Global Arab Network | Sonatrach announces a new discovery of oil in Algeria

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Sonatrach announces a new discovery of oil in Algeria

Global Arab Network - - Maha Karim

Monday, 22 June 2009 22:34

The Algerian state-owned energy group Sonatrach announced today a new discovery of oil in the Sahara. This discovery, made by Sonatrach with its own resources in the basin of Illizi (far southwest), is the result of a well in the outer limits of Tinrhert which produced 3.56 m3 / h of oil, said the company in a statement.

Since the beginning of the year, the Algerian group recorded seven hydrocarbon discoveries, including two with its own means and five others in cooperation with its partners. The company made 16 finds in 2008.

Oil falls nearly 4 percent

In the international oil market, oil prices fell nearly 4 percent to below $67 a barrel on as the dollar firmed and concerns about the possibility of an economic rebound weighed on the market.

The World Bank said prospects for the global economy remained "unusually uncertain" as it cut 2009 growth forecasts for most economies, adding to concerns of a slower turnaround.

U.S. crude for July delivery, which expires on Monday, traded down $2.62 to settle at $66.93 a barrel. Brent crude lost $2.21 to settle at $66.98 a barrel.

"Crude and products futures fell for a second day on a bearish revision from the World Bank and on a stronger dollar," Addison Armstrong, an analyst at Tradition Energy in Stamford, Connecticut, said in a research note.

Data showed implied oil demand in China, the No. 2 consumer, rose 6 percent in May over a year earlier, its fastest growth since August 2008.

Surging demand in China and other emerging economies sent oil and other commodities on a six-year rally that peaked when crude topped $147 a barrel last July.

Iran's hard-line Revolutionary Guards threatened to crack down on street protests in the OPEC producer after opposition leader Mirhossein Mousavi called on supporters to stage more demonstrations over the disputed June 12 election.

A Reuters poll of analysts ahead of weekly U.S. inventory data forecast crude stocks in the world's top consumer fell by 1.3 million barrels last week on lower imports, while product stocks were seen rising.

The American Petroleum Institute will release its weekly stockpile data on Tuesday, while data from the U.S. Energy Information Administration comes out on Wednesday. (Reuters, WorldBank)

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