Still more records, Iraqi violence and Caspian exports

This section summarizes downstream developments of the previous month. Exploration & Production are covered in 'Upstream Review'.
Oil prices set further records at the start of May before falling back. December WTI hit an all-time high of $78.00/bbl on Nymex on 3rd May. IPE November Brent went up to a record $76.45/bbl. Both contracts eventually settled lower and prices in general weakened before staging a minor rally at the end of the month. Other price records were broken early in the month. In Asia, the Indonesian marker grade, Minas, was recorded at $74.04/bbl on 2nd May, whilst Malaysia's Tapis went above $76.70/bbl. Strong Asian demand also boosted the prices of West African crudes. The markets appeared to be reacting to growing tensions in Iraq, Iran and Nigeria. These considerations returned to haunt the markets later in the month. All crude oil loadings at Iraq's Persian Gulf marine terminal were suspended following a fire, though the main Gulf terminal at Basrah continued to operate. The Ceyhan terminal remained out of action. Tensions between the US and Iran over the latter's nuclear programme gave rise to fears of an embargo on Iranian oil exports. Several foreign oil workers were kidnapped following an armed attack on oil installations in Nigeria. OPEC ministers kept their production ceiling unchanged at 28 mn bpd at a meeting in Caracas.