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OPEC Talks Collapse In ‘Worst’ Meeting
...asures that will help to calm the market,” Mr Tanaka continued. Opponents of the Saudi-led initiative pointed to high stocks as reason not to hike output. “Inventories are the highest for five years,” argued one delegate, adding that in his view demand would be no higher in 2011 than it was last ye...
Volume: 54Issue: 24Published at Mon, 13 Jun 2011 -
Salih Flown To Saudi Arabia After Attack On Palace
...edit have stopped supplying Yemen due to our inability to pay, Mr 'Aidarus said. Most output of 110,000 b/d Light Marib crude remains shut in after the explosion. “In Yemen, production has been stopped since mid-March 2011 due to an attack on the Safer export pipeline,” OMV official Sven Pusswald te...
Volume: 54Issue: 24Published at Mon, 13 Jun 2011 -
Cook: Shah Deniz 2 Consortium Looking For Scalability In Pipeline Proposals
...with their offers for pipeline transportation by 1 October 2011. Beyond that we have to take our final investment decision in 2013 and after that we expect to start gas production by 2017. The rights to the Shah Deniz field in Azerbaijan end in 2036. That may look quite far away but actually to...
Volume: 54Issue: 24Published at Mon, 13 Jun 2011 -
Billions Of Dollars Pledged To MENA Region After ‘Arab Spring’
...e IMF has a macro-economic approach whereas the EBRD looks at private sector operations. The G8 declaration stated that multilateral development banks could provide over $20bn, including €3.5bn from the EIB, for Egypt and Tunisia for 2011-2013 in support of suitable reform efforts and noted th...
Volume: 54Issue: 24Published at Mon, 13 Jun 2011 -
Oil Prices Rise After OPEC Fails To Agree Output Increase
...ekly Oil Data Review, Paul Horsnell, Head of Commodities Research at Barclays Capital, said that OPEC cannot be considered as a force for price restraint – at least for the remainder of 2011. “While OPEC remains a force for the protection of any potential prices downside, it now appears to be out of...
Volume: 54Issue: 24Published at Mon, 13 Jun 2011 -
BP Statistical Review Says Global Oil Consumption Rose 3.1% To 87.4Mn B/D In 2010
...,823 82,827 84,126 84,958 86,428 85,999 84,714 87,382 * Inland demand plus international aviation, marine bunkers, refinery fuel and loss, ethanol and biodiesel. Source: BP Statistical Review of World Energy 2011. Middle Ea...
Volume: 54Issue: 24Published at Mon, 13 Jun 2011 -
EIA Boosts Oil Demand Forecast For 2011, Leaves 2012 Unchanged
...Middle East Economic Survey VOL. LIV No 24 13-Jun-2011 EIA Boosts Oil Demand Forecast For 2011, Leaves 2012 Unchanged The Energy Information Administration (EIA) of the US Department of Energy has increased its global oil demand forecast for 2011 by 300,000 b/d to 1.7mn b/d, but le...
Volume: 54Issue: 24Published at Mon, 13 Jun 2011 -
Japanese Crude Oil Imports Down To 3.567Mn B/D In April
...Middle East Economic Survey VOL. LIV No 24 13-Jun-2011 Japanese Crude Oil Imports Down To 3.567Mn B/D In April Japanese crude oil imports averaged 3.567mn b/d in April 2011, down by 5.7% from 3.783mn b/d in March, according to monthly import data released by Japan’s Ministry of Ec...
Volume: 54Issue: 24Published at Mon, 13 Jun 2011 -
Saudi Crude Prices Raised For Europe, Differentials Narrowed For US And Asia
...NOC plus $0.40/B earlier in the month. The formulas for July 2011 and the previous 12 months for deliveries to the US, Europe and the Far East – on an FOB Saudi Arabia basis, 50 days after B/L for the US, 40 days after B/L for NW Europe, and B/L date to the Far East – are as fo...
Volume: 54Issue: 24Published at Mon, 13 Jun 2011 -
Crude Oil Formulas/Posted Prices
...Middle East Economic Survey VOL. LIV No 24 13-Jun-2011 Crude Oil Formulas/Posted Prices ($/B) Abu Dhabi ($/B) 2011 2010 May Apr Mar Feb Jan Dec Nov Oct Se...
