MEES understands from industry sources that negotiations over the six no-bid Technical Support Agreements (TSAs) that the Iraqi Ministry of Oil had been holding with International Oil Companies (IOCs) to increase production by a total of around 500,000 b/d over a short period of time (one-two years) have been delayed.

OPEC edged up its estimates for both demand and the call on its crude for 2007-09 in its latest Monthly Oil Market Report (MOMR ), published on 15 August.

Saudi Arabia is expected to launch more initial public offerings (IPOs) after many of them have proved popular with investors.

Washington’s top diplomat for the Middle East, David Welch, signed an agreement in Tripoli on 14 August to settle all outstanding compensation claims between the US and Libya, enabling the completion of their rapprochement that began with the lifting of economic sanctions in 2004.