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Iran’s High Inflation Could Derail Targeted Subsidies Plan
...unteract the poor performance of the economy, spiraling inflation and unemployment. Although the government claims to have created some 2.5mn jobs in 2011-12, the unemployment rate according to reliable sources was still around 20% last winter, with many young people and university graduates out of work, ac...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
OPEC Oil Revenues Top $1 Trillion Mark
...EC/OIL PRICES OPEC Oil Revenues Top $1 Trillion Mark In 2011, for the first time ever, revenues from OPEC petroleum exports exceeded $1 trillion, OPEC’s latest Annual Statistical Bulletin (ASB) shows. A 2011 average OPEC Basket price of $107.46/B pushed revenues ahead of the previous re...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
China’s Crude Imports Fall To 21.7Mn Tons In June
...ring May reportedly boosted the country’s inventories because refinery demand slipped. China has imported 140.06mn tons during 2012, an average of 5.62mn b/d so far this year. China Crude Oil Imports 2011-12 2012 2011...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
Crude Oil Formulas/Posted Prices ($/B)
...L PRICES/OPEC Crude Oil Formulas/Posted Prices ($/B) Iran font> (+ / - Adjustment Factor; $/B) 2012 2011 Aug Jul Ju...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
Rhourde Yacoub Firms Up Promise
...2011 (MEES, 28 November 2011), but Rhourde Yacoub provided Algeria’s only 2011 discovery by a foreign oil firm (MEES, 20 February). ...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
Lebanon Signs Contract For Turkish Power Ships
...vernment subsidies, which rose to around $1.2bn in 2011. ...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
IMF Sees Good Growth Prospects For Libya
...BYA IMF Sees Good Growth Prospects For Libya Libya’s economic activity is recovering rapidly with the restoration of hydrocarbon production, the IMF said on 11 July in its concluding statement after a visit to Libya. Real GDP contracted by 60% in 2011, but is projected to rebound by twice as much (11...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
Oman Starts Reducing Gas Subsidies
...an Oman Starts Reducing Gas Subsidies Oman’s Ministry of Oil and Gas has started to end gas subsidies to industry – paving the way to offering BP a price that will make developing its tight gas projects viable. It is the first Arab Gulf state to do this (MEES, 7 February 2011), while others with ga...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
IMF Puts Up MENA 2012 Growth Forecast On Oil Production Boost
...tivity in Libya is rebounding rapidly after the unrest in 2011. For global growth, the IMF trimmed its April forecast by 0.1% and is now predicting 3.5% for 2012. It put 2013’s forecast down 0.2% to 3.9%. It said that there are downside risks looming large, reflecting delayed or insufficient po...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
Syria Raises Gasoil Price By 15%
...d LPG. It has recently managed to import limited quantities of these products from Venezuela and Iran (MEES, 16 July). Syria’s consumption of gasoil in 2011 stood at 7.6mn liters. US Adds New Names Of Syrian Officials To Sanctions List The Office of Foreign Assets Control (OFAC) of th...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
Global Trends In Renewable Energy Investment: A Review Of The Frankfurt School-UNEP Report And Discussion Of The MENA Case
...vestment. The central finding of the report is that in 2011, global new investment in renewable power and fuels (solar, wind, modern biomass, waste-to-energy, biofuels, small hydro, geothermal and marine) increased by 17% to reach an all-time high of $257bn. This was more than six times the amount achieved in...
Volume: 55Issue: 30Published at Mon, 23 Jul 2012 -
Kurds Defy Baghdad To Initiate Independent Oil Exports
...st year. The BP-led Rumaila project was to have hit 1.55mn b/d by end-2012, but is now targeting 1.45m b/d, one source says (MEES, 12 December 2011), while Shell-led Majnoon was to have hit first phase 175,000 b/d by year-end, but is now targeting mechanical completion by then. ExxonMobil’s West Qu...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
Libya Enters Democratic Era With Oil Export Disruptions
...BYA Libya Enters Democratic Era With Oil Export Disruptions The broad-based National Forces Alliance (NFA), led by Muhammad Jibril, a key figure in 2011’s post-Qadhafi National Transitional Council, looks set to emerge as the clear winner of Libya’s 7 July elections. But anyone expecting the el...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
Investors Flock To $4bn Qatar Sukuk
...tegrated petrochemical project in Jubail. The kingdom’s first bond was issued in 4Q11 by Saudi Aramco and Total for their 400,000 b/d Satorp export refinery project and sized at SR3.749bn ($1bn – MEES, 17 October 2011). Arrangers have already been appointed for the Sadara sukuk, but with Ramadan due to st...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
Sudan Awards New Exploration Deals
...oke away in July last year (MEES, 11 July 2011) leaving the oil-dependent economy desperate for revenues and facing an estimated budget deficit of around $2.4bn, which day-by-day is getting worse. And yet with the economy already under severe strain from years of US sanctions, a weakening currency and do...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
OPEC Projects Tough 2013
...th structural and likely to persist beyond next year. Even should the economy rebound, China, the main source of new demand growth of the last decade, is likely to continue energy efficiency efforts. These are already starting to reap benefits – 2011 Chinese oil demand growth stood at over 5%, while th...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
Komlev Outlines Gazprom Export Strategy
...e progress of Nord Stream and South Stream. Q: How can you say that these elements inhibited the progress of Nord Stream when Nord Stream has been in operation – as scheduled – since November 2011? Moreover, what is the connection with South Stream? A: I am sorry but this is not th...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
New US Sanctions Hit Iran, Upstream Sector Already Stressed
...force a cutback in Iranian exports of around 1mn b/d from the summer onwards compared with 2011 levels. It estimates output to be near 22‐year lows at 3.2mn b/d for June. OPEC’s tally of secondary sources puts this figure at 2.963mn b/d (see page 9) and MEES estimates it at 3.12mn b/d (MEES, 9 Ju...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
IEA Trims 2012 Demand Forecast To 89.9Mn B/D, Projects 2013 Demand At 90.9Mn B/D
...mand will exceed that of the OECD for the first time ever in 2Q13, “a trend that is unlikely to be reversed.” Non-OECD demand is forecast at 45.7mn b/d in 2013, 600,000 b/d more than OECD demand of 45.1mn b/d. “After two years of relatively flat growth – up by 700,000 b/d in 2011 and an an...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
EIA Lowers Demand Growth Outlook On ‘Less Optimistic’ Economic Assumptions
...ll rise by 800,000 in 2012 and 1.3mn b/d in 2013, with the largest growth coming from US shale oil and Canadian oil sands. OPEC condensate, NGLs and GTL output is expected to increase by 300,000 b/d in 2012 and less than 100,000 b/d in 2013. OECD commercial oil inventories ended 2011 at 2....
Volume: 55Issue: 29Published at Mon, 16 Jul 2012