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To: Jacob Snyder who wrote (186438)	11/12/2014 7:41:42 AM
From: elmatador	Read Replies (1) \| Respond to of 206145

oil leaving the US almost as fast as it can—in August, the US exported more than 4.5 million barrels of oil a day, according to the US Energy Information Administration, just below Russia’s 4.6 million barrels a day. (Saudi Arabia, the No. 1 exporter, ships about 6.6 million barrels.) American exports generally do not leave the country as crude oil but as refined products such as diesel and gasoline—just 390,000 barrels a day was exported in the form of crude oil in August, the last month for which data is available. Observers tend to focus on pure crude exports, but refined product shipments are so large now—not just from the US, but also Saudi Arabia and the United Arab Emirates—that they are contributing to the soft Brent prices. qz.com

To: Jacob Snyder who wrote (186438)	11/12/2014 7:46:39 AM
From: elmatador	Respond to of 206145

if Opec does cut, any possible production reduction the cartel could agree would not be enough to stop Brent slipping below $80 and US benchmark West Texas Intermediate below $70 in the first quarter of 2015, Mr Ross thinks. Analysts sceptical Opec will halt fall in oil prices Ed Crooks in New York November 12, 2014 8:31 am Oil prices will continue to fall even if Opec countries agree to cut production later this month, according to one of the market’s most influential analysts. Gary Ross, chief executive of Pira Energy Group, said there was an “imbalance” between supply and demand that would force prices down next year regardless of any output cuts that could be announced by the oil exporters’ group at its meeting in Vienna on November 27 “Opec cannot and will not take the pain necessary to correct the imbalance,” he said. Other market watchers are also predicting further falls in prices, including Philip Verleger, an energy economist who wrote at the weekend that he expected the cash price of internationally-traded Brent crude to drop to about $70 a barrel or lower. Brent crude for delivery in the following month was trading at about $81.01 a barrel on Wednesday, down more than 25 per cent from its recent peak in June. Pira works for most of the world’s largest oil companies, both private sector and state-controlled, as well as government agencies and companies in other industries, in about 60 countries including Saudi Arabia, Russia and China. However, it has generally kept a lower profile than many of its competitors. Mr Ross attracted attention recently for being among those predicting a fall in oil prices at the end of the summer, shortly before the steep decline in crude began. He said he turned “mega-bearish” in the summer because of Saudi Arabia’s moves with its official selling prices in Asia. “Saudi actions this summer were a clear signal that they wanted to maintain the volumes they were selling to Asia,” he said. As Libyan exports recovered, the rising tide of US shale oil production was no longer being offset by lost output from other sources. “Oil producers were fortunate that disruptions offset US production growth for so long. Their luck has now run out,” Mr Ross said. At the same time, global demand growth has been slowing, with industrial demand for diesel in China significantly weaker than had been expected. The result has been that while there was a stock drawdown in the US, EU and Japan of 31m barrels in October 2013, it was just 2m barrels this October. Recent comments from Opec ministers have suggested they are divided over the need to announce production cuts. Ali al-Omair, oil minister of Kuwait, said this week that he did not expect any production cuts at the meeting, consistent with his earlier comments over the past few weeks. Even if Opec does cut, any possible production reduction the cartel could agree would not be enough to stop Brent slipping below $80 and US benchmark West Texas Intermediate below $70 in the first quarter of 2015, Mr Ross thinks. In the long term, however, he says he is “bullish” on oil prices. Over time, he expects lower prices to boost demand and weaken supply, by persuading more oil producers around the world to cut back on drilling

To: Jacob Snyder who wrote (186438)	11/12/2014 7:47:52 AM
From: elmatador	Respond to of 206145

Major new Saudi-Sinopec refinery to export in Dec. will target Europe and East Africa for diesel shipments from the refinery with the first clean diesel cargo due in the first quarter of next year. Wed Oct 29, 2014 1:19pm GMT KHOBAR, Saudi Arabia/SINGAPORE Oct 29 (Reuters) - The first fuel exports from a major new Saudi Arabian-Chinese refinery will load in December, slightly later than expected, three industry sources said. The 400,000-barrel-per-day (bpd) Yanbu Aramco Sinopec Refining Co (Yasref) refinery started trial runs in September and originally planned its first exports by November. Yasref is the second refinery to start up in Saudi Arabia in the past two years, and will complete state company Saudi Aramco's transformation into a leading exporter of diesel. The shipment will be off-specification high sulphur gasoil, according to one of the sources. The sources said it had faced some problems with commissioning, which is a normal when new refineries start up. The construction of the refinery was complete, the sources said, but more tests needed to be done. "Commissioning is on the way, the crude distillation unit is producing naphtha and intermediate products but full stream of production takes time," said one industry source. "By around December they will ship out the first product (cargo)." The state-owned refiner has not detailed plans for its 37.5 percent share of output from the refinery. Sources said it will export some naphtha initially as the operator tries to stabilize gasoline-making units. Officials at Yasref could not be reached for comment. Sinopec will target Europe and East Africa for diesel shipments from the refinery with the first clean diesel cargo due in the first quarter of next year. (Reporting by Reem Shamseddine and Jessica Jaganathan; editing by William Hardy)