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OPEC Secretariat Warns Of Danger Of Supply Inaction
...te: totals may not add up due to independent rounding. OPEC’s Summarized Oil Supply/Demand Balance For 2011 (Mn B/D) 2010 1Q11 2Q11 3Q11 4Q11 2011 (a) World Oil Demand 86.77 87.36 86...
Volume: 54Issue: 25Published at Mon, 20 Jun 2011 -
IEA Medium Term Forecast Sees Demand Growing By 1.2Mn B/D Annually For 2010-16
...2mn b/d during the 2010-16 period, essentially the same margin as forecast for the 2009-15 period a year ago. The IEA said in the Medium Term Oil And Gas Markets 2011, released on 16 June, that it expects global demand to rise from 88.0mn b/d in 2010 to 95.3mn b/d in 2016, an increase of 7.2mn b/d. Th...
Volume: 54Issue: 25Published at Mon, 20 Jun 2011 -
IEA Raises Short Term Demand Growth Forecast Slightly
...Middle East Economic Survey VOL. LIV No 25 20-Jun-2011 IEA Raises Short Term Demand Growth Forecast Slightly The International Energy Agency (IEA) raised its estimate for global oil demand growth for 2010 and 2011 by 100,000 b/d in its latest monthly Oil Market Report, released on...
Volume: 54Issue: 25Published at Mon, 20 Jun 2011 -
China’s Crude Oil Imports Remain Steady In May
...ril imports of 21.45mn tons. Crude imports on a daily basis averaged 5.07mn b/d for May. Year-on-year, China imports rose 20.8% over the May 2010 import figure of 17.84mn tons (4.20mn b/d). China imported a total of 106.42mn tons during the first five months of 2011 (5.1mn b/d). During 2010, it im...
Volume: 54Issue: 25Published at Mon, 20 Jun 2011 -
Crude Oil Formulas/Posted Prices
...Middle East Economic Survey VOL. LIV No 25 20-Jun-2011 Crude Oil Formulas/Posted Prices ($/B) Iran (+ / - Adjustment Factor; $/B) 2011 2010 Jul Jun May Apr Mar Feb Jan De...
Volume: 54Issue: 25Published at Mon, 20 Jun 2011 -
IMF Commends Iran’s Economic Performance
...mes, consumer price inflation has only increased from 10.1% in December to 14.2% at end-May 2011,” and said that maintaining macroeconomic stability in the near term through coordinated and adequately tightened monetary and fiscal policies is essential to preserve the benefits of the subsidy re...
Volume: 54Issue: 25Published at Mon, 20 Jun 2011 -
Moody’s Sees Continuing Stable Outlook For Israeli Banking System
...proximately 4.5% in 2011, representing a slight fall from the figure posted in 2010. “The conservative loan-to-deposit ratios, granular deposit bases and maintenance of large liquidity reserves suggest that Israeli banks’ generally healthy liquidity positions are unlikely to change, thereby supporting out st...
Volume: 54Issue: 25Published at Mon, 20 Jun 2011 -
BP To Complete Risha Seismic Survey Shortly
...Energy and Mineral Resources Khalid Tuqan announced last week. The minster added that drilling of two wells to a depth of 3,000-4,000ms is expected to begin before the end of 2011. Following the interpretation of the seismic data, which will take a year, more exploration wells will be drilled ov...
Volume: 54Issue: 25Published at Mon, 20 Jun 2011 -
Kuwaiti Real GDP Growth Expected To Hit 4.7% In 2011, NBK Says
...Middle East Economic Survey VOL. LIV No 25 20-Jun-2011 KUWAIT Kuwaiti Real GDP Growth Expected To Hit 4.7% In 2011, NBK Says Owing to a combination of a strong performance of the Kuwaiti trade sector, higher than expected oil prices, and expectations of a faster regional gr...
Volume: 54Issue: 25Published at Mon, 20 Jun 2011 -
Qatargas Delivers First LNG Cargo To Thailand
...at will lead us to the successful commencement of terminal operations in July 2011,” said Wichai Pornkeratiwat, Senior Executive Vice-President, Gas Business at PTT. The vessel departed from Qatar’s Ras Laffan port in May, carrying 131,000 cu ms of LNG....
