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WEDNESDAY, DECEMBER 14, 2011
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SPECIAL PDF REPORT - THREAT OF IRAN SANCTIONS WORRIES OIL MARKET Iran aims to sell its biggest Asian customers oil at higher prices and on tougher terms, even as it faces the prospect of fewer sales as Western nations mull sanctioning the economic lifeline of the world's fifth largest crude exporter.
For Reuters reports on the meet, click here REUTERS INSIDERS: Opec will shy away from new country quotas - oil experts
OPEC is likely to agree on a new global oil output target when the cartel begins its meeting on Wednesday, but individual country quotas won't be on the agenda, oil experts tells Insider. To view the show click 
Weaker economic outlook seen curbing global oil demand: IEA
The International Energy Agency cuts its global oil demand forecasts, and supply is likely to be boosted by U.S. oil from shale. To view the show click COLUMN: COLUMN-India fuel demand growth headed lower: Clyde Russell
--Clyde Russell is a Reuters market analyst. The views expressed are his own.--
SINGAPORE, Dec 14 (Reuters) - India's oil-product demand appears poised for a sharp decline as the economy is battered by slowing industrial growth, a weakening currency and fiscal constraints on the government.
Fuel demand rose 4.1 percent in the first 10 months of 2011 from the same period a year earlier, running ahead of the International Energy Agency's forecast for an increase of 3.6 percent for the whole year. MARKET NEWS: Brent slips towards $109 ahead of OPEC; EU woes weigh
SINGAPORE, Dec 14 (Reuters) - Brent crude slipped towards $109 ahead of a meeting of oil cartel OPEC as investors turned their attention to the global growth outlook after the U.S. Federal Reserve warned that turmoil in Europe threatened the U.S. economy.
"There is some profit-taking we are seeing today after oil surged so high yesterday," said Tetsu Emori, a fund manager with Astramax Co. in Tokyo.
FOREX-Euro slumps to 11-mth low vs dollar on EU pessimism
LONDON, Dec 14 - The euro slumped to an 11-month low against the dollar, as investors speculated that more euro zone countries may be downgraded in the near term given that a quick solution to the region's debt crisis remains elusive.
"There's definitely strong support around $1.30, and also in the $1.30-1.29 region," said Arne Lohmann Rasmussen, chief analyst at Danske in Copenhagen.
GLOBAL MARKETS-Euro, Europe stocks fall on lack of Fed action
LONDON, Dec 14 (Reuters) - The euro hit an 11-month low against the dollar and stocks eased after the Federal Reserve warned Europe's sovereign debt crisis could hurt the U.S. economy but failed to signal fresh action to stimulate growth.
"If we get a further deterioration of the euro zone debt crisis, if we see a lot of countries being downgraded, or more problems in the banking sector, this $1.30 is not going to hold," said Arne Lohmann Rasmussen, chief analyst at Danske in Copenhagen.
TOP NEWS:
OPEC readies 30 mln bpd oil deal
VIENNA, Dec 14 (Reuters) - OPEC oil producers gathered on Wednesday for a meeting that is expected to reset a production limit for the first time in three years and settle an argument over output levels in Saudi Arabia's favour.
The Organization of the Petroleum Exporting Countries ministers will consider a new supply target of 30 million barrels daily, roughly in line with current production.
Rosneft to boost Q1 oil exports via Druzhba-trade
Russian state oil company Rosneft , the country's biggest crude producer, will increase crude deliveries to Europe via the Druzhba pipeline at the expense of seaborne exports in the first quarter of 2012, traders said on Wednesday.
The first quarter loading schedule was not yet available, but traders said Rosneft looked set to take over British major BP's allocation on the north branch of the Druzhba pipeline in order to deliver the oil to the Schwedt refinery in Germany.
Sri Lanka's diesel imports seen up in Jan -sources
SINGAPORE, Dec 14 (Reuters) - Sri Lanka's diesel imports for January are expected to double from previous months as domestic demand for power generation rises, industry sources said on Wednesday.
State-owned company Ceylon Petroleum Co (Ceypetco) is seeking about 600,000 barrels in total of 0.25 percent sulphur gasoil for delivery in January, through three different spot tenders, they said.
Bombs halve Iraq's Rumaila output; exports OK-officials
BASRA, Iraq, Dec 14 (Reuters) - Output at Iraq's Rumaila oilfield has been halved from about 1.4 million barrels per day after a bombing hit southern pipelines, but crude exports were normal, Iraqi officials said on Wednesday.
Iraq is looking to its vast oil resources for future stability as it emerges from years of war. But renewed attacks on its oil infrastructure are a challenge to Iraqi security forces as U.S. troops withdraw by Dec. 31.
Thailand seeks Myanmar petroleum exploration rights
BANGKOK, Dec 14 (Reuters) - Thailand plans talks with Myanmar to seek more concessions for petroleum exploration for its top energy firm PTT Pcl , Thai Energy Minister Pichai Naripthanphan said on Wednesday, ahead of a Dec. 18-20 visit to the neighbouring nation.
State-controlled PTT group has expressed interest in investing in three petroleum blocks, one onshore and two offshore MD7 and MD8, in Myanmar, the minister told reporters on the sidelines of an industry event.
Canada energy regulator lax on pipelines -watchdog
CALGARY, Alberta, Dec 13 (Reuters) - Canada's energy regulator has failed to make adequate checks to ensure pipeline operators fix safety problems uncovered at their facilities and keep emergency procedures up to date, the country's environment commissioner said on Tuesday.
