Kuwait Financial Centre “Markaz” Daily Oil &Gas Bulletin – 21 March 2012 Regional Oil & Gas Highlights Kuwaiti Amir: Iran Assures Won't Close Hormuz Strait– Kuwait's ruler said that Iran has assured officials in the Gulf state that it won't close the strategic strait of Hormuz, through which Persian Gulf producers export around one-fifth of the world's oil supplies. He added that the Strait of Hormuz is considered a vital artery for the world as approximately half of the oil supply passes through it, and the Gulf Cooperation Council's countries, including Kuwait, have contacted the officials in Iran to ensure that no action is taken to close it.
Select MENA Oil & Gas Stock Prices Ticker
Oil & Gas Prices Currency
IPG OULAFUEL ABAR BPCC SABIC SAFCO
Independent Petroleum Group Oula Fuel Co. Burgan Co. for Well Drilling Boubyan Petrochemicals Co. Saudi Basic Industries Corp. Saudi Arabian Fertilizer Co.
KWD KWD KWD KWD SAR SAR
305 280 255 610 104.75 183
0.00% 0.00% 0.00% 0.00% -1.18% -0.54%
N/A 23.03 34.73 33.46 10.76 11.13
PETROR YANSAB IQCD QGTS DANA TAQA
Rabigh Refining & Petrochemical Co. YANBU National Petrochemical Industries Qatar Qatar Gas Transport Co. Dana Gas Abu Dhabi National Energy Co.
SAR SAR QAR QAR AED AED
25.5 49.7 135 17.85 0.48 1.34
-1.54% -2.07% 0.00% 0.00% 0.00% 0.00%
339.01 8.81 9.36 12.00 5.79 10.93
Oil Prices Drop on Saudi Assurances- Oil prices fell on Tuesday after Saudi Arabia, the world's biggest crude exporter, repeated its pledge to make up for lost Iranian output, easing supply concerns according to analysts. Crude oil prices have been under pressure amid reports that Saudi Arabia has resumed the mantle of swing producer and would seek to restore fair prices by making up the Shell Oman Marketing Co. OMR Iranian short-fall, according to Sucden Financial Research analyst SOM Jack Pollard. Global Energy & Currency Market Watch
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IMF Warns of Oil Risk from Iran - IMF chief Christine Lagarde warned that crude oil prices may spike by up to 30 percent if Iranian supplies were disrupted, causing serious consequences for the global economy. The standoff between Iran, the world's second-largest supplier of oil, and the West over the Islamic Republic's nuclear program is seen as a flashpoint that could sharply increase world crude prices.
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UAE Terminal Bypasses Strait – UAE energy company Mubadala Oil & Gas has confirmed it is to build a terminal in Fujairah to receive liquefied natural gas supplies, bypassing the strategically sensitive Strait of Hormuz. Mubadala Oil & Gas confirm the project feasibility study was completed last year and the project engineering phase has now commenced with the aim of delivering first supplies in the next two to three years," according to a statement released by the company. Meanwhile, Kuwait's emir, Sheikh Sabah Al Ahmed Al Sabah, yesterday said Iran has pledged to its Gulf neighbors that it will not take the step of blocking the strait.
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