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ENERGY MARKETS REPORT INCLUDING: Iraq will boost oil supplies by 250,000BPD in 2012, according to the IEA

21st Feb 2012, 10:56 am
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WTI Crude futures are experiencing volatility ahead of the North American open, currently trading in strong positive territory amid positive market sentiment following the signing of a Greek bailout in Europe, and geopolitical concerns following fresh threats from Iran.

Oil & Gas News: 

•   Bad weather has again delayed the start of operations at Iraq's new Gulf crude outlet, further postponing a 300,000BPD boost to exports that is needed to keep up with increased output capacity in the country, according to industry sources. First loading is now expected at the end of February.

•   Iraq will boost oil supplies by 250,000BPD in 2012, according to the IEA. 

•   Nigerian oil output is currently at around 2.5MBPD, according to the Nigerian Oil Minister, adding that output is soon to rise by 180,000BPD due to a new deep offshore oil project. The Minister expects oil refinery utilisation capacity to reach 90% in the next two years.

•   Saudi Arabian crude output fell by 237,000 MBPD per month to 9.81 MBPD in December. 

•   Saudi Arabia are able to boost output by 700,000BPD in 90 days, according to the IEA.

•   JP Morgan has raised its Brent Oil price target to USD 118/BBL from USD 112/BBL, citing building economic momentum.

Geopolitical News: 

•   Iran's deputy military chief has said Iran would take pre-emptive action against its enemies if it felt its national interests were endangered.

•   Two Iranian warships sent by Tehran to the Mediterranean last week entered the Suez Canal on their way back to Iran, according to canal authorities. 

•   Iran is struggling to find new buyers for its crude oil as Western sanctions start to bite. Tehran is offering to sell an extra 500,000BPD to Chinese and Indian refiners. 

•   North Korea has threatened to shell islands close to its disputed sea border with South Korea if the South violates its territorial waters during a military drill. 

Corporate News: 

•   China's Unipec have said they are likely to import 10-20% less crude from Iran under their 2012 contract against 2011 liftings. The company have also won unchanged credit terms for 2012 from Iran for its crude purchases. 

•   A fire on Friday that idled BP's 225,000BPD Cherry point refinery is expected to lift gasoline prices on the US West Coast in the coming weeks.

•   BP have reported unplanned flaring at its 265,000BPD refinery in Carson, CA.

•   Japan's Showa Shell has said it expects Iran's halt of oil sales to UK and French companies to have no impact on its crude imports from Iran. 

•   Chevron Nigeria has begun drilling a relief well to extinguish a fire in its Funiwa 1A natural gas well.

•   Exxon's 502,000BPD Baton Rouge, Louisiana refinery has reported an equipment failure that triggered flaring on Saturday.

•   Anadarko Petroleum have struck a large column of natural gas at an appraisal well off Mozambique. In other company news, a joint venture between the company, Tullow Oil and Repsol has hit 30m of hydrocarbons at its Jupiter-1 well off Sierra Leone.

Weather news:

According to Weather Derivatives, temperatures are 5.0% above average for this time of year in the US. Using data correct on 17th Feb.

 

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