•Saudi Arabia has left its term crude allocations to European customers unchanged in November from this month's relatively high levels, lifters of Saudi crude said. Saudi Arabia, along with other OPEC countries, has increased production in recent months in a bid to cool record high oil prices.

•Russia's justice ministry is moving in on the assets of troubled Russian oil major Yukos, following the completion of a valuation of the company's main Yuganskneftegaz production unit, ministry officials said Tuesday. (The 1-mil b/d production firm was valued by investment bank Dresdner Kleinwort Wasserstein at $10.4-bil, senior official Alexander Buksman said, indicating that figure is well below earlier reports of a $15- to $17-bil price tag, which analysts saw as roughly fair value.)

Oil was still flowing in OPEC member Nigeria as union leaders took a general strike into a third day. The warning strike, called Oct 10 to protest a recent 20% hike in fuel prices, was originally due to end Thursday but unions have threatened to extend it if the government continues to use excessive force against demonstrators.
(The acting president of the white-collar union Pengassan Babatunde Ogun said.) Read more...
http://www.platts.com/Oil/Resources/Whats%20Moving%20the%20Market/

Copyright © 2004 - Platts

Please visit:  www.platts.com

Their coverage of energy matters is extensive!!.