Oil
China forces IEA to boost oil demand forecast
Higher-than-expected demand from China and other Asian countries has forced the International Energy Agency (IEA) to revise up its global oil demand forecast for 2010 by 120,000 barrels a day (b/d) to 86.5 million b/d.
Iraq adopts new pricing for US crude
Somo, the Iraqi state-owned oil marketing firm, has followed in the footsteps of Saudi Arabia and Kuwait by adopting the Argus Sour Crude Index (ASCI) to benchmark price sales of US-bound crude from April onwards.
FirstEnergy and Allegheny announce $8.5bn merger
FirstEnergy and Allegheny Energy have announced an $8.5 billion stock-for-stock merger transaction that would create a diversified generation portfolio including 2,200 megawatts (MW) of renewables.
Citi names new global commodities head
Stuart Staley has taken over as Citigroup’s global head of commodities, as the bank aims to boost the business by 30-40% over the next three years.
Commodity rankings 2010: Energy
The 2010 Risk/Energy Risk commodity rankings reveal which companies have been able to prosper despite the difficult conditions of 2009. Lianna Brinded analyses the results and talks to key market participants about their views
Interview: Mexico's hedging plans: in crude health
Pauline McCallion speaks to Gerardo Rodriguez, deputy undersecretary for public debt at Mexico’s Ministry of Finance & Public Credit, about the government’s highly successful oil price hedging strategy
Commodity Rankings: Reclaiming the top spot
The 2010 Risk/Energy Risk Commodity Rankings reveal which companies have been able to prosper despite the difficult conditions of 2009. Lianna Brinded analyses the results and talks to key market participants about their views
Going it alone
Jyske Bank, based in Denmark, has traditionally distributed products that have been created by large banks. However, after the financial crisis saw consumer confidence in those banks plunge, Jyske has had to step in to operate as both issuer and…
Goldman Sachs tops Energy Risk/Risk commodity rankings 2010
Goldman Sachs has reclaimed the top spot as best overall energy dealer, in the Energy Risk/Risk commodity rankings 2010, relieving Morgan Stanley of its two-year reign at number one.
Oil price volatility still concerns the market
After oil prices started to stabilise in the last quarter of 2009, all eyes turned to the market outlook for the year ahead. But as we enter a new decade, oil still remains at the top of the risk agenda and price forecasts differ vastly. Lianna Brinded…
Singapore Exchange to trade fuel oil futures in February
SGX has announced details of a new fuel oil contract scheduled for launch on Monday, February 22.
Lukoil-led consortium seals Iraq deal
A consortium led by Russian private oil company Lukoil is the latest in a line of energy giants sealing deals in Iraq, in a move set to develop one of the country’s largest oil fields.
BP CEO: Oil industry faces supply challenge
The oil industry will continue to face supply challenges in the long term, following China’s burgeoning demand for imports, said BP’s chief executive at the World Economic Forum in Davos, Switzerland.
Russia and Belarus sign deal and end dispute
Russia and Belarus have ended a dispute over oil supply by signing a deal on Russian oil deliveries for one-third of Belarus’s import needs, confirms Russian deputy prime minister Igor Sechin on the country’s government website.
Mexico sees return to normality for oil hedging
Banks’ ability to act as a counterparty is “back to a very normal situation” after the credit crunch, according to one of the designers of Mexico’s oil price hedging programme.
Venezuelan sands could dwarf Canadian reserves
Venezuela’s Orinoco Oil Belt could contain 513 billion barrels of technically recoverable heavy oil, double original estimates, according to a report released last week.
Iran sets out mixed energy plan 2010/2011
Iran’s national budget for 2010/2011 will be less reliant on oil revenues but will still reveal "good news" on oil production of 20% enriched fuel in February this year, says Iranian president Mahmoud Ahmadinejad, in a move aimed at making the state less…
Eni, Oxy & Kogas seal Iraq deal
Three major oil and gas companies have sealed a deal with Iraq’s South Oil Company and Missan Oil Company that is set to increase production by 1 million barrels per day (bbl/d) over the next six years.
EU & Iraq pact will not boost energy supplies
Iraq will not boost the European Union’s (EU) oil, gas or power supply, or become a key supplier in the near future, say analysts, following the announcement that the two parties signed a Memorandum of Understanding designed to secure the EU’s energy…
Masdar and E.on create carbon trading venture
Abu Dhabi-based renewables company Masdar has joined forces with German utility E.on to form E.on Masdar Integrated Carbon (EMIC), a company focused on developing carbon emission reduction projects.
Kupe light crude oil ready to ship
Origin Energy New Zealand has revealed that the Kupe gas project will be making the first shipment of light crude oil from Taranaki port on January 17.