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Fesharaki Sees Disappearance Of US Oil Imports From Middle East
...rnerstone of the US policy for decades. Now, that is all changing.” Dr Fesharaki sets out a number of scenarios for the US to replace imports from the Middle East. US crude imports were estimated at 2.36mn b/d in 2008, but by 2011 had declined by almost 500,000 b/d to 1.89mn b/d, with 63% coming from Sa...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
Crude Oil Formulas/Posted Prices
...Crude Oil Formulas/Posted Prices ($/B) Algeria (Dated Brent + / - Adjustment Factor; $/B) 2012 2011 Jan Dec Nov Oc...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
Algeria To Generate 22GW Of Renewable Energy By 2020
...inciple to a long term cooperation with the DII in mid-May last year, marking a sharp change in policy after Algerian officials initially expressed reservations about their participation in the initiative because of doubts regarding the sovereignty of the territory (MEES, 30 May 2011). “Algeria offers pe...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
US Envoy Voices Doubts Over Nabucco’s Prospects, May Favor SEEP
...ll not be large volumes in the beginning.” Nabucco is one of four major pipeline projects competing to supply gas from Azerbaijan’s Shah Deniz Stage 2 development to Europe (MEES, 19 December 2011). Mr Morningstar spoke in favor of projects that “focus on gas supplies via the south direction to th...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
Shah Deniz Expected To Win Waiver From US Sanctions
...empted from the latest round of US sanctions against Iran, as set out in the Iran Threat Reduction Act of 2011 which was signed into law by President Barack Obama on 31 December 2011. Shah Deniz leading partner BP, along with EU and US officials including Ambassador Richard Morningstar, the US Special En...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
Gazprom And Socar To Expand Gas Trade In 2012
...om Azerbaijan in 2010 and almost 1.6 bcm in 2011....
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
Kuwait Energy Announces Gulf Of Suez Oil Find
...lds a 70% working interest, with Omani independent oil company Petrogas E&P holding the remaining 30%. A statement by Kuwait Energy said that its Egyptian operations contribute the largest share to its working interest production of 17,700 boe/d at the end of 2011. The company is operator of Area A, the Bu...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
‘Experimental’ Amounts Of Egyptian Gas Flowing To Jordan
...eraged 80mn cfd in 2011. The disruption in supply began early last year following the collapse of the Mubarak regime when saboteurs in the Sinai Peninsula began to attack the pipeline infrastructure around al-'Arish affecting Egyptian gas shipments to Jordan and to Israel. Jordan relies on Egyptian ga...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
NOC Claims To Have Hit 1.3Mn B/D Production Mark
...sis Group’s Gialo and Defa fields and Eni’s Murzuq basin blocks have made a sizeable contribution. Late last month output stood at around 1mn b/d, with the 70,000-80,000 b/d Gialo field just having begun to restart (MEES, 26 December 2011). Output at Wintershall’s NC-96 and NC-97 fields is up at ar...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
IMF Marks Down Global Growth, But Keeps MENA Forecast Unchanged
...REGIONAL IMF Marks Down Global Growth, But Keeps MENA Forecast Unchanged The IMF cut its global economic growth forecast on 24 January. Citing intensifying strains from the Eurozone crisis, it predicted an increase of only 3.3% in 2012 and 3.9% in 2013. In its September 2011 forecast, th...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
Samba Sees Saudi GDP Up 3.8% In 2012
...oil imports from Iran. It predicts that the kingdom will see higher growth in 2013, and puts this at 4.5%. In 2011 the growth rate was 6.8%, the highest since 2003, with much of this attributable to gains in crude oil production due to Libyan outages. However, the non-oil sector also benefited fr...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
South Sudan Shutting Down Oil Output As Kenya Pipeline Deal Is Signed
...ndlocked south, which seceded from Sudan last July (MEES, 11 July 2011). A memorandum of understanding (MOU) was signed by South Sudan and Kenya allowing for “the development of an oil pipeline and fiber optic connections between the oil fields in South Sudan and the Kenyan port town of Lamu,” a statement re...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
Western Sanctions Cost Syria $2Bn Since September
...SYRIA Western Sanctions Cost Syria $2Bn Since September US and EU sanctions on Syrian oil exports since the beginning of September 2011 have cost the county an estimated $2bn, Syrian Minister of Petroleum and Mineral Resources Sufian 'Alaw announced in a press conference on 20 Ja...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
Syria Moves Towards A Managed Float Of Its Currency
...SYRIA Syria Moves Towards A Managed Float Of Its Currency With the ongoing political upheaval in Syria since March 2011, the value of the Syrian pound is continuing its slide on the foreign exchange market, hitting a low of $1=S£71 on the free market a week ago. Syrian Prime Minister 'Ad...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
Iran’s Subsidies Reform: A Year Later
...commendation for a gradual five-year approach, President Ahmadinejad in late December 2010 announced drastic increases in energy, water, power and bread prices to go into effect immediately (MEES, 20 June 2011). And unable to find a satisfactory formula to determine eligibility for receiving welfare as...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
Baghdad Shrugs Off Political Turmoil To Proclaim Imminent Output Surge
...05 to 2.358mn b/d in 2010 and 2.653mn b/d in 2011, Mr Laibi’s presentation showed. MEES estimates (the ministry does not appear to account for KRG production consumed within the region or smuggled oil) are actually higher at 2.441mn b/d and 2.754mn b/d for 2010 and 2011 respectively. Crude revenues ha...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
EU Considers Iran Petchems And Gold Bans To Offset Oil Embargo Delay
...er the course of 2011 by buying heavy sour Middle East grades, much of it Iranian. If they push that back out, it will be replaced by Saudi, Iraqi, Kuwaiti and some Qatari output.” But this may cost Korean refiners money, according to Korean media. Iranian crude imports last year amounted to 82...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Egypt Negotiates IMF Lifeline As Economy Deteriorates
...urces. Egyptian Minister of Planning and International Cooperation Fayza Abu al-Naja said that finalizing the loan with the IMF had become a priority with the rise of the balance of payments deficit to $16bn from about $6bn in July 2011, when the terms of the loan were rejected, and the bulging budget de...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Abu Dhabi Continues Uncertainty Over 1.4Mn B/D Concession
...ld its ADCO partners that it expected the Supreme Petroleum Council (SPC) to make a decision in 2011 on extending the concession – first saying it would be made in the summer and then by the year end. The uncertainty has dampened the consortium’s enthusiasm for investing in fields that it may soon no lo...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Israel And Cyprus Face Decisions As Gas Reserves Expand
...jections and the subsequent presence of its warships. Closer Ties Since January 2011 when Israel’s Delek Group proposed to the Cypriot government joint cooperation for the creation of a LNG plant on the island’s southern coast (only weeks after the announcement of the Leviathan discovery and the si...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012