Kuwait Financial Centre “Markaz” Daily Oil & Gas Bulletin – 6 December 2011
Paris and London to press EU for Iran oil ban - France and the UK will use a gathering of European Union leaders this week to push forward their plan to approve a full embargo on oil imports from Iran. The meeting will be dominated by efforts to shore up the single currency. But diplomats in Brussels say France is also pushing to use the occasion to advance its case for strong measures against Iran over its nuc-lear weapons program. British and French diplomats say Greece, which receives between 25 and 30 per cent of its oil from Iran, is the only state raising serious objections to a ban on Iranian oil imports but those objections should be overcome by the January meeting. Qatar inks Centrica deal for joint energy projects - The investment arm of Qatar Petroleum announced it has signed an agreement to explore new joint projects in the energy sector with the UK's Centrica. The memorandum of understanding will see Qatar Petroleum International and Centrica, the parent company of British Gas, cooperate in energy-related investments around the world. Investment targets will include new or existing projects in upstream oil and gas including liquefied natural gas (LNG), gas storage as well as combined-cycle gas turbine (CCGT) generation assets and downstream opportunities.
ALQURAIN IPG OULAFUEL ABAR SABIC
Oil & Gas Prices Currency
Qurain Petrochemicals Independent Petroleum Group Oula Fuel Co. Burgan Co. for Well Drilling Saudi Basic Industries Corp.
KWD KWD KWD KWD SAR
218.0 315.0 300.0 224.0 96.3
-0.91% 1.61% 0.00% 0.00% 3.22%
11.97 9.99 27.58 23.18 9.71
SAFCO PETROR IQCD QGTS DANA TAQA
Saudi Arabian Fertilizer Co. Rabigh Refining & Petrochemical Co. Industries Qatar Qatar Gas Transport Co. Dana Gas Abu Dhabi National Energy Co.
SAR SAR QAR QAR AED AED
181.3 22.6 135.6 17.7 0.5 1.2
0.00% 2.03% 0.07% 0.00% 0.00% 0.00%
11.74 290.56 9.60 12.45 7.56 4.96
Shell Oman Marketing Co.
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*All prices as of last traded day NYMEX Henry Hub Futures Forward Curve
NYMEX WTI Crude Oil Futures Forward Curve 105
Oil fields on Iraqi-Kuwaiti border await demarcation - There are 10 oil fields that spread across the Iraqi-Kuwaiti frontier that are waiting to have a line drawn through them. Committee member Furat al-Sharei mentioned that oil will be extracted from these fields after finding joint mechanisms between the countries. There are also ten common with Iran that are waiting the demarcation process to begin extraction. The Iraqi government pays 5% of its revenue to compensate its debt to Kuwait that reaches $22 billion USD (23,000 billion IQD).
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Regional Oil & Gas Highlights OPEC may support oil at $100 - Oil prices rose Friday and posted weekly gains, boosted by heightened geopolitical tensions over Iran and strong gasoline futures, while a stronger dollar and concern about the euro zone debt crisis limited gains. The Saudi American Bank group (samba) said in its latest monthly bulletin that OPEC oil ministers are expected to agree on action to support crude prices at around $100 a barrel when they meet in Vienna on Dec. 14. "As such, the effectively irrelevant quotas agreed back in 2008 will remain in place," it said.
95 90 85
6 5 4
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