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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 -
Turkmenistan Reports Increase In Annual Oil And Gas Output
...CASPIAN Turkmenistan Reports Increase In Annual Oil And Gas Output The Deputy Prime Minister of Turkmenistan responsible for oil and gas, Baymyrat Hojamuhammedov, told a cabinet meeting on 4 February that the country had significantly increased its oil and gas production during 2011. Mr...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
TPAO To Spud First Ever Onshore Well In Northern Cyprus
...ES, 5 December 2011). Last November when the agreement between the Turkish-Cypriots and TPAO was signed, Mr Yildiz said: “We will have completed preliminary studies in two-three months, after which we will begin test drilling. There is no guarantee that there is oil or natural gas there, but this is a se...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
BG Shifts Egyptian Focus To Eastern Delta
...EGYPT BG Shifts Egyptian Focus To Eastern Delta UK firm BG is looking to the Eastern Nile Delta to provide the cornerstone of its future development in the country. In a 9 February presentation to mark the release of the company’s 2011 results, BG Chairman Frank Chapman gave the East De...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
Jordan Seeks Alternatives To Egyptian Gas
...JORDAN Jordan Seeks Alternatives To Egyptian Gas Jordan is pressing on with plans to find alternatives to Egyptian gas, whose supply has been severely restricted in 2011, because of frequent attacks on the Arab Gas Pipeline (AGP) carrying the gas to Jordan. Jordanian Minister of En...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
IMF: Economic Outlook For Qatar Favorable Despite External Risks
...ES, 12 December 2011). Turning to finance, Qatar’s headline inflation figures are forecast to remain subdued in the near future. The IMF warns that the country’s expansionary fiscal stance in 2011-12 warrants careful monitoring of aggregate demand to ward off any potential risk of inflation. “Fi...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
Trafigura Caught Up In Sudan Oil Row As It Ships Disputed Cargo
...spute over ownership of the consignment. The vessel carrying the oil is one of four tankers the Government of South Sudan has alleged contains oil that had effectively been “looted” by the North amid growing tensions between the two sides over oil transit fees (MEES, 5 December 2011). In his address to th...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
Mayyala Says CBS Will Defend Syrian Pound
...in March 2011, when political disturbances started. But the value of the local currency on the black market is lower at more than $1=S£70. The governor’s recent remarks seem to contradict earlier reports that Syria would slowly move to a managed float by allowing local banks and money changers in...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
Turkey Plans To Reduce Use Of Gas For Electricity Generation, Says Energy Minister
...gineering and Construction and Korea South-East Power Corporation concerning the construction of a coal-burning power station at Tufanbeyli. The first stage of the two-stage project is estimated to be worth $2bn. Turkey’s consumption of natural gas was nearly 40bn cu ms during 2011 and demand has been ex...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
Investors Snap Up $1Bn Of Dolphin Energy Bonds
...der book of around $9bn, the bonds were the first conventional paper to come out of the Gulf this year after a handful of Sukuk hit the market in January. Market conditions have started to improve after the escalating Eurozone crisis virtually shut the bond issue ‘window’ in the latter part of 2011, an...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
Oil Market In The Absence Of An OPEC Controlling Mechanism
...ficial view of the ministry. OPEC, at its 160th meeting of conference on 14 December 2011 held in Vienna, Austria, decided to set its production at 30mn b/d from the beginning of 2012. The OPEC press release emphasized that the agreed amount will include the production of Libya now and in future and in...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012