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Western Zagros Gets New Investment
...alakan block, operated by the UAE’s New Age. Western Zagros, which already has an investment from the UAE’s TAQA (MEES, 7 November 2011), also announced that Gazprom Neft had made its contractual payment of Can$83mn as part of its recent purchase of the 40% third party non-operator stake in We...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012 -
IMF Finalizes $2Bn Standby Arrangement For Jordan
...mpany (NEPCO) to increase to 4.9% of GDP in 2011 from 0.8% in 2010. As a result of the economic shocks growth slowed significantly, investor confidence weakened, and the external current account deficit (including grants) widened to 12% of GDP in 2011 from 7% in 2010, Ms Kostial said. Ac...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012 -
Lebanon’s Economy Hit By Power Crisis and Syrian Turmoil
...nances. EDL’s subsidies cost the government $1-1.5bn per year, widening the fiscal deficit, which Citi expects to hit 7.9% of GDP in 2012 from 5.7% in 2011. Lebanon Complies With International Sanctions Against Syria Central Bank of Lebanon (CBL) Governor Riad Salamah told the daily al-Ha...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012 -
IMF Approves $6.2Bn Credit Line For Morocco
...ecautionary and Liquidity Line (PLL), which was added to the IMF’s lending toolkit in 2011. According to the IMF, the PLL “will provide a useful insurance against external shocks in light of the heightened uncertainty worldwide, and allow the authorities to continue with their home-grown reform agenda aimed at...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012 -
IMF Cautions Saudi Arabia About Overspending
...ills.” The directors commended Saudi Arabia’s efforts to support the global economy in 2011 by raising oil production to help in stabilizing global oil markets and praised its commitment to provide $15bn in additional resources for the IMF which has contributed to world stability. The IMF noted that hi...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012 -
Syria Turns To Russia And Iran To Beat International Sanctions
...untry Risk Weekly Bulletin of 2 August quotes the Institute of International Finance (IIF) estimate that capital flight from Syria between March 2011 and July 2012 had topped $10.5bn, equivalent to about 21% of GDP. At the beginning of the crisis the Central Bank of Syria (CBS) put its foreign exchange re...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012 -
Fiscal Break-Even Prices Revisited: What More Could They Tell Us About OPEC Policy Intent?
...vernments’ fiscal take, discount factor and long term population dynamics. They are calibrated as summarized in Table 1 and briefly expounded upon below. Table 1: Basic Assumptions For OPEC Revenue Simulations Reference Date: 2011 Assumptions Re...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012 -
Shell Offers LNG To Bahrain At Near Oil Price Parity
...anned regasification plant and import terminal. NOGA was also expected to take the FID for Sitra refinery at the end of 2011, but this may be delayed to the first quarter of 2012 so it can be taken at the same time as the LNG project’s FID – and those for the industrial projects would follow. Si...
Volume: 54Issue: 33Published at Mon, 15 Aug 2011 -
Kuwait Approves Record Budget For 2011-12
...Middle East Economic Survey VOL. LIV No 33 15-Aug-2011 Kuwait Approves Record Budget For 2011-12 The Kuwaiti parliament on 29 June approved a record budget for fiscal 2011-12 and after reaping successive surpluses the government is well placed to fund its growing expenditure. Ho...
Volume: 54Issue: 33Published at Mon, 15 Aug 2011 -
Oil Producers See Budgets Pressured By Social Unrest, Crude Dip
...pacting crude demand outlook and adding to the concerns. At the beginning of this year, the climb in oil prices allowed many MENA countries to post a budget surplus for 2010 and encouraged them to hike the price forecast they would use in their 2011 budgets (MEES, 17 January). Of the 18 countries su...
Volume: 54Issue: 33Published at Mon, 15 Aug 2011 -
OPEC Reduces Demand Growth Forecast On Economic Worries
...Middle East Economic Survey VOL. LIV No 33 15-Aug-2011 OPEC Reduces Demand Growth Forecast On Economic Worries OPEC has revised down its forecast for 2011 global oil demand growth by 150,000 b/d to 1.2mn b/d. In its latest Monthly Oil Market Report, published on 9 August, OPEC sa...
