Tuesday, 11 December 2012 19:09
Posted by Shoaib-ur-Rehman Siddiqui
VIENNA: OPEC oil exporters look set this week to avoid a quarrel about how much crude they produce and argue instead about who should be the group's next secretary-general.
Oil prices are roughly where OPEC wants them - comfortably above $100 a barrel - but there is deadlock over who should be the new public face of the organization.
At a meeting in Vienna on Wednesday the 12-member Organization of the Petroleum Exporting Countries is expected to retain its 30 million barrel a day (bpd) output target for the first six months of 2013.
"As long as there is demand there is no need to change," said UAE Oil Minister Mohammed al-Hamli, who is normallly aligned with other Gulf Arab producers including Saudi Arabia.
Iran, often among the most hawkish in OPEC on price, said it was satisfied with a market now near $108 a barrel for Brent crude. "The market situation is good ...
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VIENNA: OPEC oil exporters look set this week to avoid a quarrel about how much crude they produce and argue instead about who should be the group's next secretary-general.
Oil prices are roughly where OPEC wants them - comfortably above $100 a barrel - but there is deadlock over who should be the new public face of the organization.
At a meeting in Vienna on Wednesday the 12-member Organization of the Petroleum Exporting Countries is expected to retain its 30 million barrel a day (bpd) output target for the first six months of 2013.
"As long as there is demand there is no need to change," said UAE Oil Minister Mohammed al-Hamli, who is normallly aligned with other Gulf Arab producers including Saudi Arabia.
Iran, often among the most hawkish in OPEC on price, said it was satisfied with a market now near $108 a barrel for Brent crude. "The market situation is good ...
LONDON: Brent crude oil rose above $108 a barrel on Tuesday as a slightly weaker dollar and Middle East unrest supported prices, but stalled fiscal talks in the United States capped gains.
Brent crude was up 78 cents to $108.11 a barrel by 1155 GMT. US crude was at $86.06, up 50 cents.
The dollar index edged down 0.14 percent on prospects of more monetary stimulus from the US Federal Reserve.
Continued unrest in Egypt, fighting in Syria, ...
LONDON: Brent crude oil rose above $107 a barrel on Monday, snapping five straight days of losses after Chinese data showed the world's biggest energy consumer was rebounding after a slowdown.
China's implied oil demand in November surpassed 10 million barrels per day (bpd) for the first time while its crude imports rose to the second-highest daily rate on record, providing more evidence of recovery after data over the weekend showed refinery runs rose to a ...
BERLIN: RWE, Germany's number two power supplier, is in talks to sell its stake in Europe's Nabucco gas pipeline project to Austrian oil and gas giant OMV, a company spokesman said Friday.
"In the current situation, we are in ongoing discussions with OMV for the sale of our equity shares in the consortium," which is made up of RWE, OMV, MOL of Hungary, Romania's Transgaz, Bulgaria's Bulgargas and Botas of Turkey, the spokesman told AFP.
"It's highly ...
LONDON: Oil prices fell on Thursday, wiping out earlier gains after downbeat news from the European Central Bank (ECB) and on the eve of key non-farm payrolls data in top crude consumer the United States.
Brent North Sea crude for January dived $1.61 to $107.20 per barrel in late afternoon deals in London.
New York's main contract, light sweet crude for delivery in January recoiled $1.70 to $86.18 a barrel.
"Crude oil extended its losses today on a ...
LONDON: BP sees a new future for itself as a "simpler" and "oilier" oil and gas company as it raises capital spending in the years 2013 to 2020.
In its first strategy update since striking a series of deals aimed at getting its Russian and US operations back on track, the No.4 ranked company among western investor-owned oil and gas groups told analysts it would raise capital spending, excluding acquisitions, to between $24 and $27 billion ...
PRAGUE: Czech electricity company CEZ and Hungarian oil and gas group MOL have put plans for a gas-fired power plant in Slovakia on hold.
"This project is prepared, but we are not continuing in it because of the situation on the market," CEZ spokesman Ladislav Kriz said on Monday, adding high gas prices and low electricity rates meant the project was not viable at the moment.
The move was little surprise given the two groups have been ...
