Showing posts with label Ecuador. Show all posts
Showing posts with label Ecuador. Show all posts

Thursday, December 2, 2010

OPEC Expected to Keep Oil Production Quota Unchanged

OPEC will probably keep its production quota unchanged when it meets on Dec. 11 in Ecuador, ministers from Angola, Venezuela and Libya said. The Organization of Petroleum Exporting Countries considers oil at $80 to $85 a barrel a “comfortable price,” Angola’s Minister of Petroleum Jose Maria Botelho de Vasconcelos said yesterday. Crude traded around $86 a barrel in New York today. Venezuela’s energy minister Rafael Ramirez, who said he prefers a price level of $100 a barrel, told reporters in Doha today that the group will likely maintain its existing output target.

“The current environment is of some stability,” Angola’s Vasconcelos said in an interview. “The sentiment among members is for maintaining the production level.” Libya’s top oil official, Shokri Ghanem, said yesterday in Doha that the organization will seek stricter compliance with the current production target. OPEC, which produces about 40 percent of the world’s oil, hasn’t changed its formal limit since December 2008, when it announced record supply cuts and a quota of 24.845 million barrels a day.

The group’s adherence to that level has faltered as recovering demand and rising prices encourage members to exceed their individual allocations. Compliance among the 11 nations bound by quotas slipped to 51 percent in October, according to data from the group published on Nov. 11. Qatari Energy Minister Abdullah bin Hamad al-Attiyah said today he won’t attend the Dec. 11 gathering in Quito, Ecuador.

Angola’s Vasconcelos said he expects the country’s oil production to increase to 1.9 million barrels a day next year, close to its maximum capacity. Angola pumped an average of 1.73 million barrels a day in November, according to a Bloomberg survey of producers and analysts on Nov. 30. OPEC’s 12 members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. Iraq is exempt from the quota system.

Posted courtesy of Bloomberg News

Bloomberg reporter Grant Smith can be reached at gsmith52@bloomberg.net

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Monday, June 29, 2009

Chevron's $27 Billion Problem


Sometime later this year a judge in the sleepy Ecuadoran town of Lago Agrio is likely to sock Chevron Corp. with as much as $27 billion in damages over pollution left over from oil drilling by Chevron's Texaco unit in the 1970s and 1980s. The funny part is, Chevron (CVX-news-people) wanted it this way. When the case was originally filed in New York in 1993, Texaco, then an independent company, argued it would be fairer to hear it in Ecuador.....Complete Story

Wednesday, March 4, 2009

NYMEX Crude Up On Surprise EIA Draw, China Stimulus Boost


"NYMEX-Crude up on surprise EIA draw, China, OPEC"
U.S. crude futures held gains above $3 late Wednesday morning, after government data showed a surprise drawdown in domestic crude supplies last week, not the
increase forecast by analysts....Complete Story

"Venezuela to Cut Oil Contracts As Prices Fall"
Venezuela said it will seek to renegotiate contracts with oil-service companies, with PDVSA planning to cut its spending on oil-service contractors by 40%....Complete Story

"Ecuador Will Not Confiscate Perenco's Oil Fields Over Tax Debt"
Ecuadorean Oil Minister Derlis Palacios said Wednesday that the country will not seize the oil fields of French company Perenco over debts....Complete Story

"Oil Gains a Second Day on Speculation China Will Boost Stimulus Spending"
Crude oil rose for a second day on speculation China will broaden efforts to boost economic growth, bolstering fuel demand in the world’s third largest economy....Complete Story

"Exxon Seen Using $31.4 Billion Cash Hoard for Field Stakes, Not Takeovers"
Exxon Mobil Corp., the world’s largest oil company, will probably tap its $31.4 billion mountain of cash to buy stakes in offshore fields from state oil companies rather than mounting takeover bids for major rivals....Complete Story

Monday, January 12, 2009

Crude Oil Industry Headline News


"Transocean Provides Fleet Status Report"
Transocean (ticker RIG) today issued an updated fleet status report covering the company's 136-unit offshore drilling fleet. Drilling rig status and contract information on the company's offshore drilling fleet has been condensed into a report titled "Transocean Fleet Status Report," which is available through...Complete Story

"Kuwait's Foreign Minister Named Acting Oil Minister"
Kuwait's foreign minister has been appointed acting oil minister in a new cabinet as the Gulf Arab state tries to end a political standoff which has delayed reforms in the OPEC producer, state media reported on Monday....Complete Story

"Ecuador Ends Oil Contracts Due to Low Prices"
Ecuador will end its oil contracts with companies in France and Italy due to low prices, Mining and Oil Minister, Derlis Palacios, said on Friday....Complete Story

"OPEC Oil Prices Rebound Slightly"
The weekly average prices of OPEC rebounded slightly above $40 per barrel last week to $43.99, the Vienna-based cartel said on Monday....Complete Story
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