OPEC pumped 31.28m barrels per day in June

Oil production from the Organisation of the Petroleum Exporting Countries (OPEC) was 31.28 million barrels per day (b/d) in June. New figures revealed production last month increased by 170,000 b/d compared to May. It stated this is the fourth consecutive monthly rise since February as Saudi Arabia and Iraq are generating more oil,, according to Platts. Saudi […]

Power and gas prices down – DMR

The price of power and gas is down, according to npower’s daily market report. This is due to a fall in demand as plenty of supply is available despite an increase in exports through the Interconnector at 35mcm. CCGT demand has fallen to around 30mcm. Wind generation is 1GW below forecast and solar generation is forecast […]

Iraq awards $25m power substation contract

Iraq has handed out a $25 million (£15m) contract to design and build 16 mobile electricity substations. Iraq’s General Directorate for Transmission in the Upper Euphrates region placed the order with electrical services firm CG. They are for temporary grid connections and power supplies to be supplied by September 2015, said CG. Laurent Demortier, CEO […]

OPEC pumps 70,000 barrels more oil in August

More oil pumping from Libya and Angola pushed up production in the Organisation of Petroleum Exporting Countries (OPEC) by 70,000 barrels a day (b/d) last month. The Middle Eastern group’s oil gushed up to 30.2 million b/d in August from 30.13 million b/d in July, according to a Platts survey of OPEC and oil industry […]

Ships used as “floating gas storage” to avoid Ukraine risk

Prices for UK gas could be boosted if tanker owners use their ships as floating storage for liquefied natural gas (LNG). The possibility of the move on the back of fighting in eastern Ukraine was noted in a daily market report today. Steven Walker, Client Portfolio Manager at npower said: “News yesterday of some LNG players […]

Iraq’s major oil refinery ‘seized by rebels’

Rebels in Iraq have reportedly gained full control of the nation’s main oil refinery in Baiji in the northern province of Salahuddin. It had been under siege for 10 days and Iraqi security forces have been battling the rebels over the control of the facility, which is said to supply nearly a third of Iraq’s […]

Iraq violence pushes oil prices above $115 a barrel

Continuing violence in Iraq pushed Brent crude oil prices above $115 per barrel according to our daily market report from npower. Last week Iraq’s refinery was attacked and over the weekend it was a battleground with Iraqi forces trying to oust the occupying rebels. Ben Spry, the supplier’s Optimisation Desk Manager said: “Gas seasons have […]

Iraq oil refinery attacked by insurgents

Iraq’s largest oil refinery was attacked by insurgents yesterday prompting crude oil prices to tremble close to a 52-week high. Video footage appeared to show smoke rising from the Baiji oil refinery as ISIS militants crept closer to the capital Baghdad. Iraq’s army claimed it drove off the attackers however conflicting reports suggested a large […]

Shell boss touts “robust” profits despite drop

Anglo-Dutch oil giant Shell touted “robust” profits for the first three months of 2014 today, despite a nearly halving in size compared with the start of last year. First quarter earnings in 2014 were $4.5 billion (£2.7bn) compared with $8 billion (£4.7bn) for the first quarter of 2013. Chief Executive Ben van Beurden said: “Our […]

Strikes in Libya cause drop in OPEC oil production

Crude oil production from the Organisation of the Petroleum Exporting Countries (OPEC) fell to 30.28 million barrels per day (b/d) in August, a drop of 60,000 b/d on July. The reduction was caused by disruption in Libya, according to the Platts survey of OPEC and oil industry officials. Strikes and protests in the North African […]