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Egypt’s New Finance Minister Faces Fiscal Policy Challenges
...dget deficit, but this was rejected by the ruling military council, which was concerned about building up debts. The fiscal 2011-12 budget was originally conceived with a wider deficit, set at 11% of GDP, but after the government turned down soft loans from the IMF and World Bank (WB), this wa...
Volume: 54Issue: 30Published at Mon, 25 Jul 2011 -
WTI Crude Price Nears $100/B
...milar period last year. The average world crude oil price on 15 July was $113.51/B, $3.95/B more than last week’s price and $40.02/B above a year ago. Settlement Prices For Benchmark Crudes ($/B) Date 2011 Nymex WTI ICE Br...
Volume: 54Issue: 30Published at Mon, 25 Jul 2011 -
CGES Says Eroding Stock Cover Key Factor In Keeping Crude Oil Prices High
...ock cover has been a key factor in keeping oil prices high despite mounting concerns over the sustainability of global economic recovery,” the CGES said. OECD oil demand is believed to have declined during the second quarter of 2011 by 2%, the CGES reported, noting that this brings to an en...
Volume: 54Issue: 30Published at Mon, 25 Jul 2011 -
China’s Crude Oil Imports Slip During June
...a daily basis averaged 4.73mn b/d for June. Year-on-year, China’s imports fell by 12.7% from the June 2010 volume of 22.27mn tons (5.42mn b/d). During the first six months of 2011, China imported at total of 125.85mn tons, an average of around 5.06mn b/d. During all of 2010, the country imported 23...
Volume: 54Issue: 30Published at Mon, 25 Jul 2011 -
EIB And EBRD To Finance Phase 1 Of Ukraine’s Pipeline Modernization
...liver up to 140 bcm/year of Russian gas to Europe and Ukraine currently accounts for more than 80% of Russian gas transit to the EU. This share is expected to drop sharply once the Nord Stream pipeline becomes operational in October 2011. Kiev, following an agreement with the European Commission signed in...
Volume: 54Issue: 30Published at Mon, 25 Jul 2011 -
Investment Of $600Mn Expected In Persian Gulf Star Refinery This Year
...pacity Persian Gulf Star refinery at Bandar Abbas is 40% complete. He said that $600mn will be invested in the project over the course of the current Iranian year (21 March 2011 – 20 March 2012), following a $200mn outlay last year. He added that Naftiran Intertrade Company (NICO), the overseas in...
Volume: 54Issue: 30Published at Mon, 25 Jul 2011 -
POGC Plans Additional South Pars Finance Through Bonds
...arting on 21 March 2011, in cooperation with the Central Bank of Iran (CBI), participation bonds worth $8bn to finance further development phases in the South Pars gas field. Mr Souri said that NIOC has already invested $3bn in South Pars since the beginning of the year. ...
Volume: 54Issue: 30Published at Mon, 25 Jul 2011 -
Salamah Reappointed As CBL Governor
...ternal division between the main political groups in Lebanon today, the country’s bank deposits exceeded $110bn in the first months of 2011 and foreign exchange reserves stood just over $30bn. /font> Commenting on the reappointment, the advisor to the chairman of Fransabank, Joe Sarrouh, told Th...
Volume: 54Issue: 30Published at Mon, 25 Jul 2011 -
SABIC’s 2Q11 Net Income Up 61% On 2Q10
...16.49bn ($4.4bn) compared to SR11.85bn ($3.2bn) in the corresponding period a year ago.The income from operations for 1Q11 amounted to SR13.28bn ($3.5bn) compared to SR9.14bn ($2.4bn) for the same quarter in 2010 (an increase of 45%). The net income for the first six months of 2011 amounted to SR15.79bn ($4....
Volume: 54Issue: 30Published at Mon, 25 Jul 2011 -
Central Bank Governor Says Syria Has $18Bn In Forex Reserves
...vernor said that deposits in the second quarter of this year, ie during the crisis, rose by 4% compared to the end of the first quarter of 2011. He also admitted that the Syrian Pound came under strong pressure at the beginning of the crisis but that its value remained stable. [Currently the of...
