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Crude Market Update: Royal Dutch Shell announced overnight that the Brent Bravo North Sea Field has been shut for maintenance

Tue, Aug 7 2007, 10:48 GMT
by Trade The News Staff

– Royal Dutch Shell announced overnight that the Brent Bravo North Sea Field has been shut for maintenance.

– Total announced overnight an oil discovery off in oil block 32 off of Angola. The discovery is expected to produce approximately 2,130 bpd.

According to an article in oil daily Reliance Industries may buy a stake in a new oil processing plant in Saudi Arabia. The proposed Jizan refinery project is expected to have output of 400K bpd.

– According to an article in the WSJ, Chevron has win the right to develop a natural gas field in China. Chevron’s bid was chosen over those of Statoil, Total, and Royal Dutch Shell. 

– According to an article in the Financial Times Premier Oil could double production by 2011. Article says that the company could bring production up to 70K bpd by 2011.

– According to an article in Oil Daliy the US House of Representatives ignored a White House veto threat over the weekend to pass wide-ranging energy legislation that sets a renewable fuels mandate for electric utilities. The 786-page bill was approved late Saturday by a vote of 241 to 172. Democratic leaders won 26 Republican votes, while nine Democrats voted against it.

– On the weather front, Accuweather wrote on its website that dangerous heat will grip a large part of the eastern half of the nation today. Along the rim of the early August sizzle, another round of drenching storms is in store for the central Plains and Great Lakes

http://www.fxstreet.com/fundamental/analysis-reports/crude-market-update/2007-08-07.html

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