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Oman Relies On PDO And BP To Meet Gas Challenge
...d Water Procurement Company (OPWPC) in its Seven Year Outlook published on 31 March said total peak gas demand for the main national power network will grow from 580mn cfd in 2011 to 793mn cfd in 2018. A further 78mn cfd will be needed in the city of Salalah. US independent Oxy’s demand fo...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Iran’s Inflation Hits 21.5% As Majlis Approves Budget Bill Outline
...te for the previous year 1389 ending on 20 March 2011 stood at 12.4%, after reaching a low of 8% in August 2010 (MEES, 11 April 2011). But the rate began to edge upward with the implementation of the economic reform bill in December 2010 and the gradual withdrawal of subsidies on goods and ut...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Crude Prices Stay Rangebound Despite Stockbuild
...obal economy falters. In its latest Oil Market Report, released on 12 April, the Paris-based International Energy Agency (EIA) said that global oil demand is expected to rise to 89.9mn b/d in 2012, a gain of 800,000 b/d on 2011. It forecast that consumption would in the second quarter of this ye...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
EIA Puts 2012 Liquids Consumption At 88.8Mn B/D
...tlook, released on 10 April, the EIA said world liquids consumption grew by 790,000 b/d in 2011 to 87.9mn b/d. Non-OECD countries will account for almost all of the world’s consumption growth over the next two years, the EIA said, stating that most of this will come from China, the Middle East and Ce...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Crude Oil Formulas/Posted Prices
...OPEC/OIL PRICES Crude Oil Formulas/Posted Prices ($/B) Iran (+ / - Adjustment Factor; $/B) 2012 2011 May Apr Ma...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Cyprus Rebukes Turkey Over Plan To Drill In North
...ble Energy of the US started drilling in Cyprus’ Block 12 in September 2011 off the southern coast of Cyprus near Israeli offshore territory. Turkey demanded immediately that exploration work stop and sent several warships and an ageing seismic vessel into Cyprus’s exclusive economic zone (EEZ) in an ef...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Egyptian Gas Pipeline Targeted Again
...yptian Natural Gas Company (GASCO), supplies the Arab Gas Pipeline (AGP) to Jordan and the offshore al-'Arish-Ashkelon gas pipeline to Israel. This is the 14th attack on the pipeline since February 2011. The pipeline has not been operational since the last bombing in March (MEES, 12 March). Media reports sa...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Kuwait Weighing Its Options In Face Of Hormuz Threat
...nies allegations it is developing nuclear weapons. Around 20% of the world’s oil supply – 17mn b/d in 2011, according to the EIA – is estimated to pass through the strait, leading to fears a disruption in the transport of crude could potentially double the price of oil, plunging the world economy in...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Lebanon Approves Plans For North-South Gas Pipeline
...banon could also import its gas from other sources, like Russia and Azerbaijan, once AGP is linked to the Turkish network. Work on the last AGP segment between Aleppo in Syria and Kilis in Turkey was progressing, but has probably slowed down in 2011 because of the political turmoil in Syria (MEES, 5 Ju...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Mauritania Awards Upstream Licenses
...uritania offers a fair fiscal environment, fair fiscal terms and a developed, stable resource sector.” Mauritania’s only significant producing field – Chinguetti – lies offshore between the coast and the newly-awarded deepwater acreage. The Petronas-operated field produced 7,400 b/d for 2011, sh...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Satorp Shareholders Hike Capital 46% To $950Mn
...mpliant paper (MEES, 17 October 2011). The funding for the refinery is coming from multiple sources. Lenders signed an agreement to provide the $12.8bn project with $8.5bn on 22 June 2010. Of this, $4.01bn came from Saudi Arabia’s Public Investment Fund, and export credit agencies (ECAs) in the fo...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Jadwa Expects No Saudi Spending Increase Despite Record Revenues In 2012
...rkers) means it is likely that government spending will be lower this year than it was in 2011, though we have made an upward adjustment to our forecast to SR757bn [$201.9bn], in part because there look to be more recipients of unemployment benefit than we had anticipated.” Jadwa expects the bu...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Gulfsands To Maintain Presence In Syria
...syria Gulfsands To Maintain Presence In Syria Gulfsands Petroleum announced on 3 April in its 2011 audited results that it will maintain a presence in Syria in full compliance with the EU sanctions, despite its declaration on 11 December 2011 of force majeure under its production sh...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Yemen’s Ailing Economy To Receive Further IMF Aid
...pport the Yemeni recovery program following a prolonged period of political turmoil. “A year long political crisis and civil unrest have taken a serious toll on the Yemeni economy, endangering the humanitarian situation,” Ms Shafik said. “Economic activity fell sharply in 2011… Damage to a key pi...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Political Comment (16 April 2012)
...isis." Quartet Pushes Peace Plan For reasons that can only be guessed at, the members of the international Quartet – the US, UN, Russia and EU – have decided that now is the right moment to revive their September 2011 initiative calling on the Israelis and Palestinians to reach a peace deal by the en...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
US Oil Policy And The WTI-Brent Spread
...the US. As of 2009 the differential has been reversed and widened to around $20/B and even reached $29/B in September 2011. Based on our calculation given ongoing political conditions, the reversed value of this spread could be easily extended to $33/B (including the normal spread of $3/...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
OPEC Report Points To Tightening Fundamentals
...pan, OPEC revised its growth expectations for the world economy down by 0.1% to 3.9% in 2011. That said, while secondary effects of the Japanese crisis are yet to be incorporated due to a “lack of visibility,” the MOMR said that its forecasts for other economies worldwide remain largely unchanged fr...
Volume: 54Issue: 16Published at Mon, 18 Apr 2011 -
WTI Price Slips Below $110/B As Questions Arise Over ‘Demand Destruction’
...by 0.1% compared to last year. The average world crude oil price on 8 April was unavailable. WTI was $112.27/B on 8 April, $4.72/B more than last week’s price and $27.67/B above a year ago. Settlement Prices For Benchmark Crudes ($/B) Date 2011 Nymex WTI ICE Br...
Volume: 54Issue: 16Published at Mon, 18 Apr 2011 -
IEA Sees Market Tightening On Reduced Supply, Rising Demand
...rthquake and tsunami on 11 March, renewed price strength now also acknowledges this potential for further market tightening.” The IEA left its forecast for global oil product demand largely unchanged for both 2010 and 2011 from last month. “Global oil demand, which averaged 87.9mn b/d in 2010 (+3.4% or...
Volume: 54Issue: 16Published at Mon, 18 Apr 2011 -
EIA Foresees Drawdown In Global Stocks, Increasing Call On OPEC Crude
...ew by 2.3mn b/d in 2010 to a record level of 86.7mn b/d, the agency said, adding that demand is expected to grow by 1.5mn b/d in 2011 and by 1.6mn b/d in 2012. Almost all growth in consumption during the next two years will come from non-OECD countries, particularly China, Brazil and the Middle Ea...
Volume: 54Issue: 16Published at Mon, 18 Apr 2011