Gulf’s low oil price fiscal crunch - YouTube: ""
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Sunday, 22 February 2015
Iraq’s economy running on financial fumes | The National
Iraq’s economy running on financial fumes | The National:
"One of the few things that has kept Iraq together is money, but as the country struggles to maintain oil exports and fragile internal negotiations, it finds itself running out of that commodity.
Now, with the onslaught of ISIL, dwindling income and a widening deficit, Iraq is at risk of sinking into further turmoil. Will it stay together as the United States and its allies hope to see, or does the country have a breaking point?
This year’s budget, passed a few weeks ago, was based on exporting 3.3 million barrels of oil per day at a price of US$56 per barrel, and foresaw a $20 billion deficit. While the price of crude has risen back up to the $60 mark, Iraq only managed to export an average of 2.53 million bpd last month, creating a $1.2bn budget shortfall in the first month alone. The forecast for February is not much better."
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"One of the few things that has kept Iraq together is money, but as the country struggles to maintain oil exports and fragile internal negotiations, it finds itself running out of that commodity.
Now, with the onslaught of ISIL, dwindling income and a widening deficit, Iraq is at risk of sinking into further turmoil. Will it stay together as the United States and its allies hope to see, or does the country have a breaking point?
This year’s budget, passed a few weeks ago, was based on exporting 3.3 million barrels of oil per day at a price of US$56 per barrel, and foresaw a $20 billion deficit. While the price of crude has risen back up to the $60 mark, Iraq only managed to export an average of 2.53 million bpd last month, creating a $1.2bn budget shortfall in the first month alone. The forecast for February is not much better."
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US politicians push to challenge Saudi Arabia oil dominance | GulfNews.com
US politicians push to challenge Saudi Arabia oil dominance | GulfNews.com:
"US politicians are pushing to lift the country’s ban on crude oil exports, a move that if successful would challenge Saudi Arabia’s long held dominance over the global oil market.
The US banned crude exports in the 1970s when a number of Arab countries refused to sell oil to the US in protest of its support for Israel in the 1974 Arab-Israeli conflict. The ban, led by Libya, sent prices soaring and led to fuel rationing across the country remembered by iconic photos of traffic jams of cars queuing to fil up at petrol stations. Since then the US has banned oil exports to lessen its reliance on foreign oil.
But with the US producing record amounts of oil, a number of politicians from newly oil rich North Dakota recently told Gulf News the ban should be lifted."
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"US politicians are pushing to lift the country’s ban on crude oil exports, a move that if successful would challenge Saudi Arabia’s long held dominance over the global oil market.
The US banned crude exports in the 1970s when a number of Arab countries refused to sell oil to the US in protest of its support for Israel in the 1974 Arab-Israeli conflict. The ban, led by Libya, sent prices soaring and led to fuel rationing across the country remembered by iconic photos of traffic jams of cars queuing to fil up at petrol stations. Since then the US has banned oil exports to lessen its reliance on foreign oil.
But with the US producing record amounts of oil, a number of politicians from newly oil rich North Dakota recently told Gulf News the ban should be lifted."
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Canadian Oil Sands Output Growth Defies Plunge in Prices: Energy - Bloomberg Business
Canadian Oil Sands Output Growth Defies Plunge in Prices: Energy - Bloomberg Business:
"The deluge of Canadian oil that’s adding to a global glut and driving prices lower is showing few signs of slowing.
Even with crude down 52 percent since June, output will grow 3.5 percent this year from the world’s fifth-biggest producer. The Canadian dollar is near a six-year low and materials cost less, helping oil sands producers cut costs and keep pumping. Oil would have to stay between $30 and $35 a barrel for at least six months, down from about $50 now, before wells and mines are shut, according to the Canadian Energy Research Institute.
Surging North American production has contributed to a global glut, pushing U.S. supply to the highest in three decades. OPEC opted in November to maintain output to hold on to market share. Oil sands supply is growing even as the number of rigs drilling for oil in the U.S. has fallen to the lowest in almost four years. RBC Dominion Securities estimates that oil companies have cut $86 billion from spending plans."
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"The deluge of Canadian oil that’s adding to a global glut and driving prices lower is showing few signs of slowing.
Even with crude down 52 percent since June, output will grow 3.5 percent this year from the world’s fifth-biggest producer. The Canadian dollar is near a six-year low and materials cost less, helping oil sands producers cut costs and keep pumping. Oil would have to stay between $30 and $35 a barrel for at least six months, down from about $50 now, before wells and mines are shut, according to the Canadian Energy Research Institute.
Surging North American production has contributed to a global glut, pushing U.S. supply to the highest in three decades. OPEC opted in November to maintain output to hold on to market share. Oil sands supply is growing even as the number of rigs drilling for oil in the U.S. has fallen to the lowest in almost four years. RBC Dominion Securities estimates that oil companies have cut $86 billion from spending plans."
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MIDEAST STOCKS-Gulf markets mixed after oil steadies | Reuters
MIDEAST STOCKS-Gulf markets mixed after oil steadies | Reuters:
"Gulf equity markets were narrowly mixed on Sunday after oil prices stabilised, with low trading volumes indicating that investors remained cautious.
Brent crude oil steadied just above $60 a barrel on Friday as expectations for falling U.S. rig count numbers outweighed concerns about oversupply.
Oil's weakness earlier last week ended a rally across Gulf stock markets, prompting investors to book profits and stay on the sidelines."
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"Gulf equity markets were narrowly mixed on Sunday after oil prices stabilised, with low trading volumes indicating that investors remained cautious.
Brent crude oil steadied just above $60 a barrel on Friday as expectations for falling U.S. rig count numbers outweighed concerns about oversupply.
Oil's weakness earlier last week ended a rally across Gulf stock markets, prompting investors to book profits and stay on the sidelines."
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UPDATE 1-MIDEAST STOCKS-Gulf markets cautiously positive after oil steadies | Reuters
UPDATE 1-MIDEAST STOCKS-Gulf markets cautiously positive after oil steadies | Reuters:
"Most Gulf stock markets were neutral to positive in early trade on Sunday after supportive global and domestic news.
Brent crude oil steadied just above $60 a barrel on Friday as expectations of falling U.S. rig count numbers outweighed concerns about oversupply.
Equity markets around the world surged to record highs on the same day on the news of the long-awaited Greek debt accord and positive economic data from Europe and the United States"
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"Most Gulf stock markets were neutral to positive in early trade on Sunday after supportive global and domestic news.
Brent crude oil steadied just above $60 a barrel on Friday as expectations of falling U.S. rig count numbers outweighed concerns about oversupply.
Equity markets around the world surged to record highs on the same day on the news of the long-awaited Greek debt accord and positive economic data from Europe and the United States"
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