Brunei raises fuel prices for foreigners
Tue Jun 17, 2008 7:46am BST
BANDAR SERI BEGAWAN, June 17 (Reuters) - Oil-rich Brunei will
substantially raise petrol and diesel prices for foreigners from June 19 to
rein in mounting fuel subsidies, the government said.
Like other Asian countries, the tiny but wealthy sultanate on Borneo island is
grappling with soaring subsidies in order to keep its pump prices the lowest
in Southeast Asia.
Brunei's Energy Ministry said late on Monday that foreign motorists would
have to pay B$1.18 ($0.86) for premium petrol, more than double the 53
Brunei cents for Brunei-registered vehicles.
The change takes the enhanced Brunei fuel price to the same level as in
neighbouring Malaysia. Since Malaysia raised petrol and diesel prices on
June 5, many Malaysians in east Malaysia have made a beeline for Brunei
to seek relatively cheaper fuel.
"We get hundreds of Malaysians taking their cars across the border daily
just to buy fuel," said one Brunei resident.
Brunei said diesel prices would be raised to B$1.13 a litre from the 31
Brunei cents it charges to Bruneians.
The government said sales of diesel to foreign vehicles rose by 66 percent
on June 5-6 compared with June 1-4 while sales of premium petrol rose by
36 percent during the same period.
Brunei spent B$202 million on fuel subsidies in 2007, up sharply from B$50
million in 2004, government data showed.
Oil and natural gas are the mainstay of Brunei's economy. The government
has told the people to conserve energy, saying petroleum resources would
not last forever.
"Some of us seem to have forgotten or have neglected the need to be
prudent when using these commodities," Energy Minister Yahya Bakar said
last month. (Writing by Jalil Hamid, Editing by Valerie Lee)
© Thomson Reuters 2008. All rights reserved. Users may download and print extracts of content from
this website for their own personal and non-commercial use only. Republication or redistribution of
Thomson Reuters content, including by framing or similar means, is expressly prohibited without the
prior written consent of Thomson Reuters. Thomson Reuters and its logo are registered trademarks or
trademarks of the Thomson Reuters group of companies around the world.
Showing posts with label oil. Show all posts
Showing posts with label oil. Show all posts
Thursday, July 17, 2008
Monday, June 23, 2008
World has ample oil reserves to meet demand for decades
World has ample oil reserves to meet demand for decades
JEDDAH
Monday, June 23, 2008
Oil summit calls for greater transparency, more investment
SAUDI Oil Minister Ali al-Nuaimi said yesterday the world has enough crude to last for "many decades" and that his country will invest massively to be able to produce 15 million barrels a day.
This came as the Jeddah energy summit, convened to address rocketing oil prices, yesterday called for greater transparency and regulation in dealing and more investment in production.
The summit's final communique came amid accusations by oil producers that "speculators" are playing a key role in the dramatic rise in crude prices that earlier this month hit a record close to US$140 per barrel.
"Participants noted with concern that oil prices have risen sharply and become more hostile due to a host of factors," said the closing statement from the high-profile meeting of major oil powers and consumers in this Saudi city.
"Participants agreed that the situation requires concerted efforts from all parties producing and consuming countries to bring stability to the international oil market for the benefit of all," it added.
Leaders and ministers from the 36 nations agreed to recognise that "the transparency and regulation of financial markets should be improved through measures to capture more data on index fund activity and to examine cross-exchange interactions in the crude market."
The statement also appealed for increased investment in crude production to ensure markets have sufficient supplies.
"The existence of spare capacity throughout the chain is important for the stability of the global oil market," it said.
"Hence, an appropriate increase in investment, both upstream and downstream, is necessary to ensure that the markets are well supplied in a timely and adequate manner."
Saudi Arabia's Nuaimi told the summit, "The world has enough petroleum reserves, both conventional and non-conventional, to meet oil demand for many, many decades to come.
