2003 world oil market chronology | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-06-16

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SUMMARY
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January 6: Venezuelan Minister of Energy and Mines Rafael Ramírez announces that the Venezuelan government plans to split state oil company Petroleos de Venezuela S.A. (PdVSA) into two separate entities as part of a large-scale restructuring of the company, most of whose 40,000 workers are currently on strike. Such a decentralization could limit the power of Caracas-based executives who have joined in the strike, which began on December 2, 2002. (NYT)
January 12: The Organization of Petroleum Exporting Countries (OPEC), meeting in Vienna, agrees to raise the aggregate production quota of its members (excluding Iraq) to 24.5 million barrels per day (3,900,000 m3/d), up from the current 23 million barrels per day (3,700,000 m3/d), effective February 1. Each member will receive a proportionately higher share of the quota, about a 6.5% increase. (NYT)
January 16: Fourteen U.S. corporations or subsidiaries launch the Chicago Climate Exchange, a trading program wherein companies would be able to earn redeemable credits for exceeding emissions reductions goals of 4% of 1998-2001 average emissions over the next four years. Companies unable to meet the goals would buy the credits. The Exchange intends to create means to verify that actual reductions in emissions have taken place. (WP)
January 21: The near-month crude oil futures price on the NYMEX settles at $34.61 per barrel, the highest price since November 29, 2000. The market is experiencing a variety of higher price pressures, including the strike in Venezuela, fears of a conflict in Iraq, a cold winter in the United States, and low commercial oil stock levels in the United States. (USAT)
January 28: The U.S. Department of Energy approves oil company requests to delay delivery of March shipments to the Strategic Petroleum Reserve (SPR). The announcement will allow 4.4 million barrels (700,000 m3) of crude oil designated for storage in the SPR, to be marketed to domestic refineries instead. (Reuters)
 :January 29 Striking managers at Venezuelan state oil company PdVSA confirm that oil production has surpassed 1 million barrels per day (160,000 m3/d) once again, after falling to as low as 200 million barrels per day (32,000,000 m3/d) during the strike that began on December 2. On January 31, PdVSA President Ali Rodriguez announces that production is at 1.5 million barrels per day (240,000 m3/d) and that 5,300 striking workers have been fired. Opposition estimates of production are much lower at around 1.05 million barrels per day (167,000 m3/d). (NYT, Reuters)
 :January 29 During his State of the Union Address, President Bush proposes $1.2 billion in funding to support the research and development of hydrogen-powered vehicles. (Reuters)
February 3: Indian Petroleum Minister Ram Naik announces that the government of India plans to boost the country's strategic crude oil reserves to 45 days from 15 days at an estimated cost of 43.50 billion rupees ($910 million). (Reuters)
February 6: Iranian Oil Minister Bijan Zanganeh announces that phases two and three of the South Pars natural gas field are now on-line. These phases represent additional production of about 55 million cubic meters (1.9 trillion cubic feet) of natural gas per year, 85 million barrels per day (13,500,000 m3/d) of condensate, and 1 million metric tons (11.6 million barrels) of liquefied petroleum gas per year. The two phases are officially inaugurated on February 15. (DJ)
February 11: BP invests $6.75 billion in Russia by creating a new joint venture company with TNK-BP (Russia's fourth largest oil company) and Sidanco, of which BP already held a 25% stake. BP will have a 50% stake in the new company. TNK's shareholders, investm ...