Gulf’s oil reserves will retain their clout | GulfNews.com:
"The recently-released 2015 version of “BP Statistical Review of World Energy” provides fresh — but not necessarily surprising insights — of the Gulf states’ petroleum resources.
Collectively, GCC countries control around 30 per cent of the total known oil reserves, undoubtedly a significant percentage for any particular group. With a global share of 15.7 per cent, Saudi Arabia emerges as a second source of proven reserves after Venezuela, which in turn controls 17.7 per cent.
GCC countries can amass around 500 billion barrels of crude oil reserves, or roughly 41 per cent of total reserves of the Opec grouping. In turn, Opec, which also includes Venezuela and Iran among others, has control of nearly 72 per cent of total global reserves. Besides production, this level of reserves gives the grouping a source of strength in the petroleum market for years to come."
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Saturday, 11 July 2015
Saudi Arabia issues bond, central bank governor says — Al Iqtisadiya | GulfNews.com
Saudi Arabia issues bond, central bank governor says — Al Iqtisadiya | GulfNews.com:
"Saudi Arabia has issued bonds worth 15 billion riyals (Dh14.69 billion, $4 billion) to local banks this year to finance its budget deficit, its central bank governor was quoted saying by al-Iqtisadiya daily on Friday.
The bonds will help pay for a budget deficit now forecast to exceed the 145 billion riyals previously expected, Fahad al-Mubarak, Saudi Arabian Monetary Agency (SAMA) governor was quoted by al-Iqtisadiya as telling a news conference on Thursday.
He added that Riyadh had already withdrawn 244 billion riyals from reserves in 2015 and that further bonds were likely to help finance the deficit, the first anticipated since 2009 on the back of falling oil revenue."
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"Saudi Arabia has issued bonds worth 15 billion riyals (Dh14.69 billion, $4 billion) to local banks this year to finance its budget deficit, its central bank governor was quoted saying by al-Iqtisadiya daily on Friday.
The bonds will help pay for a budget deficit now forecast to exceed the 145 billion riyals previously expected, Fahad al-Mubarak, Saudi Arabian Monetary Agency (SAMA) governor was quoted by al-Iqtisadiya as telling a news conference on Thursday.
He added that Riyadh had already withdrawn 244 billion riyals from reserves in 2015 and that further bonds were likely to help finance the deficit, the first anticipated since 2009 on the back of falling oil revenue."
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Planemakers poised for Iranian buying spree if nuclear deal reached | Reuters
Planemakers poised for Iranian buying spree if nuclear deal reached | Reuters:
"Western planemakers look set to reap billions of dollars in deals with Iran, if a deal is done on its nuclear program to allow one of the world's most promising aviation markets to come out of quarantine.
Iran and six world powers were struggling on Friday to remove the last obstacles to an historic deal in Vienna that could resolve a more than 12-year dispute over Tehran's nuclear ambitions, extending talks through the weekend.
For Tehran, the prospect of sweeping economic sanctions and a long-standing U.S. trade embargo being lifted represents a chance to renew a fleet whose average age of 23 years is almost twice the international average, and to do so at affordable prices, after years of paying over the odds on the black market."
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"Western planemakers look set to reap billions of dollars in deals with Iran, if a deal is done on its nuclear program to allow one of the world's most promising aviation markets to come out of quarantine.
Iran and six world powers were struggling on Friday to remove the last obstacles to an historic deal in Vienna that could resolve a more than 12-year dispute over Tehran's nuclear ambitions, extending talks through the weekend.
For Tehran, the prospect of sweeping economic sanctions and a long-standing U.S. trade embargo being lifted represents a chance to renew a fleet whose average age of 23 years is almost twice the international average, and to do so at affordable prices, after years of paying over the odds on the black market."
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Big Oil Worth $100 Billion for Solar After Biggest Plant Ordered - Bloomberg Business
Big Oil Worth $100 Billion for Solar After Biggest Plant Ordered - Bloomberg Business:
"Solar energy developers may be able to earn $100 billion or more by selling equipment to the oil industry for extracting heavy grades of crude, the head of the company that is developing the world’s biggest solar heat plant said.
Rod MacGregor, chief executive officer of GlassPoint Solar Inc., said the oil industry’s demand for energy is growing rapidly, and solar can supply much of that power."
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"Solar energy developers may be able to earn $100 billion or more by selling equipment to the oil industry for extracting heavy grades of crude, the head of the company that is developing the world’s biggest solar heat plant said.
Rod MacGregor, chief executive officer of GlassPoint Solar Inc., said the oil industry’s demand for energy is growing rapidly, and solar can supply much of that power."
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Iranian Oil Looms for European Refiners as Nuclear Talks Stall - Bloomberg Business
Iranian Oil Looms for European Refiners as Nuclear Talks Stall - Bloomberg Business:
"European refiners from Spain to Greece are ready to resume purchases of crude from Iran as talks on a nuclear deal that could allow the country’s return to oil markets remained deadlocked.
Italy’s Saras SpA said it would buy Iranian crude if sanctions were to end, while Spain’s Cepsa S.A.U. said it would “definitely” consider it. Hellenic Petroleum SA said the return of Iranian barrels would be positive for refiners.
“As soon as Iranian oil becomes available, we will certainly start buying again,” Loukas Tripelopoulos, a spokesman for Motor Oil Hellas SA, said by e-mail on July 3. “Motor Oil was always very fond of Iranian crude.”"
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"European refiners from Spain to Greece are ready to resume purchases of crude from Iran as talks on a nuclear deal that could allow the country’s return to oil markets remained deadlocked.
Italy’s Saras SpA said it would buy Iranian crude if sanctions were to end, while Spain’s Cepsa S.A.U. said it would “definitely” consider it. Hellenic Petroleum SA said the return of Iranian barrels would be positive for refiners.
“As soon as Iranian oil becomes available, we will certainly start buying again,” Loukas Tripelopoulos, a spokesman for Motor Oil Hellas SA, said by e-mail on July 3. “Motor Oil was always very fond of Iranian crude.”"
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