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IEA Again Reduces Demand Forecast As Global GDP Slumps
...Middle East Economic Survey VOL. LIV No 42 17-Oct-2011 IEA Again Reduces Demand Forecast As Global GDP Slumps The International Energy Agency (IEA) has again reduced its global crude oil demand projection, this month by 50,000 b/d for 2011 and 210,000 b/d for 2012, on the basis of...
Volume: 54Issue: 42Published at Mon, 17 Oct 2011 -
EIA Says Market Easing, But Supply Uncertainty And Economic Worries Complicate Picture
...ntinuing growing from 87.1mn b/d in 2010 to 88.4mn b/d in 2011 and 89.8mn b/d in 2012. In the latest issue of its Short-Term Energy Outlook, released on 12 October, the EIA forecast that demand in OECD countries would decline in both 2011 and 2012, while demand in China and other emerging economies wo...
Volume: 54Issue: 42Published at Mon, 17 Oct 2011 -
Crude Oil Formulas/Posted Prices
...Middle East Economic Survey VOL. LIV No 42 17-Oct-2011 Crude Oil Formulas/Posted Prices ($/B) Kuwait (+ / - Adjustment Factor; $/B) 2011 2010 Nov Oct Sep Aug Jul Ju...
Volume: 54Issue: 42Published at Mon, 17 Oct 2011 -
Arab Aid To Egypt Tops $1.5Bn So Far
...der to finance its budget deficit of E£134bn ($22.5bn) for 2011-12, Egypt would turn to local market funding by issuing treasury bills and bonds (MEES, 12 September). But Dr Biblawi has reportedly submitted his resignation on 11 October in protest for the mishandling by the Egyptian police of a de...
Volume: 54Issue: 42Published at Mon, 17 Oct 2011 -
Construction Of Jordan’s Oil Shale Power Plant To Begin In 2012
...Middle East Economic Survey VOL. LIV No 42 17-Oct-2011 Jordan Construction Of Jordan’s Oil Shale Power Plant To Begin In 2012 Construction of Jordan’s first oil shale power plant is expected to start next year after finalizing all negotiations by the end of 2011, the project di...
Volume: 54Issue: 42Published at Mon, 17 Oct 2011 -
Jordan’s Petroleum Products Prices Mostly Unchanged For October
...s supplies to Jordan at preferential prices caused by the blowing up six times of the Arab Gas Pipeline (AGP) which supplies Jordan. Jordanian Minister of Finance Muhammad Abu Hammur said last week that the energy sector was posing the biggest challenge to the economy in 2011. He estimated that Jo...
Volume: 54Issue: 42Published at Mon, 17 Oct 2011 -
Syria Raises Budget Oil Price For 2012
...rian light crude and $65/B for heavy crude (an increase of 36% and 35% respectively from the 2011 values). This compares with $55/B for light crude and $48/B for heavy crude in the current budget (MEES, 13 December 2010). Oil revenue in 2011 was projected at S£189.4bn ($3.83bn), representing 92.2% of...
Volume: 54Issue: 42Published at Mon, 17 Oct 2011 -
UAE 2012 Federal Budget Continues To Stress Social Spending
...d a resulting deficit of Dh400mn ($109bn). This is much lower than the Dh3bn ($817mn) deficit projected for 2011. The federal budget will need to be reviewed by the Federal National Council (parliament) before it is signed into law by UAE President Shaikh Khalifah bin Zayid Al Nuhayyan and Ruler of...
Volume: 54Issue: 42Published at Mon, 17 Oct 2011 -
DP World Revenues Cushioned By Emerging Market Operations, Says Moody’s
...Middle East Economic Survey VOL. LIV No 42 17-Oct-2011 UAE DP World Revenues Cushioned By Emerging Market Operations, Says Moody’s Global marine terminal operator DP World’s solid operational and financial results for the first half of 2011 showed that its operations in em...
Volume: 54Issue: 42Published at Mon, 17 Oct 2011 -
Political Comment (17 October 2011)
...Middle East Economic Survey VOL. LIV No 42 17-Oct-2011 Political Comment (17 October 2011) The Americans claim to have foiled an Iranian plot to assassinate the Saudi ambassador in Washington. The main opposition groups in Bahrain have for the first time issued a joint "do...
