Home About Kuna Advertise Contact Us Kuna's Bureaus Services Term Of Use
Register Login
facebook Twitter Youtube rss
US, Iran to hold talks on nuclear issues in Switzerland next Monday      Egypt court sentences four Brotherhood members to death      Bahraini Amb. to Yemen to resume duties from Aden      Cairo court declares Hamas terrorist organization      Dubai Crown Prince departs Kuwait      South Korean President to start official visit to Kuwait Sunday      G5+1 to hold further round of talks with Iran on nuclear issue      Kuwait partakes in Egyptian Islamic affairs conf.      Past week stock trades up and down -- report      Kuwait crude up by 89 cents to USD 54.95 pb
  Economics
Oil price hike due to Mideast unrest, low supplies - NBK
10/09/2013   |   06:35 PM | Kuwait News
تصغير الخطالشكل الأساسيتكبير الخط
KUWAIT, Sept 10 (KUNA) -- Supply shortages and intensifying turmoil in Syria have helped push crude oil prices to 6-month highs, reaching USD 107 per barrel last August, said a National Bank of Kuwait (NBK) report.
The report went on saying that much of the rise in prices appears to be linked to supply issues. Output in OPEC members Iraq, Libya and Nigeria has dropped considerably in recent months owing to a mixture of strikes, sabotage and maintenance issues.
In combination with sanctions-affected Iranian output, the US-based Energy Information Agency estimated that some 1.9 million barrels per day (bpd) of OPEC output - or two of global supplies - was shut out in July.
In addition to supply issues, price pressures were also generated by intensifying turmoil in the Middle East, notably in Egypt and Syria. Although neither country is a major oil producer, there is potential for significant spillover effects that could affect oil markets. The escalating war in Syria and possible intervention by western military powers, for example, could stoke sectarian conflicts in other MENA countries - especially Iraq.
The report indicated that analysts' forecasts for global oil demand growth in 2013 have been revised up over the past couple of months. The International Energy Agency (IEA) saw demand growing by 0.9 million bpd this year, or 1.0 percent, up from 0.8 million bpd in June and compared to 1.2 percent last year. The Center for Global Energy Studies has revised its forecast up by an even greater amount, from 0.7 million bpd in June to 1.0 million bpd. The stronger outlook is linked to higher than expected demand levels for 2013 driven by a cold weather snap in 2Q 13 in the northern hemisphere. Initial projections for 2014 show demand rising at the slightly faster pace of 1.1 million bpd, reflecting an improvement in underlying global economic conditions. At these types of levels, demand growth is close to its long-term trend.
Non-OPEC supplies are projected to increase by a large 1.4 million bpd in 2013, said the report. (end) smr.gta KUNA 101835 Sep 13NNNN
 Print
  Email
 Save
Share
Share
Honoring Kuwait 2014
صور من 2014


KUNA publishes a book titled (His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah: A Humanitarian Leader) to commemorate the UN honoring of Kuwait's leader

kuna magazien


Most Read Most Emailed  
1.   McKinsey and Co wins USD10.2m tech support contract from Kuwait housing authority
2.   Bahrain's Premier congratulates Kuwait on National Days, re-affirming solidarity
3.   Gold price keeps downward trend
4.   His Highness Amir, Jordanian King discuss bilateral ties, regional developments
5.   Kuwait towers to re-open Feb 26th
6.   His Highness Amir concludes brotherly visit to Jordan
    Photo Gallery

Kuwaiti Ambassador to Armenia Bassam Al-Qabandi meets Armenian Prime Minister Hovik Abrahamyan

Dubai Crown Prince departs Kuwait

President Barack Obama

His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah returns home

His Highness Amir concludes brotherly visit to Jordan

His Highness Amir concludes brotherly visit to Jordan

His Highness Amir concludes brotherly visit to Jordan

His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah with the Jordanian King Abdullah II

His Highness Amir in Amman on brotherly visit

Kuwait Stock Exchange

Kuwait's National Days celebration at Kuwait Embassy in Bahrain

Deputy Amiri Diwan Affairs Minister Sheikh Ali Jarrah Al-Sabah honoring winners at sea heritage festival ceremony
Publications

WEATHER
PRAYER
CURRENCIES
KUWAIT AIRPORT
    Calendar
About KUNA KUNA SERVICES USEFUL LINKS KUNA ARCHIVE KUNA PUBLICATIONS
Home
About Kuna
Advertise
Contact Us
Kuna's Bureaus
Services
Term Of Use
Read The Whole Newscast
Pictures (during the week)
FTP Service
KUNA training center
KUNA Reader
SMS Services
الكويت فى ذاكرة الأيام
Images 2014
Job Application
Careers
Arab News Agencies
International News Agencies
Governmental Institutes
Banks in Kuwait
News Paper
Local Companies
other useful links
Prayer Times
News Archive
Other News Services
Today In Kuwait's History
Events
Training Sessions
Videos
All KUNA right are reserved © 2012. This site is designed and published by IDS