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Libya: New Law Divisive
...ficial posts during the Qadhafi era (1969-2011) face a 10-year bar from political office. The law will affect a number of senior politicians who were leading figures in 2011’s revolution, including Prime Minister ‘Ali Zidan, GNC President Muhammad Magraif, former prime minister Muhammad Jibril and NTC ch...
Volume: 56Issue: 21Published at Fri, 24 May 2013 -
International Expansion Leaves Turkish Firms Vulnerable To Political Instability
...e main testing ground for this Turkish corporate charge into energy. But Iraq (and the KRG in particular) is also the key area of investment concern for Turkey. Iraq has since 2011 been Turkey’s second biggest export destination, but other significant trade relationships are also with politically fr...
Volume: 56Issue: 21Published at Fri, 24 May 2013 -
Lebanese Officials Upbeat Despite Warnings
...P ratio to 133% in 2014 from 130% at present. The IMF expects Lebanon’s fiscal deficit to balloon to 9.7% of GDP from 9% for 2012 and 6.1% for 2011, according to figures contained in its Regional Economic Outlook Update, released this week. Lebanon is rated B with a negative outlook by St...
Volume: 56Issue: 21Published at Fri, 24 May 2013 -
Bahrain’s Economic Outlook Vulnerable To Oil Price Risk, Says IMF
...nsultation. The IMF observed that although economic activity improved following the 2011 downturn, the absence of an enduring solution to the country’s political tension means investment is expected to remain weak. This implies only moderate non-oil growth “below 4% in 2013 and over the medium te...
Volume: 56Issue: 21Published at Fri, 24 May 2013 -
Yemen LNG Sees Upturn In 2013 Fortunes
...ng Kong-based Prospect Group on 13 May. He notes that Yemen managed to produce 6.9mn t/y in 2011. Repeated shutdowns during 2012 – when Yemen LNG had to contend with seven separate bombings of the gas pipeline feeding its Balhaf liquefaction plant on Yemen’s southern coast – meant the plant pr...
Volume: 56Issue: 20Published at Fri, 17 May 2013 -
US Gets Tough On Iran Sanctions-Busting
...ports have since plummeted, falling to around 1.1mn b/d in March 2013 according to the International Energy Agency (IEA), down from near 2.5mn b/d for 2011. Among Iran’s key East Asian customers US allies Japan and South Korea have cut imports the most; China – now by far the biggest buyer of Ir...
Volume: 56Issue: 20Published at Fri, 17 May 2013 -
Libya’s 2013 Budget Heading To Surplus
...LIBYA Libya’s 2013 Budget Heading To Surplus The freshly-released details of Libya’s 2013 budget shed some light on how the North African state in transition will spend its money in the year ahead. Whilst the country saw a rapid rebound in oil production after 2011’s re...
Volume: 56Issue: 20Published at Fri, 17 May 2013 -
IEA: US Shale To Sideline OPEC Going Forward
...chnology improvements and the long-term behavior of oil prices. OPEC vs IEA Supply-Demand Balances (Mn B/D) 1Q12 2Q12 3Q12 4Q12 2011 20...
Volume: 56Issue: 20Published at Fri, 17 May 2013 -
Benchmark Crude Prices/OPEC Allies: Kuwait and UAE Production
... OIL PRICES Benchmark Crude Prices* 16-May 6 -10 May 29 Apr - 3 May Apr-13 Mar-13 Q1 2013 Q4 2012 2012 2011 WTI 95.16 96.09 93...
Volume: 56Issue: 20Published at Fri, 17 May 2013 -
Qatar Awards Condensate Splitter Project To Chiyoda/CTCI
...chnip, under a contract awarded by Qatargas in August 2011. Earlier, Technip carried out the FEED for LR1. Looking ahead, QP is expected to add an aromatics plant to the condensate splitters complex. This will provide benzene, toluene, and xylene feedstock for the domestic petrochemicals sector. ...
