Mideast oil and gas developers can rest easy. ExxonMobil’s energy outlook through to 2040, predicts there is a huge role for oil and gas energy sources in the future, with alternative energies remaining on sidelines. READ MORE HERE

Oil prices will rise higher as global economy prospects improve over time. However, dramatic shifts and spikes could upset the fragile recovery and have unintended consequences which could lead to greater demand destruction for fossil fuels altogether, much to the dismay of oil exporters who are investing heavily in fossil fuels.
The world could experience a period of significant volatility, with oil prices leaping upward and oscillating between $125 and $175 a barrel for some time.

But don’t get the Saudi champagne out just yet as it may not translate into petrodollars flowing into the Gulf coffers. READ MORE HERE

rickz /Foter

Read the ten major forecasts from Opec’s latest World Oil Outlook, ranging from the challenges and prospects for oil developers to the intense competition they will face over the next 25 years. READ MORE HERE

Read More

Oil services and drilling in Iraq may only be currently a $600 million to $800 million market but there is a good likelihood that it could develop into a $6 to $8 billion market, according to Barclays Capital.

“We believe the run rate by year-end will be close to $1.5 billion. There are about 30 rigs drilling currently and NGP believes the rig count could ultimately surpass 300 rigs,” noted BarCap. “The scope of work being performed today is largely limited to workovers, with most drilling campaigns yet to commence. The future of the market lies in the integrated services model, in NGP’s opinion and ours. Service companies are not looked at with the same disdain as oil companies; however, there is an intense focus on cost controls due to cultural mindset.”

BarCap believes Iraq represents one of the largest multi-year growth stories for the oil services industry this decade. Companies that are able to execute and mitigate the political and security pitfalls in Iraq will be rewarded in our opinion.

(c) alifarabia.com

Oil and gold are poised to benefit from the dithering policies of Western leaders and the possible launch of the Fed’s Operation Twist. Other commodities are set see a run-up thanks to tight supplies.

The world’s major commodities had a phenomenal run in the past two years, but cooled down in the first six months of 2011.

Within the first six months of the year, only two commodities - silver and coal - saw a double-digit rise and only six of the 14 main commodities were in positive territory. READ MORE HERE

While the U.S. oil sanctions on Syria are welcome, the world can inflict a much bigger blow to Bashar Al-Assad’s regime if its biggest customer — the European Union — shunned its crude exports too.

It has become a grim but almost familiar sight on TV: unarmed Syrian protesting against the government on the streets, only to flee at the sound of gunfire from Syrian forces - a few minutes later lay bodies on the streets. READ MORE HERE

What’s in store for oil and gold — the ying and yang of the global economy? At least one analyst thinks gold is a bubble poised to burst.

In the space of a short few weeks, the world looks less sure of its self. Aggressive forecasts are being toned down, massive plans are being scaled back, growth figures are being revised downwards, and bulls have turned slightly bearish. READ MORE HERE

With a string of impressive economic policies, Iran has ensured that it remains a major energy supplier, despite various restrictions imposed by the western international community.

But while Iran has benefited from high oil prices, lack of major investments in the country’s energy sector could hamper growth and continue to handicap the country’s economic prosperity. Add to this dynamic, is Tehran’s controversial nuclear programme and its divisive role in regional politics, which makes it a target for many countries around the region that are eager to hurt Iran’s economy. READ MORE HERE
Read More

As the global economy lurches from one crisis to the next, we look at the prospects for the regional economies in troubling global conditions which could slash domestic growth.

Another quarter, another headache. Gulf governments have suffered a tumultuous first two quarters of the year and were hoping for some semblance of sanity in the third quarter. At the very least, regional governments were hoping that tragic developments within the Middle East had remained isolated - Syria, Yemen and Libya - leaving other countries in relative safety and peace.
Read More

Opec’s annual bulletin reveals the changing dynamics of the energy industry and the key challenges facing both the producers and the consumers.

Click through the charts to find out more:

Read More