The Barrier of $100 per Barrel

The Barrier of $100 per Barrel

A new Canadian study expected oil prices to exceed the limit of $100 per barrel in 2008, as a result of the impact of the high percentages of oil consuming in the biggest countries that produce oil. The study expected the exporting percentage of OPEC, Russia, and Mexico to drop by 2.5 million barrels daily by the end of the present decade.
In a speech delivered in the sixth annual conference of the Association for the Study of Peak Oil and Gas (Aspo), Jeff Rubin, the prominent academic in the CIBC World Markets affiliated by Canadian Imperial Bank of Commerce (CIBC) said: "The increase of the domestic demand, which is estimated by about 5% annually in the biggest countries in terms of oil production, has been the cause behind the decline of exports".
The study issued by the Canadian Imperial Bank for Trade, expected the exports by OPEC, Russia, and Mexico to drop by 7% during the coming three years, in a way that would lead to more dependence by the markets on non-traditional oil storages of higher cost, and that the sands of the Canadian oil to go beyond the deep water as the biggest source of oil exports by the end of the present decade.

Thirty billion Riyals, the Expected Volume at the Saudi Insurance Market in the Coming Ten Years

Jeddah city is due to host between 28-31 of next October the Second Saudi Insurance Summit, which aims at guarantying the readiness of the Saudi companies towards the new developments in this sector. Two workshops will be held the first on the principles of Islamic Insurance, and the second one is entitled: "Mind The Gap!
How Can We Bridge The Insurance Skills Shortage?". Experts in the insurance sector inspected the volume of insurance market to reach thirty billion riyals ($8 bn) during the next coming years, asserting that the market will witness huge growth rates in the coming period.

Iraq Starts Supplying Jordan with Oil this Week

The Jordanian Minister of Transportation, Saud Nseirat, said that Iraq informed the Jordanian Authorities that it was ready to supply the kingdom with oil during this week after many attempts that have not succeeded due to the tense security situation.

Unemployment Percentages in Turkey Settles by 8.8% Between May and July

The Turkish Statistics Institute said that the percentage of unemployment in Turkey has settled at 8.8% between May and July without any change compared to the same period of 2006.

The Value of Al-Riyadh Stock Exchange Increases by 52 Points

The Saudi Stock Exchange has closed its dealings by raising more than 52 points, representing an average of 0.67% of the value of the indicator which closed at a level of 7825.03 points. The indicator was backed by three sectors, but the industrial and telecommunications sectors were the main supporters of the indicators which witnesses a decline by 64.18 points during last Monday session.

"Sabic" and "Maaden" Hold a New Joint Project

The "Saudi Basic Industries Corporation (SABIC)" and the "Saudi Arabian Mining Co (Maaden)" have signed an agreement for holding a joint project of "Maaden" for Phosphate with a total capital of 21 billion riyals, "$5.6 b" in which "Maaden" will contribute by 70% whereas "Sabic’s" shares will be 30%.

"Al-Mashreq Bank" Seeks to Buy a Share at "Banque du Caire"

"Al-Mashreq Bank", the third biggest bank in Dubai in terms of market value, said yesterday that it intends to buy "Banque du Caire" which the Egyptian government is looking for selling 80% of its shares in return for $1.6 bn, with the aim of expanding in the biggest Arab country in terms of population.

The French "Renault" Will Not Leave Iran Under Any Condition

Assistant Producer at the French "Renault" Company for Cars Industry, Michel Gormet, said yesterday on the sidelines of the "62nd International Motor Show (IAA)" in Frankfurt that "Renault" came to Iran with the aim of achieving a long term program, adding that it will not leave the country under any condition, in a bid to the political pressures exercises on Iran because its nuclear program.

Iran Might Reconsider a Project with the French "Total"

The Iranian Minister of Oil, Gholam-Hossein Nozari, said in an interview with the Financial Times Newspaper that Iran intends to reconsider a huge project with the French oil company "Total" with regard to "South Pars LNG" project for producing liquid natural gas in the Arabian Gulf.

Small Indexes

– The indicator of the Kuwait stock exchange has closed rising by 44.5 points, represent ting a percentage of 0.35% of its value, closing at a level of 12.850 points.
– Eggs prices have risen in Israel by 7.3% following a recommendation by the Committee of Finance and Agriculture Ministries.
– King of Morocco inaugurated the center of Women Training and Rehabilitation, and another one for Training and Integrating the Youth with a total cost of 5.35 billion dirhams, financed completely by "Mohammed V Solidarity Foundation".
– The acclimated deposits of privatization revenues in Jordan have reached 596.9 million dinars by the end of July of 207 compared to 611.8 million dinars by the end of 206.
– Google Company expressed its support of an American competition for sending a robot to the moon for exploring the outer space. The value of this support is estimated by $30 m granted by Google to the company which will manage to land the robot on the moon.

Companies Indexes

– Prices of the shares of 31 companies have risen at Dubai stock market, whereas prices of the shares of 22 companies have declined through dealing with the shares of 65 companies out of 120 registered in the stock market.
– The Egyptian Nasr City Company for Housing and Construction has achieved an increase by 30% of its net profits of last year that ended in June 2007 reaching 4.89 million Egyptian pounds.
– Well informed sources in the administrative board of the Emarati "Boubyan Petrochemicals" company said that the company intends to buy a big share in the factories or companies working in industry sector in Egypt and Saudi Arabia.
– The French "Le Point" magazine said on its web site that the number of those who exceeded the limit of 100 in Japan will be by next October 32.000 persons.