18.11.2013, 20:54
Middle East Oil Supply in November 2013
OREANDA-NEWS. Middle East oil supply is forecast to decline by 0.11 mb/d in 2013 to average 1.39 mb/d, representing a minor downward revision of 10 tb/d from the previous month. Oman and Bahrain oil supply is expected to see growth in 2013, while supply from Syria and Yemen is estimated to decline. Oman’s production is expected to increase by 20 tb/d in 2013 to average 0.94 mb/d, flat from the previous MOMR. Growth is supported by enhanced oil recovery projects, such as the Mukhaizna oil development. Bahrain’s oil production is expected to increase by 20 tb/d in 2013 to average 0.21 mb/d, supported by the Awali project. Yemen’s oil supply is estimated to average 0.15 mb/d in 2013, a drop of 30 tb/d from the previous year, indicating a downward revision of 10 tb/d, compared to the previous MOMR. The security issue remains the main factor impacting Yemen’s oil supply with continued attacks on oil infrastructure. Syria’s oil supply is seen to average 90 tb/d in 2013, a fall of 0.12 mb/d from 2012. The supply forecasts of both Yemen and Syria are associated with very high levels of uncertainty, due to limited data and ongoing security issues. Reports suggested that Syria’s oil output averaged 30 tb/d during the first three quarters of the year and that production was below 20 tb/d in October.
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