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
UAE. The ripple effects of the North American energy boom from major importer to soon-to-be exporter are being felt across the Middle East, Russia and China. This trend will reshape the global geopolitical landscape according to a Deloitte report.
INTERNATIONAL. The U.S. will remain the world's biggest oil producer this year after overtaking Saudi Arabia and Russia as extraction of energy from shale rock spurs the nation's economic recovery, Bank of America said.
UAE. Abraaj acquired in 2009 a controlling stake through one of its funds in KES Power, the majority shareholder of K-Electric, a vertically integrated power utility listed on the Karachi, Islamabad and Lahore stock exchanges in Pakistan.
UAE. Energy sector hit by selling as Iraqi oil keeps on flowing; Precious metals managed to hold on to the gains from the previous week with silver reaching the highest since March, continuing to outperform gold.
UAE. "The GCC states' dependence on the oil and gas sector as a key vulnerability, particularly absent the accumulation of significant financial buffers, should there be a sharp and sustained decline in the oil price or in hydrocarbon export volumes."
INTERNATIONAL. Scripting the requiem for this era of ultra-low interest rates might yet be disrupted by the rise of GBP; NYMEX having broken out of its year-to-date range leaves last year's highs in the market's sights.
INTERNATIONAL. The world is well aware of the concerns around terrorism and Nigeria's ongoing struggle with poverty. However the report finds that Nigeria has the potential to expand its economy by roughly 7.1% per year through 2030.