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Iraqi Set to Saturate the Oil Market


Middle East : 12 March

Iraq oil producers are now fuelled by a new found determination to begin to drastically increase their oil output over the next five years. After years of heavy sanctions on Iraq they now have a large supply of untapped Oil resources that they will soon be in a position to unleash onto the global Oil market.

Currently Iraq are not bound to adhere to Opec’s production quota’s and this is causing more than a ripple of concern among some other oil producers in the Middle East. Although it is believed that this upcoming issue will not be a large topic of conversation at the Opec conference on March 17 next many feel that it should be.

Opec officials currently feel that it will take Iraq a number of years to reach an output level that could have any significant effect on the current market. However all are not agreed that this is the case and others feel that Iraq could feasibly boost their output from 1 million bpd to 1.5 million in just two years.

This would lead to a large surplus on the market that Opec will hope to avoid by ensuring Iraq join their ranks. Experts in the market believe this increase in production could upset market prices substantially as Iraq will need to invest very little to access this oil whereas many other major Oil producers are currently looking at much increased overheads as they are now being forced to drill for oil in difficult areas such as at sea and the Arctic region.

Andrew Reid, Staff Writer, Gulf Jobs Market News
12 March

Sahara Petrochemicals Initiate Technology Overhaul

HP Saudi Arabia has just secured a substantial HP solutions deal with Sahara Petrochemicals. The package is much more than merely an upgrade instead it is a complete overhaul and upgrade of their current system.
Sahara Petrochemical are feeling confident enough again in the economy’s ability to perform and want to be on the cutting edge [...]

12 March

Dubai Market Closes on a Seven Week High

It is looking bright and sunny in Dubai’s markets this week as a very prominent company Emaar Properties closed on a seven week high which speculators say has been prompted by the news of Dubai World’s current debt restructuring deal.
The company’s shares rose by almost 3.56% making it their highest value since mid January. Investors [...]

11 March

Loan Growth rate of 8% predicted for Saudi Banks in 2010

The HSBC have predicted a loan growth rate of 8% for Saudi Arabian Banks by the end of this year. They have also forecasted that it is two of Saudi’s leading Financial Institutions i.e. the Samba Financial Group and the country’s Riyad Bank that will warrant the most compelling Investment opportunities in the coming year.
It [...]

11 March

Asus aims to crack the Middle East PC Market

At present HP, Acer and Dell are the primary suppliers of PC and Information Technology products to the Middle Eastern market. However a Taiwanese manufacturer known as Asus is soon hoping to gain a large share of this lucrative market.
At present Asus believe they are about the sixth largest supplier of PC products to the [...]

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