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Sanctions Cost Iran $40Bn In 2012, IEA Says
...e region of $40bn in oil export revenues last year, as its crude oil exports sunk to an average of 1.5mn b/d – down nearly 1mn b/d from 2011 levels, the International Energy Agency (IEA) said on 13 February. “A back-of-the-envelope calculation shows Iran lost just over $40bn in export revenues in 20...
Volume: 56Issue: 07Published at Fri, 15 Feb 2013 -
LNG: Qatar’s Russian Strategy – Compete Or Collaborate?
...2011 exported 14.4bcm to Asia-Pacific – 9.8bcm to Japan and 3.9bcm to South Korea. State-owned Gazprom signed a preliminary deal in September 2012 with the Japanese government, which will help fund a planned $13bn 10mn t/y LNG export terminal in Vladivostok – like Sakhalin only 3 days’ shipping to To...
Volume: 56Issue: 07Published at Fri, 15 Feb 2013 -
South Sudan Claims Progress On Own Oil Pipeline
...ighbor to the north signed a series of cooperation agreements in late September, which were – among other things – meant to pave the way for Southern Sudanese crude oil to resume its flow through Sudan and on to Port Sudan for export. Despite seceding from the north in July 2011, South Sudan is still hi...
Volume: 56Issue: 07Published at Fri, 15 Feb 2013 -
Global Economic Weakness Pares Saudi Petchem Profits
...lf improved their profitability. Used in wide array of automotive, packaging, consumer durable, and construction products to name but a few, petrochemicals depend heavily on robust economic growth. The IMF put 2012’s global growth at 3.2%, which is down from 2011’s 3.9%. In January it also cu...
Volume: 56Issue: 07Published at Fri, 15 Feb 2013 -
Renewables To Spearhead Multi-Billion Dollar Moroccan Capacity Drive
...igibility for a $6.3bn Precautionary and Liquidity Line arrangement over two years. And last September the African Development Bank approved $800mn in loans for the country’s solar and wind power sectors. Planned 2020 renewables capacity is almost equal to Morocco’s 2011 capacity of 6,377mw. Five pr...
Volume: 56Issue: 07Published at Fri, 15 Feb 2013 -
Saudi Succession Remains Unclear
...wer to choose the crown prince (but which does not appear to have played much of a part in the appointment of a successor to Prince Sultan in 2011 or Prince Nayif in 2012). Perhaps all that can be concluded from the latest developments is that the Allegiance Commission, for whatever reasons, has yet to...
Volume: 56Issue: 07Published at Fri, 15 Feb 2013 -
UAE’s Dragon Oil Hikes Crude Output
... UAE UAE’s Dragon Oil Hikes Crude Output UAE-based hydrocarbons minnow, Dragon Oil, says it produced an average of 67,600 b/d of crude on average in 2012, though it increased its December average production to 73,500 b/d. This represented a 10% increase over 2011...
Volume: 56Issue: 07Published at Fri, 15 Feb 2013 -
Syria Announces Cabinet Reshuffle As Economy Falters
...dustries. The petroleum sector’s loss is very high, with crude oil production falling by 47% after the imposition of sanctions and the exit of foreign companies in October 2011. Syrian Prime Minister Wail al-Halqi, who retains his post after the reshuffle, acknowledged in January that “acts of te...
Volume: 56Issue: 07Published at Fri, 15 Feb 2013 -
IMF Says Morocco’s 2012 Growth Slows To 3.2%
...ocks, in coordination with other macroeconomic and structural policies. Morocco: Selected Economic Indicators, 2010–18 2010 2011 2012 2013 20...
Volume: 56Issue: 07Published at Fri, 15 Feb 2013 -
UAE Attracted $8Bn Of Capital Inflows In 2012
...Maktum, told an open forum of government officials and citizens in Dubai. He explained that large amounts of capital left Egypt, Tunisia, Syria, Yemen and other Arab countries in search of safe havens after the outbreak of political and economic turmoil in early 2011. He noted that Arab ca...
Volume: 56Issue: 07Published at Fri, 15 Feb 2013 -
UAE Takes On The Muslim Brotherhood
...sed international Muslim Brotherhood organization. However, since the ‘Arab Spring’ of 2011 the activities and objectives of Jam’iyat al-Islah, particularly in the UAE, have changed dramatically, as did the Brotherhood’s goals, which moved from merely using the Gulf state as a source of fu...
Volume: 56Issue: 07Published at Fri, 15 Feb 2013 -
Iran Sanctions Crisis Deepens
...ging between Beijing and Tehran since the autumn of 2011. China, which imported last year around 555,000 b/d, has reduced its purchases by some 285,000 b/d in the first quarter of 2012. China is importing 100,000 b/d more of Saudi crude than in 2011. It also plans to increase its Iraqi imports by 50% co...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
Record $85/B Budget Oil Price In Critical Year For Iran
...IR4,000 trillion from IR3,550 trillion in 2011-12, and the general state budget, for which the exact figure was not disclosed. But the president said that government spending under the general budget was projected to fall by some 5.6% from the figure of IR1,770 trillion projected for 2011-12. He ex...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
OPEC Sees 2012 ‘Call’ Flip Into Negative Territory
...close the strategic Straits of Hormuz. Relations between Iran and OPEC lynchpin Saudi Arabia have grown increasingly frosty since the organization’s amicable December meeting (MEES, 19 December 2011). “Joint cooperation is important between all regional players,” the letter added. Mr Qasemi’s le...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
DEPA Looks To Link East Mediterranean Gas Discoveries With Greek Grid
...ime market for gas exported by Cyprus and Israel. “We [Greece] offer a market that is actually healthy and growing,” he said, pointing out that Greek demand for gas increased significantly from 3.6 bcm in 2010 to 4.5 bcm in 2011, and is expected to increase to about 7 bcm/y by 2020 according to Sa...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
Global Crude Market Expected To Tighten During 2012-13, Says EIA
...sh prices higher or lower than projected. The report said it expects the price of WTI to average $100/B in 2012, $6/B higher than the 2011 average. It said WTI is expected to average $106/B in the fourth quarter of 2013. “Should a significant oil supply disruption occur, and OPEC members do not in...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
Saudi Crude Prices Mainly Reduced To Asia And US, Increased For Europe
...the Far East – are as follows ($/B): US (Price Reference ASCI) 2012 2011 Mar Feb Jan Dec No...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
Crude Oil Formulas/Posted Prices
...Crude Oil Formulas/Posted Prices ($/B) Algeria (Dated Brent + / - Adjustment Factor; $/B) 2012 2011 Feb Jan Dec No...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
End To $3Bn-Plus Anadarko-Algeria Arbitration ‘Imminent’
...the company’s 2011 results announcement, Anadarko CEO Jim Hackett said that he expected a decision from the Paris-based International Chamber of Commerce over the “exceptional profits” tax, applied from 1 August 2006 and applicable when Brent crude prices are over $30/B. Both Anadarko and its Da...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
Nabucco Submits Environmental Study To Ankara
...d Greek authorities in 2011, whereas the Interconnector Turkey-Greece-Italy (ITGI) pipeline group has already secured environmental permits from both Italy and Greece. In related news, on 7 February EU Energy Commissioner Guenther Oettinger noted that he expected that an “agreement on gas de...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012