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KRG Oil Sector Pushes Ahead Amid Challenging Times
...ports has reignited optimism that permanent wide-ranging oil agreement can be reached despite the legacy of mistrust and the very real gulf in nationalist belief and investment philosophy between the two sides. The Kurds have slowly hemorrhaged influence since 2003, but a gap in the 2011 bu...
Volume: 54Issue: 13Published at Mon, 28 Mar 2011 -
Deadline Set For Competing Gas Corridor Projects, Nabucco Plans Extension
...vernment from an earlier schedule of June 2011, but it is still ahead of the December 2011 deadline extension originally requested by the Nabucco partners. BP Vice-President for Shah Deniz Development Alasdair Cook told a conference in Ankara the previous week that an October deadline would allow the Sh...
Volume: 54Issue: 13Published at Mon, 28 Mar 2011 -
Crude Oil Prices Move Higher As MENA Unrest Spreads
...7/B in mid-July 2008 right before the onset of the global economic downturn. Barclays Capital on 24 March announced that it was revising its crude oil price forecasts for 2011. “Our 2011 forecasts are now $106/B for WTI (previously $91/B) and $122/B for Brent (previously $91/B),” the bank said in...
Volume: 54Issue: 13Published at Mon, 28 Mar 2011 -
CGES Warns That Rising Prices Threaten Repeat Of 2008 Oil Market Collapse
...ded that what OPEC producers with spare capacity are doing is far from clear and stated that the market is in desperate need of transparency. CGES said its supply/demand balance suggests that the world will need 30.3mn b/d of crude oil from OPEC in the second quarter of 2011, just to keep qu...
Volume: 54Issue: 13Published at Mon, 28 Mar 2011 -
Japan Releases More Crude Stocks, ESAI Sees Products Shortage Through 2011
...Middle East Economic Survey VOL. LIV No 13 28-Mar-2011 Japan Releases More Crude Stocks, ESAI Sees Products Shortage Through 2011 As Japanese technicians continue to work to make safe the damaged Fukushima Daiichi nuclear reactor, options are being exercised to meet energy su...
Volume: 54Issue: 13Published at Mon, 28 Mar 2011 -
Crude Oil Formulas/Posted Prices
...Middle East Economic Survey VOL. LIV No 13 28-Mar-2011 Crude Oil Formulas/Posted Prices ($/B) Algeria (Dated Brent + / - Adjustment Factor; $/B) 2011 2010 Apr Mar Fe...
Volume: 54Issue: 13Published at Mon, 28 Mar 2011 -
Wintershall To Join South Stream, Slovenia Signs JV Agreement
...ake in the Nord Stream gas project, whose first 25.5 bcm/y capacity pipeline is due to be completed by the end of 2011. Following the signing, Russia’s Deputy Prime Minister Igor Sechin said that Wintershall will pay a total of €2bn for a 15% interest in South Stream, with the equity being tr...
Volume: 54Issue: 13Published at Mon, 28 Mar 2011 -
NIOC Exports First Shipment Of Gasoline To Afghanistan
...s recently authorized to export in the current Iranian year (21 March 2011 – 20 March 2010) up to 1bn liters of oil products (MEES, 21 March)....
Volume: 54Issue: 13Published at Mon, 28 Mar 2011 -
IMF Approves Disbursement Of $471Mn To Iraq
...stitutions. Inflation has remained subdued and the exchange rate has remained stable. The 2011 budget aims to accelerate investment in public services and infrastructure, and accommodates higher social safety net provisions to support those in need. Iraq’s rehabilitation needs remain large and the higher in...
Volume: 54Issue: 13Published at Mon, 28 Mar 2011 -
Sheshinski Hydrocarbon Tax Proposal Passes Knesset Finance Committee
...id, according to Globes Online. Mr Yuval also told the committee that during 2011 he would submit a bill to the Knesset calling for the establishment of a sovereign investment fund, in which government revenues acquired as a result of the legislation would be deposited. He said that a co...
Volume: 54Issue: 13Published at Mon, 28 Mar 2011 -
Lebanon Hires Consultants To Prepare Tenders For Offshore Licensing
...ll handle marketing and promotion of the tender process. The ministry had earlier said that the first licensing round for offshore gas exploration would be launched in November 2011, with exploration expected to begin in November 2012. Last August the Lebanese parliament approved an oil and gas la...
