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ENERGY MARKETS REPORT INCLUDING: Royal Dutch Shell has been accused of providing misleading information on oil spills in the Niger Delta
WTI crude futures traded lower at USD 86.50 on the back of a stronger USD and market risk aversion after weaker UK Economic data.
Oil & Gas News:
• Iraq plans to increase capacity at its southern oil export facilities in the Persian Gulf to between 5mln and 6mln BPD by the end of 2013 as part of the OPEC member's plan to boost its crude output, Deputy Oil Minister Ahmed al-Shamma said
• China central bank advisor Li Daokui has said oil prices at USD 100 a barrel will have an impact on the nation’s economy.
• Kuwait Oil minister Sheik Ahmad al-Abdullah al-Sabah says he was happy with the current oil prices near USD 90 a barrel. The Oil minister also adds that OPEC’s output decision would depend on the market conditions and the level of compliance from producers, stating OPEC’s compliance with oil output limits had increased slightly.
• Algeria expects to maintain 2011 crude production at roughly the same level as 2010 according to Sonatrach CEO Nourredine Cherouati.
• Brazil’s Amazon may hold “super giant” fields of light oil in an area the country is starting to explore, HRT boss Marcio Mello said. The Brazilian oil-exploration company will start producing from its wells in the Amazon’s Solimoes river basin as early as June 2011.
Corporate News:
• Royal Dutch Shell has been accused of providing misleading information on oil spills in the Niger Delta in an official complaint submitted by Amnesty International and Friends of the Earth.
• PetroChina says it is in the early stages of planning a bid for one of the two units of US based Marathon Oil is splitting itself into. Sources say a cash bid of up to USD 20bln may be required to secure one of the assets.
• Sonatrach says it is not decided yet if it will acquire BP’s Algerian assets. "We have not decided yes or no whether we will exercise our right of pre-emption," CEO Nourredine Cherouati said of the assets which the oil major plans to sell.
• Exxon Mobil Corp.’s commercial startup of its second petrochemical complex in Singapore may be delayed until early 2012, from the second half of 2011. The USD 6bln plant was initially expected to begin operations in early 2011.
Geopolitical News:
• German Chancellor Angela Merkel warned Iran that it faced further sanctions if it did not satisfy world powers’ concerns about its nuclear programme. Merkel added she was disappointed that recent talks had ended without progress. There are currently no further talks in place to address Iran’s dispute with countries that fear it may be developing nuclear weapons.
Weather news:
The Weather Insight forecast sees temperatures for the next 6-10 days in the US to be 9.2F below the 10-year average for this time of year and 8F lower the 30-year average.
• Northeast: forecasts that temperatures have risen 4.2F over the last 12 hrs
• Texas: forecasts that temperatures have risen 2.2F over the last 12 hrs
• Southeast: forecasts that temperatures have risen 1.6F over the last 12 hrs
• West: forecasts that temperatures have risen 0.4F over the last 12 hrs
The NHC reports no tropical cyclones at this time.
