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Saudi Arabia Takes On Oil Market Bears
...counting for roughly one third of the group’s total output, Saudi Arabia has often acted without waiting for a formal agreement by all 12 members of OPEC. It ramped up production to make up for the loss of more than 1mn b/d of Libyan oil at the start of the revolution in the North African state in 2011, an...
Volume: 57Issue: 42Published at Fri, 17 Oct 2014 -
Oil Revenues Key To Conflict In Libya
...bya specialist at the International Crisis Group. The enmity is rooted in the period after Mu’ammar al-Qadhafi was toppled in 2011, when the JCP stonewalled decision making in the GNC, so paralyzing a government already struggling to impose its authority on the country. The Misratans on the other ha...
Volume: 57Issue: 42Published at Fri, 17 Oct 2014 -
Abu Dhabi Boosts Offshore Output As Umm Lulu Comes Online
...f in 2011 was reinjected into oil fields for enhanced oil recovery purposes, the official UAE Yearbook covering 2013 says. One of the largest increments will come from Upper Zakum, which is being further developed the Zakum Development Company (ZADCO) at an estimated cost of over $10bn. ADNOC ho...
Volume: 57Issue: 42Published at Fri, 17 Oct 2014 -
Benchmark Crude Prices ($/B)
...13 2012 2011 WTI 82.70 87.62 91.44 93.13 95.95 97.25 103.00 98...
Volume: 57Issue: 42Published at Fri, 17 Oct 2014 -
Iran Faces $40Bn Petchems Project Backlog, Uncertain Gas Supplies
...e crackers and polymers plants are around 60% built and intended to be brought onstream by the end of 2015. All the projects could be completed in four years’ time, she says, if the “needed timely investment” is made. NPC’s 2011 Annual Report – only recently published – says NPC’s total pr...
Volume: 57Issue: 41Published at Fri, 10 Oct 2014 -
Iran Reveals Impact Of Bushehr Outages, UAE And Jordan Pass Nuclear Milestones
...ants. Iran’s nuclear program has been blighted with a series of delays and setbacks. The 1GW capacity Bushehr plant started up on 3 September 2011 after a long and controversial stop-start development program. Plant manager Hossein Darakshande announced on 8 October that the plant had delivered 8.7TWh of...
Volume: 57Issue: 41Published at Fri, 10 Oct 2014 -
MOL Confident Of Future In Kurdistan
...erations in Syria by Croatian INA, 49% owned by MOL, remain halted. INA pulled out of Syria along with other foreign operators after the European Union imposed sanctions against Damascus in the early days of the rebellion against the Bashar al-Asad regime in 2011. Mr Dodds says he is not sure what co...
Volume: 57Issue: 41Published at Fri, 10 Oct 2014 -
Egypt Bags More Aid Amid Gaping Budget Deficit
...tual vs ‘12-13 vs budget 11mths** (to May14) Budget 2012-13 2011-12 Revenue 54...
Volume: 57Issue: 41Published at Fri, 10 Oct 2014 -
Algeria Stares Deficit In The Face
...ojected only a moderate worsening to $10.4bn this year; the actual numbers for January-August suggest $7bn will be closer to the mark. Algeria posted a $20bn surplus as recently as 2011 (see graph). Oil Prices Down The key change has been the sharp fall in crude prices since July. The average pr...
Volume: 57Issue: 41Published at Fri, 10 Oct 2014 -
Benchmark Crude Prices ($/B)
...13 2012 2011 WTI 85.77 91.44 92.26 93.13 95.95 97.25 103.00 98...
Volume: 57Issue: 41Published at Fri, 10 Oct 2014 -
Egypt Enjoys Unexpected Bid Round Success
...om adapting its prices, Egypt also appears to have overcome the political volatility the aftermath of the Arab Spring in 2011. The protests following the ouster of President Muhammad Mursi and his Muslim Brotherhood government by the army last year were quickly suppressed, and this June’s election of mi...
Volume: 57Issue: 40Published at Fri, 03 Oct 2014 -
New Japan LNG Exchange May Prove Disruptive In Key Qatari Market
...G prices are typically several dollars per mn BTU cheaper (see table). Since the earthquake and resultant tsunami and disaster at the Fukushima Daiichi nuclear plant in 2011, Japan’s role in the global LNG trade has shifted dramatically: Japan was already the largest LNG market prior to the in...
Volume: 57Issue: 40Published at Fri, 03 Oct 2014 -
Solar Gets Key Financing Boost, But Much More Needed
...vestment since 2011, committing $590mn to date. Other World Bank investment in the MENA region targets economies hit by the Arab Spring, which need urgent structural reforms to break the vicious circle of slow growth and political instability. Oil importers Egypt, Tunisia, Jordan and Lebanon in particular ha...
Volume: 57Issue: 40Published at Fri, 03 Oct 2014 -
Egypt Eyes 2016 Start For 650MW Suez Plant
...censing round suggests the country’s ailing gas sector will soon get a much-needed boost, even if exploration takes off it will take years for this to feed through into significantly higher output (see p2). Egyptian gas output has fallen consistently since the ‘Revolution’ of early 2011, hitting a 9-year lo...
Volume: 57Issue: 40Published at Fri, 03 Oct 2014 -
Airstrikes Hit Syria’s Murky Wartime Oil And Gas Sector
...e entry of US-led coalition warplanes into the Syrian melee. In fact, Syria suffered from years of decline in its oil sector even prior to the outbreak of war in 2011, which then reduced oil and gas production to a mere trickle. Declining oil revenues helped put Syria on the path to civil unrest an...
Volume: 57Issue: 40Published at Fri, 03 Oct 2014 -
Kuwait Boosts Surplus Despite Falling Revenue
...% 2011-12 REVENUE 31.81 32.00 -0.19 -0.6 18.10 +13.71 +75.8 30...
Volume: 57Issue: 40Published at Fri, 03 Oct 2014 -
Is Iran’s Economy Turning The Corner?
...Raghfar added that the key drivers to generate real growth are increased output, improved productivity and higher efficiency in the economy. This growth should also be able to create new employment opportunities. Inflation Falls To 21%, Lowest Since 2011 On the inflation front the news is al...
Volume: 57Issue: 40Published at Fri, 03 Oct 2014 -
Benchmark Crude Prices ($/B)
...12 2011 WTI 91.01 92.26 93.54 93.13 95.95 97.25 103.00 98.03 94...
Volume: 57Issue: 40Published at Fri, 03 Oct 2014 -
Libya’s Fragile Oil Recovery Continues
...tuation threatens to instantly reverse Libya’s output recovery. Production dipped as low as 150,000 b/d earlier in the year, but had been at 1.5mn b/d last July prior to the shutdown of the eastern terminals, a remarkable recovery from the almost total outage during the 2011 revolution, and only just shy of...
Volume: 57Issue: 39Published at Fri, 26 Sep 2014 -
Fresh Fighting Threatens Remaining South Sudan Oil Output
...minating relations between the two nations for the first 18-24 months of the South’s independence from Sudan in July 2011. Tensions eased towards the back end of 2013, only to resurface this year, following the rebel leader Riek Machar’s visit to Khartoum in July. Khartoum is yet to give any official re...
Volume: 57Issue: 39Published at Fri, 26 Sep 2014