WAM VIENNA: The OPEC Secretariat has issued its monthly oil market report for May 2013.
Following are oil market highlights from the Monthly Oil Market Report by the Organization of the Petroleum Exporting Countries.
The OPEC Reference Basket dropped for the second-consecutive month in April, declining by US$5.39 or more than 5% to stand at US$101.05/b. Year-to-date, the Basket declined by US$10.22 or 8.7% from the same period last year. Crude oil futures took a substantial hit again in April, with Brent falling 5.6% to July 2012 levels with a monthly average of around US$103/b. Nymex WTI edged 1% lower to average US$92/b.
WAM VIENNA: The OPEC Secretariat has issued its monthly oil market report for May 2013.
Information sharing and benchmarking platform offers opportunities to optimise reliable operations of aluminium giant’s captive power station
Dubai, United Arab Emirates: With 1,573 reduction cells arranged in seven potlines, producing more than one million tonnes of primary aluminium per annum, the total load demand for electrical power at Dubai Aluminium (“DUBAL”) is approximately 1,900 MW. This requirement is met through a captive combined cycle power station comprising 23 gas turbines and seven steam turbines, giving an installed power generation capacity of 2,350 MW (at 30˚C). This infrastructure makes the DUBAL Power Plant not only a major user of gas turbines in the region, but also an industry resource in terms of knowledge and expertise in this area.
PETCHEM Arabia 2013 to Provide Comprehensive Analysis on Developing the Middle East’s Petrochemical Industry
Abu Dhabi-UAE: 27 March 2013 – Returning for its eight annual edition, PETCHEM ARABIA2013 will address all the current challenges and opportunities faced by the GCC region in developing a highly lucrative petrochemical industry.
Organised by The Energy Exchange, PETCHEM ARABIA will be held from 12 – 15 May 2013 in Abu Dhabi, UAE and for the first time will be co-located with Middle East Downstream Week 2013reflecting the industry trend towards mega refining and petrochemical integration.The co-location will also provide attendees with over 15 hours of networking and is the only opportunity for stakeholders in the petrochemicals and downstream industries to get comprehensive feedback on competitor plans, successes and challenges.
BEIRUT, March 13, 2013
BEIRUT, March 13, 2013 /PRNewswire/ -- Wealth-X, the ultra high net worth (UHNW) business development solution for Global Private Banks, Luxury Brands, Educational Institutions and Non-Profits, has released a statistical profile of the average Middle Eastern ultra high net worth individual (UHNWI) based on proprietary demographic and wealth indicators.
For most ultra high net worth individuals (UHNWIs) in the Middle East, the oil sector is not the source of their wealth.
"The typical Middle Eastern UHNWI is not an oil baron," noted Wealth-X Director of Business Development, Middle East and Africa, Michel Nassif. "He or she is most likely to represent the finance and banking sector or an industrial conglomerate."
Saudi Arabia Continues Production Dip, Weighing on Producer Group's Output
LONDON, Feb. 7, 2013
LONDON, Feb. 7, 2013 /PRNewswire/ -- Crude oil production from the Organization of the Petroleum Exporting Countries (OPEC) fell to 30.45 million barrels per day (b/d) in January from 30.65 million b/d in December, led by a further drop in volumes from Saudi Arabia, a just-released Platts survey of OPEC and oil industry officials and analysts showed.
Crude oil output from the Organization of Petroleum Exporting Countries (OPEC) declined 90,000 barrels per day (b/d) to 31.08 million b/d in November, a Platts survey of OPEC and oil industry officials and analysts showed December 10. This follows October production of 31.17 million b/d and leaves OPEC exceeding its 30 million b/d output ceiling that was agreed to last December, and extended in June, by more than one million b/d.
Decreases totaling 140,000 b/d from Angola, Iran, Libya, Nigeria and Saudi Arabia were partly offset by increases totaling 50,000 b/d from Ecuador, Qatar and the United Arab Emirates (UAE).
The latest survey estimates Iranian output at 2.7 million b/d in November. This follows a steady decline through the year amounting to a loss of some 820,000 b/d since January, ahead of and after the implementation of U.S. and European Union sanctions targeting Iran's economic lifeline, its oil export revenues.
An E.U. embargo on imports of Iranian oil in force since July 1 has deprived Iran of a market for some 600,000 b/d of crude. Brussels has also banned the provision of key E.U.-linked insurance for ships carrying Iranian oil, a move which has had a measurable impact on Asian shipments of Iranian oil.
U.S. sanctions which came into force in late June have also hit Iran's exports to Asia, though the Obama administration has awarded exemption to countries showing significant reductions in imports, easing the sanctions bite on those nations.
