Home About Kuna Advertise Contact Us Kuna's Bureaus Services Term Of Use
Register Login
facebook Twitter Youtube rss
Bahrain's parliamentary electoins turnout 51.5 pct - Min.      US, Turkey maintain coordination on tackling ISIL      Kerry says Iran's nuclear talks complex, gaps remain wide
  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


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.   20 Syrian soldiers killed in Deir Azzor - SOHR
2.   Nine ISIL militants killed in Kobane - SOHR
3.   Violence kills 16 in Libya, as death toll rises to 356
4.   Gulf Finance House transforms into GFH financial group
5.   39th Kuwait International Book Fair opens on Wednesday
6.   Ambassador Al-Bader welcomes Albanian PM's visit to Kuwait
    Photo Gallery

President and CEO of EQUATE Petrochemical Company Mohammad Husain

Musaed Ghannam Al-Jumhour, the director of public relations at the ministry

Kuwaiti-funded "Humanitarian Leader" village opened in eastern Turkey

Head of Humanitarian Relief Foundation presents a commemorative gift to Chairman and Amiri Diwan's Advisor Abdullah Al-Maatouq

Chairman and Amiri Diwan's Advisor Abdullah Al-Maatouq

Turkish Prime Minister Ahmet Davutoglu with Kurdistan Regional Government President Massoud Barzani

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

First Deputy Prime Minister and Foreign Minister Sheikh Sabah Khaled Al-Hamad Al-Sabah

chairman Sheikh Talal Al-Khaled Al-Ahmad Al-Sabah

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

Secretary General of the Ministry of Awqaf and Islamic Affairs Abdulmohsen Al-Kharafi

Speaker of the House of Representatives Nabih Berri

Saudi King Abdullah bin Abdulaziz

National Assembly Speaker Marzouq Al-Ghanim

Kuwait's Ambassador to Albania Najib Al-Bader

His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah receives Sheikh Dr. Sabah Jaber Al-Ali Al-Sabah

Kuwait Stock Exchange (KSE)

National Assembly Speaker Marzouq Ali Al-Ghanem

His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah

Arab League Secretary General Nabil Al-Araby

Assistant Secretary General of National Council for Culture, Arts and Letters (NCCAL) Dr. Bader Al-Duwaish

Ministry Undersecretary Abdulaziz Al-Khaldi

French President Francois Hollande

Young artist Mohammed Rashid Al-Merri
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
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