From The News Desk
Shaukat Aziz wants Saudi Arabia to invest in oil and gas sectors
November 7, 2006 11:14
Prime Minister Shaukat Aziz has invited the companies from the Saudi kingdom to invest in the mining, oil and gas sectors of Pakistan. Al-Naimi who is presently in Pakistan to participate in the World Islamic Economic Forum conference called on the Prime Minister here on Monday at the Prime Minister House.
Pakistan and Saudi Arabia are strategic partners and enjoy a deep rooted relationship based on shared history and culture, commonality of belief, said Shaukat Aziz and added Pakistan wants to further consolidate this unique relationship and bolster collaboration in all areas including economy, trade, investment, energy and mining sectors.
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#13
Posted 08 November 2006 - 09:20 AM
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#14
Posted 24 November 2006 - 05:04 PM
Oil falls after surprise US crude stocks build
(Reuters)
23 November 2006
LONDON - Oil eased on Thursday after crude stocks piled up in top consumer the United States and weighed on already well-supplied markets.
Prices topped $60 this week after a halt in crude shipments at an Alaskan port, but were dragged down nearly $1 on Wednesday by a surprise 5.1 million barrel rise in US crude inventories.
Analysts had expected only a slight, 600,000 barrel build.
US crude edged down 34 cents to $58.90 a barrel at 1126 GMT in thin electronic trade, with many dealers absent for the US Thanksgiving holiday. London Brent fell 39 cents at $59.10 after settling down 90 cents the previous day.
“It was a shock announcement, and that really pushed the market down. The drawdown in distillate stocks was nothing too major,” said Gerard Burg, a resource analyst at the National Australia Bank.
The US government’s Energy Information Administration said distillate inventories fell by 1.2 million barrels. But the draw was concentrated in diesel, not heating oil, leaving stocks still above last year’s levels ahead of peak winter demand.
Analysts are eyeing the possibility of further OPEC output cuts, in addition to the 1.2 million barrel per day cut from November made by the producer group in an effort to stem falling prices.
“The sustainable floor is supported by the potential for further OPEC cuts,” Burg said.
Kuwait’s oil minister said on Wednesday the exporter group would cut again when it meets on Dec. 14, if prices deteriorate, and his Venezuelan counterpart Rafael Ramirez delivered a similar message.
“In December there will be consensus to act on (oil) volumes,” Ramirez said during an interview on state television.
Prices have slid 24 percent since hitting a record $78.40 in mid-July, as bulging fuel stocks in consumer countries and concerns over slower economic growth spurred investor selling.
The market has traded mostly in a $58-$62 range for more than a month.
(Reuters)
23 November 2006
LONDON - Oil eased on Thursday after crude stocks piled up in top consumer the United States and weighed on already well-supplied markets.
Prices topped $60 this week after a halt in crude shipments at an Alaskan port, but were dragged down nearly $1 on Wednesday by a surprise 5.1 million barrel rise in US crude inventories.
Analysts had expected only a slight, 600,000 barrel build.
US crude edged down 34 cents to $58.90 a barrel at 1126 GMT in thin electronic trade, with many dealers absent for the US Thanksgiving holiday. London Brent fell 39 cents at $59.10 after settling down 90 cents the previous day.
“It was a shock announcement, and that really pushed the market down. The drawdown in distillate stocks was nothing too major,” said Gerard Burg, a resource analyst at the National Australia Bank.
The US government’s Energy Information Administration said distillate inventories fell by 1.2 million barrels. But the draw was concentrated in diesel, not heating oil, leaving stocks still above last year’s levels ahead of peak winter demand.
Analysts are eyeing the possibility of further OPEC output cuts, in addition to the 1.2 million barrel per day cut from November made by the producer group in an effort to stem falling prices.
“The sustainable floor is supported by the potential for further OPEC cuts,” Burg said.
Kuwait’s oil minister said on Wednesday the exporter group would cut again when it meets on Dec. 14, if prices deteriorate, and his Venezuelan counterpart Rafael Ramirez delivered a similar message.
“In December there will be consensus to act on (oil) volumes,” Ramirez said during an interview on state television.
Prices have slid 24 percent since hitting a record $78.40 in mid-July, as bulging fuel stocks in consumer countries and concerns over slower economic growth spurred investor selling.
The market has traded mostly in a $58-$62 range for more than a month.
#15
Posted 02 December 2006 - 01:48 AM
Oil eases below $63 on profit-taking
(Reuters)
1 December 2006
LONDON - Oil eased below $63 a barrel on Friday as investors booked profits after prices hit a two-month high in the previous session.
