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UAE Pledges $1.4Mn To International Counter-Piracy Fund
...obal commercial maritime routes, and the safety of seafarers and other persons.” The escalation of pirate attacks in 2011 has hurt global trade and commerce, and has a damaging impact on peace, security and stability throughout the world, it adds. A UAE‐flagged, Kuwaiti‐owned oil tanker was hi...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
Political Comment (25 April 2011)
...Middle East Economic Survey VOL. LIV No 17 25-Apr-2011 Political Comment (25 April 2011) The UK, France and Italy are leading Western efforts to see how military pressure can be increased on the Tripoli government with the aim of ending the current stalemate in Libya. Syria’s st...
Volume: 54Issue: 17Published at Mon, 25 Apr 2011 -
OPEC Report Points To Tightening Fundamentals
...pan, OPEC revised its growth expectations for the world economy down by 0.1% to 3.9% in 2011. That said, while secondary effects of the Japanese crisis are yet to be incorporated due to a “lack of visibility,” the MOMR said that its forecasts for other economies worldwide remain largely unchanged fr...
Volume: 54Issue: 16Published at Mon, 18 Apr 2011 -
WTI Price Slips Below $110/B As Questions Arise Over ‘Demand Destruction’
...by 0.1% compared to last year. The average world crude oil price on 8 April was unavailable. WTI was $112.27/B on 8 April, $4.72/B more than last week’s price and $27.67/B above a year ago. Settlement Prices For Benchmark Crudes ($/B) Date 2011 Nymex WTI ICE Br...
Volume: 54Issue: 16Published at Mon, 18 Apr 2011 -
IEA Sees Market Tightening On Reduced Supply, Rising Demand
...rthquake and tsunami on 11 March, renewed price strength now also acknowledges this potential for further market tightening.” The IEA left its forecast for global oil product demand largely unchanged for both 2010 and 2011 from last month. “Global oil demand, which averaged 87.9mn b/d in 2010 (+3.4% or...
Volume: 54Issue: 16Published at Mon, 18 Apr 2011 -
EIA Foresees Drawdown In Global Stocks, Increasing Call On OPEC Crude
...ew by 2.3mn b/d in 2010 to a record level of 86.7mn b/d, the agency said, adding that demand is expected to grow by 1.5mn b/d in 2011 and by 1.6mn b/d in 2012. Almost all growth in consumption during the next two years will come from non-OECD countries, particularly China, Brazil and the Middle Ea...
Volume: 54Issue: 16Published at Mon, 18 Apr 2011 -
DME Reports Average Of 3,000 Contracts/Day Traded In 1Q 2011
...Middle East Economic Survey VOL. LIV No 16 18-Apr-2011 DME Reports Average Of 3,000 Contracts/Day Traded In 1Q 2011 Average daily volumes (ADV) of trading on the Dubai Mercantile Exchange (DME) for DME Oman Crude Oil Futures Contract (DME Oman) stood through the first quarter of 2011...
Volume: 54Issue: 16Published at Mon, 18 Apr 2011 -
Crude Oil Formulas/Posted Prices
...Middle East Economic Survey VOL. LIV No 16 18-Apr-2011 Crude Oil Formulas/Posted Prices ($/B) Kuwait (+ / - Adjustment Factor; $/B) 2011 2010 May Apr Mar Feb Jan De...
Volume: 54Issue: 16Published at Mon, 18 Apr 2011 -
Turkey Grants Final South Stream Prospecting Permit To Gazprom
...gineering and design (FEED) which should be completed in late 2011 or early 2012. The final investment decision would then be taken in late 2012 or early 2013 in order to see gas flowing via the first 15 bcm/year branch of the pipeline system by late 2015. Moscow is considering an LNG amendment or/an...
Volume: 54Issue: 16Published at Mon, 18 Apr 2011 -
Egypt Allocates $3.36Bn For Electricity Sector In 2011-12
...Middle East Economic Survey VOL. LIV No 16 18-Apr-2011 EGYPT Egypt Allocates $3.36Bn For Electricity Sector In 2011-12 Egypt has allocated £E20bn ($3.36bn) for the electricity sector in fiscal year 2011-12 which starts on 1 July, Egyptian Minister of Electricity and Energy Hasan Yu...
