OPEC Member Countries Economy – September 2012

Source: OPEC 10/8/2012, Location: Africa

Libya said it is budgeting on the country's crude and products’ output averaging 1.35 mb/d in the 2012 financial year with an average crude price of $100/b, and NOC exports, taxes and royalty earnings income of $54.9 bn. In the period from 1 January to 31 July, production was almost at 1.42 mb/d, 5% higher than forecast, with an average price of $110.50/b, yielding $30.4 bn. Saudi Arabia’s inflation rate fell to its lowest in almost three years as increases in the cost of food eased. Inflation slowed to 4% in July, compared with 4.9% in the previous month, the Central Department of Statistics said on its website in mid- August. Food prices increased 4%, down from 4.7% in June.

The Saudi Arabian Monetary Agency said in a report on its website that inflationary pressures in the kingdom are expected to stabilize in the third quarter as global increases in food costs slow and inflation in other countries eases. Inflation in Algeria has increased, despite the drop in monetary expansion during the first half of 2012 to 17.88% against 19.91% in December 2011, the Bank of Algeria’s governor said. In Algeria, money supply expansion was the main determining factor of inflation during 2000 and 2001. The acceleration of inflation in the first half of 2012 is mainly due to internal factors, particularly to market malfunctioning, dominant positions and speculation, and not to the expansion of money supply, as before.


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