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Cash Shortage Hits Iran’s Refineries: Tehran Mulls Bartering For Crude
...stribution Company (NIORDC) Managing Director Alireza Zeighami claiming Iran’s gasoline production was 377,400 b/d (MEES, 5 December 2011), but in December National Iranian Oil Products Distribution Company (NIOPDC) gave total consumption as 358,500 b/d with no explanation for the difference or reference to...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
Saudi Arabia Takes Steps To Boost Capital Markets Trading
...vestors and small hedge funds (MEES, 26 December 2011). Rules are also likely to be strict to discourage market manipulation. The kingdom is hoping that by attracting professional foreign players with a long term outlook it will deepen the stock market, making it less volatile. If the market opens up as...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
Algeria’s 2012 Budget Maintains High Level Of Social Spending
...om 2011. But compared to the 2011 supplementary budget deficit of AD5,074bn ($68.6bn) published last July, the deficit in 2012 is 21.7% lower. The budget law was published in Algeria’s Official Gazette on 29 December 2011, following the approval of the budget by parliament on 2 November 2011. The bu...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
Iranian Crude Output Continues To Fall, Hurt By Sanctions
...pacity three-four years ago. In 2011, before the latest wave of sanctions, the International Energy Agency (IEA) said Iran’s production capacity will drop by 810,000 b/d to 3.1mn b/d by 2016 – assuming a 3.9mn b/d figure in 2010. “Iran’s oil industry is clearly under stress from further wide-ranging sa...
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 -
Iraqi Oil Sector Set For Change As Political Crisis Intensifies
...art from official airports. Decision making has been far too slow – Lukoil and Statoil are still waiting on a cabinet green light for a 400,000 b/d first phase of West Qurna-2, which should have been approved months ago (MEES, 5 December 2011). These issues, coupled with major differences with Ir...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
Iran Sanctions Trigger Economic Chaos, Food Shortages And Protests
...cked the government in 2009. EU Struggles To Tighten The Oil Screw EU Foreign Ministers have urgently rescheduled a meeting that aims to achieve a European boycott of Iranian oil – moving it from 30 January to 23 January. The EU imported in the first half of 2011 an average of about 450,000 b/d of...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
South Pars Reservoir Faces Challenges
...South Pars will be completed. The experience with the first 10 phases suggests that delays are likely, especially given the escalation in sanctions.” The IEA said in late 2011 that Iran’s energy industry is “clearly under stress from further wide-ranging sanctions imposed by the international co...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
Oil Producers Adopt Higher Crude Prices For 2012 Budgets
...MEES Agenda Oil Producers Adopt Higher Crude Prices For 2012 Budgets With the OPEC Basket price averaging $112.11/B last year versus 2010’s $107.46/B many MENA countries posted a surplus for 2011 and were encouraged to hike the oil price forecast they will use in their 2012 budgets. Pr...
Volume: 55Issue: 03Published at Mon, 16 Jan 2012 -
Oil Earnings Fuel Bumper Saudi Budget
...tual figures for 2011 show that the kingdom’s revenues hit SR1,110bn ($296bn), their highest ever levels, even edging over the SR1,100bn ($293.3bn) seen in the boom year of 2008. While oil prices fell short of the $147/B peak reached in July 2008, throughout 2011 they maintained an average of over $10...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Noble Makes Major Gas Find Off Cyprus, Government Readies Licensing Round
...cember 2011). Delek first proposed building an LNG facility in Cyprus in a letter delivered to Mr Christofias in January 2011, about a month after Noble announced the discovery of 16 tcf of natural gas in the Leviathan field offshore Israel (MEES, 17 January 2011). Last April, Noble and Delek together pr...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Tribal Attacks Cripple Yemeni Oil Sector
...ntinue. In November, Yemen declined to renew Canadian independent Nexen’s operatorship of the 35,000 b/d Masila field, handing operations from 17 December to a proposed new state firm PetroMasila (MEES, 28 November 2011). “But this firm has no offices yet, no managing director, no experts. I just don’t se...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Iran’s Political Struggle May Further Delay Major Gas E&P Push
...ternational sanctions slowing projects, whose production has not pushed ahead of domestic demand. In January 2011 state-owned National Iranian Gas Company (NIGC) said the average gas consumption hit a new historical record of 530mn cmd, although only weeks earlier the government said consumption had fa...
Volume: 55Issue: 01/02Published at Mon, 09 Jan 2012 -
Saudi Arabia Plans To Open Stocks To Foreign Investment
...vestment. There were reports late in 2010 that foreigners would be let in as early as the first half of 2011, but at the time analysts said that it would take much longer to complete the studies and develop a plan. “I think the timing will be influenced by market conditions. They won’t want to do it if th...
Volume: 54Issue: 52Published at Mon, 26 Dec 2011 -
Outlook Hazy For MENA Project Financing
...Middle East Economic Survey VOL. LIV No 52 26-Dec-2011 MEES Agenda Outlook Hazy For MENA Project Financing With the global financial crisis in the rearview mirror, hopes had been high that 2011 would be an even better year for the financing of MENA energy projects than 20...
Volume: 54Issue: 52Published at Mon, 26 Dec 2011 -
Peace Breaks Out In Vienna
...en downgraded by some 290,000 b/d and OPEC actually sees the appetite for its crude at some 140,000 b/d weaker than in the last report at 29.76mn b/d (see table). OPEC’s Summarized Oil Supply/Demand Balance For 2011 (Mn B/D) 2010 1Q11 2Q11 3Q11 4Q...
Volume: 54Issue: 51Published at Mon, 19 Dec 2011