts, set to begin on Jan. ...

Markets - Energy - Europe

Oil jumps 7pc on prospects for big OPEC output cut LONDON: Oil prices jumped more than 7 percent on Wednesday as some of the world's largest oil producers gathered in Vienna to agree on a production cut that could be bigger than expected.  Brent crude futures were up $3.33 at $49.71 per barrel by 1102 GMT, on course for their biggest one-day move in nine months. US West Texas Intermediate (WTI) crude futures were $2.95 higher at $48.18 a barrel.The Organization of the Petroleum Exporting Countries started a meeting at 0900 ...

Markets - Energy - Europe

Russia, Iran agree to coordinate on oil and gas markets MOSCOW: Russian President Vladimir Putin and his Iranian counterpart Hassan Rouhani agreed in a telephone call on Monday to coordinate steps on global oil and gas markets, the Kremlin said. The coordination also included a dialogue between Russia and OPEC member countries, the Kremlin said, adding that both men noted the importance of measures taken through OPEC to reduce output as a key factor in stabilising the world oil market. Copyright Reuters, 2016 ...

Markets - Energy - Europe

North Sea Crude-Brent rises to highest since mid-Oct LONDON: North Sea crude oil differentials edged higher on Monday, led by gains in Brent, which changed hands at its strongest in over a month after brisk trade in the daily trading window. The loading programmes for January are due out later this week. The December BFOE programme was one of the largest so far this year, adding to the weakness in North Sea differentials that has persisted through the last month. An overhang of ...

Markets - Energy - Europe

Gazprom gets greater access to Germany&#39;s Opal gas pipeline FRANKFURT: Germany's energy regulator and Gazprom have agreed terms of a deal giving the subsidiaries of the Russian group greater access to the Opal gas pipeline, which the European Union approved a month ago. The Opal transport company is owned by Gazprom and German chemical firm BASF. The EU lifted a limit on Gazprom's use of the infrastructure, which takes gas from the subsea Nord Stream pipeline into central Europe, paving the way for Russia ...