In a report to Parliament that raises serious questions about the safety of moving dangerous goods through pipelines and along highways, Commissioner of the Environment and Sustainable Development Scott Vaughan also said the federal Environment Department has been lax in enforcing regulations and slow to deal with shortcomings in training of officers.
Drillers in Colorado to disclose fracking chemicals
NEW YORK, Dec 13 (Reuters) - Energy companies drilling for oil and gas in Colorado will have to disclose what chemicals they use in fracking from next year, as pressure mounts on U.S. companies to be more open about the technique that has been linked to water pollution.
Following a unanimous vote by the Colorado Oil and Gas Conservation Commission on Tuesday, producers must give details of all the chemicals pumped deep underground to extract oil and gas, as well as their concentration, unless they are proven to be trade secrets.
First US Gulf oil sale since spill draws 20 bidders
Dec 13 (Reuters) - The first U.S. Gulf of Mexico oil lease sale since the BP Plc Macondo oil spill, to be held Wednesday in New Orleans, has attracted bids from 20 companies, the U.S. Bureau of Ocean Energy Management said.
U.S. Interior Secretary Ken Salazar will lead the public reading of 241 sealed bids for 191 tracts located in the western Gulf, from nine to 250 miles off the Texas coast, BOEM said in a news release.
REFINERY NEWS: Exxon reports flaring, breakdown at Torrance refinery
Dec 13 (Reuters) - Exxon Mobil reported unplanned flaring due to a breakdown at its 149,500 barrel-per-day refinery in Torrance, California, in a filing with state regulators.
The filing with the South Coast Air Quality Management District said the flare event lasted from 11:20 am to 11:59 pm (local time) on Tuesday.
Sri Lanka's Ceypetco refinery to shut for 2 months from July
SINGAPORE, Dec 14 (Reuters) - Sri Lanka's Ceylon Petroleum Co (Ceypetco) plans to shut its 50,000 barrels-per-day refinery for maintenance for two months from July next year, a company source said on Wednesday.
The complete shutdown is expected to have a slight impact on the market with Ceypetco likely increasing its product imports during the period.
Uruguay's sole oil refinery to reopen in January
MONTEVIDEO, Dec 13 (Reuters) - Uruguay's only oil refinery should reopen in January after a four-month maintenance shutdown that has forced the country to order about $1 billion in imported fuels, an official said on Tuesday.
The La Teja plant, run by state energy firm Ancap, was closed for work to bring two desulfurization units into operation in March or April 2012, allowing the production of low-sulphur gasoline.
BEYOND THE HEADLINES: Giant N.Sea oil find likely a one-off -Norway
OSLO, Dec 14 (Reuters) - A giant North Sea oil find that has revived the prospects of an oil region considered long past its prime is unlikely to be repeated in this area, the head of the agency managing Norway's oil and gas resources told Reuters.
The Aldous/Avaldsnes oil discovery made earlier this year may be the third-biggest find ever made off Norway and could produce some 800,000 barrels per day (bpd), a level equivalent to OPEC member Qatar's oil output.
First oil from OGX depends on weather, CEO says
RIO DE JANEIRO, Dec 13 - Rainy weather may delay plans by Brazilian oil and gas startup OGX to produce the first oil from its Waimea field by the end of the year, founder and Chief Executive Eike Batista told Reuters.
OGX had postponed the start of its first long-term test in the Waimea field in the Campos Basin northeast of Rio de Janeiro to the beginning of this month, from a previous goal of September or October.
Iraq's oil police gear up for attacks as U.S. withdraws
BAGHDAD, Dec 13 (Reuters) - Iraq's oil police have stepped up patrols to protect installations against a possible surge in al Qaeda attacks as U.S. troops withdraw, the head of the force said on Tuesday.
Multibillion-dollar deals Baghdad signed with energy majors could quadruple oil output capacity to Saudi levels within six years but that depends on the OPEC member securing oilfields, refineries and other vital infrastructure.
Ukraine gives up on Russia gas deal in budget
KIEV/MOSCOW, Dec 13 (Reuters) - Ukraine, struggling to pay its gas bill to Russia, signalled on Tuesday that final agreement would not come before the New Year in talks seen as important to securing gas supplies to Europe and likely to lead to shared control of Ukraine's transit pipelines.
Moscow has indicated it will cut the price of gas for Ukraine, as Kiev has requested, if the former Soviet republic, which lies between Russia and its biggest gas customers, agrees to sell a 50 percent share of its pipelines to Russian export monopoly Gazprom .
Fewer US natgas rigs won't dent production
NEW YORK, Dec 13 (Reuters) - While the number of rigs drilling for natural gas in the United States has dropped to the lowest level in nearly two years, don't expect a rapid fall in record high production that could bolster prices.
New technologies boosting well productivity, along with more production of dry natural gas produced in association with gas liquids like propane and butane, and a backlog of thousands of wells set to come online across the country, will conspire to keep prices low despite a falling rig count.
OPEC, IEA agree on balanced oil market ahead
LONDON, Dec 13 (Reuters) - Healthy production levels by OPEC will help balance oil markets next year as demand growth slows, the West's energy watchdog and OPEC said on Tuesday, a day ahead of a policy-setting meeting by the producer group.
The International Energy Agency said the Organization of the Petroleum Exporting Countries had raised output to its highest level in more than three years, and the oil producer group said it was now pumping more than might be required next year.
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EVENTS TO WATCH TODAY (EST) U.S. EXPORT PRICES MM NOV (0830) U.S. IMPORT PRICES MM NOV (0830) U.S. USDA NOPA-SOY CRUSH NOV (0830) U.S. EIA PETROLEUM STOCKS WEEKLY (1030)
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