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Cash Shortage Hits Iran’s Refineries: Tehran Mulls Bartering For Crude
...stribution Company (NIORDC) Managing Director Alireza Zeighami claiming Iran’s gasoline production was 377,400 b/d (MEES, 5 December 2011), but in December National Iranian Oil Products Distribution Company (NIOPDC) gave total consumption as 358,500 b/d with no explanation for the difference or reference to...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
Saudi Arabia Takes Steps To Boost Capital Markets Trading
...vestors and small hedge funds (MEES, 26 December 2011). Rules are also likely to be strict to discourage market manipulation. The kingdom is hoping that by attracting professional foreign players with a long term outlook it will deepen the stock market, making it less volatile. If the market opens up as...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
Algeria’s 2012 Budget Maintains High Level Of Social Spending
...om 2011. But compared to the 2011 supplementary budget deficit of AD5,074bn ($68.6bn) published last July, the deficit in 2012 is 21.7% lower. The budget law was published in Algeria’s Official Gazette on 29 December 2011, following the approval of the budget by parliament on 2 November 2011. The bu...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
Iranian Crude Output Continues To Fall, Hurt By Sanctions
...pacity three-four years ago. In 2011, before the latest wave of sanctions, the International Energy Agency (IEA) said Iran’s production capacity will drop by 810,000 b/d to 3.1mn b/d by 2016 – assuming a 3.9mn b/d figure in 2010. “Iran’s oil industry is clearly under stress from further wide-ranging sa...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
High Oil Prices Due To Tightening Market Fundamentals, Says CGES
...ep pace with demand in 2011, the report said, even though consumption increased by only 650,000 b/d (0.7%) during 2011, while data suggests that global oil consumption actually fell in the final quarter of the year, the first drop since the middle of 2009. “A faltering economic recovery in the Eu...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
Fesharaki Sees Disappearance Of US Oil Imports From Middle East
...rnerstone of the US policy for decades. Now, that is all changing.” Dr Fesharaki sets out a number of scenarios for the US to replace imports from the Middle East. US crude imports were estimated at 2.36mn b/d in 2008, but by 2011 had declined by almost 500,000 b/d to 1.89mn b/d, with 63% coming from Sa...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
Crude Oil Formulas/Posted Prices
...Crude Oil Formulas/Posted Prices ($/B) Algeria (Dated Brent + / - Adjustment Factor; $/B) 2012 2011 Jan Dec Nov Oc...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
Algeria To Generate 22GW Of Renewable Energy By 2020
...inciple to a long term cooperation with the DII in mid-May last year, marking a sharp change in policy after Algerian officials initially expressed reservations about their participation in the initiative because of doubts regarding the sovereignty of the territory (MEES, 30 May 2011). “Algeria offers pe...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
US Envoy Voices Doubts Over Nabucco’s Prospects, May Favor SEEP
...ll not be large volumes in the beginning.” Nabucco is one of four major pipeline projects competing to supply gas from Azerbaijan’s Shah Deniz Stage 2 development to Europe (MEES, 19 December 2011). Mr Morningstar spoke in favor of projects that “focus on gas supplies via the south direction to th...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
Shah Deniz Expected To Win Waiver From US Sanctions
...empted from the latest round of US sanctions against Iran, as set out in the Iran Threat Reduction Act of 2011 which was signed into law by President Barack Obama on 31 December 2011. Shah Deniz leading partner BP, along with EU and US officials including Ambassador Richard Morningstar, the US Special En...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
Gazprom And Socar To Expand Gas Trade In 2012
...om Azerbaijan in 2010 and almost 1.6 bcm in 2011....
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
Kuwait Energy Announces Gulf Of Suez Oil Find
...lds a 70% working interest, with Omani independent oil company Petrogas E&P holding the remaining 30%. A statement by Kuwait Energy said that its Egyptian operations contribute the largest share to its working interest production of 17,700 boe/d at the end of 2011. The company is operator of Area A, the Bu...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
‘Experimental’ Amounts Of Egyptian Gas Flowing To Jordan
...eraged 80mn cfd in 2011. The disruption in supply began early last year following the collapse of the Mubarak regime when saboteurs in the Sinai Peninsula began to attack the pipeline infrastructure around al-'Arish affecting Egyptian gas shipments to Jordan and to Israel. Jordan relies on Egyptian ga...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
NOC Claims To Have Hit 1.3Mn B/D Production Mark
...sis Group’s Gialo and Defa fields and Eni’s Murzuq basin blocks have made a sizeable contribution. Late last month output stood at around 1mn b/d, with the 70,000-80,000 b/d Gialo field just having begun to restart (MEES, 26 December 2011). Output at Wintershall’s NC-96 and NC-97 fields is up at ar...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
IMF Marks Down Global Growth, But Keeps MENA Forecast Unchanged
...REGIONAL IMF Marks Down Global Growth, But Keeps MENA Forecast Unchanged The IMF cut its global economic growth forecast on 24 January. Citing intensifying strains from the Eurozone crisis, it predicted an increase of only 3.3% in 2012 and 3.9% in 2013. In its September 2011 forecast, th...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
Samba Sees Saudi GDP Up 3.8% In 2012
...oil imports from Iran. It predicts that the kingdom will see higher growth in 2013, and puts this at 4.5%. In 2011 the growth rate was 6.8%, the highest since 2003, with much of this attributable to gains in crude oil production due to Libyan outages. However, the non-oil sector also benefited fr...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
South Sudan Shutting Down Oil Output As Kenya Pipeline Deal Is Signed
...ndlocked south, which seceded from Sudan last July (MEES, 11 July 2011). A memorandum of understanding (MOU) was signed by South Sudan and Kenya allowing for “the development of an oil pipeline and fiber optic connections between the oil fields in South Sudan and the Kenyan port town of Lamu,” a statement re...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
Western Sanctions Cost Syria $2Bn Since September
...SYRIA Western Sanctions Cost Syria $2Bn Since September US and EU sanctions on Syrian oil exports since the beginning of September 2011 have cost the county an estimated $2bn, Syrian Minister of Petroleum and Mineral Resources Sufian 'Alaw announced in a press conference on 20 Ja...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
Syria Moves Towards A Managed Float Of Its Currency
...SYRIA Syria Moves Towards A Managed Float Of Its Currency With the ongoing political upheaval in Syria since March 2011, the value of the Syrian pound is continuing its slide on the foreign exchange market, hitting a low of $1=S£71 on the free market a week ago. Syrian Prime Minister 'Ad...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
Iran’s Subsidies Reform: A Year Later
...commendation for a gradual five-year approach, President Ahmadinejad in late December 2010 announced drastic increases in energy, water, power and bread prices to go into effect immediately (MEES, 20 June 2011). And unable to find a satisfactory formula to determine eligibility for receiving welfare as...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012