Volume: 54Issue: 30Published at Mon, 25 Jul 2011 -
AFPC Completes Pipeline Repairs
...sult of the fire, which had no effect on the company’s output. In the first quarter of 2011, AFPC produced 91,661 b/d of oil and 881 b/d of condensate (MEES, 16 May). ...
Volume: 54Issue: 30Published at Mon, 25 Jul 2011 -
Political Comment (25 July 2011)
...Political Comment (25 July 2011) Despite being excommunicated diplomatically by the Contact Group on Libya, Col Mu’ammar al-Qadhafi remains defiant – and in power in Tripoli. Turkey has hosted a meeting of the Syrian opposition. In Yemen opposition groups have set up rival bodies to ma...
Volume: 54Issue: 30Published at Mon, 25 Jul 2011 -
OPEC’s Game With No Loser
...mand for OPEC oil was estimated by the OPEC Secretariat at 30.9mn b/d for 3Q11 and 30.5mn b/d for 4Q11. If OPEC continues its production at 28.8mn b/d for the rest of 2011, the market will face a shortage of 2.1mn b/d in 3Q11 and 1.7mn b/d in 4Q11. Also, OPEC should compensate for the Libyan oil sh...
Volume: 54Issue: 30Published at Mon, 25 Jul 2011 -
Iraqi Gas And Power Emerges As Critical Sector
...pital investment to kick-start the economy. Capital expenditure will grow to 40% of the budget in 2014 and 50% the following year, compared to 2011’s 31%, Mr Abadi predicts. However, any economic development will not work without electricity, the lack of which currently costs the Iraqi economy an es...
Volume: 54Issue: 29Published at Mon, 18 Jul 2011 -
Iran At A Crossroads As It Faces Political And Economic Challenges
...wns. A consumer in north Tehran reckons that prices have doubled in his supermarket between December 2010 (when the subsidy reform bill was launched) and June 2011. The price of bread has recently gone up by 25% after rising four times earlier in the year, and the price of some products, such as ve...
Volume: 54Issue: 29Published at Mon, 18 Jul 2011 -
Iraq Needs To Triple Power Capacity To Meet Short Term Demand Growth
...coming increasingly dependent on private sector power generation. The country’s supply averaged 6.403gw in the first quarter of 2011, according to the US’ Special Inspector General for Iraq Reconstruction (SIGIR). Capacity had steadily climbed from the beginning of 2008 through September 2009. Fr...
Volume: 54Issue: 29Published at Mon, 18 Jul 2011 -
OPEC Sees Demand Growth Slowing In 2012
...port, the first to show projections for 2012, noted that estimates remained constrained by uncertainty. The MOMR shaved OPEC’s estimate for 2011 world demand growth down to 1.36mn b/d, some 400,000 b/d higher than that for next year. “With the winding down of government-led stimulus, risks to the fo...
Volume: 54Issue: 29Published at Mon, 18 Jul 2011 -
IEA Trims Demand Growth Forecast On Persistent High Prices
...Middle East Economic Survey VOL. LIV No 29 18-Jul-2011 IEA Trims Demand Growth Forecast On Persistent High Prices The International Energy Agency (IEA) has reduced its oil demand growth forecast for 2011 as a result of “persistent high prices and somewhat weaker IMF economic pr...
Volume: 54Issue: 29Published at Mon, 18 Jul 2011 -
EIA Reduces Oil Demand Growth Forecast For 2011, Holds 2012 Outlook Steady
...Middle East Economic Survey VOL. LIV No 29 18-Jul-2011 EIA Reduces Oil Demand Growth Forecast For 2011, Holds 2012 Outlook Steady The Energy Information Administration (EIA) of the US Department of Energy has reduced its forecast for 2011 oil demand growth, but expects the ma...
Volume: 54Issue: 29Published at Mon, 18 Jul 2011 -
ESAI Warns Of Oil Market ‘Bull Trap’
...d will end the year negative. It is once again the countries of Asia and the Middle East which are driving the perception of rising and tight markets. Even so, this is 2011 not 2004, and global oil demand growth this year will be half what it was in 2004. ESAI estimates that OPEC production in Ju...
Volume: 54Issue: 29Published at Mon, 18 Jul 2011