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Falling Oil & Gas Exports Hit Algeria’s Trade Surplus
...s regularly voiced its concern about the rise in imports and the fall in hydrocarbons exports. This has been the trend since 2011, when the trade surplus fell from $26.24bn to $21.49bn in 2012 (down 18.1%) and to $11.07bn in 2013 (down 48.5% from 2012). Algeria’s Trade Statistics ($Bn...
Volume: 57Issue: 30Published at Fri, 25 Jul 2014 -
MENA Leads OPEC Refining Hike As First Mega-Refinery Comes Onstream
...0 B/D) 13 vs 12 13 vs 09 2009 2010 2011 2012 2013 ‘00...
Volume: 57Issue: 30Published at Fri, 25 Jul 2014 -
Iranian Oil Export Revenues Slump 39% In 2013
...IRAN The value of Iran’s petroleum exports fell to $61.9bn in 2013, down a whopping 39% on $101.5bn for 2012. This was already well down on $114.8bn for 2011. Latest data released by OPEC shows, as export volumes slumped in the fact of tightening Western sanctions. Iranian crude oil ex...
Volume: 57Issue: 30Published at Fri, 25 Jul 2014 -
Sudan Economy Continues To Reel From Southern Amputation
...layed by around 16 months, resulting in a further hit to the Sudanese economy. “What we saw was a significant increase in the budget deficit [in this period],” Mr Erasmus says. “The budget balance deteriorated from a surplus of around 0.2% in 2011, to a deficit of 4.5% in 2012. This was financed al...
Volume: 57Issue: 30Published at Fri, 25 Jul 2014 -
IMF Lauds Saudi Economic Performance, But Warns Spending Is Too High
...cade, the government has finally decided to press ahead with the measure as part of a series of gradual liberal reforms.” Saudi Arabia: The IMF’s Latest Economic Numbers (2010–14) 2010 2011 2012 20...
Volume: 57Issue: 30Published at Fri, 25 Jul 2014 -
Saudi Arabia Official Crude & Products Output, Consumption And Trade Figures (‘000 B/D)
...J-M12 2013 2012 2011 2010 2009 Crude Production (Official) 9,705 +45 +48 9660 95...
Volume: 57Issue: 30Published at Fri, 25 Jul 2014 -
Benchmark Crude Prices ($/B)
...12 2011 WTI 102.07 101.68 102.60 105.13 101.90 103.00 98.56 98.03 94...
Volume: 57Issue: 30Published at Fri, 25 Jul 2014 -
Libya: Stability Under Threat As Oil Output Recovers
...low a return to full capacity. Prior to the civil war that dislodged Mu’ammar Qadhafi in 2011, Libya was producing 1.6mn b/d. After the fighting, during which operations ceased, output rebounded beyond initial expectations, and was back at around 1.5mn b/d when the PBC and western protestors again fo...
Volume: 57Issue: 29Published at Fri, 18 Jul 2014 -
Jordan Approves Shale-Fired Power, Mining Project
...pplies became intermittent after the collapse of the Mubarak regime in 2011. This forced an even greater reliance on imported oil for power generation – nearly 90% in 2012 compared with less than 60% in 2009 – and sped up the ministry’s pursuit of fuel diversity. Ambitious Plans Jordan cu...
Volume: 57Issue: 29Published at Fri, 18 Jul 2014 -
MENA Energy Subsidies: Some Progress But Much More To Do-IMF
...port, ‘Subsidy Reform in the Middle East and North Africa: Recent Progress and Challenges Ahead,’ questions whether Egypt has properly laid the ground for such reform. MENA: 48% Of Global Total MENA countries spend much more on subsidies than other regions: for 2011 the cost was $237bn, 48% of th...
Volume: 57Issue: 29Published at Fri, 18 Jul 2014 -
Egypt Looks to Reform To Attract Investment, Boost Growth
...2% for the current 2014-15 fiscal year, which began on 1 July. Egypt’s growth rate has been stuck at around 2% for the past three years (see graph, MEES 4 July) – that is to say since the Arab Spring ‘Revolution’ of early 2011. Without the two economic stimulus packages of $4.3bn and $4.9bn in...
Volume: 57Issue: 29Published at Fri, 18 Jul 2014 -
Benchmark Crude Prices ($/B)
...13 2012 2011 WTI 103.19 102.60 104.61 105.13 101.90 103.00 98.56 98...
Volume: 57Issue: 29Published at Fri, 18 Jul 2014 -
Shell Calls Time On Saudi Gas Project
...udi Aramco’s upstream monopoly. Dangerous Times Given the collective political trauma that has descended on the Middle East since 2011’s ‘Arab Spring’ revolutions, domestic security concerns have taken priority over economics and Riyadh has made it clear that it has no intention of raising en...
Volume: 57Issue: 28Published at Fri, 11 Jul 2014 -
Iran To Sideline Sinopec At Yadavaran
...arded the $2.5bn contract in March 2011 to develop the field in two phases: Phase-1 targeted 320,000 b/d and 197mn cfd by mid-2014 and Phase-2, 600,000 b/d by 2017. But in February, Iran said CNPC had only drilled seven of the 185 wells it had planned at the field. Current production at South Az...
Volume: 57Issue: 28Published at Fri, 11 Jul 2014 -
Turkey Hikes Generation Capacity By 12%, Eyes Coal Expansion
...05 2006 2007 2008 2009 2010 2011 2012 2013 Thermal 23.0 24.1 26...
Volume: 57Issue: 28Published at Fri, 11 Jul 2014 -
Abu Dhabi Power Capacity Hits 13.9GW
...07 2008 2009 2010 2011 2012 2013 Power Capacity (GW) 5.53 7.17 7.88 8....
Volume: 57Issue: 28Published at Fri, 11 Jul 2014 -
OPEC Output Up In June Despite Iraqi Outages
...vised 29.94mn b/d in May (see table). This pushed output above the group’s nominal 30mn b/d target, which has been in place since December 2011. At their latest meeting in Vienna last month, OPEC ministers decided to maintain this target for the remainder of the year. This is despite the fact that th...
Volume: 57Issue: 28Published at Fri, 11 Jul 2014 -
Libyan Operators Wait For Output Surge
...ened up the pipeline to the Mellitah terminal; Sharara production is exported from nearby Zawiya. Before the revolution that toppled veteran despot Mu’ammar al-Qadhafi in 2011, Libya was producing 1.6mn b/d. The hasty shut down of fields and pipelines during the fighting led to fears that it would ta...
Volume: 57Issue: 28Published at Fri, 11 Jul 2014 -
Saudi Arabia Denies Funding Isis
...ceived new support from Iran in the form of elite al-Quds brigade forces helping to fight the Sunni insurgency. Prince Muqrin bin ‘Abd al-‘Aziz, the former Saudi intelligence chief named recently as the future King of Saudi Arabia to succeed Crown Prince Salman, back in 2011 warned Washington at a me...
Volume: 57Issue: 28Published at Fri, 11 Jul 2014 -
Gulfsands Struggling To Regroup More Than Two Years After Losing Syria Assets
...rce majeure at its Syria operations, Gulfsands’ only producing asset, in December 2011. Gulfsands’ working interest from its Syria operations totaled about 8,500 b/d in 2011, down from 10,300 b/d in 2010. In a corporate update issued at the end of June, Gulfsands suggests that it remains ho...
Volume: 57Issue: 28Published at Fri, 11 Jul 2014