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OPEC Output Continues Rise As African Volumes Recover
...mn b/d target, which has been in place since December 2011. MEES estimates put total OPEC output at 30.68mn b/d for August, up 260,000 b/d from a downwardly revised 30.42mn b/d in July (see table), despite production slowdowns in the group’s two biggest producers, Saudi Arabia and Iraq. OPEC ou...
Volume: 57Issue: 36Published at Fri, 05 Sep 2014 -
Iraqi Oil Sector Faces Years Of Instability
...ghdad Tension Remains But northern Iraq is likely to remain divided for some time. The current cooperation between Erbil and Baghdad is likely to revert to the status quo ante, with flashpoints along the so-called “Trigger Line”, without (as has been the case since late 2011) the calming influence of...
Volume: 57Issue: 36Published at Fri, 05 Sep 2014 -
GCC Saga Continues
...fering citizenship – and its perks – to Sunni Bahrainis, a highly sensitive demographic issue for Manama, which has faced several rounds of Shia-led protests since 2011. However, it remains unclear if Doha is prepared to agree to accept a scaled-back role in regional affairs. Libya Attacks Sa...
Volume: 57Issue: 36Published at Fri, 05 Sep 2014 -
Syria Eyes Iran For More Aid
...lumes to the Assad regime) its output volumes are thought to be way below nominal capacity levels (MEES, 25 July). Currency Pounded The local currency, which has depreciated since early 2011, has of late come under renewed pressure, losing value on both the official and black markets. On the of...
Volume: 57Issue: 36Published at Fri, 05 Sep 2014 -
The Elusive Costs And Benefits Of Saudization
...essure on the government to devise a more potent employment strategy. A broader and more rigorous quota program came into effect in late 2011. Nitaqat (bands), as it is labeled, requires private companies to meet strict Saudization ratios, differentiated by the size and sector of the enterprise. Co...
Volume: 57Issue: 36Published at Fri, 05 Sep 2014 -
United States Crude Oil Imports, 1h 2014 (‘000 B/D)
...12 2Q14 1Q14 1H14 ‘000 B/D % ‘000 B/D % 2013 2012 2011 2010 20...
Volume: 57Issue: 36Published at Fri, 05 Sep 2014 -
Benchmark Crude Prices ($/B)
...13 2012 2011 WTI 94.45 94.32 94.39 95.95 102.36 103.00 98.56 98...
Volume: 57Issue: 36Published at Fri, 05 Sep 2014 -
Libya Faces Economic Meltdown As Oil Industry Grinds To A Halt
...leaguered interim government. Having stunned the industry by restoring oil output to normal levels in record time after the end of the 2011 rebellion, the post-Qadhafi authorities are back to square one with output reported by NOC to have fallen to “its lowest level of 240,000 b/d.” This compares wi...
Volume: 56Issue: 36Published at Fri, 06 Sep 2013 -
ADNOC Plans Sharjah Terminal, Storage Expansion
...pulation and number of vehicles. It also took over the running of 74 filling stations operated by federal state-owned gasoline retailer Emarat in the UAE’s northern emirates: Sharjah, Ras al-Khaimah, ‘Ajman, Umm Al Quwain and Fujairah. The move results from a fuel crisis in 2011 when Sharjah shut down Du...
Volume: 56Issue: 36Published at Fri, 06 Sep 2013 -
Iraq Grants Jordan $25M
...ab Gas Pipeline (AGP). Supplies from Egypt have been erratic since the downfall of former president Husni Mubarak in January 2011 because of frequent attacks on the pipeline. Most recently the pipeline was blown up on 6 July in al-‘Arish in the Sinai peninsula and to date no repairs have been ca...
Volume: 56Issue: 36Published at Fri, 06 Sep 2013 -
Sinopec Sidesteps Instability To Go Big On Egypt
...cident, together with other nearby disturbances, will spook shippers. So far revenues have been fairly stable post-Revolution, although takings of $1.25bn for 2Q13, were down 3% on the second quarter in 2012 and 5% down on the same period in 2011 (see graph 2). ...
Volume: 56Issue: 36Published at Fri, 06 Sep 2013 -
India Turns To Iranian Oil For Economic Relief
...pay entirely in rupees. India since July 2011 had been paying for its purchases of Iranian crude in both euros and rupees. 55% of its imports were paid for in euros through Turkey’s Halkbank; while the remaining 45% was remitted in rupees through the Calcutta-based UCO bank. US sanctions in...
Volume: 56Issue: 36Published at Fri, 06 Sep 2013 -
South Sudan Gets Stay Of Execution
...peline to all Southern crude oil (MEES, 30 August). South Sudan broke off from Sudan in July 2011, taking with it around three quarters of the former Sudan’s 450,000 b/d oil output. But the South is dependent on Sudan for exports: the pipeline to Port Sudan is South Sudan’s only link to in...
Volume: 56Issue: 36Published at Fri, 06 Sep 2013 -
OPEC Holds Steady Despite Libya Nightmare
...e worst disruption to the country’s oil industry since the 2011 civil war. Libyan output continued its slide last month, as armed groups, security guards and oil workers with tribal loyalties worked together to shut down a host of key pipelines and oil ports across the country. Production av...
Volume: 56Issue: 36Published at Fri, 06 Sep 2013 -
Egypt Draws Up IOC Payment Timetable As Debts Mount
...are of production are nothing new, but amounts owed have ballooned since Egypt’s 2011 revolution. Mr Isma’il acknowledged that the issue of arrears was a top priority for the government to ensure that IOCs would continue to invest in oil exploration and development. The minister di...
Volume: 56Issue: 36Published at Fri, 06 Sep 2013 -
Kuwait Budget Surplus Falls As Spending Soars
...KUWAIT Kuwait Budget Surplus Falls As Spending Soars Kuwait realized a budget surplus of KD12.70bn ($44.45bn) in 2012-13, according to the finance ministry’s closed accounts. However, the net surplus falls to KD4.7bn ($16.45bn) – less than half the 2011-12 figure – after th...
Volume: 56Issue: 36Published at Fri, 06 Sep 2013 -
Oman Cuts Deficit
...OR6.1bn ($15.9bn). The 2012 budget was based on an oil price assumption of $75/B and average production of 915,000 b/d. The actual price for Oman’s crude in 2012 was around $109/B whilst production was well up on 2011’s 885,000 b/d. Gas revenue was level with the projected OR1.5bn ($3....
Volume: 56Issue: 36Published at Fri, 06 Sep 2013 -
Libya And Iraq: The Weakest Links In World Oil Markets
...oblems date back to October 2011, when Qadhafi was finally ousted and attempts to repair the country ravaged by dictatorship began. The revolution was not won by a single group with cohesive aims, but a collection of diverse militias. From the outset, there was a high degree of tension between se...
Volume: 56Issue: 36Published at Fri, 06 Sep 2013 -
Benchmark Crude Prices
...12 2011 WTI 108.37 108.3 105.5 106.55 104.47 94.17 94.42 94.18 95...
Volume: 56Issue: 36Published at Fri, 06 Sep 2013 -
Oman Eyes $110Bn Upstream Investment
...d will gradually ramp up to 40,000 b/d. Harweel, which came on stream in the second quarter of this year, is producing 25,000 b/d and ramping up. At more than 70,000 b/d, Marmul achieved in 2011 its highest production in its 30-year history. While these projects suffered start-up delays, PDO was ab...
Volume: 55Issue: 36Published at Mon, 03 Sep 2012