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    Local, Italian companies partner up to establish food retail chain in Egypt

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    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

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    Azerbaijan, Iraq discuss prospects of relations

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    Oman inks pack to bolster role of SMEs in food systems

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      Egypt’s Trade minister, Hungarian ambassador discuss economic relations

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      Turkey eyes $5bn bilateral trade with Qatar

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      Deal signed to set-up first factory in Qatar to assemble electric vehicles

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      Foundation stone laid for new 700-bed hospital is Salalah, Oman

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      Iraq set to award new Faw Port deals

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      Miral’s premier Abu Dhabi waterfront project work on track

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      Aecom wins Neom utilities infrastructure design contract

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        Investments in renewables in Egypt reach LE6 bn: Official

        Investments in renewables in Egypt reach LE6 bn: Official

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        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

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        JGC lands $3.7bn Iraq refinery upgradation project deal

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        Tadweer opens phase 2 of solar power plant at Al Dhafra

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        Acwa Power inks finance deals for 900MW Dubai solar park

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          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

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          UAE sends medical aid to Iraq to fight COVID-19

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          UAE launches phase III trial of inactivated Covid vaccine

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          COVID-19 vaccine could be available by autumn: Oxford University

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          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

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          Saudi to be among world’s big leisure tourism hubs by 2030

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          Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Azerbaijan, Iraq discuss prospects of relations

          Azerbaijan, Iraq discuss prospects of relations

          Oman inks pack to bolster role of SMEs in food systems

          Oman inks pack to bolster role of SMEs in food systems

          MAFWR, Port of Duqm sign MoU

          MAFWR, Port of Duqm sign MoU

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            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Turkey eyes $5bn bilateral trade with Qatar

            Turkey eyes $5bn bilateral trade with Qatar

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            Local, Italian companies partner up to establish food retail chain in Egypt

            Local, Italian companies partner up to establish food retail chain in Egypt

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            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Miral’s premier Abu Dhabi waterfront project work on track

            Miral’s premier Abu Dhabi waterfront project work on track

            Aecom wins Neom utilities infrastructure design contract

            Aecom wins Neom utilities infrastructure design contract

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              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              France to help Iraq generate electricity, will invest in education, science: Macron

              France to help Iraq generate electricity, will invest in education, science: Macron

              Acwa Power inks finance deals for 900MW Dubai solar park

              Acwa Power inks finance deals for 900MW Dubai solar park

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                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                UAE sends medical aid to Iraq to fight COVID-19

                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

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                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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              Saudi Arabia to keep pumping oil

              Oxford Business Group

              June 25, 2015
              in Oil & Gas
              0

              Production from Saudi Arabia’s oil fields will remain at near record levels for the next few months, with Riyadh looking to maintain above-average output despite low prices.

              In its June meeting, OPEC decided to keep the bloc’s production at 30m barrels per day (bpd), the level agreed in November. According to the International Energy Agency (IEA), combined output by the 12 member states for May was 31.3m bpd, with Saudi Arabia being the largest single contributor to production.

              Saudi Arabia pumped a record 10.3m bpd in May and flagged the possibility in June of raising output even further. Ahmed Al Subaey, executive director for marketing at Saudi Aramco, said any increase in global demand could trigger a further rise in production. “We have plenty of crude,” he told Reuters. “You are not going to see any cuts from Saudi Arabia.”

              The Kingdom has a production capacity of around 12.5m bpd, which means it has a comfortable margin should it need to raise output.

              Global repercussions
              OPEC’s decision to keep production levels high, and Saudi Arabia’s suggestion it could further raise output are seen by some analysts as putting additional pressure on North American oil production and exploration. In mid-June, the Canadian Association of Petroleum Producers forecast that shale and conventional light oil production in western Canada would be scaled back to 730,000 bpd by 2019, down from 770,000 bpd this year, a result it said of OPEC’s lower pricing and higher output policy.

              However, Saudi Arabia’s decision to step up production is also in part a response to rising domestic demand, especially during peak periods. Estimates from sector consultancy Energy Aspects, based in Vienna, and Boston-based ESAI Energy project a 20% increase in domestic Saudi oil consumption this summer, with the Kingdom’s power stations set to burn 420,000-430,000 bpd, up from 300,000-410,000 bpd in the summer of 2014.

              Saudi Aramco Products Trading Company − an arm of Saudi Aramco − reached out to external markets in early June due to the expected seasonal surge in electricity demand. Tapping suppliers in both India and the Middle East, the company bought 1.1m barrels of gasoil for delivery in July, just ahead of the peak consumption period. Due to soaring temperatures, Saudi Arabia has been a top importer of gasoil during the summer months, but imports are set to fall as it adds capacity from new refineries.

              Oil price drop
              While the IEA has forecast an increase in global oil demand for the rest of the year, the rise is expected to be more muted than in the first half of 2015 due to the “temporary nature” of many of the factors that contributed to expansion in the first two quarters.

              Global demand could also be hit by headwinds from Europe, with concerns over a Greek default and an escalation of the conflict in Ukraine potentially dampening prospects for economic recovery. Furthermore, ongoing instability in parts of the Middle East, in particular Iraq, could affect pricing as well.

              The fall in global oil prices means that the energy sector’s contribution to Saudi Arabia’s economic growth in 2015 will be limited. A recent report by National Commercial Bank forecast the Kingdom’s GDP will expand by 3.4% this year, roughly in line with the 2014 rate of 3.6%. As was the case last year, growth will be driven by the non-oil sector, which the bank said would increase by around 5%. Growth from the oil sector can be expected to be modest this year after a rise of 1.72% in 2014, even with any increase in production.
              Oxford Business Group
              25 June

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