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Algeria’s Trade Surplus Slumps
...sustainable path. Whilst Algeria’s current account remains in surplus the IMF estimates the surplus collapsed to a mere 1.1% of GDP for 2013, down from 6% for 2012 and 9.9% for 2011. Reserves At $194bn The country’s reserves have reached $194bn at the end of December 2013, according to the Governor of th...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Egypt Banks: Moody’s Wary
...yptian banks is unchanged since the beginning of the political turmoil in the country in January 2011. Moody’s said that although Egypt is heading towards elections, the government remains locked in a confrontation with the Muslim Brotherhood, which is backed by ousted president Muhammad Mursi. Mo...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Benchmark Crude Prices ($/B)
...13 2012 2011 WTI 102.40 102.31 100.20 94.81 97.91 97.54 105.73 98...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Iraq Set To Launch Gas Bidding As Eni Slams Terms
...siriya integrated project (see above). Indeed, none of the big oil majors which snapped up the oil TSCs in 2009 and 2010 showed much appetite to bid aggressively for the 12 gas blocks offered in 2011, of which three lie in the Anbar area that is now the scene of a showdown between the Iraqi army and al...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Jordan Takes Plunge With Israel Gas Deal
...umped dramatically after 2011 and the loss of substantial volumes of Iraqi crude oil that was supplied at preferential prices by the ousted regime of Saddam Husain. Even the 10,000 b/d that Iraq shipped to Jordan by tanker trucks has dried up since November because of the ongoing fighting in Anbar pr...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Egypt Boosts Gas Offering As Receivables Fall
...yrouz 5 Offshore N Sinai 2,280 9 1618 Y 2011 (N El Fayrouz) Tharwa N Port Fuad 7 Offshore Me...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Libya: Political Process Still Holds Hope
...stricted the pipeline flow from two key oil and gas fields earlier this month. Formed out of the rebel units that ended Qadhafi’s rule in the 2011 revolution, the militia stand unopposed. The country’s army remains weak, and international efforts to grow its numbers by training soldiers are unfinished. Th...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
MENA Nuclear Plans Move Forward
...d not achieve nuclear-generated electricity until 2011 when Russia’s Atomstroyexport completed the much-delayed 1GW Bushehr plant. The plant has since been shut down for long periods for repairs, and now Bushehr is halted again. Plant manager Hossein Derakhshandeh told Iranian state media the plant sh...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Saudi Arabia Increases Asian Focus With Japan Oil Storage Deal
...iority claim on crude in tanks in the event of a supply emergency. The volume of crude to be stored has also been raised to 6.3mn barrels from 1.3mn barrels under the original 2011 deal. The expansion of storage capacity will make the Okinawa storage site larger than Saudi Aramco’s facility in Rotterdam, wh...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Iran Talks: Caution Urged Despite ‘Good Start’
...chnically, Iran is allowed to maintain its crude oil exports at “current levels” of around 1mn b/d, and no more. Iran’s crude oil exports have nosedived under the weight of US and EU sanctions, averaging just over 1.1mn b/d in 2013. This represents a 54% drop in shipments relative to 2011, before the la...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Syria Oil Sector In Chaos As War Barrels On
...SYRIA Syria Oil Sector In Chaos As War Barrels On Production from government-controlled areas of Syria has fallen to just 14,000 b/d, from 385,000 b/d at the beginning of the crisis in 2011, Syria’s Oil Minister Sulaiman al-‘Abbas says, with the oil ministry “depending on th...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Yemen Shows IOCs The Exit As Contract Deadlines Approach
...rd on the street is that no one gets an extension. Ever.” Up for renewals are Blocks 5, 10 and 53, which together account for close to half of the country’s current crude oil production – estimated at close to 170,000 b/d. This is down from around 180,000 b/d in 2012, 220,000 b/d in 2011 and a 20...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Oman Needs To Sell Assets Or Borrow
...e years since then. Last August the IMF also pointed out that Oman’s recent spending initiatives, including job creation in 2011-13, have increased expenditure by some 70%, and reduced the country’s ability to respond to shocks. “A sustained fall in oil prices could exhaust available buffers and ne...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Saudi Reserves Hit $753Bn But Trade Surplus Falls
...udi economy, notes that the growth in the 2013 reserve accumulation is lower than in 2012 and 2011, a reflection of a 7% decline in oil export revenues and a high appetite for imports which rose 8% in value last year. Looking ahead, Samba is forecasting an increase in foreign assets to $823bn in 20...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Benchmark Crude Prices ($/B)
...13 2012 2011 WTI 102.75 100.20 97.74 94.81 97.91 97.54 105.73 98...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Cyprus Peace Hopes See East Med Gas Export Options Multiply
...stabilized as a result, Israel and Turkey have common security concerns. With Egypt suffering from periodic political convulsions since the outbreak of the Arab Spring in 2011, the wider region remains unstable. Better relations between the two key US allies in the region have long been on Washington’s wish li...
Volume: 57Issue: 07Published at Fri, 14 Feb 2014 -
Egypt Signs Gas PSAs
...th IOCs. But the PSAs were only formalized after lengthy bureaucratic delays: Petroceltic, which signed up for the El Qa’a Plain block with UK-based Dana Petroleum, was awarded the block in the 2011 bid round. Egypt’s Petroleum Minister Sharif Isma’il, has worked hard to reduce the contracts ba...
Volume: 57Issue: 07Published at Fri, 14 Feb 2014 -
Yemen Locked In LNG Price Negotiations With French Duo
...09 2010 2011 2012 2013 Mn T 0.19 1.65 2.71 2.59 3.59 Supplier Ra...
Volume: 57Issue: 07Published at Fri, 14 Feb 2014 -
Kuwait Awards Long-Awaited $12Bn Clean Fuels Project
...mmittee has said it will review the recent award of a 1.5GW/486,000 cmd power and desalination project at Al-Zour as a prelude to calling in the public prosecutor (MEES, 7 February). KNPC Refining And Main Markets: Financial Years 2011-13 Refinery Throughput (‘00...
Volume: 57Issue: 07Published at Fri, 14 Feb 2014 -
Iran, Indonesia Team Up For $3Bn Refinery Project
...0,000 b/d of this refining capacity. But these seven facilities only meet around three quarters of Indonesia’s domestic demand, forcing it to import close to 300,000 b/d of petroleum products in 2013. In 2011, Pertamina was able to meet only 54% of the domestic demand for gasoline, and 86% of diesel de...
Volume: 57Issue: 07Published at Fri, 14 Feb 2014