Financial Times: ENERGY: “Aramco, the Saudi kingdom’s national oil company, is considering a plan to boost the output of its Motiva refinery in Houston by 45 per cent, along with its joint venture partner, Shell.”: “This summer, Jeroen Van der Veer, Shell’s chief executive, commented that he did not see any tankers of crude sitting idle for want of refining capacity.”
Thursday 29 September 2005
By Thomas Catan and Kevin Morrison
Published: September 29 2005
When British protesters angered by the country’s high fuel prices threatened to blockade oil refineries earlier this month, Gordon Brown, the chancellor of the exchequer, pointed the finger in a familiar direction: the Organisation of the Petroleum Exporting Countries. The only way to bring down prices, he declared, was by putting pressure on the oil cartel to step up production.
Opec promptly called his bluff, proposing to make available another 2m barrels of oil a day – if consumers wanted it. “We’re offering everything in our pocket and this is my message to Gordon Brown: if he would like to have it, I would be happy to sell it to him,” said Sheikh Ahmad Fahad Al-Ahmad Al-Sabah, Opec’s president. The announcement had a limited effect on prices. As Sheikh Al-Sabah well knew, even if Opec were suddenly able to double its output of crude, it would not be going anywhere. There simply would not be enough capacity to refine the oil into a usable form. read more
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