Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait Economy Seen To Expand 4.4 Pct In 2013 And 4% In 2014  Join our daily free Newsletter

MENAFN - Arab Times - 18/01/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times) Kuwait's oil sector will remain as a vital driver of economic growth and is expected to expand 4.4% in 2013 and 4.0% in 2014. As the world's eighth-largest oil producer (accounting for over 3% of global production), oil income comprises over 90% of budget revenue and merchandise exports. The country is home to the seventh-largest proven oil reserves in the world at 101.5bln barrels (while another 5bln barrel is located in the Partitioned Neutral Zone field shared with Saudi Arabia). As a member of the Organization of the Petroleum Exporting Countries (OPEC), Kuwait was the world's 10th largest oil producer in 2012. Despite having the second smallest land area among the OPEC member countries, Kuwait exports the third largest volume of oil. The US Energy Information Administration (EIA) predicts that Kuwait will remain as one of the world's top oil producers as the country pushes towards a target of 4mln barrels per day of production capacity by 2020



In December 2013, Kuwait's oil production dropped slightly to 2.90mln barrels per day - the third straight months of below 3.0 mln output. However, it still remains higher than last year's average of 2.79mln barrels per day. The slight drop in Kuwait's oil production is in line with the slowdown in recent OPEC's oil output and other member countries. OPEC crude production dropped to the lowest level in more than two years in December 2013, led by a decline in Venezuelan output. The output of the 12-member Organization of Petroleum Exporting Countries (OPEC) decreased 33,000 barrels to an average 29.955mln barrels a day from 29.988mln in November 2013, the survey of oil companies, producers and analysts showed. The November total was revised lower by 19,000 because of changes to the Kuwaiti and Ecuadorean estimates. Production slipped to the lowest level since July 2011 as ministers decided to keep their output target unchanged at 30mln barrels a day on Dec 4, 2013 in Vienna



OPEC is expected to produce at below the group's agreed ceiling of 30mln barrels a day in the first quarter of 2014 and that is a major support for the stability of current price levels, according to Mohammed al-Shatti, Kuwait's national representative to OPEC. Details also showed Venezuelan production dropped 235,000 barrels a day to 2.45mln in December 2013. The South American country pumped the least crude since October 2011. Resources have been diverted from energy sector into social welfare programs, sending production lower. Petroleos de Venezuela SA, the state oil company, was purged after a two-month oil strike intended to oust President Hugo Chavez from power in 2003. Nicolas Maduro, who became president in March when Chavez died, has continued his predecessor's policies



Meanwhile, Libyan output was unchanged 210,000 in December 2013, the lowest level since September 2011, the survey showed. Production averaged 1.28mln barrels a day in the first six months of 2013 before tumbling, according to data compiled by Bloomberg. Two years after the war that swept the late Muammar Gaddafi from power, government efforts to revive the oil industry are being stymied by feuding militias and protests. Kuwait's efforts to develop its heavy oil capacity are part of the country's plan to increase overall crude oil output to 4mln barrels per day by 2020 from current production of approximately 3.0mln barrels per day



The Ratqa engineering, procurement and construction (EPC) tender covers the first phase of the development with a target of 60,000 barrels per day of additional production by 2017. This will involve the construction of the production facility as well pipelines, steam-generation facilities and an oil export facility. The second phase is expected to boost production by an additional 120,000 barrels per day by 2020 and 270,000 barrels per day by 2030. According to the KOC, the target is that some 260 wells will be drilled in fiscal year 2013/14 as part of plans to drill around 1,500 wells in the first phase of the project





Meanwhile, the price of Kuwait Export Crude (KEC) declined to 105.76 per barrel as at Jan 3, 2014, in line with other global oil prices. US crude was unchanged at 95.44 per barrel after earlier touching a one-month low of 95.13 per barrel. On Jan 2, 2014, the contract posted its biggest daily fall since November 2012. We predict that the price of KEC will trade in a range of 100 - 104 per barrel in 2014 on expectation of balanced global oil demand and supply





Top World Oil Producer

Country Production

1. Saudi 11,72

2. US 11, 11

3. Russia 10,39

4. China 4,41

5. Canada 3,85

6. iran 3,58

7. UAE 3,21

8. Iraq 2,98

9. Mexico 2,93

10. Kuwait 2,79

'000 barrels per day, as at 201

Source: EI





Top World Oil Net Exporter

Country Exports

1 Saudi 8,86

2. Russia 7,20

3. UAE 2,59

4. Kuwait 2,41

5. Nigeri 2,25

6. Iraq 2,23

7. Iran 1,88

8. Angola 1,77

9. Venezuela 1,71

10. Norway 1,68

'000 barrels per day, as at 201

Source: EI

 


Arab Times




  MENA News Headlines
 Dec 18 2014 - First Etihad superjumbo to take off next weekAFP
(MENAFN - AFP) The maiden flight of Etihad Airways' long-awaited Airbus A380 superjumbo will take place next week, the Abu Dhabi carrier said Thursday, also announcing its first Boeing 787 Dreamliner ...

 Dec 18 2014 - Saudi crude oil exports grow to 6.9m bpd in Oct.MENAFN
(MENAFN) Top oil exporter Saudi Arabia shipped more crude oil in October than a month earlier while volumes used by domestic refineries remained high allowing more oil products exports, official data ...

 Dec 18 2014 - MEA ICT spending to hit USD270b in 2015MENAFN
(MENAFN) According to a recent report by International Data Corporation (IDC), the Middle East and Africa spending on information and communications technology (ICT) is expected to register a growth ...

 Dec 18 2014 - Expo 2020 to generate USD37.83b in revenue for DubaiMENAFN
(MENAFN) The UAE Ministry of Economy said that it expects the Expo 2020 to bring financial returns of about USD37.83 billion to Dubai, as well as attract more than 25 million visitors, 70 percent of ...

 Dec 18 2014 - Qatar Airways to boost Oman's Salalah serviceMENAFN
(MENAFN) Qatar Airways announced it is planning to add four new services to Salalah, Oman's second largest city, by next February, thus bringing the number of its flights to the city to eight weekly ...

 Dec 18 2014 - Abraaj , Kellogg bidding war intensifies over Egypt's Bisco MisrMENAFN
(MENAFN) The bidding war between UAE's Abraaj Investment Management and Kellogg Co, the breakfast cereal maker, with each company continuously outbidding the other for the acquisition of Egypt's ...

 Dec 18 2014 - UAE's ME Digital Group acquires CoboneMENAFN
(MENAFN) Middle East Digital Group, the online publishing, content and services company and owner of Expatwoman.com, announced it has acquired the online coupon website Cobone in a multi-million ...

 Dec 18 2014 - Dubai's real estate to lead economic growth in 2015MENAFN
(MENAFN) Dubai's Department of Economic Development said that it expects real estate and construction will likely drive economic growth in 2015, which is expected to grow 4.5 percent next year ...

 Dec 18 2014 - Oman's Orpic to invest USD3.6b on increasing productionMENAFN
(MENAFN) Oman Oil Refineries and Petroleum Industries Company (Orpic) announced that its production capacity of polypropylene and polyethylene will increase to 1.4 million tons, when its USD3.6 ...

 Dec 18 2014 - Qatar- HH the Emir, HH the Father Emir Attend National Day Parade -1Qatar News Agency
(MENAFN - QNA) The parade started with the national anthem and the firing of 18-shot gun to celebrate the National Day, followed by a recitation of verses from the Holy Quran. The parade included ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help