The United Arab Emirates plans to raise its oil production capacity to 3 million barrels a day, from the current 2.8 million, during the current year, the country’s oil minister Mohammad Al-Hamli said Wednesday. Read more
Crude oil output from the Organization of the Petroleum Exporting Countries (OPEC) climbed by 400,000 barrels per day (b/d) to 31.27 million b/d in February from 30.87 million b/d in January, the highest volume from the 12 producing countries since the autumn of 2008, a Platts survey of OPEC and oil industry officials and analysts showed .
Continuing recovery in Libyan production accounted for 250,000 b/d of the month-on-month increase. Smaller increments came from Angola, Kuwait, Nigeria, Saudi Arabia and Venezuela. Read more
The latest report from BofA Merrill Lynch Global Research was released today, titled, “BofA ML Emerging Markets – MENA Quarterly: Positioned to cope with global slowdown”.
Bellow are the highlights:
Macro overview: Positioned to cope with global slowdown
BofA Merrill Lynch believes that, compared to 2008, the region is broadly in a better shape to weather the global slowdown. Progress on corporate deleveraging, more robust banking systems, higher but broadly still reasonable breakevens, a heavy infrastructure pipeline and sovereign wealth are likely to cushion the global downturn. The bank sees MENA / GCC GDP growth at 5.8% and 6.9% in 2011 (vs. 4.7% and 5.2% previously). The bank cut s2012 MENA / GCC growth to 4.0% and 3.9% (vs. 4.7% and 4.9% previously) mainly due to our expectation of flattish oil production in 2012 but still strong non-oil GDP growth, and higher base effect. Read more
Abu Dhabi National Oil Company ‘ADNOC’ announced today reduction of shipments of crude oil to its customers for the month of August by 5 percent for each of Murban and Lower Zakum, while by 8 per cent for Umm Shaif and Upper Zakum, according the official news agency WAM.
OPEC oil ministers are set to hold a regular ministerial meeting in Vienna on June 8, to mull the market’s supply and demand and a possible new output ceiling.
The Organization of the Petroleum Exporting Countries should take a decision to increase its oil production, in order to meet higher demand expected in the second half of 2011, according to a delegate who attended a meeting of the group’s advisory board on Friday. Read more
The Abu Dhabi National Oil Company (ADNOC) announced today a 10pc cut in Murban allocations to its clientele for April, 2011.
The moves came in accordance with the OPEC decision to reduce production.
Abu Dhabi National Oil Company (ADNOC) announced today nomination cut during March 2011, will be as follows: Murban 10%, Lower Zakum 10%, Umm Shaif 5% and Upper Zakum 10%.
It added that Murban, Lower Zakum, Umm Shaif and Upper Zakum cargoes will be treated at Max/-5% tolerance loading basis.
The ADNOC further stated that the move is in accordance with the OPEC decision to reduce production.
The Abu Dhabi National Oil Company (ADNOC) announced today the prices of its crude oil for November.
A company statement said the Government Selling Prices (GSP) for crude oil FOB Abu Dhabi ports for the month of November are as follows: Murban (US$85.65) per barrel, Lower Zakum (US$85.65), Umm Shaif (US$85.30) and Upper Zakum (US$83.35) per barrel.
The Abu Dhabi National Oil Company (ADNOC) announced today 10% to 20% cuts in its crude allocations to clients during the month of September 2010.
According to the statement issued by ADNOC, the cargoes of Murban and Lower Zakum will be cut by 20%, while the allocations of Umm Shaif and Upper Zakum will be reduced by 10% in September.
The move follows the Organisation of the Petroleum Exporting Countries’ (OPEC) decision to reduce production.
Saud Masud, head of Middle East research at UBS AG, speaks about possible interest from the region’s sovereign wealth funds in BP Plc. He talks with Linzie Janis on Bloomberg Television’s “Global Connection.”