12.23.13 Energy News

Oil & Gas News

• OPEC won’t need to cut production in 2014 because growth in demand can absorb any additional crude from Iran or Libya, ministers from Saudi Arabia, Iraq and Kuwait said after a meeting of Arab oil exporters in Doha, Qatar on December 21st.
• Iraq crude oil output rises to 3.42mln bpd against 3.1mlb bpd in November according to oil minister Abdul Kareem al-Luaibi.
• Iraq’s oil exports from the south will stay low in January as infrastructure constraints continue to curb its production volume, trade sources said.
• The crisis in South Sudan, which has left hundreds dead, has started to hit global oil supplies, compounding the effects of production losses in Nigeria and Libya and putting upward pressure on prices. “People are expecting a shortage in supply”, Ali al-Naimi, the veteran Saudi oil minister, said this weekend in an unusual warning.
• Libya’s oil minister has called for force to be used to reopen oil ports that were seized by a group demanding greater autonomy for the country’s eastern part, according to media reports.
• Asia’s January West Africa crude imports at five-month low as China cut purchases following a pipeline explosion and before holidays to mark the Lunar New Year.
• Seven new oil and gas exploration agreements have been approved by Egypt’s cabinet, according to a media report. The deals are designed to bring investment of at least USD 1.2bln to the sector and are said to involve BP, Dana Gas, Petroceltic International and Canada’s Sea Dragon Energy.
• China November oil product apparent consumption rose 5.4% according to NRDC. November natural gas apparent consumption rose 11.4% and natural gas imports rise 35.1% on year.
• India November natural gas output fell 11.3% to 2.9bcm and crude oil output rose 1.1% to 3.1mln tonnes.
• China’s diesel imports fall 96% from year earlier to 2,547mln tonnes in November according to General Administration of Customs.
• Late on Friday evening after the NYMEX pit closed, Societe General said they are closing their long brent US natural gas positions as the US cold snap has brought a dramatic reduction in inventories and higher prices for natural gas.

Geopolitical News

• The Iranian Deputy Foreign Minister Abbas Araghchi said Iran will agree on a specific uranium enrichment percentage in the final round of negotiations over its nuclear program.

Corporate News

• Total French Donges refinery units restarting after workers voted to end strike.
• Exxon Mobil’s Joliet refinery releases gases into atmosphere during shut down of sulfur furnaces at Channahon, Illinois plant, according to a filing.