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OPEC Highlights Economic Uncertainty
...vestment risk. Accordingly, the 2011 WOO has added an Accelerated Transportation Technology and Policy (ATTP) scenario in addition to the Reference, Low Economic Growth and High Economic Growth scenarios included in last year’s forecast. OPEC sees more damage to the projected demand for its crude fr...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
IEA World Energy Outlook Warns Of Unsustainable Energy Future
...the Middle East and North Africa and a sharp rebound in energy demand in 2010, which pushed CO2 emissions to a record high, highlight the urgency and the scale of the challenge.” Central to the 2011 edition of the WEO is the New Policies scenario, which assumes that recent government co...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
OPEC Slashes Estimates For Non-OPEC Supply
...Middle East Economic Survey VOL. LIV No 46 14-Nov-2011 OPEC Slashes Estimates For Non-OPEC Supply OPEC’s November Monthly Oil Market Report (MOMR) cut its projections for non-OPEC supply in 2011 by some 140,000 b/d, compared to previous editions. Revisions are concentrated in th...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
IEA Reduces Global Oil Demand Forecast Further On Weak 3Q11 Data
...Middle East Economic Survey VOL. LIV No 46 14-Nov-2011 IEA Reduces Global Oil Demand Forecast Further On Weak 3Q11 Data The International Energy Agency (IEA) has revised down its global oil demand forecast by 70,000 b/d for 2011 and 20,000 b/d for 2012. In its latest monthly Oil Ma...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
EIA Trims Oil Demand Outlook On Lowered Economic Growth Assumption
...Middle East Economic Survey VOL. LIV No 46 14-Nov-2011 EIA Trims Oil Demand Outlook On Lowered Economic Growth Assumption The Energy Information Administration (EIA) of the US Department of Energy has reduced its expectation for oil demand growth by some 200,000 b/d in 2011 and 20...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
EBRD Joins World Bank’s Gas Flaring Program For FSU
...timated at 134 bcm/year. Russia has set a target for its oil producing companies to limit their gas flaring operations to 5% of their total oil production by the end of 2011, a target that is considered unrealistic given the fact that Rosneft has publicly stated that it would not be able to reach this ta...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
Petrobel Announces New Oil Discovery In Sinai
...timates that the latest discovery will add 5.5mn barrels of crude to the company’s reserves, thereby helping to boost output from the older producing fields. Meanwhile, Mr Ghurab said last week that priority was accorded to the petroleum sector in Egypt in the budget for the current fiscal year 2011...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
Reactive Measures Pressure Egypt’s Budget, Warns CMES
...port. Egypt’s economic performance has been poor since the revolution began in January 2011, with the instability inherent in transition amplified by the global downturn. GDP has declined by almost 4% and manufacturing by 12%. Revenue from tourism has collapsed, putting pressure on the balance of pa...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
Iran’s Inflation Rate Rises To 19.1% In October
...tivity as enterprises adjust to higher cost energy, thereby lowering real GDP growth to 2.5% in 2011, according to latest projections by the International Monetary Fund (IMF) in its Regional Economic Outlook: Middle East and Central Asia published in October. With firm oil prices, the IMF is pr...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
Moody’s Upgrades GIC Financial Strength Rating
...th a baseline credit assessment of 12 on a scale of 1 to 21, where 1 reflects the lowest level of risk. Moody’s said the GIC rating upgrade “reflects its improved capital position and reduced leverage (equity-to-total assets and debt-to-equity stood at 40.5% and 1.5x as at June 2011). This provides GI...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
IMF Projects Moroccan Real GDP Growth Rate At 4.6% In 2011
...Middle East Economic Survey VOL. LIV No 46 14-Nov-2011 morocco IMF Projects Moroccan Real GDP Growth Rate At 4.6% In 2011 Morocco’s real GDP is expected to grow by 4.6% in 2011, one of the highest in the region, despite the slow recovery in the Eurozone, the IMF said in its Ar...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
Syria Convenes Forum To Outline Roadmap For Reforms
...otests, and that the time for the regime to reform has passed. In the meantime after eight months of political turmoil with no sign that the regime is capable of containing the uprising, the economy is suffering as international sanctions begin to bite. Real GDP in 2011 is expected to fall by 2%, ac...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
Political Comment (14 November 2011)
...Middle East Economic Survey VOL. LIV No 46 14-Nov-2011 Political Comment (14 November 2011) The Arab League plan to resolve the crisis in Syria has done nothing to halt the violence. The Russians have dismissed the latest IAEA report on Iran's nuclear activities. Violence Co...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
JODI And Oil Price Determination
...n refer to the Saudi Arabian decision to step up output in order to fill the supply gap that was created due to the stoppage of Libyan production – the standpoint of Saudi Arabia at the 159th meeting of OPEC in June 2011. This was complemented two weeks later by the IEA’s plan for release of 60...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
Iraqi Gas Flaring Worsens
...pacity and, secondly, Iraq’s woefully high levels of gas flaring are in fact getting worse. Associated gas output rose by some 172mn cfd from 2009 to the third quarter 2011, but gas flaring is up by 228mn cfd at 940mn cfd. And in September flared volumes, representing some 62% (compared to just ov...
Volume: 54Issue: 45Published at Mon, 07 Nov 2011 -
MENA Turns To Solar Power For EOR As Well As National Grids
...nerate 10% of its electricity from renewables by 2020. Its power stations burn fuel oil and crude, and Kuwait consumed 413,000 b/d of oil in 2010 – about 16% of production, according to the BP Statistical Review of World Energy for 2011. Its electricity demand is growing about 8% a year, but it is doing li...
Volume: 54Issue: 45Published at Mon, 07 Nov 2011 -
Oil Prices Rally After Greek Referendum U-Turn, Improved US Data
...ok very good. Supply, demand and stock levels are all very healthy. No one is complaining about that.” OPEC Secretary General 'Abd Allah al-Badri said in Tehran on 1 November that he did not see the price of crude oil falling below $100/B for the remainder of 2011. The OPEC Basket has averaged $10...
Volume: 54Issue: 45Published at Mon, 07 Nov 2011 -
OPEC Output Rose In October
...nsiderably last month. Shipping data also points to an increase in Kuwaiti output. OPEC Crude Oil Production October 2010 – October 2011 (MEES Estimates – ‘000 B/D) 2011 2010 Oct Sep Aug Jul Jun May Ap...
Volume: 54Issue: 45Published at Mon, 07 Nov 2011 -
Japanese Crude Oil Imports Rise To 3.6Mn B/D During September
...861mn b/d in September 2010. Japan’s crude imports from Saudi Arabia rose to 1.208mn b/d in September 2011, maintaining the kingdom’s place as top crude supplier to Japan. Imports from the UAE averaged 839,960 b/d during September, while Kuwait supplies rose to 319,632 b/d, and Qatar supplies declined to...
Volume: 54Issue: 45Published at Mon, 07 Nov 2011 -
Saudi Crude Prices Mainly Increased To Western Markets, Reduced To Asia
...20/B. On the spot market, Murban sold at ADNOC plus $0.20/B in late October compared to ADNOC plus $0.30/B in late September. Qatar Marine was sold for QP plus $0.60/B in late October compared to QP plus $0.80/B in late September. The formulas for December 2011 and the previous 12 months for de...
Volume: 54Issue: 45Published at Mon, 07 Nov 2011