Volume: 54Issue: 16Published at Mon, 18 Apr 2011 -
MENA Economies Recovering, But Face Policy Challenges, Says IMF
...Middle East Economic Survey VOL. LIV No 16 18-Apr-2011 REGIONAL MENA Economies Recovering, But Face Policy Challenges, Says IMF The MENA region weathered the global crisis relatively well and the recovery is now proceeding with GDP projected to grow at 4% in 2011 and about 4....
Volume: 54Issue: 16Published at Mon, 18 Apr 2011 -
Saudi Bank Share Prices Well Placed For 2011 Recovery, Jadwa Says
...Middle East Economic Survey VOL. LIV No 16 18-Apr-2011 SAUDI ARABIA Saudi Bank Share Prices Well Placed For 2011 Recovery, Jadwa Says After seeing large provisions for credit losses distort earnings in Saudi Arabia over the past three years, banks have now cleaned their loan po...
Volume: 54Issue: 16Published at Mon, 18 Apr 2011 -
Political Comment (18 April 2011)
...Middle East Economic Survey VOL. LIV No 16 18-Apr-2011 Political Comment (18 April 2011) As the military stalemate continues on the ground in Libya, the leaders of the US, Britain and France have committed themselves to removing Col Qadhafi from power. Syria is attributing do...
Volume: 54Issue: 16Published at Mon, 18 Apr 2011 -
IEF Statement: Extraordinary IEF Ministerial Meeting
...February 2011 in a historic Extraordinary IEF Ministerial Meeting to approve and sign the IEF Charter, discuss current and future energy marketsand celebrate the 20th anniversaryof the producer-consumer dialogue that started in 1991 in Paris, France. The IEF charter marks a new era of in...
Volume: 54Issue: 16Published at Mon, 18 Apr 2011 -
Kuwait Eyes Permanent LNG Facilities As Politics Holds Up $90Bn Energy Plan
...boost the recovery rate of heavy oil to 40% from the current 5%, which would involve thousands of wells. Tests are underway and “we will have answers by the end of 2011,” Mr Khashti said. A further $100mn is being invested in onshore exploration, with the focus on gas, expected to be completed in 20...
Volume: 54Issue: 15Published at Mon, 11 Apr 2011 -
Qatar’s 2011-12 Budget Continues To Focus On Infrastructure Growth
...Middle East Economic Survey VOL. LIV No 15 8-Apr-2011 Qatar’s 2011-12 Budget Continues To Focus On Infrastructure Growth Qatar has unveiled a record budget for fiscal year 2011-12, which starts on 1 April, with total revenue of QR162.5bn ($44.6bn), up 27.4% from QR127.5bn ($35...
Volume: 54Issue: 15Published at Mon, 11 Apr 2011 -
Oil Industry Leaders Wrestle With ‘Perfect Storm’
...e choosing to ignore market fundamentals, preferring to bet on worst-case scenarios,” Mr Hamili said. “There is little we can do in terms of price control,” he complained. Noe Van Hulst, Secretary General of the International Energy Forum (IEF) argued: “2011 is not 2008 [when prices surged to $14...
Volume: 54Issue: 15Published at Mon, 11 Apr 2011 -
MENA Revolt ‘Less Radical Than Claimed’
...ew a parallel between current market conditions and those in 2008, when prices reached an all-time peak at around $145/B for Brent. “Prices are high, and they started 2011 at almost the same level as at the beginning of 2008,” he said. “There is a suggestion that a repeat of the 2008 situation is wh...
Volume: 54Issue: 15Published at Mon, 11 Apr 2011 -
MENA Defense Spending As Percentage Of GDP Sees First Upturn In Six Years
...e previous year’s figure of 4.71%, according to the 2011 edition of the Military Balance, compiled by the London-based International Institute for Strategic Studies (IISS). With this, the MENA region has once again reclaimed its position as the biggest global spender on defense as a percentage of...
Volume: 54Issue: 15Published at Mon, 11 Apr 2011 -
Saudi Crude Prices Mainly Reduced For May Deliveries
...s selling at Dubai plus $0.50-0.60/B in mid-March and Lower Zakum at ADNOC plus $0.40-0.50/B. Earlier in the month, Oman sold at Dubai plus $1.00/B and Murban sold at ADNOC plus $0.15-0.20/B. The formulas for May 2011 and the previous 12 months for deliveries to the US, Europe and the Far Ea...
Volume: 54Issue: 15Published at Mon, 11 Apr 2011