Financial Times Energy 6/9

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No decision at Opec meeting

So, Saudi Arabia really did fail to achieve a consensus at the Opec meeting in Vienna today. Abdalla El Badri, the cartel’s secretary general, has just announced that its production policy will remain unchanged and the member countries were unable to reach any agreement on a proposal to raise their output targets. The deep divisions within Opec, particularly between Saudi Arabia and Iran, appear to have become so poisonous that this organisation is incapable of taking any substantive decision. Badri, a visibly dejected man, made another remarkable announcement. The loss of Libyan production, which totalled 1.58m barrels per day in January, must surely … Continue reading: "No decision at Opec meeting" http://link.ft.com/r/DHGUVV/16G6PF/OJS3XZ/ZBP1DD/UUNZP3/GX/h?a1=2011&a2=6&a3=9

Latest from Opec

I’m in Vienna, waiting for the outcome of the Opec oil ministers’ meeting which began at 10am today. Here’s what we know with reasonable certainty so far: Saudi Arabia has yet to rally a consensus behind its proposal to increase Opec’s output quotas for the first time in almost four years. The kingdom will have the support of Kuwait and the United Arab Emirates. But the two leading “hawks” – Iran and Venezuela – remain unconvinced. Rafael Ramirez, the Venezuelan oil minister, said at the outset of the meeting that he regarded the oil market as being “in balance”. As … Continue reading: "Latest from Opec" http://link.ft.com/r/DHGUVV/16G6PF/OJS3XZ/ZBP1DD/IYXTDX/GX/h?a1=2011&a2=6&a3=9

Energy headlines: BHP pumps oil from new Gulf of Mexico well

BHP pumps oil from new Gulf of Mexico well – FT China ends wind power subsidies after US challenge -BBC Indian firms eye part of Exxon stake in Kashagan field - Reuters Scottish Power price rises prompt concern - FT China proposes $15bn Indus dam scheme - FT http://link.ft.com/r/DHGUVV/16G6PF/OJS3XZ/ZBP1DD/JIKHYX/GX/h?a1=2011&a2=6&a3=9

Golden age of gas may be a call too soon

The natural gas market is entering a golden age on the back of increasing global demand. So proclaims the International Energy Agency, the western countries’ watchdog. But the natural gas pricing system remains, for now, largely in the dark ages. Unlike oil, the cost of natural gas varies substantially around the world. In the US natural gas prices are below $5 per millon British thermal units, but in continental Europe they are near $10 per mBtu and in Asia are more than $12 per mBtu. The IEA believes that the commodity will take steps towards becoming a truly global market … Continue reading: "Golden age of gas may be a call too soon" http://link.ft.com/r/DHGUVV/16G6PF/OJS3XZ/ZBP1DD/JIKHYW/GX/h?a1=2011&a2=6&a3=9

Energy headlines: BP eyed stake sale during Russia dispute

BP eyed stake sale during Russia dispute - FT Gas glut is fading as global demand surges - Telegraph China agrees to halt subsidies to wind power firms - Reuters Cairn awaits ruling on eco warriors - FT Climate treaty possible by 2015 – EU - Argus http://link.ft.com/r/DHGUVV/16G6PF/OJS3XZ/ZBP1DD/ZBLWHP/GX/h?a1=2011&a2=6&a3=9

Energy headlines: Pearl crowns Shell’s Qatari GTL hopes

Pearl crowns Shell’s Qatari gasoil hopes - FT Cairn restarts Arctic drilling, protesters removed - Reuters Statoil Sells Gassled Stake - WSJ German cabinet decides on nuclear exodus by 2022 - Reuters Resourcehouse shelves Hong Kong listing -FT LNG demand rises as nuclear power is shunned - Telegraph http://link.ft.com/r/DHGUVV/16G6PF/OJS3XZ/ZBP1DD/BMAF70/GX/h?a1=2011&a2=6&a3=9