Monday, 12 September 2011 18:45
Posted by Imaduddin
KUWAIT CITY: Kuwait's Oil Minister Mohammad al-Baseeri said on Monday the OPEC member has increased its oil production to 2.9 million barrels per day to compensate for a shortage in the market.
"We have been producing 2.9 million bpd at least for the past 10 days. We are heading towards 3.0 million bpd," the minister told a news conference. Kuwait's OPEC production quota is slightly above 2.2 million bpd.
Baseeri hoped production over the rest of September will not be fewer than 2.9 million bpd, adding that Kuwait, Saudi Arabia and other Gulf states have increased production to meet rising demand and stabilise prices.
"If Kuwait and Saudi Arabia had not raised their production in the past four to five months, oil prices would have been at a totally different (higher) level," he said.
"We tried to contribute to the stability of oil prices by raising production but without flooding the market," Baseeri said.
The ...
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KUWAIT CITY: Kuwait's Oil Minister Mohammad al-Baseeri said on Monday the OPEC member has increased its oil production to 2.9 million barrels per day to compensate for a shortage in the market.
"We have been producing 2.9 million bpd at least for the past 10 days. We are heading towards 3.0 million bpd," the minister told a news conference. Kuwait's OPEC production quota is slightly above 2.2 million bpd.
Baseeri hoped production over the rest of September will not be fewer than 2.9 million bpd, adding that Kuwait, Saudi Arabia and other Gulf states have increased production to meet rising demand and stabilise prices.
"If Kuwait and Saudi Arabia had not raised their production in the past four to five months, oil prices would have been at a totally different (higher) level," he said.
"We tried to contribute to the stability of oil prices by raising production but without flooding the market," Baseeri said.
The ...
TOKYO: Qatar, one of OPEC's smallest producers, has notified at least one Asian buyer that it will supply Marine and Land crude at full contracted volumes for October, unchanged from September levels, a trade source said on Tuesday.
The move was expected as Qatar has been supplying both grades to customers at full contracted volumes since August 2009, the source said.
Qatar gave buyers an option of asking for cargoes to be 5 percent more or less ...
TOKYO: Kuwait resumed the allocation of full contractual crude oil volumes to Asia from July, ending the imposition of a 5 percent curb in place since February 2009, trading sources said on Monday.
The OPEC member nation in May imposed a 5 percent curb on crude supply for July-September, but it lifted the curb in June after OPEC failed to agree on an increase in output despite calls from industrial nations to do so, they said.
Kuwait ...
BENGHAZI: A natural gas pipeline from Libya to Italy has been repaired, paving the way for resumed shipments, rebel military spokesman Ahmed Bani said on Sunday.
"The gas pipeline is back and running, supplying the pump stations and the Mellitah (gas processing) refinery. Gas will start flowing to Europe," Bani told a news conference, without giving a timeframe for resumed shipments to Europe.
The 510 km (300 mile) GreenStream BV undersea pipeline system between Mellitah, just west ...
NAIROBI: Kenyan oil marketer KenolKobil has won a tender to import and deliver 160,000 tonnes of Murban crude oil to Kenya in October, it said on Friday.
The company said it had also won a tender for 40,000 tonnes of Jet-A1 jet fuel, due to be delivered in September.
"The three cargoes, totalling 200,000 MT, will contribute significantly in meeting both the country's and regional petroleum product requirements," KenolKobil said in a statement.
Kenya increased pump ...
DAR ES SALAAM: Tanzania's energy regulatory body raised the prices of petrol, diesel and kerosene on Monday, in a routine bi-weekly price review, due to high oil prices and the depreciation of the shilling.
The Energy and Water Utilities Regulatory Authority (EWURA) raised the price of petrol 5.51 percent and increased the price of diesel 6.3 percent. Kerosene prices were raised 5.3 percent in the latest price caps with effect from Monday.
"The price increases have been ...
LONDON: West African crude oil differentials strengthened across the board on Thursday as higher demand for light, sweet grades pushed up offers for many Gulf and Mediterranean grades and as supplies stayed relatively tight.
Asian end-users have retendered to buy sweet crudes in the last few days and three separate awards are expected this week, some of them probably involving West African grades.
US refiners have also been active buyers in the market, placing light, sweet grades ...
