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SEOUL – South Koreas crude imports in July went up 5.5 percent year on year to 68.96 million barrels (2.22 million b/d) despite a marginal rise in demand and crude throughput and a drop in exports, data released this week by state-run Korea National Oil Corp. showed.

Crude imports were up 2 percent from Junes 67.61 million barrels. The South Koreans paid an average $75.37/barrel on a CIF basis for their crude imports in July, compared with $68.71/b in July 2009 and 77.30/b in June this year.

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JEDDAH – Saudi Aramco said crude prices may end the year as high as $82 a barrel because of demand from China and India.

“The prospect is good,” Mohamed Daoudi, head of research and technology at Aramco Overseas Co. B.V., said on Monday in an interview in Stavanger, Norway. “There will be a need for more oil. You see India and China and the needs that are required because the developments there are huge. Most of Saudi Aramcos exports go to that region.”

Crude fell on Tuesday to the lowest price in seven weeks as investors sought the relative safety of the dollar over the euro before a report that may show US home sales slumped in July. US crude supplies probably increased last week, while distillate fuel stockpiles may hit the highest in 27 years.

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VIENNA/NEW YORK – The Organization of Oil Exporting Countries (OPEC) on Friday revised upwards its world oil demand growth estimate for 2010 to 1.2 percent but urged caution in predicting future trends.

“Given stabilized oil demand in the US, the world oil demand growth forecast is revised up by 0.1 million barrels per day (bpd) to show growth of 1.05 million bpd or 1.2 percent,” the cartel said in its monthly report.

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VIENNA – The Organization of Petroleum Exporting Countries (OPEC) forecast that global oil demand will grow in 2011 at about the same rate as this year, led by developing economies such as China and India.

Worldwide crude oil consumption will increase by 1.05 million barrels a day, or 1.2 percent, next year to average 86.41 million barrels a day, the organizations Vienna-based secretariat said on Thursday in its first assessment for 2011. This year OPEC predicts demand will grow 950,000 barrels a day, or 1.1 percent driven by countries outside the Organization for Economic Cooperation and Development.

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NEW YORK – World oil prices sank under $75 per barrel Monday, as traders cashed in gains.

New Yorks main contract, light sweet crude for delivery in August, fell by $1.14 to end the day at $74.95 a barrel.

In London, Brent North Sea crude for August slid 1.05 cents to settle at $74.37 a barrel.

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JEDDAH – Saudi industrialization and energy services company Taqa is considering investing $1.6 billion in pipelines and $133 million in offshore platforms in Qatar and Iraq.

Officials from Taqa was quoted in a published report Friday saying that the company was considering investing in the gas industry in Qatar and the oil industry in Iraq by building platforms and pipelines for companies already working in the two countries. Taqa has invested SR500 million in offshore oil and gas platforms in Saudi Arabia.

Officials said interest has increased since one of the companys main partners, the Italian oilfields services company Saipem, won a $10 billion contract to develop fields in southern Iraq.

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LONDON -World oil prices hit one-month lows on Monday as traders reacted to an uncertain outlook for energy demand in a fragile economic recovery, analysts said.

Prices hit $71.06 a barrel in London and $71.34 in New York – the lowest levels since June 7.

New Yorks main contract, light sweet crude for August delivery, later stood at $71.46 a barrel, down 68 cents compared with Fridays close..

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LONDON – World oil prices edged higher on Friday after mixed jobs data in the United States – the worlds biggest energy consuming nation.

New Yorks main contract, light sweet crude for August delivery, gained just three cents to $72.98.

Brent North Sea crude, also for August delivery, added a marginal four cents to $72.38.

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LONDON – Oil prices tumbled Thursday on heightened concerns about weak energy demand in the wake of poor economic data from the United States and China, the worlds biggest oil consumers, traders said.

New Yorks main contract, light sweet crude for delivery in August, slumped 3.51 dollars to 72.12 dollars a barrel.

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JEDDAH – Saudi Arabian and Qatari shares advanced as oil traded above $76 a barrel and global stocks gained on optimism in US economic recovery.

Saudi Basic Industries Corp., the worlds largest petrochemical maker, rose to the highest intraday level in almost a month after signing a SR3.75 billion ($1 billion) agreement. Qatar Islamic Bank gained 1.5 percent.

Saudi Arabias Tadawul All Share Index increased 0.36 percent to 6,346.44, the highest since May 22.

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