Volume: 56Issue: 20Published at Fri, 17 May 2013 -
Kufpec Targets 96,500 BOE/D By End-2013
...erall production has already risen to 80,000 boe/d from around 72,000 boe/d for both 2011 and 2012 (MEES, 12 April). The key boost has come from the Qadirpur gas field in Pakistan and from the expansion of the company’s Chinese output with the recent purchase of BP’s 34.3% stake in the Yacheng offshore ga...
Volume: 56Issue: 20Published at Fri, 17 May 2013 -
Calls Mount To Change Saudi Subsidies
...timated in 2011 that Saudi Arabia spends about 20% of its GDP supporting subsidies, including fuel subsidies. This proportion has continued to grow as subsidized prices in turn fuel ever higher demand growth. Stirrings Of Discontent Senior political figures are increasingly speaking out ag...
Volume: 56Issue: 20Published at Fri, 17 May 2013 -
Gulf Petrochemicals Firms Expanding Capacity Despite US Shale Threat
...hylene capacity rising by 3.7% a year in the medium term, to 183.4mn tons/year in 2017 from 147.6mn t/y in 2011 (MEES, 2 November 2012). Despite the shifting market economics, Gulf petrochemicals companies are pressing ahead with expansions. Gulf Petrochemicals and Chemicals Association (GPCA) Se...
Volume: 56Issue: 19Published at Fri, 10 May 2013 -
Changes At The Top, As OPEC Eyes Q3 Market Trajectory
...tually managed to post a rise in exports to the US last year (see graph 1). These rose from 1.186mn b/d in 2011 to 1.356mn b/d. However, with US liquids output set to relentlessly rise over the next decade, the trend for OPEC is downwards (see graph 3). US imports of OPEC crude hit a record of 5....
Volume: 56Issue: 19Published at Fri, 10 May 2013 -
Benchmark Crude Prices/Iraqi Crude Exports and Revenues
...OIL PRICES Benchmark Crude Prices* 9-May 29 Apr - 3 May 22- 26 Apr Apr-13 Mar-13 Q1 2013 Q4 2012 2012 2011 WTI 96.39 93...
Volume: 56Issue: 19Published at Fri, 10 May 2013 -
South Sudan Brings Largest Oil Field Back Online
...oduction at the field has begun at around half the levels seen in late 2011, Dar Petroleum chief Joseph Potdung said. “Within a month we should be reaching 165,000 b/d to 180,000 b/d, and we would expect to reach the level…we were [at] before the shutdown by early next year.” While these ti...
Volume: 56Issue: 19Published at Fri, 10 May 2013 -
OMV Output Up On Yemen, Libya Stability
...a result of a more stable environment in both countries following the upheavals of the ‘Arab Spring’ in 2011 and 2012, the company said. Production in the first three months of 2013 was up just 1,000 boe/d from the previous quarter’s average, but 1% up on the corresponding quarter in 20...
Volume: 56Issue: 19Published at Fri, 10 May 2013 -
Oman Reviewing Electricity Policy, Targeting Efficiency
...ectricity Intensity (Megawatt-hours per user account) 2005 2011 % Change Residential 12.8 16.3 27 Industrial 1,561.50 4,074.90 161 Co...
Volume: 56Issue: 19Published at Fri, 10 May 2013 -
Libya ‘Mob Rule’ Sounds Investment Alarm
...byan oil veteran. The contrast could not be sharper with the optimism generated by the oil industry’s Phoenix-like rebirth from the 2011 civil war. Confounding outside commentators, Libyan oil professionals managed to bring output from almost zero in August 2011 to over 1mn b/d in just five mo...
Volume: 56Issue: 19Published at Fri, 10 May 2013 -
North African Oil Investors Head For The Exits
...vestment. But both BG and Hess’ exit plans pre-date the In Amenas slaughter, MEES understands. Prior to In Amenas, Algiers had been planning to hold a new upstream bidding round this year, its first since March 2011. If this goes ahead, the round will be a key litmus test of whether the country ha...
Volume: 56Issue: 19Published at Fri, 10 May 2013