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***aCe***
15-08-2003, 04:42 PM
CRUDE OIL PRICES AND EXPORTS IN JULY 2003

MARKET OVERVIEW

Crude oil prices were quite stable during July

The price stability was primarily due to OPEC’s (Organisation of Petroleum Exporting Countries) mechanism of keeping prices in the ranges of US$22-US$28 per barrel, which was still valid in the month, although any decision to increase production quotas would not be automatic. In their July meeting in Vienna they agreed to keep their oil supply limits unchanged as sluggish post-war Iraq out put allowed it to defer cutting down production until later this year.

Chart showing Oil Price Report for the month of July

***aCe***
15-08-2003, 04:49 PM
CRUDES

PNG’s Kutubu crude started the month at US$26.93 per barrel and ended it at US$27.72, a decrease of US$0.79 or 2.84%. The average for July was US$27.27, which is up by US$1.51 or 5.5% compared with June’s average of US$25.76.
The Kutubu crude traded between US$26.58/bbl and US$27.72/bbl.

The Pacific Rim “marker” crude Tapis started the month at US$27.20 per barrel and ended at US$28.23, which is an increase of US$1.03a barrel or 3.64%%. The Tapis average for the period was US$27.76, which is up by US$1.4 from June’s average of US$26.36.

The international “marker” crude Dated Brent started the month at US$28.31 per barrel and ended it at US$28.37, an increase of US$0.06 or 0.21%. The Dated Brent average for the month was US$28.53, which is an increase of US$1.39 from June’s average of US$27.14.

Kutubu was trading at lower prices than both Tapis and Dated Brent in July.

Data showing Oil price report for July

***aCe***
15-08-2003, 04:53 PM
PRODUCTION, EXPORTS AND VALUE

PNG’s crude oil production in June 2003 was approximately 1.458 million barrels, which is about 18.54% higher than the July 2002 is figure of 1.230 million barrels. Between June 2003 and July 2003 there was a slight increase in production of 21,654 barrels.

PNG’s crude oil exports for the month totalled 1,617,585 barrels. With the average Kutubu price for the month around US$27.27, the gross value of PNG crude oil exports in July was around US$44 million. With the monthly average Kina to US Dollar exchange rate of 0.2866 the equivalent value in Kina is approximately K153 million.


Oil Production, Export and Value Analysis for the month of July

***aCe***
15-08-2003, 05:16 PM
Above was the Monthly Oil Report for July issues as of 13th of August:

The Department of Petroleum receives these prices via the APPI weekly.

For further information please contact Dominic Sebong on:

Phone: 322 4237 or
E-mail: dominic_sebong@petroluem.gov.pg