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Iranian Output Buckles Under Sanctions Strain, But Iraq Takes Up Slack
...thballed fields. OPEC Crude Oil Production July 2011 – July 2012 (MEES Estimates – ‘000 B/D) 2012 2011 Jul Jun May Ap...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012 -
Egypt’s New Petroleum Minister Looks To Foreign Firms To Solve Gas Shortage
...e two preceding months. Reserves have collapsed from $36bn at the start of 2011. Strategic Reserve Egypt also plans to create a strategic petroleum reserve that will cover 7-10 days of national petroleum products demand, with the country’s cabinet set to meet to discuss this over the co...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012 -
Challenges Remain For Sudans Despite North-South Oil Deal
...ve been producing closer to 300,000 b/d at the turn of the year. South Sudan’s Unity And Upper Nile States Source: MEES. The division of oil revenues was one of the key issues left unresolved when the South broke away from Sudan in July 2011, taking with it ar...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012 -
EIA Raises Global Demand Growth Outlook On Expectations Of Economic Stimulus
...2012 from 3.6mn b/d at the end of 2011, and by a further 200,000 b/d in 2013. Iran’s threat to block oil transit through the Strait of Hormuz is a risk to global oil supply, says EIA, but both Saudi Arabia and UAE have responded by increasing their oil pipeline capacity to circumvent Hormuz. “EI...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012 -
Saudi Crude Prices Raised For Europe, Heavier Grades Reduced For US And Asia
...ys after B/L for NW Europe, and B/L date to the Far East – are as follows ($/B): US (Price Reference ASCI) 2012 2011 Se...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012 -
Praise For Egyptian Joint Ventures’ Performance
...the Gulf of Suez, whilst Agiba produces mostly from the Western Desert (MEES, 28 May) These six joint ventures produced a total of 489,000 b/d for the 2011-12 financial year (July 2011 to June 2012), accounting for over 70% of Egypt’s oil production and over 50% of gas output (see ta...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012 -
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