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UAE: Bonds Not Needed
...ending plan, first introduced in 2011 with a total outlay of Dh122bn ($33.2bn), was aimed at achieving sustained growth on a longer time horizon (MEES, 1 November 2013). Latest IMF projections expect UAE real GDP growth to remain firm at 4.5% in 2014, unchanged from 2013 (MEES, 7 February)....
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Iran Plays Hardball On Turkey Gas Price
...rkey has since early 2012 been pushing for a revision in the price it pays for gas imports from Iran, going so far as to open an arbitration case against the Islamic Republic earlier this month. As well as the price issue, Ankara is citing unreliable gas supplies during winter 2011-12, and more re...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Asian Buyers Influence Key Oil Benchmarks
...ft a glut of west African crude begging for a home, a situation which would have been exacerbated had fellow light sweet oil producer Libya been producing at normal levels. For South Korea, Forties became attractive after it concluded a Free Trade Agreement with the European Union in 2011, as the grade re...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Egypt: Motivation Behind Government Resignation Unclear
...pitalize on the popular notion that a strong leader is needed to restore order after the chaotic years following the 2011 revolution. Many Egyptians are weary of the uncertainty and economic stagnation that has been the hallmark of the aftermath of the Arab Spring. Keen to be seen as serving the county’s in...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Petrofac Bags $1.2Bn Oman Gas Deal
...12 BCM % 2011 2010 Industry 22.59 21.72 +0.87 4.0 20.17 19.64 Po...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
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