U.S. crude fell 36 cents at $62.77 a barrel at 0954 GMT, after trading at a two-month high above $63. Brent crude was off 24 cents at $64.02 a barrel.
“Yesterday toward the close the market went down, and it was led by products, and this morning that kind of trend still continues,” Hiroyuki Kitakata at Barclays Capital said.
Venezuela said there was consensus within the Organization of the Petroleum Exporting Countries to rein in more supply. Oil Minister Rafael Ramirez said he could propose a further 500,000 bpd cut when the group gathers in Abuja in two weeks.
Algeria also threw its weight behind a deeper reduction.
So far Kuwait’s oil minister stands alone in saying there is no need for more OPEC cutbacks if prices hold near $61 a barrel.
Dealers are meanwhile bracing for colder winter weather in the U.S. Northeast, where temperatures are expected to fall a few degrees Fahrenheit below normal by Monday, Meteorlogix said.
The forecast came after U.S. heating oil stocks fell by 1.1 million barrels last week, despite expectations of a build.
Dollar-denominated oil was supported by the U.S. currency’s near 14-year low against the pound and 20-month trough versus the euro, as the dollar’s weakness makes oil cheaper.
“The bullish developments have spurred investors such as commodity hedge funds to move back into energy futures,” said Andrew Harrington, analyst at ANZ Bank in Sydney.
(Reuters)
1 December 2006
LONDON - Oil eased below $63 a barrel on Friday as investors booked profits after prices hit a two-month high in the previous session.
U.S. crude fell 36 cents at $62.77 a barrel at 0954 GMT, after trading at a two-month high above $63. Brent crude was off 24 cents at $64.02 a barrel.
“Yesterday toward the close the market went down, and it was led by products, and this morning that kind of trend still continues,” Hiroyuki Kitakata at Barclays Capital said.
Venezuela said there was consensus within the Organization of the Petroleum Exporting Countries to rein in more supply. Oil Minister Rafael Ramirez said he could propose a further 500,000 bpd cut when the group gathers in Abuja in two weeks.
Algeria also threw its weight behind a deeper reduction.
So far Kuwait’s oil minister stands alone in saying there is no need for more OPEC cutbacks if prices hold near $61 a barrel.
Dealers are meanwhile bracing for colder winter weather in the U.S. Northeast, where temperatures are expected to fall a few degrees Fahrenheit below normal by Monday, Meteorlogix said.
The forecast came after U.S. heating oil stocks fell by 1.1 million barrels last week, despite expectations of a build.
Dollar-denominated oil was supported by the U.S. currency’s near 14-year low against the pound and 20-month trough versus the euro, as the dollar’s weakness makes oil cheaper.
“The bullish developments have spurred investors such as commodity hedge funds to move back into energy futures,” said Andrew Harrington, analyst at ANZ Bank in Sydney.
#16
Posted 04 December 2006 - 09:19 AM
Faulty pricing mechanism filling oil-marketing companies' pockets
ARIF RANA
ISLAMABAD (December 04 2006): It is the faulty oil pricing mechanism that makes Pakistan an ideal place for oil marketing companies, which are fleecing customers and thriving their businesses without any fear and accountability. It's the only country in the world where oil pricing was left at oil-marketing companies' mercy for years and the new system was sugar coated as deregulated regime.
Pakistan's case is also unique in a sense that here a group of four - the government, oil marketing companies, dealers and retailers was being protected through a proportionate formula in fixing oil prices.
As per proportionate formula, the government, oil marketing companies, dealers and retailers get more money as long as oil prices remain on higher side. Higher profit/ margin is understandable when prices touch high level in the international market, but how one can get more tax or commission when the prices go down.
The pricing mechanism surprisingly safeguards the interests of oil marketing companies and totally ignores the consumers' interests.
High oil prices leaves the consumers screaming under an unbearable burden, which becomes more painful when the government announces that oil prices would be lowered as long as the government meets taxes target.
Sources said proportionate formula is focal point of the National Accountability Bureau (NAB) into oil pricing scam.
The investigators had questioned the officials who they believe were instrumental in introducing the proportionate formula for oil pricing at different stages. Sources said the NAB investigators are near to the conclusion of investigations, which established that the policy of fixing oil prices by oil marketing companies was meant to give them undue benefit.
NAB authorities have questioned a number of senior officials who hold key position in the Petroleum ministry since 2002 and now they are in the processing of identifying the role of each of them to establish that deregulation in oil pricing was actually meant for vested interests.
Sources said NAB chief will present the report of oil scam to President General Pervez Musharraf to seek his permission to take action against at least four senior officials who were believed to make money in deregulated regime and intentionally put in place a flawed system for fixing of oil prices.
