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Saudi Arabia Looks East
...ude exports rose slightly to 6.722mn b/d in September from 6.663mn b/d in August, they are at their lowest level since March 2011, according to the latest data from the Riyadh-based Joint Oil Data Initiative (JODI, see p20-21). And shipments to the US, where it is the second largest source of imported cr...
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
GCC Mends Fences
...st several months, Saudi Arabia finally returned its ambassador to Doha this week. The UAE and Bahrain will likely follow suit, though it is unclear if the dispute has reached a final resolution. Since the 2011 ouster of Egypt’s Husni Mubarak, the GCC has been roiled by an internal dispute that pi...
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
Kuwait Budget Surplus Down 25%
...dget) 1H14-15 KD BN % Nominal % Real 1H13-14 2013-14 2012-13 2011-12 REVENUE 15.09 -0....
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
Dow Petchems JVs To Be Floated On Kuwait Exchange
...tar, and the UAE - approved in March 2011. The four also pledged $10bn to Bahrain to help ease social tension and promote economic development in the aftermath of the Arab Spring uprisings. Jordan and Morocco also received grants of $5bn each from the four GCC countries post-Arab Spring. These fo...
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
Saudi Refining Ramp-Up Continues – Data Analysis
...0,000 b/d on a year earlier. But crude exports are down by 1.12mn b/d year-on-year. Overall net oil exports, at 6.95mn b/d, fell below 7mn b/d for the first time since early 2011. Ø Crude oil burning was seasonally lower in September but the fuel oil burn continued to rise, hitting a six-year hi...
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
Benchmark Crude Prices ($/B)
...13 2012 2011 WTI 75.85 76.51 78.24 84.33 93.13 97.25 103.00 98...
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
IPIC Subsidiaries Team Up In Abu Dhabi Upstream
...u Dhabi’s state-owned International Petroleum Investment Company (IPIC) in 2011 and has since developed into an international investment vehicle for its parent. IPIC also directly owns a 20.8% stake in Japan’s Cosmo Oil, which – like Cepsa – is primarily a downstream firm in its home country. Bu...
Volume: 57Issue: 46Published at Fri, 14 Nov 2014 -
Egypt Cuts Deficit On Back Of Gulf Cash, But More To Do
...taled E£701.5bn ($109.4bn), virtually level with the previous year (+0.5%) in real dollar terms. The 2013-14 spending equates to 35% of GDP. Egypt has seen close to four years of political turmoil following the February 2011 overthrow of Husni Mubarak. The 2013-14 fiscal year began with the July 2013 ou...
Volume: 57Issue: 46Published at Fri, 14 Nov 2014 -
Oil Prices: Uncertainties, Confusion And Conspiracy
...REGIONAL/SAUDI ARABIA Oil Prices: Uncertainties, Confusion And Conspiracy OPEC’s ‘need’ to maintain $100/B-plus sowed the seeds of recent oil price falls. What happens next? By-Paul Stevens* Oil prices have been falling. From 2011 to June 2014 the OPEC basket consistently av...
Volume: 57Issue: 46Published at Fri, 14 Nov 2014 -
Japanese Crude Oil & Condensate Imports, Q3 2014 (‘000 B/D)
...2013 2013 2012 2011 Middle East 2,829.1 2,940.7 2,631.7 2,800.2 85.8 +132.4 +5....
Volume: 57Issue: 46Published at Fri, 14 Nov 2014 -
Benchmark Crude Prices ($/B)
...13 2012 2011 WTI 74.21 78.24 81.26 84.33 93.13 97.25 103.00 98...
Volume: 57Issue: 46Published at Fri, 14 Nov 2014 -
Iraq Says OPEC ‘Price War’ Partly To Blame For Revenue Fall, $84Bn Deficit
...54mn b/d the previous month. The drop coincides with falling global oil prices, which have declined by 30% since June. The result was a whopping $675mn drop in revenues from oil sales in October to $6.241mn, the lowest since February 2011. Maliki Blamed For Reserve Fund Collapse All th...
Volume: 57Issue: 45Published at Fri, 07 Nov 2014 -
Qatar And China Strengthen Trade And Investment Ties
...heme, known as the Renminbi Qualified Foreign Institutional Investor (RQFII), was created in 2011 to allow financial investors to place some of their yuan holdings in China. The UAE joined the scheme in 2012 by signing a three-year currency swap arrangement with China, similar in size to that with Qa...
Volume: 57Issue: 45Published at Fri, 07 Nov 2014 -
Is $90/B The New $100/B For Saudi Arabia?
...finery processing gains, grew by more than 4mn b/d from January 2011 to July 2014, of which 3mn b/d was crude oil production growth, the EIA says. During the same period, unplanned supply disruptions grew by 2.8mn b/d, it adds. Supply disruptions averaged 3.2mn b/d in the first seven months of 2014 and pe...
Volume: 57Issue: 45Published at Fri, 07 Nov 2014 -
Egypt Secures Saudi Power Loans
...rning additional diesel and fuel oil in power plants to keep pace with rising peak electricity demand. The loans are the latest GCC move to stabilize in a country severely impacted by the Arab Spring of 2011. Saudi Arabia, Kuwait and the UAE provided $12bn of aid, including oil products, after the ou...
Volume: 57Issue: 45Published at Fri, 07 Nov 2014 -
Jordan Looks To Slash Deficit In 2015 Budget
...rms. Jordan is currently hosting over 600,000 Syrian refugees, who fled their country after the 2011 uprising which has now morphed into a bloody war. This has severely burdened the kingdom’s economy, leading it to turn to the international community to cope with the extra cost. Traditionally Jo...
Volume: 57Issue: 45Published at Fri, 07 Nov 2014 -
Chinese Crude Imports January-September 2014 (‘000 B/D)
...total vs2013 vs2012 2013 2012 2011 2010 MIDDLE EAST 3,577 3,135 3,...
Volume: 57Issue: 45Published at Fri, 07 Nov 2014 -
US Imports: Gulf Looks To Keep Share Of Shrinking Pie
...g-14 Jul-14 2Q14 1Q14 Jan-Aug ‘14 vs2013 vs2012 2013 2012 2011 2010 20...
Volume: 57Issue: 45Published at Fri, 07 Nov 2014 -
Benchmark Crude Prices ($/B)
...13 2012 2011 WTI 77.91 81.26 81.76 84.33 93.13 97.25 103.00 98...
Volume: 57Issue: 45Published at Fri, 07 Nov 2014 -
East Med Gas Development: Pipeline Politics Drive Floating Solutions
...cosia. Mindful of the geopolitics, Eni (80%) and its partner Kogas (20%) have indicated that they would favor floating LNG (FLNG) for any discovery: the same partnership is already well advanced in pushing FLNG as a solution offshore Mozambique. For Cyprus’ only existing discovery – the 5 tcf 2011 Ap...
Volume: 57Issue: 44Published at Fri, 31 Oct 2014