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Iran Talks: Caution Urged Despite ‘Good Start’
...chnically, Iran is allowed to maintain its crude oil exports at “current levels” of around 1mn b/d, and no more. Iran’s crude oil exports have nosedived under the weight of US and EU sanctions, averaging just over 1.1mn b/d in 2013. This represents a 54% drop in shipments relative to 2011, before the la...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Syria Oil Sector In Chaos As War Barrels On
...SYRIA Syria Oil Sector In Chaos As War Barrels On Production from government-controlled areas of Syria has fallen to just 14,000 b/d, from 385,000 b/d at the beginning of the crisis in 2011, Syria’s Oil Minister Sulaiman al-‘Abbas says, with the oil ministry “depending on th...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Yemen Shows IOCs The Exit As Contract Deadlines Approach
...rd on the street is that no one gets an extension. Ever.” Up for renewals are Blocks 5, 10 and 53, which together account for close to half of the country’s current crude oil production – estimated at close to 170,000 b/d. This is down from around 180,000 b/d in 2012, 220,000 b/d in 2011 and a 20...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Oman Needs To Sell Assets Or Borrow
...e years since then. Last August the IMF also pointed out that Oman’s recent spending initiatives, including job creation in 2011-13, have increased expenditure by some 70%, and reduced the country’s ability to respond to shocks. “A sustained fall in oil prices could exhaust available buffers and ne...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Saudi Reserves Hit $753Bn But Trade Surplus Falls
...udi economy, notes that the growth in the 2013 reserve accumulation is lower than in 2012 and 2011, a reflection of a 7% decline in oil export revenues and a high appetite for imports which rose 8% in value last year. Looking ahead, Samba is forecasting an increase in foreign assets to $823bn in 20...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Benchmark Crude Prices ($/B)
...13 2012 2011 WTI 102.75 100.20 97.74 94.81 97.91 97.54 105.73 98...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Cyprus Peace Hopes See East Med Gas Export Options Multiply
...stabilized as a result, Israel and Turkey have common security concerns. With Egypt suffering from periodic political convulsions since the outbreak of the Arab Spring in 2011, the wider region remains unstable. Better relations between the two key US allies in the region have long been on Washington’s wish li...
Volume: 57Issue: 07Published at Fri, 14 Feb 2014 -
Egypt Signs Gas PSAs
...th IOCs. But the PSAs were only formalized after lengthy bureaucratic delays: Petroceltic, which signed up for the El Qa’a Plain block with UK-based Dana Petroleum, was awarded the block in the 2011 bid round. Egypt’s Petroleum Minister Sharif Isma’il, has worked hard to reduce the contracts ba...
Volume: 57Issue: 07Published at Fri, 14 Feb 2014 -
Yemen Locked In LNG Price Negotiations With French Duo
...09 2010 2011 2012 2013 Mn T 0.19 1.65 2.71 2.59 3.59 Supplier Ra...
Volume: 57Issue: 07Published at Fri, 14 Feb 2014 -
Kuwait Awards Long-Awaited $12Bn Clean Fuels Project
...mmittee has said it will review the recent award of a 1.5GW/486,000 cmd power and desalination project at Al-Zour as a prelude to calling in the public prosecutor (MEES, 7 February). KNPC Refining And Main Markets: Financial Years 2011-13 Refinery Throughput (‘00...
Volume: 57Issue: 07Published at Fri, 14 Feb 2014 -
Iran, Indonesia Team Up For $3Bn Refinery Project
...0,000 b/d of this refining capacity. But these seven facilities only meet around three quarters of Indonesia’s domestic demand, forcing it to import close to 300,000 b/d of petroleum products in 2013. In 2011, Pertamina was able to meet only 54% of the domestic demand for gasoline, and 86% of diesel de...
Volume: 57Issue: 07Published at Fri, 14 Feb 2014 -
Enigmas Of The Islamic State Of Iraq And The Levant
...inly an Iraqi group until its entry into the Syrian conflict. While ISIL was established following the 2003 US occupation of Iraq, it was able to spread quickly and forcefully within the Iraqi Sunni community, spreading its influence in eight provinces, including Baghdad. The 2011 Arab Spring has pr...
Volume: 57Issue: 07Published at Fri, 14 Feb 2014 -
Kuwait Energy Has Breakout Year, Complicated Future
...ake gives it 10,500 b/d on a working interest basis, Chilean firm ENAP is operator with 50.5%). Output was close to 18,000 b/d for 2013 as a whole, more than twice 2011 levels. East Ras Qattara production peaked after the second production well came online in 3Q13, falling by about 4.4% between th...
Volume: 57Issue: 07Published at Fri, 14 Feb 2014 -
Egypt: New UAE-Fueled Stimulus Package
...d to $3bn. Regional Aid To Egypt Since 2011 ($Bn) Mursi Rule (2012-13) 12.75 Qatar 6 Saudi Arabia 3.75 Li...
Volume: 57Issue: 07Published at Fri, 14 Feb 2014 -
GCC Single Market Failure: Problems And Solutions
...C General Secretariat statistics point to some success in the GCC single market project. In 2011: 13mn GCC citizens traveled within the GCC; 41,000 GCC citizens worked in another GCC country; 16,000 GCC citizens owned real estate in another GCC country; 35,000 licenses for economic activity we...
Volume: 57Issue: 07Published at Fri, 14 Feb 2014 -
South Korean LNG Imports By Country Of Origin 2011-2013
...South Korean LNG Imports By Country Of Origin 2011-2013 2013 2013 vs 20...
Volume: 57Issue: 07Published at Fri, 14 Feb 2014 -
Benchmark Crude Prices ($/B)
...13 2012 2011 WTI 100.35 97.74 97.24 94.81 97.91 97.54 105.73 98...
Volume: 57Issue: 07Published at Fri, 14 Feb 2014 -
Saudi Arabia Advances Carbon Capture Project
...en reluctant to tamper with the energy subsidy and raise prices to both industrial and private consumers, even as it has in the past two years increased spending on infrastructure and social programs, in part as insurance from the ‘plague’ of the Arab revolution that started in 2011. Imf: Sa...
Volume: 57Issue: 06Published at Fri, 07 Feb 2014 -
Iran: French Avant-Garde Leads IOC Rush To Return
...timates, stood at around 2.75mn b/d last month, down by more than 800,000 b/d on its 2011 average of 3.59mn b/d. Crude exports averaged just over 1.1mn b/d in 2013, representing a 54% drop in shipments relative to 2011. But with the apparent thawing of relations between Iran and the West since Pr...
Volume: 57Issue: 06Published at Fri, 07 Feb 2014 -
Egypt Heads For Gas Deficit
...nce the Arab Spring in 2011, allowing for a simmering energy crisis to come to a boil. With three governments in just over three years, a lack of continuity in and concentration on energy policy has failed to address gas price reform and ensure payment to producers – leaving investment far below the le...
Volume: 57Issue: 06Published at Fri, 07 Feb 2014