www.brudirect.com

Doha - Brunei Industry and Primary Resources Minister Pehin Dato Awang Haji Abdul Rahman is in Doha, Qatar attending the 3rd Ministerial Meeting of the Gas Importing Countries Forum.

The unofficial forum involves 12 main exporters of gas in the world namely Brunei, Iran, Algeria, Indonesia, Malaysia, Nigeria, Bolivia, Venezuela, Oman, Qatar, Russia and Libya.

At the meeting Algeria, Iran and Qatar were to deliver a briefing on a new framework on the export of gas to the European Union (EU), a contract on the implementation of gas projects, technology development and the expenditure on utilisation of gas.

The meeting also exchanged the latest information on gas and international energy development, demands and global development in the natural gas industry as well as on the latest technologies.

Brudirect.com

www.morningstar.ca 4 Feb 03(12:44 PM) |  By Duncan Shiels

LONDON (Reuters) - Oil prices rose on Tuesday as differences of opinion between France and Britain over Iraq unnerved traders already edgy ahead of a U.S. presentation to the U.N. that could press the case for war against Baghdad. Benchmark Brent crude by 1730 GMT was up 65 cents at $30.90 a barrel while New York light crude was 62 cents higher at $33.86.

British Prime Minister Tony Blair, Washington's closest ally in the Iraq crisis, on Tuesday failed to coax French President Jacques Chirac into softening his opposition to swift military action against Iraq.

Both leaders said differences remained over how to ensure Iraq does not possess weapons of mass destruction, but they agreed disarmament should take place through the U.N. Security Council.

"As far as Iraq is concerned, we have different approaches but first and foremost we have two convictions which are fundamental and are shared," Chirac told a news conference after talks with Blair.

"The first is that we have to disarm Iraq, and the second conviction that we share is that this has to be undertaken within the Security Council of the United Nations. Regarding that, we are entirely in agreement," he said.

But Chirac went on to say that war was the worst possible solution.

"(The price rise) is all from the Blair-Chirac talks," said analyst Mark Head of brokers Fimat Banque in London. "The market wants to make something bullish out of it, that's what it boils down to."

Secretary of State Colin Powell has said he would provide "sober and compelling proof" that Baghdad is hiding banned weapons from U.N. arms inspectors when he addresses a session of the U.N. Security Council beginning at 1530 GMT (1030 EST) on Wednesday.

The U.S. has vowed to disarm Iraq, by force if necessary, action which traders say could disrupt supplies not only from Iraq but also from other producers in the oil-rich Middle East.

OPEC WORRIED ABOUT OIL GLUT

Nervousness over Iraq outweighed the effect of rising crude output from oil exporter Venezuela as the protracted strike there starts to unravel.

OPEC officials are now starting to fret over a possible oil surplus in the second quarter.

Cartel President Abdullah al-Attiyah said on Tuesday a recovery in exports from strike-bound Venezuela meant the cartel might need to cut supplies in the second quarter, despite the threat of war in Iraq.

"Given the scenario as it is today, we could have a three-million barrel-per-day glut," Attiyah said, adding that demand usually declines by two million bpd in the second quarter on the 77 million bpd world market.

OPEC ministers meet in Vienna on March 11.

Iran's Oil Minister Bijan Zanganeh said OPEC faced two choices at its March meeting, to maintain its official production ceiling or cut output.

Venezuelan President Hugo Chavez said at the weekend Venezuela was pumping close to 1.8 million bpd, up from a low of 150,000 bpd after the strike began in December and more than half of the 3.1 million bpd pumped in November.

Strikers said on Tuesday that crude output was running at 1.2 million bpd.

Data from shipping agents indicated Venezuela's oil exports rose to 890,000 bpd in the week to February 1 from 550,000 bpd the previous week.

www.eubusiness.com

BRUSSELS, Feb 4 (AFP) - The recent surge in world oil prices amid war jitters over Iraq remain a source of concern as to their impact on economic growth, the European Commission said on Tuesday.

But a strengthening of the euro is offsetting the impact of the crude price increase, which is also being tempered by a resumption of production by Venezuela, said the EU executive.

Oil price rises "remain a concern" but are "compensated for to a certain extent by the increase" in the value of Europe's single currency, said a spokesman for Monetary Affairs Commissioner Pedro Solbes.

The latest commission forecasts, which predicted an average of 1.8 percent growth in the 12-member eurozone, were based on the assumption of an average crude price of 24 dollars a barrel.

If crude prices were to rise by 10 dollars, to an average of 34 dollars, growth would be reduced by 0.2 percentage points this year and by the same amount next year, said the spokesman.

Around midday Tuesday a barrel of reference Brent crude for March delivery stood at 30.20 dollars, amid continuing tension ahead of a presentation by US Secretary of State Colin Powell to the UN Wednesday of new evidence concerning alleged Iraqi weapons of mass destruction.

The euro has surged against the dollar in recent months, with dealers selling off the greenback as sabre rattling by Washington appeared to bring the prospect of a Gulf conflict closer.

