Home Page - Gulf in the Media
HomePoliticsEconomy                               Set Gulfinthemedia.com as home page
Economy
 Print  Send This Page
Save Listen to this Article
Saudi oil output at 3-decade high as exports rise   

Saudi Gazette - 20 August, 2012

Saudi Arabia pumped crude oil in June at the highest level in more than three decades as the country exported the most in a month since November 2005, official data showed.

The world’s biggest oil exporter shipped 7.84 million barrels a day in June, an increase of 2.3 percent from a month earlier, while output rose 3 percent to 10.1 million barrels a day, according to statistics the government submitted to the Joint Organization Data Initiative (JODI). The data for output and exports include condensates and exclude natural-gas liquids.

JODI is supervised by the Riyadh-based International Energy Forum (IEF) and compiles data provided by member governments. The IEF, a group of nations accounting for more than 90 percent of global oil and natural-gas supply and demand, was established as a forum for producing and consuming countries to discuss energy security. The US, China and the European Union are among the IEF’s members, according to its website.

Separately, delegates from the oil producers’ group said that OPEC has delayed a meeting of officials to help select its new secretary general putting off talks that could reignite rivalry for influence as Saudi Arabia, Iran and Iraq seek the top post.

Officials said that a panel of officials was initially planned to convene at OPEC’s Vienna headquarters during August but the meeting may now take place in October.

OPEC has often struggled to agree on a secretary general and the task of appointing a successor to the outgoing Abdullah Al Badri comes as Western sanctions on Iran have heightened political tensions within the 12 member group.

Four of OPEC’s 12 members have put forward potential successors to Al Badri, a Libyan whose term finishes by 2012 end. Saudi Arabia nominated its Opec Governor Majid Al Moneef while Iraq proposed Thamir Ghadhban, energy adviser to Iraq’s prime minister and Iran nominated a former oil minister Gholam Hossein Nozari.

World oil prices were mixed Friday, with US-sold crude continuing recent gains which have sent it to three-month highs and Brent trending the opposite direction.

New York’s main contract, West Texas Intermediate (WTI) light sweet crude for September, rose 41 cents to $ 96.01 a barrel.

Brent North Sea crude for delivery in October fell $ 1.56 to $ 113.71 a barrel, for largely technical reasons.

“The drop in price is largely the result of the contract rollover. The October contract, which from today represents the reference price, was trading $ 2.50 lower than the September contract at the time of the rollover,” said analysts at Commerzbank.

US oil prices had spiked Thursday thanks to a brighter demand outlook for the world’s biggest economy.

They continued that path Friday.

Prices have also won support this week from fresh hopes of more economic stimulus measures by central banks - and notably by the central bank in commodities-hungry China. Crude futures were also lifted by Middle East unrest and tight North Sea crude supplies, traders said.
 
