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Security, Politics Dominate Libyan Oil Sector Concerns
...ansitional Council in 2011. Like in other fields, the oil sector will probably have to wait for political change and a permanent government, Mr Ramadan advises. “It is not the officials’ fault. They are doing a very difficult job under the circumstances. In fact they have accomplished more than ca...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
Growing Gas Shortage Forces Egypt To Import LNG
...ring the current month to import petroleum products and this represents an increase of $200mn from the previous month. Egypt produced 61.3 bcm of gas in 2011 and consumed 49.6 bcm, according to the BP Statistical Review of World Energy June 2012. It exported 8.6 bcm in the form of LNG. Pi...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
South Sudan Orders Oil Production Restart
...l is currently produced in these two blocks, with Blocks 1 and 5 in the South’s Unity state contributing the balance. Total output from Blocks 3 and 7 was estimated to have hit 230,000 b/d of waxy Dar blend in 2011, compared to around 200,000 b/d in 2008. The company said in 2010 that it expected pr...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
Qatar Faces LNG Market Challenges
...$100/B, $12-13/mn BTU plus usually $1-2. Spot markets are in the $13-13.50 price bracket – driven high by soaring demand following the March 2011 nuclear disaster. Some estimates put Japan’s LNG demand for the fiscal year ending March 2013 at 85-90mn t/y. Japan Gas Association says th...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
Iraqi Oil Demand Bounces Back
...aqi 2010 oil demand at 32mn tons. Deciphering Iraqi supply and demand trends is a dark art, involving an appreciation of cross-border smuggling, misreporting and simple human frailty, but a rough calculation points to demand rising relatively modestly in 2011 to about 33mn tons. But this year, it has pi...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
Middle East Refinery Capacity To Surge, Says IEA
...owing regional oil product demand,” Toril Bosoni, refining analyst for IEA’s monthly Oil Market Report, told MEES. The IEA sees Middle East oil demand growing by 1.7mn b/d from 2011 to 2017 or an average annual growth rate of 3.4% – the highest in the world. With forecast additions to Middle East re...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
Iraq Wakes Up From Power Shortage Nightmare
...litical boon for their rulers – there were regular and occasionally violent protests against power cuts, leading to the sacking of successive electricity ministers in the wake of both summer 2011 and summer 2010. Furthermore, years of deprivation taught Iraqis self-reliance and substantial off-gr...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
Decision On New OPEC Chief Postponed
...neral. OPEC Crude Oil Production October 2011 – October 2012 (MEES Estimates – ‘000 B/D) 2012 2011 Oct Sep Aug Ju...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
Maliki Asserts Control Over Central Bank Of Iraq
...$150-160mn per day in the first 10 months of 2011, and reached around $200mn per day early this year, before peaking at $300mn daily. The irony here is that Mr Maliki was backed by Tehran for the post of prime minister with the acquiescence of the US. Moreover, the Maliki administration is...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
OMV Production Up On Yemen, Libya Recovery
...ding a nine-month closure of the line on account of a spate of attacks in October 2011. “In Yemen, production recommenced at a low level in July, following the repair of an export pipeline,” the company said in August, without giving any further details. OMV’s net output at the block amounted to...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
Iran’s Inflation Rate Rises To 24%
...leasing its inflation figures, the CBI has to clear them with a government office, the Supreme Council of Statistics (MEES, 11 July 2011). The latest inflation figure is absurdly low, considering that last December the head of parliament’s Research Center, Ahmad Tavakoli, estimated the inflation rate then at...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
Iraqi Cabinet Approves 2013 Draft Budget
...5,000 b/d from the KRG, with a budget oil price of $85/B, up from $76.5/B in 2011 (MEES, 12 March). Mr Dabbagh added that the 2013 budget deficit will be covered by unused funds from the 2012 budget, funds in the Development Fund of Iraq (DFI) account with the New York Federal Reserve, local debt raised th...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
Algeria’s 2013 Draft Budget Projects Lower Spending
...udence” but not austerity. The government had earlier indicated that even if oil prices were to dip, the budget will not require the introduction of wage cuts or reduction of subsidies and social transfers. To avoid unrest and appease public grievances the government in 2011-12 had increased its social sp...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
Benchmark Crude Prices
...OIL PRICES Benchmark Crude Prices* 25 Oct 15-19 Oct 8-12 Oct Sep Aug Q3 2012 Q2 2012 2011...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
Saudi Arabia - Economic Data ($Bn)
...SAUDI ARABIA Saudi Arabia - Economic Data ($Bn) 2013** 2012** 2011P 2010 2009 2008 20...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
Strait of Hormuz: Alternate Oil Routes Not Enough
...crude oil and oil products that transited through the Strait in 2011 was close to 17mn b/d, accounting for 31% of global oil trade. Much less sizable, but equally important proportionally, LNG volumes amounted to the oil equivalent of 2mn b/d representing 33% of world LNG trade. As far as...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
Woodside Keen On Leviathan Partnership, Pelagic Prepares Aphrodite-2 Well
...13. Noble holds a 70% interest in Cyprus Block 12, where it discovered 7 tcf (198 bcm) of gas in December 2011. MEES understands that the Cypriot government on 23 October approved a transfer of 30% of Block 12 interest to the Delek Group subsidiaries, Delek Drilling and Avner Oil & Gas. In re...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
Noble Energy Expects More Gas In Block 12
...cember 2011 following the discovery. “We made that nice discovery of 7 tcf, but we think there is a lot more potentially there and we will be chasing additional gas fields [in Block 12],” Mr Tomich said, speaking at a press conference in Nicosia on 24 October. “We are planning to drill the ap...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
Jordan In Talks To Resume Egyptian Gas Imports
...ectricity needs. But the disruption of the flow of Egyptian gas after the overthrow of the Mubarak regime, and the rise in international oil prices, has cost the country over JD2bn ($2.8bn) in subsidies since 2011 and this is forecast to rise by an additional JD1.2bn ($1.7bn) by the end of the year, ac...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012