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Author: Chemist

Saudi Arabia Lowering-down crude prices for Asia in July

Posted by: Chemist Posted on: June 7, 2013 , , ,

Singapore/Beijing: Top oil exporter Saudi Arabia is expected to reduce the official selling prices (OSP) for most of the grades it sells to Asia in July due to weaker Dubai prices, a Reuters survey showed on Monday.

Saudi Arabia may drop the OSPs for Arab Extra Light and Arab Light by 15 and 45 cents per barrel respectively, while Arab Medium and Arab Heavy could see cuts of 60 and 50 cents, according to the median of estimates from eight refiners, traders and an analyst.

Ample supply of sour crude has depressed the front-month Dubai price, narrowing the prompt inter-month spread in backwardation. In a backwardated market, prompt prices are higher than future months.

Improved gasoil cracks could limit the downside for light grades, Arab Extra Light and Arab Light, while heavier grades such as Arab Medium and Arab Heavy could fall more on weaker fuel oil cracks.

 

 

 

Source: http://gulfnews.com/business/oil-gas/saudi-arabia-may-cut-july-crude-prices-for-asia-1.1192249

Contract $500m to Petrofac Emirates

Posted by: Chemist Posted on: June 7, 2013 , ,

London: Petrofac Ltd (PFC.LN), an international service provider to the oil and gas production and processing industry, said Tuesday Petrofac Emirates, its joint venture with Mubadala Petroleum, has been awarded a $500 million onshore engineering, procurement and construction contract by Abu Dhabi Company for Onshore Oil Operations for expansion of compression facilities at the Bab Field, 150km southwest of Abu Dhabi.

Petrofac Emirates will undertake modifications to three of the existing compressor stations and install a new fourth facility. The scope of work also includes 27 well head facilities, associated gas pipelines, direct gathering and modifications to remote manifold stations. The project will be completed in a phased manner in 30 months when commissioning will start.

Source: http://gulfnews.com/business/oil-gas/petrofac-emirates-wins-500m-contract-1.1192826

Gulf Special – OPEC output rose in May

Posted by: Chemist Posted on: June 7, 2013

London: Opec oil production rose in May as an increase in Saudi Arabian flows more than offset lower Iranian output, a Dow Jones Newswires survey of industry sources and analysts showed on Monday. Crude-oil production from the Organisation of the Petroleum Exporting Countries averaged 30.575 million barrels a day in May, up 109,000 barrels a day from 30.466 million barrels a day in April.
Iran’s oil output has been hit by mounting sanctions on its exports and production equipment. But “Saudi Arabia increased its output by 125,000 barrels a day to 9.4 million barrels a day ahead of the direct crude burning season and the ramping up,” of the Manifa field, Vienna-based consultancy JBC Energy GmbH said in a note last week.

 

Source: http://gulfnews.com/business/oil-gas/opec-output-rose-in-may-1.1192825