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
INTERNATIONAL. But despite an expected drop in their current account surpluses, most Gulf Cooperation Council economies continue to have "substantial buffers" to cope with short-lived price shocks, the IMF said in its World Economic Outlook
INTERNATIONAL. A whirlwind first quarter for commodities is unlikely to be repeated in Q2 as a perfect cocktail of ingredients will inevitably fade; Gold has been one of the big surprises so far this year as it first found support from strong physical demand and then from geopolitical factors.
KUWAIT. "There are geopolitical factors impacting oil prices... which are not only controlled by output levels and production capacity but also by political changes," Kuwaiti Oil Minister Ali al-Omair said.
INTERNATIONAL. The greatest threat to Qatar's enormous wealth is competition as other nations are challenging its LNG dominance; Qatar faces diminished market share and the possibility of lower prices just as the country embarks on US$200 billion of infrastructure spending.
UAE. Discussions to be held at Iran Oil & Gas 2014 Summit, taking place in Dubai on 23-25 June; Platform to gauge the latest developments and new business opportunities during this pivotal time for Iran's oil and gas industry.
KUWAIT. According to a newly released report by Kuwait Finance House Research, the global sukuk market saw a modest volume of US$31.14 billion in new sukuk issuances in 1Q2014. This volume represents a drop of 9.82% compared to US$34.53 billion worth of issuances in 1Q13.
INTERNATIONAL. The WGC pointed out that the Chinese bank savings amount to US$7.5 trillion but only about US$300 billionn is allocated to gold, signifying the potential for gold demand to grow as Chinese wealth climbs.
INTERNATIONAL. It's now up to the new government to get real shale development in motion, and for Turkey to face up to its own strategic realities and join forces with Ukraine to harness LNG potential.