"Concerns over long-term supply shortages seem to be playing a role in strong futures prices, though I believe these concerns are badly misplaced," Nuaimi added.
In contrast, US Energy Secretary Samuel Bodman told the meeting that "production had not kept pace with growing demand for oil, resulting in increasing in increasingly volatile prices."
Nuaimi said Saudi Arabia's production capacity will rise to 12.5 million barrels per day (bpd) by the end of 2009 and another 2.5 million bpd could be added if demand warranted.
Projects under way will see "the kingdom's maximum sustained production capacity rise to 12.5 million bpd by the end of next year," he said. It currently has output capacity of 11.3 million bpd.
"In addition, we have identified a series of future crude mega increments totalling another 2.5 million bpd of capacity that could be built if and when crude oil demand warrants their development," the minister said.
The projects include a 900,000 bpd boost in Zuluf, 700,000 bpd in Safaniya, 300,000 bpd each in Berri and Khurais and 250,000 bpd in Shaybah, Nuaimi said. AFP
JEDDAH
Monday, June 23, 2008
Oil summit calls for greater transparency, more investment
SAUDI Oil Minister Ali al-Nuaimi said yesterday the world has enough crude to last for "many decades" and that his country will invest massively to be able to produce 15 million barrels a day.
This came as the Jeddah energy summit, convened to address rocketing oil prices, yesterday called for greater transparency and regulation in dealing and more investment in production.
The summit's final communique came amid accusations by oil producers that "speculators" are playing a key role in the dramatic rise in crude prices that earlier this month hit a record close to US$140 per barrel.
"Participants noted with concern that oil prices have risen sharply and become more hostile due to a host of factors," said the closing statement from the high-profile meeting of major oil powers and consumers in this Saudi city.
"Participants agreed that the situation requires concerted efforts from all parties producing and consuming countries to bring stability to the international oil market for the benefit of all," it added.
Leaders and ministers from the 36 nations agreed to recognise that "the transparency and regulation of financial markets should be improved through measures to capture more data on index fund activity and to examine cross-exchange interactions in the crude market."
The statement also appealed for increased investment in crude production to ensure markets have sufficient supplies.
"The existence of spare capacity throughout the chain is important for the stability of the global oil market," it said.
"Hence, an appropriate increase in investment, both upstream and downstream, is necessary to ensure that the markets are well supplied in a timely and adequate manner."
Saudi Arabia's Nuaimi told the summit, "The world has enough petroleum reserves, both conventional and non-conventional, to meet oil demand for many, many decades to come.
"Concerns over long-term supply shortages seem to be playing a role in strong futures prices, though I believe these concerns are badly misplaced," Nuaimi added.
In contrast, US Energy Secretary Samuel Bodman told the meeting that "production had not kept pace with growing demand for oil, resulting in increasing in increasingly volatile prices."
Nuaimi said Saudi Arabia's production capacity will rise to 12.5 million barrels per day (bpd) by the end of 2009 and another 2.5 million bpd could be added if demand warranted.
Projects under way will see "the kingdom's maximum sustained production capacity rise to 12.5 million bpd by the end of next year," he said. It currently has output capacity of 11.3 million bpd.
"In addition, we have identified a series of future crude mega increments totalling another 2.5 million bpd of capacity that could be built if and when crude oil demand warrants their development," the minister said.
The projects include a 900,000 bpd boost in Zuluf, 700,000 bpd in Safaniya, 300,000 bpd each in Berri and Khurais and 250,000 bpd in Shaybah, Nuaimi said. AFP
Tuesday, June 17, 2008
Brunei raises fuel prices for foreigners
Brunei raises fuel prices for foreigners
Tue Jun 17, 2008 7:46am BST
BANDAR SERI BEGAWAN, June 17 (Reuters) - Oil-rich Brunei will
substantially raise petrol and diesel prices for foreigners from June 19 to
rein in mounting fuel subsidies, the government said.
Like other Asian countries, the tiny but wealthy sultanate on Borneo island is
grappling with soaring subsidies in order to keep its pump prices the lowest
in Southeast Asia.
