- Title: VARIOUS: LONDON OIL PRICES REACH RECORD HIGHS
- Date: 27th September 2004
- Summary: (U4) VARIOUS UNIDENTIFIED LOCATIONS, MIDDLE EAST (FILE) (REUTERS) 1. VARIOUS OIL REFINERY (3 SHOTS) 0.14 2. VARIOUS PIPELINES 0.19 (U4) LONDON, UNITED KINGDOM (FILE) (REUTERS) 3. WS: INTERNATIONAL PETROLEUM EXCHANGE 0.25 4. VARIOUS TRADERS IN COLOURFUL JACKETS (5 SHOTS) 0.50 (U4) GRAPHICS (SEPTEMBER 27, 2004) (REUTERS) 5. LONDON BRENT PRICE RISING 0.56 (U4) VARIOUS LOCATIONS, NIGERIA (FILE) (REUTERS) 6. VARIOUS OIL PRODUCTIONS 1.01 7. WORKERS 1.06 8. CU/WS: GAS ON FIRE (2 SHOTS) 1.13 GRAPHICS (SEPTEMBER 27, 2004) (REUTERS) (U4) 9. U.S. LIGHT CRUDE PRICE RISING 1.20 (U4) ANGARSK, SIBERIA, RUSSIA (FILE) (REUTERS) 10. VARIOUS YUKOS OIL PRODUCTION FACILITY (4 SHOTS) 1.42 Initials Script is copyright Reuters Limited. All rights reserved
- Embargoed: 12th October 2004 13:00
- Keywords:
- Location: LONDON, UNITED KINGDOM; ANGARSK, RUSSIA; VARIOUS LOCATIONS, NIGERIA, MIDDLE EAST
- City:
- Country: England United Kingdom MIDDLE EAST Nigeria Russia
- Reuters ID: LVA975T086705AFIP8RT43XQ0V5F
- Story Text: Oil prices hit record highs.
London oil prices hit record highs on Monday
(September 27) as worries about the stability of supplies
from Iraq, Nigeria and Russia compounded concerns over low
U.S. fuel stocks ahead of winter.
London Brent on the International Petroleum Exchange,
the benchmark for European crude imports, set a new record
of $46 a barrel, up 67 cents.
U.S. light crude gained 49 cents to $49'37 a barrel, a
whisker away from August's all-time peak of $49'40.
Fresh gains follow last week's spike when U.S.
stockpiles dipped sharply at a time when inventories
normally are building in preparation for peak winter demand
in the world's biggest petroleum importer.
Traders shrugged off as too little some small loans of
oil to refiners from U.S. emergency stockpiles to
compensate for hurricane closures.
Weekend clashes in Saudi Arabia between security forces
and suspected al Qaeda members served as a reminder of the
threat to stability in the world's biggest producer.
Dealers also were worried about potential supply
disruptions from Nigeria and Russia.
In Nigeria, OPEC's fifth biggest producer, rebels said
at the weekend they would extend an uprising across the
country's entire oil-producing southern delta. Royal
Dutch/Shell already has evacuated more than 200 staff from
two oilfields, but there is no impact yet on production.
The rebels want to force political reforms or gain
sovereignty for the impoverished Niger delta. Last year's
uprising by members of the Ijaw tribe forced the temporary
closure of 40 per cent of the country's output.
Uncertainty over the stability of supplies from YUKOS,
Russia's top exporter, also are supporting prices. YUKOS
last week trimmed deliveries to China.
Global supplies are straining to meet the fastest
growth in oil demand in 24 years. World crude output is
close to its limits with only the top exporter, Saudi
Arabia, holding any significant spare capacity.
The OPEC producers' cartel, which controls more than
half of global crude exports, is producing almost 30
million bpd, the highest level since the late 1970s.
OPEC president Purnomo Yusgiantoro said on Monday the
cartel was supplying enough crude and was not to blame for
high prices.
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