ARIF RANA
ISLAMABAD (December 04 2006): It is the faulty oil pricing mechanism that makes Pakistan an ideal place for oil marketing companies, which are fleecing customers and thriving their businesses without any fear and accountability. It's the only country in the world where oil pricing was left at oil-marketing companies' mercy for years and the new system was sugar coated as deregulated regime.
Pakistan's case is also unique in a sense that here a group of four - the government, oil marketing companies, dealers and retailers was being protected through a proportionate formula in fixing oil prices.
As per proportionate formula, the government, oil marketing companies, dealers and retailers get more money as long as oil prices remain on higher side. Higher profit/ margin is understandable when prices touch high level in the international market, but how one can get more tax or commission when the prices go down.
The pricing mechanism surprisingly safeguards the interests of oil marketing companies and totally ignores the consumers' interests.
High oil prices leaves the consumers screaming under an unbearable burden, which becomes more painful when the government announces that oil prices would be lowered as long as the government meets taxes target.
Sources said proportionate formula is focal point of the National Accountability Bureau (NAB) into oil pricing scam.
The investigators had questioned the officials who they believe were instrumental in introducing the proportionate formula for oil pricing at different stages. Sources said the NAB investigators are near to the conclusion of investigations, which established that the policy of fixing oil prices by oil marketing companies was meant to give them undue benefit.
NAB authorities have questioned a number of senior officials who hold key position in the Petroleum ministry since 2002 and now they are in the processing of identifying the role of each of them to establish that deregulation in oil pricing was actually meant for vested interests.
Sources said NAB chief will present the report of oil scam to President General Pervez Musharraf to seek his permission to take action against at least four senior officials who were believed to make money in deregulated regime and intentionally put in place a flawed system for fixing of oil prices.
#17
Posted 07 December 2006 - 11:20 PM
Oil above $62, supported by OPEC
(Reuters)
7 December 2006
LONDON - Oil was steady above $62 a barrel on Thursday, caught in a trading range that has held almost continuously since late September.
Putting a lid on prices is the knowledge that crude oil inventories in the United States, the world’s largest oil consumer, are at their highest for the time of year since 1993.
But prospects that OPEC will cut supply further at a Dec. 14 meeting, a fresh attack on Nigeria’s oil industry and tension over Iran’s nuclear programme are providing a floor.
“We expect crude prices to be well supported between now and the OPEC meeting,” Man Financial said in a report. “We think that OPEC’s inclination would still be to go for another cut.”
US crude CLc1 rose 23 cents to $62.42 by 1154 GMT. Prices are down from an all-time peak of $78.40 hit in July. London Brent crude LCOc1 was up 26 cents at $63.33.
On Thursday, gunmen struck an Agip ENI.MI oil export terminal in the Niger Delta and kidnapped three Italians. Eni said work at the terminal was unaffected.
A fifth of output in Nigeria, the world’s eighth-largest oil exporter, is already closed because of militant attacks.
Oil got little lift on Wednesday from data showing commercial crude stocks in the United States unexpectedly fell by 1.1 million barrels last week. [EIA/S]
Distillate inventories, including heating oil, declined by 400,000 barrels, roughly in line with expectations.
“With (US crude) prices having recently moved back to the top end of their two-month range, this report provided few fireworks for the market,” said First Energy Capital analyst Martin King.
Oil ministers from OPEC, source of more than a third of the world’s oil, meet next week in Nigeria. Several have said they are in favour of cutting output for a second time this year.
Before then, traders will be watching on Thursday for US natural gas stock data. Analysts expect a drop in inventories that may boost prices. [ID:nN06429004]
Prices are restrained by expectations that a recent cold snap in the US Northeast, the world’s biggest heating oil market, will relent by the weekend.
(Reuters)
7 December 2006
LONDON - Oil was steady above $62 a barrel on Thursday, caught in a trading range that has held almost continuously since late September.
Putting a lid on prices is the knowledge that crude oil inventories in the United States, the world’s largest oil consumer, are at their highest for the time of year since 1993.
But prospects that OPEC will cut supply further at a Dec. 14 meeting, a fresh attack on Nigeria’s oil industry and tension over Iran’s nuclear programme are providing a floor.
“We expect crude prices to be well supported between now and the OPEC meeting,” Man Financial said in a report. “We think that OPEC’s inclination would still be to go for another cut.”
US crude CLc1 rose 23 cents to $62.42 by 1154 GMT. Prices are down from an all-time peak of $78.40 hit in July. London Brent crude LCOc1 was up 26 cents at $63.33.
