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Crude Prices Stay Rangebound Despite Stockbuild
...obal economy falters. In its latest Oil Market Report, released on 12 April, the Paris-based International Energy Agency (EIA) said that global oil demand is expected to rise to 89.9mn b/d in 2012, a gain of 800,000 b/d on 2011. It forecast that consumption would in the second quarter of this ye...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
EIA Puts 2012 Liquids Consumption At 88.8Mn B/D
...tlook, released on 10 April, the EIA said world liquids consumption grew by 790,000 b/d in 2011 to 87.9mn b/d. Non-OECD countries will account for almost all of the world’s consumption growth over the next two years, the EIA said, stating that most of this will come from China, the Middle East and Ce...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Crude Oil Formulas/Posted Prices
...OPEC/OIL PRICES Crude Oil Formulas/Posted Prices ($/B) Iran (+ / - Adjustment Factor; $/B) 2012 2011 May Apr Ma...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Cyprus Rebukes Turkey Over Plan To Drill In North
...ble Energy of the US started drilling in Cyprus’ Block 12 in September 2011 off the southern coast of Cyprus near Israeli offshore territory. Turkey demanded immediately that exploration work stop and sent several warships and an ageing seismic vessel into Cyprus’s exclusive economic zone (EEZ) in an ef...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Egyptian Gas Pipeline Targeted Again
...yptian Natural Gas Company (GASCO), supplies the Arab Gas Pipeline (AGP) to Jordan and the offshore al-'Arish-Ashkelon gas pipeline to Israel. This is the 14th attack on the pipeline since February 2011. The pipeline has not been operational since the last bombing in March (MEES, 12 March). Media reports sa...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Kuwait Weighing Its Options In Face Of Hormuz Threat
...nies allegations it is developing nuclear weapons. Around 20% of the world’s oil supply – 17mn b/d in 2011, according to the EIA – is estimated to pass through the strait, leading to fears a disruption in the transport of crude could potentially double the price of oil, plunging the world economy in...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Lebanon Approves Plans For North-South Gas Pipeline
...banon could also import its gas from other sources, like Russia and Azerbaijan, once AGP is linked to the Turkish network. Work on the last AGP segment between Aleppo in Syria and Kilis in Turkey was progressing, but has probably slowed down in 2011 because of the political turmoil in Syria (MEES, 5 Ju...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Mauritania Awards Upstream Licenses
...uritania offers a fair fiscal environment, fair fiscal terms and a developed, stable resource sector.” Mauritania’s only significant producing field – Chinguetti – lies offshore between the coast and the newly-awarded deepwater acreage. The Petronas-operated field produced 7,400 b/d for 2011, sh...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Satorp Shareholders Hike Capital 46% To $950Mn
...mpliant paper (MEES, 17 October 2011). The funding for the refinery is coming from multiple sources. Lenders signed an agreement to provide the $12.8bn project with $8.5bn on 22 June 2010. Of this, $4.01bn came from Saudi Arabia’s Public Investment Fund, and export credit agencies (ECAs) in the fo...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Jadwa Expects No Saudi Spending Increase Despite Record Revenues In 2012
...rkers) means it is likely that government spending will be lower this year than it was in 2011, though we have made an upward adjustment to our forecast to SR757bn [$201.9bn], in part because there look to be more recipients of unemployment benefit than we had anticipated.” Jadwa expects the bu...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Gulfsands To Maintain Presence In Syria
...syria Gulfsands To Maintain Presence In Syria Gulfsands Petroleum announced on 3 April in its 2011 audited results that it will maintain a presence in Syria in full compliance with the EU sanctions, despite its declaration on 11 December 2011 of force majeure under its production sh...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Yemen’s Ailing Economy To Receive Further IMF Aid
...pport the Yemeni recovery program following a prolonged period of political turmoil. “A year long political crisis and civil unrest have taken a serious toll on the Yemeni economy, endangering the humanitarian situation,” Ms Shafik said. “Economic activity fell sharply in 2011… Damage to a key pi...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Political Comment (16 April 2012)
...isis." Quartet Pushes Peace Plan For reasons that can only be guessed at, the members of the international Quartet – the US, UN, Russia and EU – have decided that now is the right moment to revive their September 2011 initiative calling on the Israelis and Palestinians to reach a peace deal by the en...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
US Oil Policy And The WTI-Brent Spread
...the US. As of 2009 the differential has been reversed and widened to around $20/B and even reached $29/B in September 2011. Based on our calculation given ongoing political conditions, the reversed value of this spread could be easily extended to $33/B (including the normal spread of $3/...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Oman’s LNG Companies In Merger Talks
...d power. In 2011 Sultan Qabus bin Sa'id ordered OOC to refocus more investment in Oman and in creating jobs. Muscat’s model is Malaysia’s Petronas, one of the most successful national oil companies (NOCs). Petronas has integrated operations and equity stakes throughout the hydrocarbons ch...
Volume: 55Issue: 15Published at Mon, 09 Apr 2012 -
AGOCO Production Edges Up But Bigger Plans Await Budget
...-Hariga terminal remained in rebel hands throughout the 2011 conflict, offering a lifeline crude export outlet when production restarted. Repsol Seeks Drilling Equipment Meanwhile, Spain’s Repsol is edging closer to restarting exploration drilling on its Murzuq Basin acreage. The co...
Volume: 55Issue: 15Published at Mon, 09 Apr 2012 -
Bahrain’s BBK Stays Profitable As It Weathers Local, Global Crises
...ld Melanie Lovatt he is cautiously optimistic for 2012 and is already seeing the benefits of the commercial bank’s back-to-basics strategy. BBK’s profits slipped to BD31.79mn ($84mn) in 2011 from BD39.14mn ($103.7mn) in the previous year. But a 13.4% return on average equity is a strong pe...
Volume: 55Issue: 15Published at Mon, 09 Apr 2012 -
Delek Confirms Interest In Greece, Israel Confident Of Trilateral Pact
...ich he considers a precondition for the development of a successful regional oil industry. Theodoros Tsakiris writes. Greece established its Exclusive Economic Zone (EEZ) with Italy in 1977 and in July 2011 demarcated its maritime boundaries with respect to Albania and Libya under Athens’s En...
Volume: 55Issue: 15Published at Mon, 09 Apr 2012 -
Iran And Oman Developing Hormuz Gas Projects
...s al-Khaimah. Last year OOCEP started building the $480mn Musandam gas plant to process the 45mn cfd of gas (MEES, 1 April 2011), which the UAE’s Ras al-Khaimah Petroleum operates on behalf of Muscat. Any gas found in Oman’s Blocks 40 or 17 will also be processed at the plant. The blocks are op...
Volume: 55Issue: 15Published at Mon, 09 Apr 2012 -
OPEC Production Hits Fresh Three-Year High
...y deliveries (see page 12). Shipping data and several credible anecdotal accounts have prompted an upward revision of 50,000-100,000 b/d to MEES Kuwait production estimates going back to November. OPEC Crude Oil Production Mar 2011 – Mar 2012 (MEES Estimates – ‘00...
Volume: 55Issue: 15Published at Mon, 09 Apr 2012