Bridge Update--oil:iraq:white House Says Spr Oil Release Possible
Dec. 1-MAR--
Dec. 1--1949 GMT/1449 ET
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TOP STORIES:
IRAQ: White House repeats SPR oil release possible on Iraq disruption
Washington--Dec. 1--1403 ET--The Clinton administration Friday
reiterated that it stands ready to release more oil form the U.S.
Strategic Petroleum Reserve if a suspension of Iraqi oil exports threatens
oil markets. A White House spokesman didn't say how much oil could
potentially be released from the SPR, however.
( Story .19404 )
NYMEX Oil: Crude lower as market eyes UN/Iraq export quarrel
New York--Dec. 1--1319 ET--NYMEX Jan crude oil futures were sharply
lower just after mid-day Friday, with traders eyeing Iraq's export
controversy and whether Saudi Arabia can make up for any Iraqi supply
interruption. The United Nations has confirmed Iraq halted exports Friday
morning, see story .17118. At 1249 ET, Jan crude was down $1.02, or 3.02%,
at $32.80 per barrel. Jan gasoline was down 291 points at 83.95c/gallon
and Jan heating oil was down 255 points at 99.70c/gallon.
( Story .1899 )
WRAP: Oil supply concerns rise as Iraq halts exports (Update 2)
Nicosia--Dec. 1--Iraq has halted all its oil exports as a result of a
pricing dispute with the United Nations, raising fears of an oil shortage
as winter approaches. Iraq stopped loading tankers at the Persian Gulf in
its Gulf oil export terminal of Mina al-Bakr and halted pumping via its
trans-Turkey pipelines Thursday night.
(Story .5961)
Traders: Saudi oil storage not unusual; won't cover Iraq deficit
New York--Dec. 1--1351 ET--Saudi Arabia would not be able to
completely cover the crude market shortfall if the halt in Iraqi exports
lasts more than a week or so, regardless of some 70 million barrels
reportedly in storage at its export terminals, crude traders reiterated to
BridgeNews Friday. The amount seems to be a typical "working inventory"
for an exporter of this size, they said.
( Story .19229 )
Venezuela's Rodriguez: Not yet consulting with OPEC on Iraq
Mexico City--Dec. 1--1423 ET--Venezuela Oil Minister Ali Rodriguez
said Friday he has not had consultations with other OPEC members to
discuss the disruption in Iraqi exports. Rodriguez would not comment on
the Iraq's decision to halt loadings earlier this morning.
( Story .19616 )
Chinese stock riddle adds to analysts' oil price puzzle
New York--Dec. 1--1424 ET--Oil analysts are at odds over the size of
this year's apparent increase in China's oil inventories, a rise which
some analysts believe accounts for the oil market's so-called "missing
barrels"--the discrepancy in world oil supply and demand figures which
does not show up in reported oil stock data.
( Story .19629 )
IEA Priddle: Iraq oil cut importance "should not be exaggerated"
Paris--Dec. 1--0826 ET--International Energy Agency Executive Director
Robert Priddle Friday urged against exaggerating the implications of
Iraq's suspension of oil exports, although he reaffirmed that the IEA "is
ready to take action very quickly if the situation warrants." A top IEA
aide also told BridgeNews that the development in Brent and other key oil
prices "over coming days" would be a key element in any consideration by
the IEA to tap its member-country strategic petroleum reserves.
(Story .15004 )
IRAQ: Baghdad accuses UN of blocking crude exports
Baghdad--Dec. 1--0647 ET--Baghdad on Friday accused the U.N. sanctions
committee of blocking exports of Iraqi crude after refusing Iraq's
proposal for a new pricing program for December.
(Story .14185 )
Turkish Botas aide confirms Iraq pipelines shut, in row with UN
Istanbul--Dec. 1--0436 ET--Iraq shut down its twin, trans-Turkey oil
export pipelines on Thursday night, apparently in a continuing dispute
with the UN over a U.S. 50 cents per barrel premium levied by Baghdad on
Iraqi crude export sales, a spokeswoman with Turkish state pipeline agency
Botas confirmed on Friday. She said that Iraq had communicated nothing as
yet to the Turkish government about when the pipelines might be reopened.
(Story .14173 )
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OF INTEREST:
--AMERICAS--
Phillips Petroleum, China Natl Offshore in devt pact
New York--Dec 1--0849 ET--Phillips Petroleum Co.'s Phillips China Inc.
unit and China National Offshore Oil Corp. signed an agreement to develop
the Peng Lai oil field in China's Bohai Bay. Under the pact, China
National elected to take part in phase one development with a 51% working
interest. Production in phase one is expected to begin in the first
quarter of 2002. (Story. 15253)
--EUROPE/RUSSIA/AFRICA--
Latvia Ventspils oil terminal loadings up 40.9% on year in Nov
Riga--Dec. 1--0836 ET--Latvian oil terminal operator Ventspils Nafta
said Friday it loaded 1.3 million tonnes of oil and oil products in
November, 40.9% more than in the same month of 1999. Loadings in
January-November totaled 17.3 million tonnes, up 2.4% on the year. More
than 10% of all Russian crude exports to the West go via Ventspils Nafta.
(Story .15128)
Russia's Sibneft to invest $52 mln in Omsk refinery 2001
Moscow--Dec. 1--0826 ET--Russian oil major Sibneft plans to invest
U.S. $52 million in its Omsk refinery in 2001, up "by almost five times"
compared with this year's investment, Sibneft said in a release Friday.
The investment will finance the completion of a new alkylation unit and
the acceleration of the work on replacing the reforming unit. In 2001, the
Omsk refinery is expected to hike oil processing to 13.25 million tonnes
from an expected 12.5 million tonnes in 2000.
(Story .15014 )
Lithuania refinery restarts after crude supply is confirmed
More to follow... |
