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Confusion Reigns As Iran Denies Russia Oil Deal Reports
...anian oil exports are down by more than 1mn b/d on average over the past 12 to 16 months, relative to 2011 levels, on the back of international sanctions placed on it on account of its nuclear program (MEES, 1 August). Given Russia’s place among the P5+1 group of world powers currently in ne...
Volume: 56Issue: 32Published at Fri, 08 Aug 2014 -
Protests Suffocate Libyan Oil Production
...tput stood at around 750,000 b/d, the first sub-1mn b/d monthly average since December 2011. There is no sign of any resolution to the crisis. State-owned NOC is yet to declare Force Majeure, but notes one trader: “Before NOC was saying, it would take a week to sort out, now it is clear they ha...
Volume: 56Issue: 32Published at Fri, 09 Aug 2013 -
Lukoil Looks At Kirkuk Development
...0,000 b/d, it fell to 300,000 b/d by May 2011, and now is thought to have dipped below 250,000 b/d. The falls alerted state-owned NOC of the necessity to bring in outside expertise. Service firms Schlumberger and Baker Hughes were contacted in mid-2011 and exploratory talks with BP began in the be...
Volume: 56Issue: 32Published at Fri, 09 Aug 2013 -
Rohani Champions Diplomacy Despite Ongoing Sanctions Threat
...60,000 b/d through December 2013. State-owned IOC, India’s third largest customer of Iranian crude, has slashed the volume of crude oil it plans to purchase from Iran in the upcoming fiscal year by almost one quarter. This move is in line with US legislation passed in December 2011 cu...
Volume: 56Issue: 32Published at Fri, 09 Aug 2013 -
UAE Firms Dana Gas, Dragon Oil and TAQA Face 1H13 Woes
...oducing areas of Egypt and the Kurdistan Regional Government (KRG) area of northern Iraq. Dana: Production Up, But Receivables Up More Dana production has edged up in both Egypt and the KRG since a post-Revolution payments crunch saw Egyptian output slide in the second half of 2011 and first ha...
Volume: 56Issue: 32Published at Fri, 09 Aug 2013 -
Syria Bans Transactions In Foreign Currency
...ohibits the pricing of commodities or services in currencies other than the local currency, which has lost more than half its value on the official market since the beginning of the uprising in March 2011. Commenting on the decree, the Governor of the Central Bank of Syria (CBS) Adib Mayyala sa...
Volume: 56Issue: 32Published at Fri, 09 Aug 2013 -
Gulf Aid Boosts Egypt’s Reserves To $19Bn
... EGYPT Gulf Aid Boosts Egypt’s Reserves To $19Bn Egypt’s foreign exchange reserves soared to $18.9bn at the end of July from $14.9bn at the end of June, the Central Bank of Egypt (CBE) announced on 5 August. The latest figure is the highest since November 2011, an...
Volume: 56Issue: 32Published at Fri, 09 Aug 2013 -
Yemen’s 2012 GDP Rises But Challenges Remain, Says IMF
... YEMEN Yemen’s 2012 GDP Rises But Challenges Remain, Says IMF After contracting by more than 12% in 2011 due to the political upheaval in the country, Yemen’s real GDP growth is estimated to have risen by 2.4% in 2012, reflecting an easing of supply bottlenecks and ut...
Volume: 56Issue: 32Published at Fri, 09 Aug 2013 -
Oman Budget Heading For Surplus Despite Temporary Deficit
...rm outlook remains positive with robust non-oil growth and moderate inflation, fiscal and external balances are projected to turn to deficit. It added that recent spending initiatives, including government job creation in 2011-13 have increased expenditure by 70% over the period 2010-12 and “reduced th...
Volume: 56Issue: 32Published at Fri, 09 Aug 2013 -
Oman Reviews Fuel Subsidies
...12). Any savings from subsidy cuts will be used by the government for other purposes, including youth training or investment projects that could generate new employment, the minister said. The Omani government has already boosted spending on welfare and job creating initiatives in 2011 in an attempt to qu...
Volume: 56Issue: 32Published at Fri, 09 Aug 2013 -
Iraq’s National Energy Strategy: Oil And Gas Output, Diversification and Employment
...quired investment in the energy sector for 2013-30 at $530bn (in 2011 dollars), although this is not tied to any specific scenario. IEA-Iraq cites exactly the same amount for 2013-35, but ties it to its central scenario. World Oil Prices Neither INES nor IEA-Iraq analyses the impact of fu...
Volume: 56Issue: 32Published at Fri, 09 Aug 2013 -
Benchmark Crude Prices
...12 2011 WTI 103.4 105.5 105.95 104.47 95.79 94.17 94.42 94.18 95...
Volume: 56Issue: 32Published at Fri, 09 Aug 2013