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OPEC Output Recovers In December On Gulf Boosts
...nce September 2011 – when the country was still wracked by post-revolutionary turmoil. Protests at a number of Libya’s main oil fields and terminals continued throughout last month, severely disrupting supplies and keeping production at well below the near the 1.5mn b/d Libya was pumping earlier this ye...
Volume: 57Issue: 02Published at Fri, 10 Jan 2014 -
Egypt Eases Forex Rules
...fect. It supersedes other circulars issued since the 2011 revolution which restricted transfers abroad to a maximum of $100,000 once in a life time only, on account of “the situation in the country.” The new circular will no doubt help Egyptians in acquiring their foreign exchange needs. But the av...
Volume: 57Issue: 02Published at Fri, 10 Jan 2014 -
Oman’s 2014 Budget Aims To Curb State Expenditure
...tal budget revenue and 6% of GDP. The government appears to be calling an end to its sharp post-Arab Spring spending increases (as seen in the 2011, 2012 and 2013 budgets – see table), which Oman and other GCC countries instigated in an attempt to nip unrest in the bud. $85/B Oil Price As...
Volume: 57Issue: 02Published at Fri, 10 Jan 2014 -
Nine Approaches To Counter The Emergence Of Unconventional Oil
...an to increase crude oil exports in order to maintain revenues. In 2012, total world oil supply exceeded demand by approximately 1mn b/d compared with 200,000 b/d in 2011. Based on currently available data, the surplus in crude oil supply will continue to grow, and the disparity between oil supply an...
Volume: 57Issue: 02Published at Fri, 10 Jan 2014 -
Benchmark Crude Prices ($/B)
...13 2012 2011 WTI 91.66 96.78 99.50 97.91 93.85 97.54 105.73 98...
Volume: 57Issue: 02Published at Fri, 10 Jan 2014 -
Iraq Achieves 2013 Oil Output Target But Exports Still Constrained
...ystone of a report by Reuters that the first cargo of Shaikan heavy oil has been shipped through Turkey by Turkish marketer Powertrans, a private company established in 2011, just before the start of independent Kurdish exports through the Mediterranean port of Mersin. Reuters quoted trading sources as sa...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
Iraq Faces Uncertain Future Amidst Sectarian Conflict
...e Anbar Salvation Council, which won eight of Anbar’s 29 parliamentary seats in the 2010 election and Tariq al-Hashimi, former General Secretary of the Iraqi Islamic Party (a Muslim Brotherhood affiliate). He was Iraq’s vice president between 2011 and 2013 but fled to Turkey in December 2011 to av...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
Libya: Benghazi Bargain Could Pay Off
...e reign of Qadhafi in 2011, is now producing 38,000 b/d at the Mesla field. Of this, 20,000 b/d is piped to the Tobruk refinery, and a further 10,000 b/d end up in the Sarir refinery, according to Mr Harari. Mesla pre-war capacity was 100,000 b/d, although power shortages have meant that post-re...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
Iran: Winter Months To Bring Some Relief To Sunken Crude Export Figures
...neva deal, he argues. “There is going to be higher demand from the Asian market for Iranian crude as we approach winter,” the peak demand season, he says. Exports of Iranian crude averaged around 1.1mn b/d for the first 11 months of 2013, according to MEES estimates, around 55% down on the 2011 av...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
Fujairah To Cement Role With Major Storage Expansion
...ong the new breakwater to include VLCC jetties to accommodate what he predicted was a tripling of oil storage capacity at Fujairah between 2011 after it had doubled in the past two years. VTTI also operates the 80,000 b/d Fujairah Refinery, which processes crude oil and condensates....
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
Syria Rewards Russia With Offshore Exploration Deal
...terest in offshore exploration but with little success. In March 2011 – on the eve of the ongoing war – Syria offered almost all its exclusive economic zone to exploration, split into three blocks of around 3,000 sq km (MEES, 4 April 2011). This followed a failed 2007 bid round. But a flurry of major re...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
Saudi Arabia Unveils Record 2014 Budget Despite Curb On Expenditure Growth
...SAUDI ARABIA Saudi Arabia Unveils Record 2014 Budget Despite Curb On Expenditure Growth Riyadh has announced yet another record budget for 2014. But the 4.3% spending hike is lower than in previous years, in an attempt to rein in the spending boom which followed the 2011 up...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
Jordanian PM Slams ‘Unsustainable’ Energy Bill
...clear power generation has yet to be taken. Until early 2011, Jordan depended on imports of Egyptian gas at preferential prices for over 80% of its electricity generation. But after the Egyptian revolution this source has virtually dried up and Jordan had to shift to more expensive fuel oil for its el...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
Benchmark Crude Prices ($/B)
...13 2012 2011 WTI 95.44 99.50 98.17 97.91 93.85 97.54 105.73 98...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014