News – 2012.06.13

Published: June 13, 2012

SUSRIS Daily News – Excerpts from International Media Reports</strong>
/Provided as a service from the Saudi-US Trade Group, Washington, DC/

 

EIA cuts 2012 world oil demand growth forecast, raises non-Opec output

The U.S. Energy Information Administration (EIA) on Tuesday cut its 2012 world oil demand growth forecast by 150,000 barrels per day (bpd) to 810,000 bpd, while raising its expectations for output growth from countries outside of the Organization of the Petroleum Exporting Countries …

Saudi trade body cancels meet with Russians over Syria

“The Chamber of Commerce and Industry in Riyadh has cancelled a scheduled meeting with a delegation of Russian businessmen in solidarity with the Syrian people,” said Abdel Rahman al-Juraissi, president of the Saudi trade body. The meeting was cancelled to “send a message” to denounce the …

A window on the West in Saudi Arabia

The Western Studies Institute is the first non-governmental organisation in Saudi Arabia dedicated to fostering cultural and religious understanding between the West and the Middle East, particularly between the United States and Saudi Arabia. “We are trying to spread awareness of the …

GCC banks on strong recovery path

After three years of muted performance following the global credit crisis and weak economy that followed, 2011 proved to be a relatively good year, with two of the largest markets, Saudi Arabia and UAE posting strong recoveries. While Saudi and UAE had experienced declines in net income of over …

Saudi non-oil exports hit $4.3bn in April

Saudi Arabia’s non-oil exports were worth SR16.24 billion ($4.33 billion) for April 2012, up SR3.41 billion from the same period last year, a report quoting government data said. Exports of petrochemical products ranked top accounting for 35 percent of total non-oil exports at the value of …

Jadwa Chartbook June 2012: Sectoral Performance

Riyadh-based Jadwa Investments recently released its June, 2012 Saudi ‘Chartbook’ which includes updates on the Saudi economy, trade, oil metrics as well as assessments of various sectors including banking, Links: 1. http://sustg.org/jadwa-chartbook-june-2012-banking

Saudi Crown Prince receives visitors

Saudi Arabia’s Crown Prince Nayef bin Abdulaziz Al Saud received a number of visitors at his home this week, Saudi Press Agency reported, after recently returning from medical tests overseas. Among the visitors were Minister of Labour Engineer Adel bin Mohammed Faqih and Governor of the …

New Weapons Push Syrian Crisis Toward Civil War

With evidence that powerful new weapons are flowing to both the Syrian government and opposition fighters, the bloody uprising in Syria has thrust the Obama administration into an increasingly difficult position as the conflict shows signs of mutating into a full-fledged civil war….

OPEC Battle Royale: Saudis Pitted Against Iran And Venezuela Over Oil Prices

With oil prices down more than 18% in May, the coming OPEC meeting will take on added importance as Saudi Arabia squares off with petro-hawks looking for higher prices and more profits. The Saudis, pumping extra oil to “stabilize” supply and demand, have effectively flooded the market, hurting …

OPEC price hawks call on Saudi to cut oil output

OPECs price hawks on Tuesday called on Saudi Arabia to rein in excess production to stem a slide in oil prices that has knocked $30 a barrel off crude since March.’We are going to make a very strong call in the meeting that the countries that are over-producing cut,’ said Venezuelan Oil …

Renewed fighting erupts across Syria

Fresh fighting has erupted in various parts of Syria, activists say, with at least five people reported killed by government shelling in the south. The violence comes despite both sides rejecting the characterisation of the conflict as civil war by a UN official. The Syrian government …

Car bombs targeting Shiites kill 65 in Iraq

A wave of car bombs struck Shiite pilgrims in several cities across Iraq on Wednesday, killing at least 65 people and wounding more than 200 in one of the deadliest attacks since U.S. troops withdrew from the country. The bloodshed was a stark reminder of the political tensions threatening to …

U.S. troops return to Afghanistan’s lost province

U.S. troops returned to the area in Afghanistan they call the ‘dark side of the moon’ this week, a remote Hindu Kush region that controls several access routes to Kabul and where the coalition suffered one of its biggest reverses in the decade-long war. This part of Nuristan province, in the …

Saudi-led group close to win Moroccan solar plant

A consortium led by Saudi International Company for Water and Power (ACWA) is close to win a contract worth at least $500 million to build a 160-megawatt concentrated solar power plant south of Morocco, an official source said on Wednesday….

Tunisian court sentences Ben Ali to 20 years jail

A Tunisian military court on Wednesday sentenced ousted dictator Zine al-Abidine Ben Ali to 20 years in jail in absentia for inciting ‘murder and looting’ during a police attempt to smuggle his nephew out of the country during last year’s revolt. The case involves the death of four …

A step forward in Iranian nuclear talks

The Iran nuclear negotiations may not be headed toward a dead end in Moscow next week, as feared. Iran’s top negotiator has said he is ready to “engage on the proposal” from Western nations for Iran to export its supply of 20 percent-enriched uranium as a first step toward a broader nuclear …

Raids strike al-Qaeda bases in Yemen

Attacks on al-Qaeda militants have killed at least nine people in the south of Yemen, officials have said. At least one of the attacks is reported to have involved a US drone which destroyed a car parked near the target house in Azzan, in Shabwa province. Several hundred militants are …

Tunisian court sentences Ben Ali to 20 years for inciting violence

A Tunisian military court has sentenced the ousted dictator Zine al-Abidine Ben Ali to 20 years in jail in his absence for inciting violence during a police attempt to smuggle his nephew out of the country during last year’s revolt. Ben Ali, who fled to Saudi Arabia as protests engulfed …

Aramco, Dow petchem JV picks banks for project sukuk

Sadara, the $20 billion petrochemical joint venture between oil giant Saudi Aramco and Dow Chemical, picked four banks to manage the Islamic bond, or sukuk, portion of its multi-billion dollar fundraising, three sources said on Tuesday. Deutsche Bank, Riyad Bank, Alinma Bank and Bank Al …

Defense Secretary Panetta’s Pakistan comments complicate talks

The United States and Pakistan had nearly completed a deal to reopen crucial NATO supply routes into Afghanistan, officials from both countries said, when Defense Secretary Leon E. Panetta harshly criticized Islamabad last week for allowing militants to mount cross-border attacks from its …

Private sector careers ‘more rewarding than govt jobs’

Some Saudi nationals are giving up their public sector jobs in search of challenging opportunities and lucrative salaries in major companies. They claim that bureaucratic hurdles and lack of enough support for innovative ideas in government jobs prevent them from achieving their career …

Turkey starts talks to buy Saudi oil -minister

Turkey has begun talks with Saudi Arabia on long-term crude oil purchases, Turkish Energy Minister Taner Yildiz said on Tuesday, after the United States said it would exempt Turkey from financial sanctions because it cut purchases of Iranian oil. Yildiz said the talks were in line with …

Canada best G20 country to be a woman, India worst

Policies that promote gender equality, safeguards against violence and exploitation and access to healthcare make Canada the best place to be a woman among the world’s biggest economies, a global poll of experts showed on Wednesday. Infanticide, child marriage and slavery make India the …

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