Text and Picture Copyright © 2003 AFP. All other copyright © 2003 EUbusiness Ltd. All rights reserved. This material is intended solely for personal use. Any other reproduction, publication or redistribution of this material without the written agreement of the copyright owner is strictly forbidden and any breach of copyright will be considered actionable.

www.chillicothegazette.com By KIRRAN SYED Gazette Staff Writer

Matthew A. Pentecost/ For the Gazette

Bill Meixner of Portsmouth pumps gas at the BP station on Main Street.

The price of filling up is going up ... and some consumers are fed up.

A gallon of unleaded gasoline in south central Ohio is about one-third higher than it was this time last year, according to information from the east-central office of the American Automobile Association.

The average price per gallon of unleaded gasoline in the region during the last week of January was $1.47. The price per gallon during that time in 2002 was about $1.01, according to the association.

They attribute the almost 46 cent increase in one year to a combination of factors including uncertainty in the Middle East, labor unrest in oil-exporting Venezuela and an agreement between the Organization of Petroleum Exporting Counties to better comply with production quotas.

These factors have combined to limit the availability of oil on the world market, keeping demand and prices high, according to the association.

The association's energy analysts say they do not expect gasoline prices to move much until the US more clearly states its intentions concerning Iraq.

They say a firm deadline for Iraq's compliance with United Nations inspections may cause higher fuel prices because it increases the chance that war may occur and destabilize the Middle East. American acceptance of continued inspections could result in lower prices because it would reduce that area's instability.

No choice in matter

"It's just ridiculous," said Nancy Gilbert, of Waverly, who purchased $15 in gas Sunday afternoon in preparation for the work week. "I think they're terrible but you have to go to work."

"Really, there's not a whole lot you can do," she said. "You have to get to and from places and they know that."

Gilbert said she has taken some steps to reduce how much gas she uses. She said she recently sold her sports utility vehicle and has reduced her pleasure driving.

"I don't just jump in the car anymore. While I'm out, I try to think about what I need. If I need to stop at the store, I try to do it while I'm going to and from work," she said.

Ways around problem

Other consumers say they often wait for several days before purchasing gas in the hopes that the price will go down, if only by a few pennies.

"I waited about four or five days to see if the gas would be cheaper. I was down to where I had to get it," said Roger Young, of Chillicothe, who also purchased $15 dollars in gas on Sunday.

"I stretch it out as much as possible. When the price goes down, I just fill up. When he price goes up, I stretch my gas out as much as possible," he said. "I have to buy it about every two weeks minimum."

Young said one of the most frustrating things is how quickly the price changes. As a result, no matter how much he shops around and delays, he often feels frustrated.

"I shop for gas. (But) I can fill this car up and go home and five minutes later, the price of gas has changed," he said. "I get aggravated."

(Syed can be reached at 772-9364 or via e-mail at ksyed@nncogannett.com)

Originally published Tuesday, February 4, 2003

www.chillicothegazette.com By KIRRAN SYED Gazette Staff Writer

Matthew A. Pentecost/ For the Gazette

Bill Meixner of Portsmouth pumps gas at the BP station on Main Street.

The price of filling up is going up ... and some consumers are fed up.

A gallon of unleaded gasoline in south central Ohio is about one-third higher than it was this time last year, according to information from the east-central office of the American Automobile Association.

The average price per gallon of unleaded gasoline in the region during the last week of January was $1.47. The price per gallon during that time in 2002 was about $1.01, according to the association.

They attribute the almost 46 cent increase in one year to a combination of factors including uncertainty in the Middle East, labor unrest in oil-exporting Venezuela and an agreement between the Organization of Petroleum Exporting Counties to better comply with production quotas.

These factors have combined to limit the availability of oil on the world market, keeping demand and prices high, according to the association.

The association's energy analysts say they do not expect gasoline prices to move much until the US more clearly states its intentions concerning Iraq.

They say a firm deadline for Iraq's compliance with United Nations inspections may cause higher fuel prices because it increases the chance that war may occur and destabilize the Middle East. American acceptance of continued inspections could result in lower prices because it would reduce that area's instability.

No choice in matter

"It's just ridiculous," said Nancy Gilbert, of Waverly, who purchased $15 in gas Sunday afternoon in preparation for the work week. "I think they're terrible but you have to go to work."

"Really, there's not a whole lot you can do," she said. "You have to get to and from places and they know that."

Gilbert said she has taken some steps to reduce how much gas she uses. She said she recently sold her sports utility vehicle and has reduced her pleasure driving.

"I don't just jump in the car anymore. While I'm out, I try to think about what I need. If I need to stop at the store, I try to do it while I'm going to and from work," she said.

Ways around problem

Other consumers say they often wait for several days before purchasing gas in the hopes that the price will go down, if only by a few pennies.

"I waited about four or five days to see if the gas would be cheaper. I was down to where I had to get it," said Roger Young, of Chillicothe, who also purchased $15 dollars in gas on Sunday.

"I stretch it out as much as possible. When the price goes down, I just fill up. When he price goes up, I stretch my gas out as much as possible," he said. "I have to buy it about every two weeks minimum."

Young said one of the most frustrating things is how quickly the price changes. As a result, no matter how much he shops around and delays, he often feels frustrated.

"I shop for gas. (But) I can fill this car up and go home and five minutes later, the price of gas has changed," he said. "I get aggravated."

(Syed can be reached at 772-9364 or via e-mail at ksyed@nncogannett.com)

Originally published Tuesday, February 4, 2003