Volume: 54Issue: 24Published at Mon, 13 Jun 2011 -
Nabucco Legal Framework Agreed As Southern Corridor Race Heats Up
...rried about the availability of gas supplies to fill the 31 bcm/year capacity project and was certain that the first gas contract would be in place by the end of 2011. He also dismissed reports of a steep increase in projected Nabucco costs as “speculations”. EU Energy Commissioner Gunther Oettinger st...
Volume: 54Issue: 24Published at Mon, 13 Jun 2011 -
Socar Considering Bid In DEPA Privatization Tender
...blic Gas Company (DEPA). On 9 June the Greek government confirmed that it planned to sell all of its shares in DEPA as well as one-third of its shares in DESFA, the Greek transmission system operator, by the end of 2011. This represents a significant shift in government policy, since two months ea...
Volume: 54Issue: 24Published at Mon, 13 Jun 2011 -
Cabinet Approves 2011-12 Egyptian Draft Budget
...Middle East Economic Survey VOL. LIV No 24 13-Jun-2011 EGYPT Cabinet Approves 2011-12 Egyptian Draft Budget The Egyptian cabinet on 1 June approved the draft budget for fiscal 2011-12, which forecasts total expenditure of E£515.5bn ($86.8bn at $1=E£5.94), total revenue of E£35...
Volume: 54Issue: 24Published at Mon, 13 Jun 2011 -
NIOPDC Fills Oil Products Tanks At Power Plants
...ring the first half of the current Iranian calendar year” (21 March 2011 – 20 March 2012). Gasoil and fuel oil are used to generate some 17% of Iranian electric power, with gas-fired plants providing the bulk of the remainder. Iran’s power generation capacity is estimated at 49gw....
Volume: 54Issue: 24Published at Mon, 13 Jun 2011 -
Iran And Turkmenistan Start Production In Gonbadli Gas Field
...pecially after the completion of the 1,204km, 50mn cmd capacity Dauletabad-Sarakhs-Khangiran gas pipeline, the largest importer of Turkmen gas. Iran expects to import 12-13bn cu ms of Turkmen gas in 2011....
Volume: 54Issue: 24Published at Mon, 13 Jun 2011 -
Saudi Arabia Grants Jordan $400Mn
...e projected Arab and foreign aid of some JD440mn ($620mn) in the 2011 state budget, will help in the implementation of several projects included in the budget and in dealing with fiscal challenges. He went on to say that Jordan had not yet received the larger part of the projected aid for the cu...
Volume: 54Issue: 24Published at Mon, 13 Jun 2011 -
Aid Pledged To Libyan Rebels
...cause they are controlled by the Qadhafi regime. Contracts already signed can get an exemption until 15 July 2011, but this does not apply to oil, gas and refined products Swiss authorities said on 8 June that they had reclaimed money they had agreed to pay one of Col Qadhafi’s sons to secure the re...
Volume: 54Issue: 24Published at Mon, 13 Jun 2011 -
Shell Prepares First Qatari GTL Gasoil Shipment
...oduced from Pearl GTL for that plant, MEES understands. Meanwhile, Qatar will increase shipments of LPG to about 11mn tons/year in 2011 from 8.5mn t/y in 2010, Tasweeq CEO Sa'd al-Kuwari said recently. He added: “Qatar will become the largest condensate exporter in the Middle East this year. Co...
Volume: 54Issue: 24Published at Mon, 13 Jun 2011 -
Saudi Aramco Accelerates 900,000 b/d Manifa Offshore Project
...ows. As a result 500,000 b/d of Arab Heavy will now come on stream in 2013, with the remaining 400,000 b/d due the following year. Initially scheduled for 2011 start-up, last year’s annual review reported a 2013 start-up at 500,000 b/d, with plateau output of 900,000 b/d not to be reached until 20...
Volume: 54Issue: 24Published at Mon, 13 Jun 2011 -
IMF Says Saudi Real GDP Growth Rose To 4.1% In 2010
...Middle East Economic Survey VOL. LIV No 24 13-Jun-2011 SAUDI ARABIA IMF Says Saudi Real GDP Growth Rose To 4.1% In 2010 The Saudi economy has strengthened in 2010 and early 2011, “driven by a strong increase in non-oil GDP reflecting a rebound in the private sector supported by...
Volume: 54Issue: 24Published at Mon, 13 Jun 2011