Volume: 54Issue: 25Published at Mon, 20 Jun 2011 -
QP And Shell Mark Start-Up Of Pearl GTL Plant
...atement added: “Over the coming months, production will ramp up from the first production unit... The second train is expected to start up before the end of 2011. The plant is expected to reach full production capacity by the middle of 2012... Once fully operational, Pearl GTL is expected to produce 1....
Volume: 54Issue: 25Published at Mon, 20 Jun 2011 -
Saudi Economy Will Grow By 6.9% In 2011, Says Riyad Capital
...Middle East Economic Survey VOL. LIV No 25 20-Jun-2011 SAUDI ARABIA Saudi Economy Will Grow By 6.9% In 2011, Says Riyad Capital Saudi real GDP is expected to grow by 6.9% in 2011, said Riyad Capital in its latest quarterly report, which revised upward its forecast from the pr...
Volume: 54Issue: 25Published at Mon, 20 Jun 2011 -
Political Comment (20 June 2011)
...Middle East Economic Survey VOL. LIV No 25 20-Jun-2011 Political Comment (20 June 2011) Syrian President Bashar al-Asad's notorious cousin Rami Makhluf has decided to give up his business interests. The authorities in Bahrain are taking steps to open a dialogue with the op...
Volume: 54Issue: 25Published at Mon, 20 Jun 2011 -
Iran’s Subsidy Reform: A Progress Report
...jor cities, no general strikes, no run on the banks and no panic buying. There was not even a commensurate reaction from the Majlis, whose main “intent and purposes” in the law were literally ignored by the government. A poll, conducted by the Majlis Research Center in March 2011, in fact sh...
Volume: 54Issue: 25Published at Mon, 20 Jun 2011 -
Domestic Demand Challenge Highlighted By Saudi Aramco Report
...view noted. Saudi Aramco is not pushing ahead with any further capacity rise beyond its current 12mn b/d – total Saudi capacity, including the Neutral Zone is 12.5mn b/d. It is implementing the 900,000 b/d offshore Manifa project, albeit with a radically revised timeline. Originally scheduled for 2011...
Volume: 53Issue: 25Published at Mon, 21 Jun 2010 -
WTI Price Moves Into High $70/B Range
...vel of sensitivity to the sovereign debt contagion fears that have dominated price behavior in the second quarter. All 2011 WTI delivery months are now trading back above $80/B, and we would also expect the front of the curve to continue its gradual progress back above $80/B.” He added: “With economic fe...
Volume: 53Issue: 25Published at Mon, 21 Jun 2010 -
Société Générale Oil Outlook “Progressively Bullish” For 2010-11
...ne, Société Générale has forecast a “progressively bullish outlook for the next 18 months,” but the bank has also revised downwards its previous crude oil price forecasts. The global economy is expected to grow by 4.4% in 2010 and 4.0% in 2011, translating into global oil demand growth of 1.5mn b/d an...
Volume: 53Issue: 25Published at Mon, 21 Jun 2010 -
KMG And CNPC To Build Intra-Kazakh Link To Central Asia Gas Pipeline
...d expected to end in April-May 2011. The Heydar Aliyev drilling rig will operate at 470-480ms and drill to a target depth of 7,100-7,200ms. Socar has estimated that the Absheron structure could contain up to 300bn cu ms of gas and 45mn tons of condensate. A production sharing agreement for Ab...
Volume: 53Issue: 25Published at Mon, 21 Jun 2010 -
CBI Guarantees 10% Return On Foreign Investments In Iran
...vestment. Earlier in June Mehr News Agency reported that the Ministry of Petroleum had allocated $13.6bn for oil projects and $2.4bn for refineries for the year ending on 20 March 2011 from the National Energy Fund, which was established in February with the backing of the CBI and four state-owned banks, to fi...
Volume: 53Issue: 25Published at Mon, 21 Jun 2010 -
Kuwait Faces Power Crisis As It Prepares To Launch First IWPP
...ry alarming”, reported KUNA news agency. The Minister of Electricity and Water, Badr al-Shurai'an, said that his ministry had stepped up efforts to prevent blackouts. He said a breakthrough is unlikely before 2011, when the al-Sabiyya power station becomes operational. Kuwait is expected to launch it...
Volume: 53Issue: 25Published at Mon, 21 Jun 2010