Monday August 14, 2006

Oil drops 1% on Mideast truce, Prudhoe Bay flow

news.yahoo.com :

Oil slumped 1% after BP said it would keep half its Prudhoe Bay oilfield pumping while it carries out pipeline repairs, and as a U.N.-brokered truce takes effect in the Middle East. U.S. light, sweet crude was down 79 cents, or 1.06 percent, at $73.56 a barrel by 0636 GMT. London Brent was down 63 cents at $75.00 a barrel. Prices lost 41 cents over last week after a sell-off on news of a foiled aircraft bomb plot, which evoked fears of a cut in air travel and weaker consumer confidence, reversed earlier gains on BP's move to shut North America's biggest oilfield.

BP said it had decided to continue pumping crude from the western half of Prudhoe Bay, instead of shutting off the entire field, since pipeline corrosion on the west was less severe. As of Saturday it was pumping about 150,000 barrels per day (bpd) from Prudhoe Bay and expected to ramp up output to 200,000 bpd - half of its full capacity, which normally accounts for 8% of U.S. production - after it completes maintenance. The other half of Prudhoe Bay is expected to be off-line for months, possibly until early next year.

(2006-08-14 19:59:03 SGT) [Energy] Permalink

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