Brunei's Energy Ministry said late on Monday that foreign motorists would
have to pay B$1.18 ($0.86) for premium petrol, more than double the 53
Brunei cents for Brunei-registered vehicles.
The change takes the enhanced Brunei fuel price to the same level as in
neighbouring Malaysia. Since Malaysia raised petrol and diesel prices on
June 5, many Malaysians in east Malaysia have made a beeline for Brunei
to seek relatively cheaper fuel.
"We get hundreds of Malaysians taking their cars across the border daily
just to buy fuel," said one Brunei resident.
Brunei said diesel prices would be raised to B$1.13 a litre from the 31
Brunei cents it charges to Bruneians.
The government said sales of diesel to foreign vehicles rose by 66 percent
on June 5-6 compared with June 1-4 while sales of premium petrol rose by
36 percent during the same period.
Brunei spent B$202 million on fuel subsidies in 2007, up sharply from B$50
million in 2004, government data showed.
Oil and natural gas are the mainstay of Brunei's economy. The government
has told the people to conserve energy, saying petroleum resources would
not last forever.
"Some of us seem to have forgotten or have neglected the need to be
prudent when using these commodities," Energy Minister Yahya Bakar said
last month. (Writing by Jalil Hamid, Editing by Valerie Lee)
© Thomson Reuters 2008. All rights reserved. Users may download and print extracts of content from
this website for their own personal and non-commercial use only. Republication or redistribution of
Thomson Reuters content, including by framing or similar means, is expressly prohibited without the
prior written consent of Thomson Reuters. Thomson Reuters and its logo are registered trademarks or
trademarks of the Thomson Reuters group of companies around the world.
Thomson Reuters journalists are subject to an Editorial Handbook which requires fair
Tue Jun 17, 2008 7:46am BST
BANDAR SERI BEGAWAN, June 17 (Reuters) - Oil-rich Brunei will
substantially raise petrol and diesel prices for foreigners from June 19 to
rein in mounting fuel subsidies, the government said.
Like other Asian countries, the tiny but wealthy sultanate on Borneo island is
grappling with soaring subsidies in order to keep its pump prices the lowest
in Southeast Asia.
Brunei's Energy Ministry said late on Monday that foreign motorists would
have to pay B$1.18 ($0.86) for premium petrol, more than double the 53
Brunei cents for Brunei-registered vehicles.
The change takes the enhanced Brunei fuel price to the same level as in
neighbouring Malaysia. Since Malaysia raised petrol and diesel prices on
June 5, many Malaysians in east Malaysia have made a beeline for Brunei
to seek relatively cheaper fuel.
"We get hundreds of Malaysians taking their cars across the border daily
just to buy fuel," said one Brunei resident.
Brunei said diesel prices would be raised to B$1.13 a litre from the 31
Brunei cents it charges to Bruneians.
The government said sales of diesel to foreign vehicles rose by 66 percent
on June 5-6 compared with June 1-4 while sales of premium petrol rose by
36 percent during the same period.
Brunei spent B$202 million on fuel subsidies in 2007, up sharply from B$50
million in 2004, government data showed.
Oil and natural gas are the mainstay of Brunei's economy. The government
has told the people to conserve energy, saying petroleum resources would
not last forever.
"Some of us seem to have forgotten or have neglected the need to be
prudent when using these commodities," Energy Minister Yahya Bakar said
last month. (Writing by Jalil Hamid, Editing by Valerie Lee)
© Thomson Reuters 2008. All rights reserved. Users may download and print extracts of content from
this website for their own personal and non-commercial use only. Republication or redistribution of
Thomson Reuters content, including by framing or similar means, is expressly prohibited without the
prior written consent of Thomson Reuters. Thomson Reuters and its logo are registered trademarks or
trademarks of the Thomson Reuters group of companies around the world.
Thomson Reuters journalists are subject to an Editorial Handbook which requires fair
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