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Iraq Seeks Kuwait’s Help To Ease Pain Of Lower Oil Price
...ficials to assess the country’s recent economic developments with a particular focus on the “double shock” of the IS incursion and the decline in oil prices. Mr Sdralevich said in the statement that Iraq’s GDP was expected to contract by around 0.5% in 2014 largely due to the economic effects of the in...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
UAE, Kuwait Redefine Oil Marketing
...nditions. Chinese imports of crude oil averaged 6mn b/d in 2014 with the Middle East accounting for half of total imports, despite a rise in the share of Latin American crudes locked out of the US market, he adds. Indian imports have also followed a similar trend, rising to 3.8mn b/d in 2014 due to a rise in...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Saudi Arabia, Kuwait Set For Annual Drilling Record
...ate oil firm Sonatrach this week said the company had made 28 oil and gas discoveries during the first 10 months of 2014, compared to 29 in 2013. MENA Active Drilling Rigs, November 2014...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Jordan Cuts Handouts
...ndling fees. The latest pricelist effective 1 December cuts the price of 90 Octane unleaded gasoline by 17.4% from March 2014 (see table). Jordan Product Prices (Fils*/Liter, Unless Otherwise Stated) Dec ‘14 vs...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Data Special: 2014 On Target For Record Gulf Oil Burn
...Data Special: 2014 On Target For Record Gulf Oil Burn Crude Oil Burn: Saudi Arabia, Kuwait Set To Hit Record This Year (‘000 B/D) Fuel Oil Consumption: Saudi Arabia Set For Record (‘000 B/D) Total^ Gulf Oil Burn To Hit 1.5mn B/D For 2015 (‘000 B/D)...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Price Rout Extended As Demand Falls Further Behind Supply
...ll on OPEC was revised down “due to a lower demand forecast, and upward revisions to historical estimates and projections of North American and biofuels supply,” the IEA said in its latest oil market report (OMR). For 2014, OPEC did the same, revising downward its previous forecast for the call on...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
US Lowers 2015 Output Forecasts, But OPEC Needs More
...l is forecast by both the IEA and OPEC itself at around 28.4mn b/d for the first half of 2015, some 2mn b/d below current OPEC output. The EIA’s December Short-Term Energy Outlook forecasts that US crude production will hit 9.32mn b/d in 2015, up 720,000 b/d on 2014 output of 8.6mn b/d, and on...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Deficit Surges To $15bn
...LIBYA Deficit Surges To $15bn Libya’s budget revenue from January to November 2014 has fallen to LD19.2bn ($15bn) from LD58bn ($45bn) in the corresponding period of 2013, the Central Bank of Libya (CBL) said in a statement on its website on 9 December. The CBL attributes this decline to...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Oman Looks To Total’s Offshore Expertise For Output Boost
...uld Total take a decision on whether or not to drill. Work on Phase 1 began in February 2014, after the government issued the award, MEES understands. Further Seismic The renewed push towards the sultanate’s offshore comes on the back of a discovery by Masirah Oil on Block 50 – the first of...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
GCC Ratings Under Pressure From Oil Price Slide
...s fiscal breakeven price will top $127/B next year, according to the IMF. Earlier this year, as oil prices inched higher towards their June peak of more than $110/B, Moody’s projected solid growth in the GCC region for 2014. The ratings agency said in a 4 March report that it expected GCC growth to...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Iran Cuts Spending Again For 2015-16, But Is It Enough?
...IRAN Iran Cuts Spending Again For 2015-16, But Is It Enough? Iran’s freshly-released draft 2015-16 budget cuts spending by 14% in real terms in the face of oil prices that are down by $48/B since June. This comes on top of a 20% cut for 2014-15. The latest budget is based on $72/B cr...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Iran: Planning A New Mirage
...IRAN Iran: Planning A New Mirage By-Jahangir Amuzegar* In early December 2014, the Rohani government announced the decision to reinstate the Management and Planning Organization – the agency in charge of economic development planning since 1948 – which President Ahmadinejad had ab...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 11-Dec 1-5 Dec 24-28 Nov Nov-14 Oct-14 Q3 2014 Q2 2014 20...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014