Most oil producers have adopted higher prices for their 2013 budgets and the remaining Gulf producers yet to draft their figures – Kuwait and Qatar – are expected to follow suit.

Of the 17 countries surveyed by MEES (see table) 13 have reported the prices they will use in their 2013 budgets. Of these, nine appear to be adopting higher prices, and three have left them unchanged. Libya, which passed its 2013 budget on 19 March stands out as the only country reporting a lower price - $90/B versus 2012’s $100/B (see p17). (CONTINUED - 545 WORDS)