Volume: 54Issue: 42Published at Mon, 17 Oct 2011 -
Gulf Turns To Unconventional Gas To Ease Shortage
...formation Administration (EIA) did not include the Middle East in its 2011 global shale gas survey, stating that the region has plenty of gas. Conference speakers, however, said that unconventional gas is needed and could be produced at costs significantly lower than importing LNG. One estimate is that th...
Volume: 54Issue: 41Published at Mon, 10 Oct 2011 -
Oil Prices Rally As Europe Moves To Stem Economic Slide
...ntiment is notoriously fickle and, more fundamentally, we believe that too much damage has already been done to business and consumer confidence; this should feed through to the real economy.” He said Société Générale sees a price of $98/B for Brent and $73/B for WTI in the fourth quarter of 2011 and fi...
Volume: 54Issue: 41Published at Mon, 10 Oct 2011 -
OPEC Supply Steady As Challenging Fundamentals Threaten Oil Market Status Quo
...oduction September 2010 – September 2011 (MEES Estimates – ‘000 B/D) 2011 2010 Sep Aug Jul Jun May Apr Mar Feb Jan Dec Nov Oct Sep Al...
Volume: 54Issue: 41Published at Mon, 10 Oct 2011 -
Japanese Crude Oil Imports Remain At 3.5Mn B/D During August
...onomy, Trade and Industry (METI) on 30 September. Year-on-year imports declined by 2.51% from 3.594mn b/d in August 2010. Monthly crude oil imports from the Middle East fell to 2.902mn b/d, down by 8.01% from 3.155mn b/d in July 2011 and down by 4.83% from 3.049mn b/d in August 2011. Saudi Arabia re...
Volume: 54Issue: 41Published at Mon, 10 Oct 2011 -
Saudi Crude Prices Increased For Asia, Reduced For US And Europe
...13/B in early September. The formulas for November 2011 and the previous 12 months for deliveries to the US, Europe and the Far East – on an FOB Saudi Arabia basis, 50 days after B/L for the US, 40 days after B/L for NW Europe, and B/L date to the Far East – are as follows ($/B): US (Pr...
Volume: 54Issue: 41Published at Mon, 10 Oct 2011 -
Crude Oil Formulas/Posted Prices
...Middle East Economic Survey VOL. LIV No 41 10-Oct-2011 Crude Oil Formulas/Posted Prices ($/B) Oman ($/B) 2011 2010 Nov Oct Sep Aug Jul Jun May Apr Mar Fe...
Volume: 54Issue: 41Published at Mon, 10 Oct 2011 -
Egypt’s Finance Minister Calls For Austerity
...Middle East Economic Survey VOL. LIV No 41 10-Oct-2011 EGYPT Egypt’s Finance Minister Calls For Austerity Egypt’s Deputy Prime Minister and Finance Minister Hazim al-Biblawi has called on all government entities to abide by their projected allocations in the 2011-12 budget an...
Volume: 54Issue: 41Published at Mon, 10 Oct 2011 -
Audit Court Criticizes Ahmadinejad’s Energy Policies
...e oil industry’s production has been reduced... The reduction has accelerated during the first three months of 2011,” Mr Katouzian was quoted as saying. The report was also critical of the overall handling of the economy by the president....
Volume: 54Issue: 41Published at Mon, 10 Oct 2011 -
Five Consortia Bidding To Develop Kuwait’s First IWPP
...st add power capacity of 10gw, from the current 11.3gw, according to National Bank of Kuwait (NBK) figures. Kuwait’s water capacity is 390mn g/d and it needs to hike this to 760mn g/d by 2020 (MEES, 14 February 2011). The tender for the Al-Zour North 1 IWPP was issued earlier this year after 16 in...
Volume: 54Issue: 41Published at Mon, 10 Oct 2011 -
HSBC And Emirates NBD Lend $200Mn For DEWA IPP
...e fact that talks to reschedule Dubai’s debt were ongoing at the time (MEES, 26 April 2010). These talks subsequently reached a successful outcome (MEES, 28 March 2011). The UAE is one of the world’s highest per capita consumers of water and electricity and hence is seeking to secure its long te...
Volume: 54Issue: 41Published at Mon, 10 Oct 2011