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ENERGY MARKETS REPORT INCLUDING: The global oil market looks balanced, Saudi oil minister Ali al-Naimi indicated on Sunday
November 21 2011, 10:57am
WTI and Brent crude futures came under downward pressure during this morning’s European session as the USD-Index strengthen and with the US congressional deficit-reduction committee still at deadlock.
Oil & Gas News:
• OPEC’s December meeting may lack the discord of its last gathering according to its secretary-general, as the 12-nation group weighs signs of declining growth in demand for oil. The secretary general also said some producers need to cut back as Libyan output rebounds.
• Iran's governor to OPEC foresees 'positive' December meeting, and says OPEC should be wary of softer oil demand in 2012
• The global oil market looks balanced, Saudi oil minister Ali al-Naimi indicated on Sunday,
• The Iraqi oil minister says expects to export 2.2 MBPD this month and expects to produce about 3 MBPD this month. He also said he expects 2.6 MBPD to be exported in 2012 and expects to produce 3.4 MBPS in 2012.
Geopolitical News:
• Iran’s energy minister said that Iran could use oil as a political tool in the event of any future conflict over its nuclear programme. In other news the US plans to sanction Iran’s petrochemical industry according to sources familiar with the matter.
• At least 12 people were killed in clashes between security forces and crowds protesting against Egypt’s ruling military council in some of the worse violence since the overthrow of Hosni Mubarak. Protesters demanding that Egypt’s ruling generals hand over power beat back a new police raid to evict them from Cairo’s central Tahrir Square on Monday according to witnesses.
• The Arab League rejected a request by Damascus to amend plans for a 500-strong monitoring mission to Syria, and President Bashar al-Assad said he would not bow to international pressure to stop a crackdown against protestors.
Corporate News:
• Chevron has taken full responsibility for the oil spill off of Brazil’s coast according to the CEO of the local subsidiary. The CEO said the leak has been plugged and residual oil flow is now more than 10 but less than 100 barrels a day, the firm is set to release an update today.
• ExxonMobil reports emissions at 238,600 BPD Joliet, Illinois refinery.
• BP is beefing up its footprint in Indonesia after being granted two licence awards in the Southeast Asian country. The co. has been handed 100% of both the West Aru I and West Aru II concessions offshore Indonesia, it wrote in a statement today.
• ENI has set its sights on drilling three new wells in Indonesia after the Italian major was handed a pair of concessions in the country.
Weather News:
Weather Derivatives forecast sees average temp. in the US for the next 6-10 days to be 3.2F above the average at this time of the year. The data is accurate as that of 18th October, 2011.
The NHC reports:
• Tropical Storm Kenneth is rapidly strengthening and is expected to become a hurricane later today. Kenneth is about 740 miles south of the southern tip of Baja California and is moving toward the west near 14mph. This general motion is expected to continue through today with additional strengthening expected during the next 48 hours.
• A broad low pressure system located about 850miles northeast of the Leeward Islands continues to produce a large area of cloudiness. This system is forecast to strengthen and produce gale-force winds over the next couple of days and it is possible that the low could gradually acquire subtropical characteristics before it moves over cooler water. This system has a medium chance (40%) of becoming a subtropical cyclone during the next 48 hours as it moves north-north-eastward at 10-15mph.
