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IMF: Hydrocarbon Dependence Leaves GCC Exposed
...OIL PRICES IMF: Hydrocarbon Dependence Leaves GCC Exposed Though overall real economic growth for the Gulf Cooperation Council (GCC) countries is projected to rise yet again this year relative to 2011, heavy dependence on their respective hydrocarbon se...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Benchmark Crude Prices & Crude Official Selling Prices
...pt Q3 2012 Q2 2012 2011 2010 WTI 87.09 86.69 91.64 89...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Unrest Threatens To Scupper Yemen Oil Sector Investment Hopes
...etings Yemen’s President ‘Abd Rabbu Mansur Hadi has urged foreign oil companies to increase their investments. Crude production in Yemen has been in steady decline over the past 10 years or so, with BP estimating the country’s 2011 production at 228,000 b/d, down 24% from the 2010 figure of 30...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Cyprus Awards Four Offshore Licenses
...s Corporation (Kogas) were awarded the licenses for Blocks 2 and 3. Two of the blocks adjoin Block 12, where Noble Energy discovered 7 tcf (198 bcm) of natural gas in December 2011. Blocks 2, 3 and 9 are positioned on the eastern sides of Cyprus’ exclusive economic zone (EEZ), and Blocks 3 and 9 are ad...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Israel Gas Sector Development Faces Setbacks
...0mn outlay. The fields were considered by many to be a ‘safe bet’ – the consortium had shot detailed seismic over the offshore area in June 2011, a year before the drilling begun on the Myrah block. The results indicated a high probability (between 50-90%) of as much as 6.5 trillion cu...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Nakilat Profit Slips, As It Ponders Fleet Fuel Switch
...e first nine months of the year, the Qatari company reported a QR562.4mn ($154.5mn) profit, compared to QR 624.2mn ($171.5mn) in 2011. Since the results were announced on 22 October, Nakilat’s share price on the Qatar Exchange has edged down from QR15.76 ($4.3) and was at QR15.55 ($4.27) on 1 No...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
MENA Solar Power Progressing In Small Steps
...derstanding (MOU) with Morocco’s Agency for the Development of Renewable Energy and Energy Efficiency (Aderee) for the exchange of expertise in developing energy policy and regulation. DII is currently developing joint projects with Morocco, Tunisia and Algeria. In May 2011, DII and Masen signed an MOU for a re...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Dana Gas Misses Sukuk Deadline
...e down 6% compared to the same period in 2011 “mainly due to a fall in natural gas production in Egypt” the company says. The company’s overall net production fell 9% to 59,600 b/d of oil equivalent (boe/d) over the same period. Egyptian production for the first nine months of 2012 was 32,000 boe/d, do...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Syria’s Budget Deficit Set To Double For 2013
...expenditure to S£1,383bn. The budget deficit will rise more than twofold to S£749bn from S£335bn in 2012. But this comparison in budget numbers does not take into account the depreciation in the value of the Syrian pound which has lost about half its value (from $1=S£47 in March 2011 to $1=S£69.6 cu...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Algerian Export Revenue Up, But Hydrocarbon Dependence Increases
...peats the picture for 2011 when export revenue soared by 26% from $56bn to $72bn on the back of a $32/B rise in the price Algeria realized for its oil exports. This came despite a 4% fall in domestic hydrocarbon production and rapidly rising domestic consumption. But super-reliance on hy...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Moody’s Sees Negative Outlook For Lebanese Banking
...ar-end 2011. ...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Political Comment (2 November 2012)
...March 2011 – such as the US, France and Turkey – appear to be having second thoughts. But the harsh reality is that it may already be too late, and that Syria, like the egg Humpty Dumpty in the English nursery rhyme, is already broken beyond repair. Unless Mr Asad can bomb his own ci...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Iraqi Gas Flaring Worsens
...pacity and, secondly, Iraq’s woefully high levels of gas flaring are in fact getting worse. Associated gas output rose by some 172mn cfd from 2009 to the third quarter 2011, but gas flaring is up by 228mn cfd at 940mn cfd. And in September flared volumes, representing some 62% (compared to just ov...
Volume: 54Issue: 45Published at Mon, 07 Nov 2011 -
MENA Turns To Solar Power For EOR As Well As National Grids
...nerate 10% of its electricity from renewables by 2020. Its power stations burn fuel oil and crude, and Kuwait consumed 413,000 b/d of oil in 2010 – about 16% of production, according to the BP Statistical Review of World Energy for 2011. Its electricity demand is growing about 8% a year, but it is doing li...
Volume: 54Issue: 45Published at Mon, 07 Nov 2011 -
Oil Prices Rally After Greek Referendum U-Turn, Improved US Data
...ok very good. Supply, demand and stock levels are all very healthy. No one is complaining about that.” OPEC Secretary General 'Abd Allah al-Badri said in Tehran on 1 November that he did not see the price of crude oil falling below $100/B for the remainder of 2011. The OPEC Basket has averaged $10...
Volume: 54Issue: 45Published at Mon, 07 Nov 2011 -
OPEC Output Rose In October
...nsiderably last month. Shipping data also points to an increase in Kuwaiti output. OPEC Crude Oil Production October 2010 – October 2011 (MEES Estimates – ‘000 B/D) 2011 2010 Oct Sep Aug Jul Jun May Ap...
Volume: 54Issue: 45Published at Mon, 07 Nov 2011 -
Japanese Crude Oil Imports Rise To 3.6Mn B/D During September
...861mn b/d in September 2010. Japan’s crude imports from Saudi Arabia rose to 1.208mn b/d in September 2011, maintaining the kingdom’s place as top crude supplier to Japan. Imports from the UAE averaged 839,960 b/d during September, while Kuwait supplies rose to 319,632 b/d, and Qatar supplies declined to...
Volume: 54Issue: 45Published at Mon, 07 Nov 2011 -
Saudi Crude Prices Mainly Increased To Western Markets, Reduced To Asia
...20/B. On the spot market, Murban sold at ADNOC plus $0.20/B in late October compared to ADNOC plus $0.30/B in late September. Qatar Marine was sold for QP plus $0.60/B in late October compared to QP plus $0.80/B in late September. The formulas for December 2011 and the previous 12 months for de...
Volume: 54Issue: 45Published at Mon, 07 Nov 2011 -
Saudi Aramco Raises Propane Price, Reduces Butane
...opane Butane Change Propane Butane 2009 1 Jan 380.00 380.00 2010 1 Jan 740.00 735.00 2011 1 Jan 935.00 920.00 1 Feb 505.00 50...
Volume: 54Issue: 45Published at Mon, 07 Nov 2011 -
Crude Oil Formulas/Posted Prices
...Middle East Economic Survey VOL. LIV No 45 7-Nov-2011 Crude Oil Formulas/Posted Prices ($/B) Abu Dhabi ($/B) 2011 2010 Oct Sep Aug Jul Jun May Apr Mar Fe...
Volume: 54Issue: 45Published at Mon, 07 Nov 2011