On Thursday, gunmen struck an Agip ENI.MI oil export terminal in the Niger Delta and kidnapped three Italians. Eni said work at the terminal was unaffected.
A fifth of output in Nigeria, the world’s eighth-largest oil exporter, is already closed because of militant attacks.
Oil got little lift on Wednesday from data showing commercial crude stocks in the United States unexpectedly fell by 1.1 million barrels last week. [EIA/S]
Distillate inventories, including heating oil, declined by 400,000 barrels, roughly in line with expectations.
“With (US crude) prices having recently moved back to the top end of their two-month range, this report provided few fireworks for the market,” said First Energy Capital analyst Martin King.
Oil ministers from OPEC, source of more than a third of the world’s oil, meet next week in Nigeria. Several have said they are in favour of cutting output for a second time this year.
Before then, traders will be watching on Thursday for US natural gas stock data. Analysts expect a drop in inventories that may boost prices. [ID:nN06429004]
Prices are restrained by expectations that a recent cold snap in the US Northeast, the world’s biggest heating oil market, will relent by the weekend.
#18
Posted 09 December 2006 - 12:05 AM
Oil higher after OPEC head backs output cut
(Reuters)
8 December 2006
LONDON - Oil climbed above $63 on Friday after OPEC’s president said he favoured another production cut when the group meets next week.
US crude rose $1.04 at $63.53 a barrel at 1350 GMT. London Brent crude traded $1.21 higher at $63.78.
OPEC President Edmund Daukoru said he wanted the group to trim output when it meets on Thursday, deepening a 1.2 million barrel per day cut agreed upon in October.
“I favour a cut,” Daukoru told reporters in Abuja. “The market is still soft ... I’m not comfortable.”
“We hope that if we moderate supply a bit, if we don’t flood the market, some mop up will take place as winter really kicks in,” he added.
Daukoru, who is also Nigeria’s energy minister, said crude prices at $63 a barrel were still too cheap. Prices have rebounded more than 15 percent since tumbling to a 17-month low of $54.86 in mid-November.
A senior OPEC delegate earlier on Friday told Reuters that there was a “strong possibility” the group would trim output further to bring down high global inventories.
“Everybody knows that stock levels are higher than they should be,” he said.
US crude stocks were near their highest since 1991 for this time of year.
Ken Hasegawa, a manager at Japan’s Himawari CX, said OPEC needed to cut at least 500,000 barrels per day to maintain the current price level.
“I think OPEC will cut production to support prices till the second quarter of 2007. The supply side is too strong right now,” he said.
The market also found support from a sharp fall in the Brent loading schedule for January.
The Shell-operated Brent crude oil stream was scheduled to load 139,000 barrels per day in January, down nearly half from the previous month’s 268,000 bpd.
Traders attributed the decline to poor production and demand for January cargoes.
“At year-end, most participants wish to load within December 2006 instead of forwarding it into January,” one trader said.
Shell officials had no immediate comment.
(Reuters)
8 December 2006
LONDON - Oil climbed above $63 on Friday after OPEC’s president said he favoured another production cut when the group meets next week.
US crude rose $1.04 at $63.53 a barrel at 1350 GMT. London Brent crude traded $1.21 higher at $63.78.
OPEC President Edmund Daukoru said he wanted the group to trim output when it meets on Thursday, deepening a 1.2 million barrel per day cut agreed upon in October.
“I favour a cut,” Daukoru told reporters in Abuja. “The market is still soft ... I’m not comfortable.”
“We hope that if we moderate supply a bit, if we don’t flood the market, some mop up will take place as winter really kicks in,” he added.
Daukoru, who is also Nigeria’s energy minister, said crude prices at $63 a barrel were still too cheap. Prices have rebounded more than 15 percent since tumbling to a 17-month low of $54.86 in mid-November.
A senior OPEC delegate earlier on Friday told Reuters that there was a “strong possibility” the group would trim output further to bring down high global inventories.
“Everybody knows that stock levels are higher than they should be,” he said.
US crude stocks were near their highest since 1991 for this time of year.
Ken Hasegawa, a manager at Japan’s Himawari CX, said OPEC needed to cut at least 500,000 barrels per day to maintain the current price level.
“I think OPEC will cut production to support prices till the second quarter of 2007. The supply side is too strong right now,” he said.
The market also found support from a sharp fall in the Brent loading schedule for January.
The Shell-operated Brent crude oil stream was scheduled to load 139,000 barrels per day in January, down nearly half from the previous month’s 268,000 bpd.
Traders attributed the decline to poor production and demand for January cargoes.
“At year-end, most participants wish to load within December 2006 instead of forwarding it into January,” one trader said.
Shell officials had no immediate comment.
