Where are Oil Prices Heading To?

Prices of the American Oil have hit a record reaching $96.24 per barrel in November. Oil prices have also risen since last August by 40%. Some analysts say that the investors use oil as a safe haven in confronting the weakness of the dollar. For its part OPEC has decided to increase oil production by 500.000 barrels daily starting from this month, but most members of OPEC say that they can do nothing to ease a market that “Challenges the Logic”. But these logic is heading towards more worry with the increase of fears due to the stop of supplies from Iran which is the fourth biggest oil exporter in the world in case it was exposed to a military strike.
On the other hand, there are no good news coming from Iraq which is struggling to recover oil industry after decades of wars, sanctions, and weakness of investment. Therefore analysts think, that the market should be prepared for the worst, and all indications assert that oil prices will exceed the limit of $100 soon and it might soar to big figures too.

Davos Forum Ranks Tunisia First in Africa and Third in the Arab World

The world report of Davos forum on competitiveness 2007-2008, ranked Tunisia first in Africa , third in the Arab world and 32nd world wide among 131 countries in the field of business environment, development, and higher education. Moreover Tunisia was ranked the 32nd with regard to the three fields related to the independence of law system, infrastructure, and the developed technology.

Building a Factory for Mobile Phones and a Series of Hotels at the Syrian-Spanish Partnership Meeting

At a conclusion of the third Syrian-Spanish partnership meeting for businessmen held in Aleppo, a number of joint projects among them the project of building Aleppo Chamber of Trade which comprises a hotel and a trade complex with a total value of $20 m, in addition to building a factory for producing mobile phones and building a number of 3 or 4 star hotels were announced. 284 meetings between the Syrian and Spanish businessmen were held.

Iraq’s Oil Exports Reach Their Highest Levels in Three Years

Sources of the Marinal Shipment said on Friday that the Iraqi Oil Exports have jumped in October to their highest levels ever in more than 3 years as a result of selling bigger quantities of Kirkuk crude oil from its northern fields. The volume of exports in October have jumped to 1.84 million barrels daily from 1.67 million barrels daily in September, which is the highest monthly average since September 2004.

The Kuwaiti “Global Company” Intends to Double its Investments in Turkey

Chairman of the Administrative Board of World Investment House Global said that the company, which is considered the biggest investment bank in Kuwait, will double its investments in Turkey next year from $150 million in 2007. It is worth mentioning that Global Company bought last year a share of 5% of Tough Airports Holding Company working in the field of operating the Turkish airports in return for $75 m.

7.4%, the Profits of the Egyptian Stock Market

The Egyptian stock market has gained big profits during October. The profits of its main index “Cas 30” during last month have reached 7.47% settling at a level of 9390 points with a difference of 702 points at the closing session by the end of last September reaching 8688 points.

103 million Dinars, the Profits of the Jordanian Telecommunications Group by the End of the Third Quarter

The Jordanian telecommunications group has announced that its net profits which increased by 6% during the first nine months of this year have reached $103.1 million compared to $95 m at the same period of last year.

Small Indexes

- Gold prices of immediate dealings exceeded the level of $800 per ounce last Friday since 1980 backed by the rise of gold prices and the decline of the US dollar opposite to the Euro.
- Statement issued by the Russian Ministry of Energy showed that Russia’s production of oil has risen to a new level reaching 9.39 million barrels daily in October.
- The volume of the electronic trade of the GCC countries is estimated at $100 billion, constituting 10% of its volume on the international level.

Companies’ Indexes

- The International “Al-Ma’abar” Investment Company intends to invest $5.5 billion along 20 years in a tourist, trade, and housing project in the Tunisian capital.
- The operation profits achieved by the Japanese Toshiba Company for Electronics Industry have jumped during the last fiscal quarter “July-September” to 61.34 billion Yen which equals $537.2 m.
- The Administrative Board of the International Investment House “Global”, the biggest investment bank in Kuwait has announced its intention to double its investments in Turkey to reach $300 m in 2008.
- The net profits of the real estate “Soroh” company, the biggest real estate development company in Abu Dhabi have reached 773 million dirhams during the first nine months of this year which equals 31 fils per one share.
- Chairman of Roterdam seaport said that the seaport intends investing in expanding the seaports of the Sultanate of Oman with a total cost of $246 m.

Exhibition

- The Palestinian Trade Center “Paltrid” and the Union of the Palestinian Information Systems Company “Beta”, the two organizers of Expotec exhibition 2007, announced the conclusion of its activities.
- The activities of the international conference for energy have started at the Egyptian Sharm al-Sheikh city with the participation of Ministers of Foreign Affairs, Petroleum and Electricity from African, Middle Eastern and European Union countries. The conference will discuss the challenges facing providing supplies of oil and natural gas, opportunities of enhancing the regional cooperation, and improving the efficiency of using energy depending on the new resources, as well as the demands of achieving sustainability of these sources to combat gas emissions which cause global warming.

Indicators is a daily economic watch newsletter about the Near East, issued by New Orient News agency in Beirut, Lebanon. It is available on Voltairenet.org in Arabic and English. Also worth a read is Tendencies, the daily Near East political watch newsletter, available in Arabic, English and French languages.