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EIA Lowers Demand Growth Outlook On ‘Less Optimistic’ Economic Assumptions
...ll rise by 800,000 in 2012 and 1.3mn b/d in 2013, with the largest growth coming from US shale oil and Canadian oil sands. OPEC condensate, NGLs and GTL output is expected to increase by 300,000 b/d in 2012 and less than 100,000 b/d in 2013. OECD commercial oil inventories ended 2011 at 2....
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
Crude Oil Formulas/Posted Prices ($/B)
...L PRICES/OPEC Crude Oil Formulas/Posted Prices ($/B) Abu Dhabi ($/B) 2012 2011 Jun May Apr Ma...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
Egypt’s New Budget Targets Reduction Of Petroleum Subsidies
...33.7bn ($88.1bn), up 8.8% on 2011-12. The resulting deficit in 2012-13 will rise by 4.5% to £140.3bn ($23.2bn) – 7.9% of GDP – from £E134.3bn ($22.2bn) in 2011-12 – 8.6% of GDP. A key feature of the new budget is the 26.3% fall in the petroleum subsidy to £E70bn ($11.6bn) from £E95bn ($15.7bn) in 2011-12. Th...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
Apache Takes Long Term View On Egypt
...ice ($/B) $79.45 $107.14 $123.55 Source: Apache, MEES calculations. Although Apache forecasts 1% annual average growth in its Egyptian production over 2011-16 (on a barrels of oil equivalent [boe] basis) th...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
TransGlobe Completes South Alamein Purchase, Looks To Bid Round Awards
...rmer Egyptian assets of US independent El Paso, including the other 50% of South Alamein. TransGlobe expects the Cepsa deal to be finalized late this month. Both deals are somewhat convoluted. TransGlobe originally agreed to buy Cepsa’s 50% South Alamein stake for $3mn in June 2011. However, wi...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
RasGas Successfully Navigating US Gas Market Weakness, Says Fitch
...sGas’s contracts are fully divertible, allowing spot and short term sales. These reached a record level of 26% of cargoes in 2011 from 21% in 2010. High oil prices and strong global demand for natural gas currently mitigates any potential risk stemming from a weaker offtake structure, commented Fitch. Ra...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
Yemen Government Accuses Military Of Marib Pipeline Sabotage
...nsecutive attacks (MEES, 24 October 2011). The country’s economy has been hit hard as a consequence, with the attacks cutting off crude supply to the 150,000 b/d refinery in Aden, forcing its closure. This in turn led to serious fuel shortages in Yemen, which has since depended on Saudi Arabia to make up fo...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
Energy Perspectives From The GCC
...ntinue rising, especially within non-OECD countries. World Energy Consumption 1990-2035 (Quadrillion BTU) Source: EIA, International Energy Outlook, September 2011. The GCC national oil companies (NOCs) have developed their oil fields but have often neglected, un...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
Iraqi Gas And Power Emerges As Critical Sector
...pital investment to kick-start the economy. Capital expenditure will grow to 40% of the budget in 2014 and 50% the following year, compared to 2011’s 31%, Mr Abadi predicts. However, any economic development will not work without electricity, the lack of which currently costs the Iraqi economy an es...
Volume: 54Issue: 29Published at Mon, 18 Jul 2011 -
Iran At A Crossroads As It Faces Political And Economic Challenges
...wns. A consumer in north Tehran reckons that prices have doubled in his supermarket between December 2010 (when the subsidy reform bill was launched) and June 2011. The price of bread has recently gone up by 25% after rising four times earlier in the year, and the price of some products, such as ve...
Volume: 54Issue: 29Published at Mon, 18 Jul 2011 -
Iraq Needs To Triple Power Capacity To Meet Short Term Demand Growth
...coming increasingly dependent on private sector power generation. The country’s supply averaged 6.403gw in the first quarter of 2011, according to the US’ Special Inspector General for Iraq Reconstruction (SIGIR). Capacity had steadily climbed from the beginning of 2008 through September 2009. Fr...
Volume: 54Issue: 29Published at Mon, 18 Jul 2011 -
OPEC Sees Demand Growth Slowing In 2012
...port, the first to show projections for 2012, noted that estimates remained constrained by uncertainty. The MOMR shaved OPEC’s estimate for 2011 world demand growth down to 1.36mn b/d, some 400,000 b/d higher than that for next year. “With the winding down of government-led stimulus, risks to the fo...
Volume: 54Issue: 29Published at Mon, 18 Jul 2011 -
IEA Trims Demand Growth Forecast On Persistent High Prices
...Middle East Economic Survey VOL. LIV No 29 18-Jul-2011 IEA Trims Demand Growth Forecast On Persistent High Prices The International Energy Agency (IEA) has reduced its oil demand growth forecast for 2011 as a result of “persistent high prices and somewhat weaker IMF economic pr...
Volume: 54Issue: 29Published at Mon, 18 Jul 2011 -
EIA Reduces Oil Demand Growth Forecast For 2011, Holds 2012 Outlook Steady
...Middle East Economic Survey VOL. LIV No 29 18-Jul-2011 EIA Reduces Oil Demand Growth Forecast For 2011, Holds 2012 Outlook Steady The Energy Information Administration (EIA) of the US Department of Energy has reduced its forecast for 2011 oil demand growth, but expects the ma...
Volume: 54Issue: 29Published at Mon, 18 Jul 2011 -
ESAI Warns Of Oil Market ‘Bull Trap’
...d will end the year negative. It is once again the countries of Asia and the Middle East which are driving the perception of rising and tight markets. Even so, this is 2011 not 2004, and global oil demand growth this year will be half what it was in 2004. ESAI estimates that OPEC production in Ju...
Volume: 54Issue: 29Published at Mon, 18 Jul 2011 -
Crude Oil Formulas/Posted Prices
...Middle East Economic Survey VOL. LIV No 29 18-Jul-2011 Crude Oil Formulas/Posted Prices ($/B) Iran (+ / - Adjustment Factor; $/B) 2011 2010 Aug Jul Jun May Apr Mar Feb Ja...
Volume: 54Issue: 29Published at Mon, 18 Jul 2011 -
China Joins Consortium To Invest In MENA Energy, Infrastructure
...pects to develop about 10 infrastructure and energy concession opportunities in EEMEA in 2011. ...
Volume: 54Issue: 29Published at Mon, 18 Jul 2011 -
Syria Launches Bid Round For Oil Shale Exploitation
...fer may be obtained from the ministry of petroleum’s website (www.petroleum.gov.sy) and/or from the GEGMR website (www.geology-syr.org). The closing date for the submission of bids is 30 November 2011. According to the official SANA report on 7 July, the area on offer at al-Khanasir consists of 14...
Volume: 54Issue: 29Published at Mon, 18 Jul 2011 -
Syria Extends Deadline For IOCs Qualifying For Offshore Bidding
...alify for the participation in international bidding for three offshore blocks. The closing date for the submission of tenders remains unchanged at 5 October 2011. The licensing round for the three offshore blocks with a total area of 9,038 sq km was launched on 24 March (MEES, 2 April). Syria’s Ge...
Volume: 54Issue: 29Published at Mon, 18 Jul 2011 -
Gulfsands Discovers ‘High Quality’ Reservoirs With Two Wells
...its update that average oil production from both fields combined in June was in excess of 21,000 b/d and that output is expected to rise to approximately 24,000 b/d by the end of 2011, with the drilling and tie-in of additional development and delineation wells and via minor upgrades and de-bo...
Volume: 54Issue: 29Published at Mon, 18 Jul 2011