Dubai, UAE, November 25, 2012: On November 21, Total acquired a ten-year petroleum product distribution license in Jordan that will allow its Marketing & Services subsidiary Total Jordan to cement its position in the country and quickly and significantly increase its retail network throughput. Under the license, Total Jordan will have the right to supply more than 120 service stations, over and above its 23 company owned and company operated service stations which will represent a retail network market share of 33%.
Acquiring the license also enables Total Jordan to step up its expansion in general trade activities, through gaining the opportunity to contract with industrial customers, and in the lubricants market. It will also enable Total Jordan to penetrate to the aviation fuel market.
Globalization creating new opportunities for Gulf petrochemicals industry, says GPCA Secretary General
Dubai, UAE: November 19, 2012: At a time when the international balance of economic power continues to shift eastward, Gulf petrochemical producers are exploring opportunities to expand capacity, diversify production and realize the region’s full potential, the Secretary General of the Gulf Petrochemicals and Chemicals Association (GPCA) said today.
Speaking ahead of the 7th Annual GPCA Forum, which will take in Dubai from November 27-29, 2012, Dr. Abdulwahab Al-Sadoun highlighted that 2011 was a banner year for the Gulf producers not only in terms of output, which exceeded 120 million tons which is a 13.5% growth compared with 2010 output, but also in terms of sales revenues which increased by 29% from US$ 58.4 billion in 2010 to US$ 75.6 billion in 2011. With several projects to come on stream within the next few years, the GCC’s position as one of the emerging hubs of the global petrochemical industry will be cemented.
Gulf gas production has 30 billion cubic feet per day morepotential, Crescent Petroleum President tells participants in WEF Summit on the Global Agenda in Dubai
Public-private partnerships key to expanding production and sustaining economic growth, says World Economic Forum Energy Security Council member
Dubai, UAE; November 13, 2012:Addressing fellow members of the World Economic Forum Council on Energy Security, as part of the ongoing Summit on the Global Agenda in Dubai, the Managing Director of the Crescent Group and President of Crescent Petroleum said today that the Gulf region has the potential to produce up to an additional 30 billion cubic feet per day (bcf/d) of natural gas – nearly doubling current production levels.
Badr Jafar, who is also Chairman of Pearl Petroleum, a joint venture with OMV of Austria and MOL of Hungary, which is Iraq’s largest private-sector natural gas producer, highlighted the current mismatch between the level of proven regional gas reserves and total production, and said that national oil companies (NOCs) and private-sector companies must formstronger alliances to address this imbalance and support the Gulf’s sustained economic growth.
Today, the Gulf is home to20% of the world’s total proven gas reserves, but accounts for only 11% of global gas output. Consequently, the region has the longest gas reserve life in the world, able to produce at current levels for at least 120 years, almost double that of the global average of 64 years. If the region were to produce in proportion to its reserves, Jafar said, average global output would rise by approximately 30 bcf/d.
“NOCs and the private sectorcan work together far more closely – in an environment that encourages competition and best practices,” said Jafar, who has been appointed for the second year as a member of the Council on Energy Security, which is holding discussions this week in Dubai that will help set the agenda for the World Economic Forum Annual Meeting in January 2013 in Davos, Switzerland.
Current gas production levels in the Gulf are constrained by the unintended consequences of regional energy policy, he said, emphasising the needfor prices to reflect market dynamics.
The region currently deincentivises the development of new fields, Jafar said, pointing out that today the cost of production is roughly US$4 per thousand cubic feet (mcf),but is sold at an average of justUS$1 per mcf, reflecting the existing pricing regime. According to Jafar, reform of this pricing is essential to generating the massive investments required to develop the region’s undeveloped gas reserves.
“The region must realise its full exploration and production resource potential to secure the next phase of its sustained economic growth,” he said. “While energy security is a strategic priority for every nation, and the state will always play a central role in the sector, this does not precludegreaterprivate-sector support in the delivery of these goals. On the contrary, by operating through public-private partnerships and towards government-set objectives, the sectorcan drive innovation and maximise efficiency.”
Described as the world’s largest brainstorming session, the Summit on the Global Agenda is currently being held in the UAE for the fifth consecutive year. Over the course of this three-day event, which concludes on November 14, 2012, over 1,000 internationally leading thinkers – from government, business, academia and civil society – will come together to debate and generate transformational ideas that will shape a greener and more inclusive future.
- Daleel Petroleum Company Saving US$15 Million of Diesel Fuel a Year with Gas Flaring Reduction Initiatives
- TOTAL reaffirms commitment to Abu Dhabi with significant presence at ADIPEC 2012
- First Solar to Build13MW Solar Power Plant for Dubai Electricity & Water Authority
- Dana Gas Commences Production from New Egypt NGL Plant
- Dana Gas and Crescent Petroleum Kurdistan Production Reaches 80,000 barrels per day on 4th Anniversary
Page 1 of 9