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Gulf to reject OPEC cuts to guard oil market share KUWAIT CITY: Gulf oil producers led by Saudi Arabia will likely reject output cuts at an OPEC meeting next week unless they are guaranteed their market share in a highly competitive market, analysts say.The stance of Kuwait, Qatar, United Arab Emirates and Saudi Arabia is seen as crucial for a positive OPEC decision on reducing supplies to boost crude prices, which have shed a third of their value since June.The four pump a total 16.2 million barrels per day, or 52 percent of the 12-member Organisation of Petroleum Exporting Countries, but they account for two-thirds of the cartel's exports, according to figures from OPEC and other agencies."OPEC members are looking at Saudi Arabia, Kuwait and UAE to shoulder the bulk of any production cuts, and they can," said Kuwaiti oil expert Kamel al-Harami."But it is extremely unlikely for Gulf states to accept output cuts unless other OPEC members take the ...

Saudi crude oil exports edge up to 6.72mn bpd in Sept DUBAI: OPEC heavyweight Saudi Arabia's crude oil exports edged up in September by around 59,000 barrels per day (bpd) while volumes used by domestic refineries remained high, official data showed on Tuesday.The world's top oil exporter shipped 6.722 million bpd of crude in September, up from 6.663 million in August but lower than July's 6.989 million, data published by the Joint Organisations Data Initiative (JODI) showed.Production rose to 9.704 million in September from 9.597 million ...
Iran oil minister slams producers for not cutting output DUBAI: Iran's oil minister accused some countries on Sunday of making up excuses to justify their refusal to stabilise prices by cutting output, a possible reference to Saudi Arabia as a Saudi official insisted the issue should be left to market forces."Certain countries had raised their production after the exit of several countries from the cycle of oil production," Iran's Bijan Zanganeh said, referring to international sanctions that have forced his country to cut its ...
Iraq's southern oil output averaging about 3mn bpd BAGHDAD: Iraq's current southern oil output and export levels, given by the country's oil minister on Saturday, indicate that fighting and unrest has not derailed an expansion of supplies from OPEC's second-largest producer.The country's oil supplies were held back by decades of war and sanctions. It has been expanding oil production in the south since Western companies signed a series of service contracts with Baghdad in 2010, and boosted export capacity.Iraq's oil exports from its ...
Kuwait to spend $40bn to boost oil output to 4mn bpd by 2020 DOHA: Kuwait plans to invest around $40 billion to boost its oil production capacity to 4 million barrels per day (bpd) by 2020, an executive from Kuwait's state oil company (KOC) said on Thursday.The OPEC state has a crude oil production capacity of around 3.4 million bpd and its production is in the range of 3 million bpd, Saeed al-Shaheen, manager of well surveillance at KOC, told Reuters at an industry event."There are plans to ...
Adnoc finalises 2015 jet fuel term contracts at lower premium SINGAPORE: Abu Dhabi National Oil Co has finalised its 2015 jet fuel term contracts at slightly lower levels than the current year, industry sources said on Tuesday. The refinery finalised its January to December 2015 jet fuel contract at a premium of $1.90 a barrel above Middle East quotes, about 14 percent lower than the $2.20 a barrel it set for its 2014 term cargoes. Buyers include Total, BP, Mitsui, Petrobras and Emirates National Oil ...
Kuwait oil minister says doesn't think OPEC will cut ABU DHABI: OPEC is unlikely to decide to cut its oil output ceiling at its next meeting on Nov. 27, Kuwait's oil minister Ali al-Omair told reporters on Monday."It's too early to decide, but I don't think so," he said in response to a question on the sidelines of a major energy industry conference in Abu Dhabi. "It will be a hard decision but I don't think there will be any cut."Omair also said he ...

 



 
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Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln