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Benchmark Crude Prices
...12 2011 2010 WTI 85.09 85.88 86.69 89.57 94.69 92.21 93.64 95...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
Egypt Agrees To Raise Gas Exports To Jordan
...2011 (MEES, 9 September). Prior to the downfall of the Mubarak regime in January 2011, Jordan’s electricity generation was 80% fuelled by Egyptian gas, sold at concessionary prices. But since then Egyptian gas exports to Jordan were severely disrupted because of the frequent acts of...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
Oman Tenders Seven Exploration Blocks
...rious Potential? Of the three offshore licenses, Block 59 is the only virgin block. Blocks 18 and 41 were both awarded to India’s Reliance Industries on the basis of exploration and production sharing agreements (EPSAs) in 2005 and 2007 respectively, before the company relinquished them in 2011 af...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
Jordan Continuing Power Capacity Push With Alstom Awards
...contracted gas supplies from Egypt since the overthrow of the Husni Mubarak regime in January 2011. Alstom said the first contract involves the delivery of a GT13E2 gas turbine and associated spares for a new fast-track simple-cycle gas-fired plant being built by Metka at Zarqa, near ‘Am...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
Dana Gas Moves Forward On Sukuk Restructuring
...are. However, on 17 January the company stressed it planned to honor its obligations and its stock price rebounded 5.8%. In 2011 it had fallen 38%, which was due to concern about its ability to repay debt, amid problems receiving payment for projects in Egypt. The KRG problems subsequently added to its wo...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
EBRD: SME Growth Crucial For New Arab Democracies
...tential of SMEs,” he continued. The Deauville partnership was established at the G8 meeting in May 2011 under the French Presidency, as a response by the international community to political changes in some countries of the Middle East and North Africa (MENA) region. It comprises the G8 co...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
UAE Allocates 51% Of 2013 Budget To Social Spending
...ble). Announcing the new budget UAE Prime Minister and Ruler of Dubai Shaikh Muhammad bin Rashid Al Maktum said that the 2013 budget is the last part of a three-year financial plan of Dh133bn ($36.2bn) covering the period 2011-13. The three-year budget, announced in November 2010, was intended to ac...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
Sanctions Raise Questions About Iran’s Export Capacity
...d by 2015. According to the BP Statistical Review of the World Energy (June 2012), Iran consumed 153.3 bcm of natural gas in 2011, while its production was 151.8 bcm, meaning that at the moment it has no extra capacity for export. Nonetheless, it has continued to try to implement its ag...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
OPEC Highlights Economic Uncertainty
...vestment risk. Accordingly, the 2011 WOO has added an Accelerated Transportation Technology and Policy (ATTP) scenario in addition to the Reference, Low Economic Growth and High Economic Growth scenarios included in last year’s forecast. OPEC sees more damage to the projected demand for its crude fr...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
IEA World Energy Outlook Warns Of Unsustainable Energy Future
...the Middle East and North Africa and a sharp rebound in energy demand in 2010, which pushed CO2 emissions to a record high, highlight the urgency and the scale of the challenge.” Central to the 2011 edition of the WEO is the New Policies scenario, which assumes that recent government co...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
OPEC Slashes Estimates For Non-OPEC Supply
...Middle East Economic Survey VOL. LIV No 46 14-Nov-2011 OPEC Slashes Estimates For Non-OPEC Supply OPEC’s November Monthly Oil Market Report (MOMR) cut its projections for non-OPEC supply in 2011 by some 140,000 b/d, compared to previous editions. Revisions are concentrated in th...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
IEA Reduces Global Oil Demand Forecast Further On Weak 3Q11 Data
...Middle East Economic Survey VOL. LIV No 46 14-Nov-2011 IEA Reduces Global Oil Demand Forecast Further On Weak 3Q11 Data The International Energy Agency (IEA) has revised down its global oil demand forecast by 70,000 b/d for 2011 and 20,000 b/d for 2012. In its latest monthly Oil Ma...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
EIA Trims Oil Demand Outlook On Lowered Economic Growth Assumption
...Middle East Economic Survey VOL. LIV No 46 14-Nov-2011 EIA Trims Oil Demand Outlook On Lowered Economic Growth Assumption The Energy Information Administration (EIA) of the US Department of Energy has reduced its expectation for oil demand growth by some 200,000 b/d in 2011 and 20...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
EBRD Joins World Bank’s Gas Flaring Program For FSU
...timated at 134 bcm/year. Russia has set a target for its oil producing companies to limit their gas flaring operations to 5% of their total oil production by the end of 2011, a target that is considered unrealistic given the fact that Rosneft has publicly stated that it would not be able to reach this ta...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
Petrobel Announces New Oil Discovery In Sinai
...timates that the latest discovery will add 5.5mn barrels of crude to the company’s reserves, thereby helping to boost output from the older producing fields. Meanwhile, Mr Ghurab said last week that priority was accorded to the petroleum sector in Egypt in the budget for the current fiscal year 2011...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
Reactive Measures Pressure Egypt’s Budget, Warns CMES
...port. Egypt’s economic performance has been poor since the revolution began in January 2011, with the instability inherent in transition amplified by the global downturn. GDP has declined by almost 4% and manufacturing by 12%. Revenue from tourism has collapsed, putting pressure on the balance of pa...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
Iran’s Inflation Rate Rises To 19.1% In October
...tivity as enterprises adjust to higher cost energy, thereby lowering real GDP growth to 2.5% in 2011, according to latest projections by the International Monetary Fund (IMF) in its Regional Economic Outlook: Middle East and Central Asia published in October. With firm oil prices, the IMF is pr...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
Moody’s Upgrades GIC Financial Strength Rating
...th a baseline credit assessment of 12 on a scale of 1 to 21, where 1 reflects the lowest level of risk. Moody’s said the GIC rating upgrade “reflects its improved capital position and reduced leverage (equity-to-total assets and debt-to-equity stood at 40.5% and 1.5x as at June 2011). This provides GI...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
IMF Projects Moroccan Real GDP Growth Rate At 4.6% In 2011
...Middle East Economic Survey VOL. LIV No 46 14-Nov-2011 morocco IMF Projects Moroccan Real GDP Growth Rate At 4.6% In 2011 Morocco’s real GDP is expected to grow by 4.6% in 2011, one of the highest in the region, despite the slow recovery in the Eurozone, the IMF said in its Ar...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
Syria Convenes Forum To Outline Roadmap For Reforms
...otests, and that the time for the regime to reform has passed. In the meantime after eight months of political turmoil with no sign that the regime is capable of containing the uprising, the economy is suffering as international sanctions begin to bite. Real GDP in 2011 is expected to fall by 2%, ac...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011