Opec to keep output at current levels

 RIYADH: With crude markets undergoing a massive transformation Opec had little option but to maintain output at current levels. As prices drift downwards, the month-long rally in the crude markets is finally subsiding.
The correlation between financial markets and crude, too, continued to impact the process. Strengthening dollar and the worries on the state of the Greek economy with its drag down effect on the global scenario – all cornered the crude markets to finally wink.

Oil prices fall as OPEC maintains output levels

Wednesday, December 23, 2009
LONDON: Oil prices fell on Tuesday as OPEC decided at a meeting against changing the cartel’s official crude output levels, in a widely-expected move.

New York’s main futures contract, light sweet crude for delivery in February, dropped 32 cents to $73.40 a barrel. Brent North Sea crude for February lost 35 cents to $72.64 in afternoon London trading. The Organisation of Petroleum Exporting Countries (OPEC) held its crude output quotas unchanged at its meeting in Angola on Tuesday, warning of lingering weakness in the world economy.

Oil exploration firms accused of violating laws

Saturday, December 12, 2009
By our correspondent

HYDERABAD: Petroleum laws and rules are not properly implemented and multinational oil and gas exploration companies have been accused of violating agreement with the government and depriving local people of their right of employment.

According to an agreement, these exploration firms should launch public welfare schemes for locals but they did not care about them, this was disclosed in a seminar on ‘local land rights and corporate social responsibilities of oil and gas firms in Hyderabad’.

Oil transport charges up 12.5pc

By Farhan Zaheer

KARACHI: Petroleum Ministry on Monday raised petroleum transportation charges by 12.5 per cent following a strike call by oil tanker owners who were demanding 15 per cent increase in transportation charges.

Oil Tankers Association Chairman Yousuf Shahwani told The News that the federal minister has informed the tanker owners that the government has decided to allow 12.5 per cent rise in transportation charges against the 15 per cent increase demanded by the association.

SBP directs banks to pay $10bn oil import bill

KARACHI: The State Bank shifted the entire load of oil import payment of around $10 billion to the private sector much earlier than the given deadline on pressure from the International Monetary Fund (IMF). 

The central bank said on Saturday said that with effect from Dec 14, all purchases of foreign exchange related to import of crude oil will be made by banks from the inter-bank market.

The first agreement with the IMF in November 2008 emphasised that the SBP would get rid of making payment of oil import bills by February 2010.

OPEC should maintain output: Arab oil ministers

CAIRO: Arab oil ministers of OPEC said on Friday that the cartel should keep production unchanged when it meets later this month as crude prices are close to the target of 80 dollars a barrel.
 
‘Why should we raise output?’ the oil minister of OPEC kingpin Saudi Arabia, Ali al-Naimi, asked on arrival in the Egyptian capital for a conference of the Organisation of Arab Petroleum Exporting Countries (OPEC) from Saturday.

‘We still have time (for the meeting). But right now, the price is ok, between 70 and 80 (dollars). It’s close to the target that we set at 75 dollars a barrel,’ Naimi told reporters.