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US And Saudis At Odds Over Syria
...War in Syria,” says it expects Syria’s GDP in 2015 to be 57% smaller than that at the start of the conflict in 2011. The country’s poverty rate will soar to 44.5% over the same period, ESCWA says. ESCWA says that losses to the country are equivalent to “three decades of economic growth and two de...
Volume: 56Issue: 51/52Published at Fri, 20 Dec 2013 -
South Sudan Fighting Spreads To Oil Fields
...ate. Hundreds have already been killed in the conflict which started on 15 December. This has put the international community on alert; US President Barak Obama has called on the clashing factions to stop fighting. “In 2011, millions of South Sudanese voted to forge a new nation, founded on the pr...
Volume: 56Issue: 51/52Published at Fri, 20 Dec 2013 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices 19 Dec 9-13 Dec 2-6 Dec Nov-13 Oct-13 Q3 2013 Q2 2013 2012 2011...
Volume: 56Issue: 51/52Published at Fri, 20 Dec 2013 -
Libya: Another False Dawn?
...termittent disruptions occur in the west.” Should the eastern blockades be largely removed, the bank sees next year’s production at 1.2mn b/d. In Morgan Stanley’s worst case scenario, output will languish at 200,000-300,000 b/d. Libyan Comeback: Part 2? In the aftermath of the 2011 revolution, Li...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
KRG: Oryx Hits Big In KRG, Plans Wasit Development
...G) in 2011 that became public when the company issued an IPO ahead of its listing on the Toronto Stock Exchange in March this year. Not much has been reported on the controversial contracts since they came to light (MEES, 29 March). However, in its latest update on operations in Iraq, Oryx gave de...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
Oman Upstream Survey: Indies Boost Output To New Highs
...ke good on a 2011 pledge to boost production from its Mukhaizna heavy oil field in Block 53 to 150,000 b/d. “Mukhaizna is now [producing at] around 122,000 b/d on average,” Mr Jashmi said in Muscat, conceding that the original 150,000 b/d goal may be a step too far. This is up from an average of 11...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
Egypt: Styrene Plant Go-Ahead
...ant will feed an existing on-site polystyrene plant which currently imports feedstock. Construction is expected to take 30 months. E-Styrenics licensed the ethylbenzene and styrene process technologies from US firm Badger Licensing in 2011. Ethylene and benzene feedstocks will be combined to form et...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
OPEC Gets Through The Year But Oversupply Threat Looms
...wn by 490,000 b/d from October and the lowest figure since June 2011. Saudi Arabia cut output by 200,000 b/d whilst Libyan outages deepened (see p2) and Nigerian output also fell. There were also slight declines from Kuwait and the UAE due to field maintenance. Excluding Iraq, which saw a 70...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
Al-Qa’ida And The Syrian War: More Than Just The Overthrow Of Asad
...ve issued a charter - “Mashru’ Umma,” or an [Islamic] Nation’s Agenda - proposing a unified “military, political, social and Islamic” agenda which includes the imposition of Shari’a law after the overthrow of the Asad regime. The Syrian uprising started in the spring of 2011 with weekly de...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
Iran Slashes Budget; $100/B Crude, 1.1Mn b/d Exports
...lumes were over 2.5mn b/d as recently as 2011. This suggests Tehran is not banking on dramatic near-term easing of sanctions following the landmark interim deal reached on 24 November between Iran and the P5+1. Mr Rohani’s relatively conservative oil export figure seems to be at odds with the pr...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
GCC Union Postponed
...REGIONAL GCC Union Postponed Leaders of the six Gulf Cooperation Council (GCC) states have postponed a decision on a proposal submitted by Saudi Arabia two years ago to move from the stage of “cooperation” to full “union” (MEES, 26 December 2011). GCC Secretary Ge...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
Falling Commodity Prices Won’t Mean Fewer Company-Government Disputes
...mining, at least 25 governments announced tax increases between 2010 and 2011 alone. Companies are left with the choice to acquiesce or seek legal redress, often in countries where the legal system is influenced by national politics and political elites. In May, Barrick Gold and Antofagasta we...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices 12 Dec 2-6 Dec 25-29 Nov Nov-13 Oct-13 Q3 2013 Q2 2013 2012 2011...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
Egypt Promises $1.5Bn Receivables Payout
...eviously touted by Oil Minister Sharif Isma’il. Foreign energy companies have been reluctant to invest into expanding production in Egypt without some cash flow from government coffers. Egypt has a history of late payments, but receivables ballooned during the political turmoil of the Arab Spring in 2011...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Bullish Iran Meets With Majors As It Gears Up For ‘Big Return’
...arved it of much-needed investment, and more recently resulted in a slashing of the country’s crude output by 1mn b/d since late 2011. Under the existing sanctions regime imposed by the US and EU, Western oil companies are effectively barred from investing in Iran. But sensing a possible opportunity fo...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Umm Lulu Moves Forward
...the offshore site. AMEC was also awarded a contract by ADMA-OPCO in 2011 during the first phase of Umm Lulu development. This follows a $1.69bn contract awarded in September to a consortium of local contractor National Petroleum Construction Company (NPCC) and France’s Technip. Work at Umm Lu...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
SEC Awards Revised Rabigh-2 IPP Project
...rayyah was originally conceived as a 1.8GW plant, but its capacity was hiked due to cost savings on tariffs (MEES, 26 September 2011). The 1.73GW Riyadh PP11 project, led by France’s GDF Suez, reached full capacity in early 2013, having begun early power generation of 600MW in June 2012 (MEES, 19 April). Ar...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Gathering Storm For OPEC As Iran Lays Down The Gauntlet
...epticism on the part of the Saudis over the Islamic Republic’s ability to make good on its pledge. Saudi Arabia, Iran: Crude Output Change Since Jan 2011* (Mn B/d)...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
‘Every Time We Go To Quotas, Who Bears The Brunt? Us’
...how does an organization impose discipline in the absence of production quotas, previously calculated on a pro-rata basis and now replaced with informal targets that have not been made public. The only guidance issued by OPEC since December 2011 has been an overall production target of 30mn b/d th...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Egyptian Military Faces Challenges
...e security forces, the police and the Ministry of Interior. The judiciary has played a prominent role since the overthrow of President Mubarak in 2011, and guards its independence jealously. And the youth movement, which feels that the revolution it led against former President Husni Mubarak has be...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013