INTERNATIONAL. Saudi Arabia pumped the most oil in three decades last month, reaching 9.8 million barrels a day and boosting OPEC production, the International Energy Agency said. Increased output in Angola helped replace lower supply in Libya.
Daily supply from the 11 Organization of Petroleum Exporting Countries members bound by quotas rose to 27.37 million barrels a day in July from 27.22 million in June, the Paris-based IEA said today in its monthly oil market report.
“Output has regained levels close to those seen before the Libyan crisis, although OPEC spare capacity now stands at
KUWAIT. Kuwait confirms the network layout for its new US$20 billion metro with construction due to begin in 2017; KNPC to invest US$35 billion on expanding oil and gas projects over the next five years.
SAUDI ARABIA. Higher public spending and robust credit growth should support non-oil growth with construction, transport, manufacturing and retail sectors in the lead; A slowdown in global growth and geopolitical tensions constitute key risks, though they are less acute and more evenly balanced than in recent years.
INTERNATIONAL. Brent for September settlement traded at US$104.62 a barrel on the London-based ICE Futures Europe exchange; WTI for September delivery traded at US$96.55 a barrel, the lowest since Feb. 4.
UAE. 2Q 2014 gross revenues of US$187 million and gross profit of US$85 million, 30% and 35% higher than 2Q 2013 respectively; Strong production growth of 17% in 2Q 2014 to 72,200 boepd; Interim relief award in Kurdistan Region.
UAE. "In the short term, Erdogan's election signals a sign for continuity for Turkey. However, in the medium to longer term, questions remain. As in any political arena, a concentration of power and reduction of checks and balances carries negative risks."
INTERNATIONAL. Europe has been mired in an economic crisis for half a decade now. There have been constant predictions that Europe may finally be turning an economic corner, but if Germany's economy is contracting, it is difficult to believe that any corner is being turned.