$ 15 bn 'KSA help' to end Pak energy crisis
Source : Arab News  
Date : 2013-05-24
Saudi Arabia is expected to extend a bailout package of about $ 15 billion to Pakistan....
Walls to be built around rail tracks at holy sites
Source : Arab News  
Date : 2013-05-24
Work is now under way to build a wall encircling the train tracks connecting the holy sites at Makkah, an official of the Ministry of Municipal and Rural Affairs has...
New dam above Bisha reservoir to generate 15,000MW
Source : Arab News  
Date : 2013-05-24
The Bisha dam in Jazan, the largest reservoir of water in the Kingdom, has the capacity to supply 220,000 cubic meters of water daily, thereby saving SR 36 billion for...
Bahrain's Budget rescue hope setback
Source : Gulf Daily News  
Date : 2013-05-24
Hopes for a speedy rescue of Bahrain's national budget suffered a setback yesterday, when it emerged the Shura Council would be unable to hold a vote until next month....
Dubai Holding to take part in 'Global Corporate Challenge'
Source : Khaleej Times  
Date : 2013-05-24
For the third year running, Dubai Holding, the global investment holding company, will be participating in the Global Corporate Challenge (GCC), the world’s leading corporate health initiative aimed at changing...
Health tips for women
Source : Gulf Daily News  
Date : 2013-05-24
Women were offered health tips at Bahrain City Centre yesterday. The mall is taking part in the Go Red for Women campaign, which continues today and focuses on the prevention...
Dubal, Dewa to strengthen business ties
Source : Arab News  
Date : 2013-05-24
Dubai Electricity and Water Authority (Dewa), received a delegation from Dubai Aluminium (Dubal), at its Sustainable Building in Al Quoz, as part of Dewa’s ongoing stakeholder-outreach and visits....
Row over theme park in Muharraq
Source : Gulf Daily News  
Date : 2013-05-24
Plans for a BD19 million theme park in Muharraq could be challenged in court....
Abu Dhabi firm eyes share listing
Source : Gulf Daily News  
Date : 2013-05-24
An Abu Dhabi government-owned holding company may sell its shares or offload a stake in one of its main businesses as part of plans to spur listings on the local...
ICD planning to increase loan
Source : Gulf Daily News  
Date : 2013-05-24
Investment Corp-oration of Dubai (ICD), the holding company for some of the emirate's best-known companies, may increase the size of a $2 billion loan after significant interest in the deal...
Major trade success for BBK Brokerage
Source : Gulf Daily News  
Date : 2013-05-24
BBK Brokerage Services, a division of BBK, has announced it successfully executed one of the largest trades on Bahrain Bourse....
QE gains 131.72 points this week
Source : The Peninsula  
Date : 2013-05-24
Qatar Exchange (QE) gained 131.72 points (1.48 percent) this week when trading closed yesterday at 9,048.62 points....
Taiwan to seek more trade ties with Oman
Source : Oman Daily Observer  
Date : 2013-05-24
A delegation from the Taiwanese photovoltaic (PV) industry, in co-operation with Oman Chamber of Commerce and Industry (OCCI), will visit the Sultanate of Oman from May 26 to 28....
Legal issues to be probed
Source : Gulf Daily News  
Date : 2013-05-24
International law firm Trowers & Hamlins and the Royal Institute of Chartered Surveyors (RICS) Bahrain, have teamed up to offer a series of seminars for members of RICS Bahrain and...
KNPC stresses human resources priority for company
Source : Kuwait News Agency  
Date : 2013-05-24
Managing Director of the Kuwait National Petroleum Company (KNPC) Mohammed Ghazi Al-Mutairi said on Thursday that the company has four priorities which it will be working on during the next...
Huawei's Middle East revenue surges 18pc
Source : Gulf Daily News  
Date : 2013-05-24
China's Huawei Technologies' Middle East revenue rose 18 per cent to $2.08 billion in 2012 and the roll-out of 4G mobile networks and IT outsourcing will be among its main...
Banks seek to reduce debt burden of Emiratis
Source : Khaleej Times  
Date : 2013-05-24
The UAE's banking industry showed significant growth in the first quarter of the year as assets grew 4.8 per cent year-on-year and customers deposits climbed six per cent, reflecting significant...
GPIC marks work safety milestone
Source : Gulf Daily News  
Date : 2013-05-24
Gulf Petrochemical Industries Company (GPIC) celebrated achieving more than 15 million working hours free of work accidents among both its employees and contractors....
Visitors select their favourite majlis design
Source : Khaleej Times  
Date : 2013-05-24
The 23rd edition of Index and the 12th edition of the Office Exhibition concluded on Thursday. Show organiser, dmg events, announced the winner of the People’s Choice Award for the...
Pioneering project for neighbourhood shops
Source : Gulf Times  
Date : 2013-05-24
The Ministry of Business and Trade (MBT) launched yesterday a pioneering project to establish small markets - including groceries, pharmacies, bakeries, and outlets offering other basic services - within different...
Total 490 Results in 25 Pages
1 
For more news, views and reports about this topic, please subscribe
to GRC website: www.grc.ae
Fri May 24, 2013| 14-رجب-1434هـ
5 die as Assad backers, foes clash in Lebanon
SAMA's net foreign assets surge to SR 2.506 trillion
Iran: IAEA report shows nuclear drive is peaceful
Dubai among top four in prime global cities index
Iraq violence kills 11
Retail investors spur Kuwait market
Saudi charities face funding crisis over terror fears
Bahraini banks in merger talks as consolidation picks up
Iran denies its drone entered Bahrain airspace
Most Gulf markets plunge
Journalists abducted in Yemen
Archelons plans to invest $ 1mn in Qatar
Disqualified Rafsanjani blasts Iran's rulers
Jeddah food and hotel expo sets new standards
OIC condemns 'barbaric' murder of British soldier
UAE economy gains momentum
    Newspaper Editorials
The Gitmo slur
A damning report
More>>  
    Opinions
Iran's Moment of Truth
Battered and bloodied
More>>  
    GCC Press Agencies
Day's main stories from the GCC Press Agencies
    Reports
Iraq Ten Years On
US Goals and Strategies toward the Arab World
More>>  
    Bank Reports
Saudi Arabia: Interest rate outlook, 2013-15
GCC Markets Monthly - May 2013
More>>  
    GRC Analysis
Building a Strong Saudi-Japan Relationship
Poor Gulf: Inequality and the Lack of Statistics
Whither GCC-US Relations?
    GRC Commentary
On Relations between Rulers and Citizens: The Need for a New Social/Political Contract in the GCC States
Key Issue Facing the Saudi Ruling House.
    GRC Book Review
Beyond Regionalism? Regional Cooperation, Regionalism and Regionalization in the Middle East
India, GCC and the Global Energy Regime: Exploring Interdependence and Outlook for Collaboration.
    GRC Press Release
Gulf Research Center press releases to the media
    GRC Publications
Asia-Gulf Economic Relations in the 21st Century: The Local to Global Transformation
Assessment of the Security Situation in Iran, Iraq, Yemen, Syria and the Arab Gulf States
China in the Eyes of the Saudi Media
    GRC Newsletters/Bulletins

Enter your email to get the Newsletter
Go
      
Privacy Policy | Contact Us | Terms & Conditions | About Us |
Weather | Qibla Directions | Hijri Date Conversion Tool
Full Page :total time:0  |   38-- 38 Middle Page :0  --   | Right : 38 - 38--en--sess-enreq-en-coming