Home About Kuna Advertise Contact Us Kuna's Bureaus Services Term Of Use
Register Login
facebook Twitter Youtube rss
Speaker heads parliament office meeting      Pakistani Navy frigate in Kuwait to boost bilateral ties      OIC, IDB ink MoU on anti-Ebola cooperation      GCC chief fumes at Iranian official remarks      Alarab News Channel launched Sunday from Manama      Sheikh Sabah Al-Khaled arrives in Dakar for Kuwait-Senegal cmte meeting      Iran wishes to sign nuclear safety treaty with neighboring countries - Salehi      US, coalition airstrikes continue against ISIL militants in Iraq, Syria
  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.   France stresses importance of Fabius visit to Kuwait Tuesday
2.   Kuwait eager to attend Arab economic forums -- official
3.   Albanian pres. receives message from His Highness the Amir
4.   Sudanese official commends Kuwait's relentless support to Sudan
5.   KSE ends Wednesday's session in green zone
6.   Mideast Quartet calls for closer engagement with Arab partners
    Photo Gallery

First Deputy Prime Minister and Minister of Foreign Affairs Sheikh Sabah Khalid Al-Hamad Al-Sabah

National Assembly Speaker Marzouq Al-Ghanim

The National Assembly Speaker Marzouq Al-Ghanim

Kuwait Stock Exchange (KSE)

Kuwait pavilion wins 1st place in Khartoum Int'l Fair

OPEC

His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah during a banquet of the luncheon

His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah during a banquet of the luncheon

سوق الكويت للاوراق المالية (البورصة)

His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah attends flag-raising ceremony

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

His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah receives Minister of Information and Minister of State for Youth Affairs Sheikh Salman Sabah Al-Salem Al-Humoud Al-Sabah and Shooting Association President Pushpa Das Shrestha

Deputy Prime Minister and Minister of Commerce and Industry Dr. Abdulmohsen Al-Madaj
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