Volume: 54Issue: 33Published at Mon, 15 Aug 2011 -
IEA Lowers Growth Forecast Amid Slackening Demand And High Prices
...A) said in its latest Oil Market Report (OMR), released on 10 August. The forecast by the Paris-based agency trimmed global oil demand by 60,000 b/d for 2011 and raised demand by 70,000 b/d for 2012. “Adjustments to this year’s forecast stem largely from lower-than-expected 2Q11 and 3Q11 demand re...
Volume: 54Issue: 33Published at Mon, 15 Aug 2011 -
EIA Holds Demand Growth Forecast Steady
...Middle East Economic Survey VOL. LIV No 33 15-Aug-2011 EIA Holds Demand Growth Forecast Steady The Energy Information Administration (EIA) of the US Department of Energy has left its projection for world oil demand growth for 2011 and 2012 unchanged from its previous month’s fo...
Volume: 54Issue: 33Published at Mon, 15 Aug 2011 -
DME Sets New Oil Trading Records
...abled a record total of 88,539 contracts traded in the month and represents a 35% year-on-year increase in trading levels on the exchange. July also saw DME Oman achieve a new record for physical delivery, with 15.4mn barrels to be delivered in September 2011 through the exchange, surpassing the pr...
Volume: 54Issue: 33Published at Mon, 15 Aug 2011 -
Crude Oil Formulas/Posted Prices
...Middle East Economic Survey VOL. LIV No 33 15-Aug-2011 Crude Oil Formulas/Posted Prices ($/B) Iran (+ / - Adjustment Factor; $/B) 2011 2010 Sep Aug Jul Jun May Apr Mar Fe...
Volume: 54Issue: 33Published at Mon, 15 Aug 2011 -
Apache Announces Two Discoveries In Egypt’s Faghur Basin
...rassic Safa formation. “The latest discoveries were developed through evaluation of modern 3D seismic surveys acquired over the southwestern part of the Khalda Offset Concession and the southern part of the West Kalabsha Concession,” Apache said in a statement, adding: “In 2011, Apache has dr...
Volume: 54Issue: 33Published at Mon, 15 Aug 2011 -
IMF Sees Positive Growth Outlook For Iranian Economy
....4% in 2009-09 to 12.4% in 2010-11 and has managed to contain inflation in the aftermath of the subsidy reform. It added that the consumer price inflation had increased from 10.1% in December 2010 to 14.2% in May 2011. [However this rate has since risen to 15.4% in the month ending on 21 June 2011...
Volume: 54Issue: 33Published at Mon, 15 Aug 2011 -
Israel Raises Electricity Consumer Costs As A Result Of Egyptian Gas Supply Cuts
...low it to save NIS1bn ($283mn) through the end of 2011. The directive calls for the tax cut to be implemented retroactively to February of this year. The ministry said it was not possible to prevent the hike in electricity rates due to the rising price of fuel on the international markets, in...
Volume: 54Issue: 33Published at Mon, 15 Aug 2011 -
Jordan Announces Price Increases For Some Petroleum Products
...st will apply until 6 September. Product Prices Effective 3 August 2011 (Fils/Liter, Unless Otherwise Stated) 2011 2010 Product 3 Aug 1 Jun 2 May 1 Apr 4 Mar 28 Ja...
Volume: 54Issue: 33Published at Mon, 15 Aug 2011 -
Political Comment (15 August 2011)
...Middle East Economic Survey VOL. LIV No 33 15-Aug-2011 Political Comment (15 August 2011) In a damaging blow to Syria's increasingly beleaguered President Bashar al-Asad, King 'Abd Allah of Saudi Arabia has publicly denounced events on Syria as unacceptable and recalled th...
Volume: 54Issue: 33Published at Mon, 15 Aug 2011