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The article discusses the challenges facing oil exporters from the Middle East, North Africa, Afghanistan and Pakistan (MENAP) due to the continuing fiscal crisis in the U.S. and debt crisis in Europe. A report by the International Monetary Fund (IMF) cites the possibility of a decline in export revenues by MENAP oil producers. The report also notes a downturn in emerging markets trading partners and continuing political unrest in the region may hinder growth prospects for MENAP oil producers.

The article reports that Turkish Prime Minister Recep Tayyip Erdogan and Turkish Republic of Northern Cyprus (TRNC) President Dervis Eroglu have signed an agreement for oil and natural gas offshore exploration in the eastern Mediterranean. Eroglu explains that the agreement is a precautionary measure to make the Greek-speaking Republic of Cyprus desist. The agreement allows Turkey to explore energy resources in the southern coast of the island.

The article reports on the possible decline in oil exports of Saudi Arabia over the long term as the Middle Eastern country's own domestic demand is expected to consume more of its production. A report by "Jadwa Investment" noted that the country's domestic consumption of energy is likely to rise rapidly. The report added that the pace of consumption growth has increased from an annual average of 4.8 percent between 2000-2004 to 5.9 percent between 2005-2009.

The author discusses Daniel Yergin's essay about the oil and gas industry, published in the "Washington Post." Yergin believes that the world is going to experience a shift in oil activity away from the Middle East and into the Western Hemisphere, including Canada, North Dakota and South Texas. He observes that the shift is unplanned and brought about by unrelated initiatives and technological breakthroughs.

The article discusses a Deloitte report which projected about 140 billion U.S. dollars investment in the oil and gas industry in 2012 by national oil companies in the Middle East and North Africa (MENA) region. The report notes that majority of engineering, procurement and construction (EPC) activity will be given in Saudia Arabia. It adds that contractors will follow their client oil companies in Iraq with contracts over 130 billion U.S. dollars to be awarded.

The article reports on the efforts of the International Energy Agency (IEA) to stress that oil producers in the Middle East and North Africa (MENA) should continue to invest in increasing their production capacity. In a statement, chief economist Fatih Birol says more than 80% of the growth in global oil production needs to come from MENA countries in the next 10 years. The comments came after Khalid Al Falih of Saudi Arabian Oil Co. said they had no plans to increase production capacity.

The article addresses the ability of Saudi Arabia to produce petroleum products as revolution and political transition continually change the Middle East and North Africa (MENA) region. A Persian Gulf official dismissed the concerns raised by some analysts over Saudi Arabia's stated spare capacity as the work of speculators trying to manipulate oil prices. The source added that the market is reacting to misinformation, saying they have no problems in reaching their full capacity.

The article reports on the exclusive negotiating rights to establish an oil refinery in Vietnam received by a consortium of Japanese plant engineering firms led by JGC Corp. Other firms in the consortium include Chiyoda Corp., Technip, SK and GS. The refinery will process crude oil from the Middle East. The project will be financed by Idemitsu and three other firms. Shares at JGC increased by 2% following the disclosure of news about the refinery.