Volume: 54Issue: 13Published at Mon, 28 Mar 2011 -
Political Comment (28 March 2011)
...Middle East Economic Survey VOL. LIV No 13 28-Mar-2011 Political Comment (28 March 2011) Libyan leader Mu'ammar al-Qadhafi is vowing to fight on despite the successful imposition of a no-fly zone over Libya by the coalition enforcing UNSC Resolution 1973. The US has succeeded in...
Volume: 54Issue: 13Published at Mon, 28 Mar 2011 -
Bahrain Chaos Raises Specter Of Capital Flight
...vernment to disburse DB1,000 ($2,600) to each of Bahrain’s 136,000 households, and increased social spending in its 2011 budget (MEES, 21 February), but political disenfranchisement is at the crux of the matter, rather than the abject poverty seen in countries like Egypt and Yemen. Thus, as a result th...
Volume: 54Issue: 12Published at Mon, 21 Mar 2011 -
Qatar To Supply Extra LNG to Japan
...cording to Energy Security Analysis, Inc (ESAI), the 2011 catastrophe could result in Japan importing an extra 5mn t/y of LNG. Only one of Japan’s 23 LNG terminals were reportedly affected by the disaster, so Japan could immediately start importing 5mn t/y of LNG if needed. Suppliers are preparing to...
Volume: 54Issue: 12Published at Mon, 21 Mar 2011 -
OPEC Firms Up Near Term Projected Demand For Its Crude
...r OPEC’s big Middle East Gulf exporters. “World economic growth remains robust and continuing improvements have led to improved growth expectations for 2011, which have been adjusted 0.1% higher to 4.0%,” the report predicted. “The main reason for the upward revision is healthy growth in the de...
Volume: 54Issue: 12Published at Mon, 21 Mar 2011 -
Turkey Looks To Investment And Exploration, Mulls Southern Corridor Options
...ring 2011 the company would gather a further 5,000 km of 2D seismic in addition to the large amount that it has already acquired. Mr Aydemir declined to comment on the success rate of the wells drilled so far, but added that he believed that the cost of exploration and drilling would ultimately pr...
Volume: 54Issue: 12Published at Mon, 21 Mar 2011 -
IEA Sees Oil Market Volatility Boosting Downside Risk In Demand Outlook
...B daily, says the International Energy Agency (IEA). In the latest monthly Oil Market Report, published on 15 March, the IEA observes that while global oil product demand growth remains largely unchanged at 2.9mn b/d in 2010 and 1.4mn b/d in 2011, “high oil prices entail significant downside ri...
Volume: 54Issue: 12Published at Mon, 21 Mar 2011 -
Japan Looks To Cover Short Term Energy Requirements Following Earthquake And Tsunami
...wer demand is more likely 8.73gw (ie 70% utilization of 9.7gw), and half of that need is met by LNG and oil fired generation equally, Japan’s demand for LNG should grow by 5mn tons in 2011. Similarly, incremental oil demand (fuel oil and crude) will be 130,000 b/d. Total oil demand in the ut...
Volume: 54Issue: 12Published at Mon, 21 Mar 2011 -
Kazakh Energy Strategy Calls For 12% Increase In Gas Production
...t increase of 12% in Kazakh gas production in 2011 compared to 2010. According to the plan Kazakh gas production in 2011 is intended to rise to 42bcm from 37.4 bcm in 2010, whereas exports are projected to remain stable at 9.2 bcm in 2011compared to 9.1 bcm last year and 7 bcm in 2009. All Ka...
Volume: 54Issue: 12Published at Mon, 21 Mar 2011 -
Socar Aims To Sign Shah Deniz 2 Transit Agreement By End-2011
...working on the details of the purchase and transit agreement for Shah Deniz Phase 2 gas volumes that will be sold to Botas for transit via the Turkish gas grid to Europe. Mr Abdullayev said that the contracts will be signed by the end of 2011. This would be after the tender for allocations of Sh...
Volume: 54Issue: 12Published at Mon, 21 Mar 2011