January 2012 | Seamless Steel Tube & Pipe
Middle East sees a decline in rig counts despite strong WTI crude oil price: Europe, Middle East and Africa Market Analysis
Total seamless exports in Turkey fell .53% between September-October 2011. September marked the beginning of fall’s seasonal pick up, which we expect to have lasted until December 2011.
Long term growth of the total rig count for the Middle East is expected to continue to grow with a boost from rising oil prices. Despite the 18.7% price surge for WTI crude between October - December, European, Middle East, and African rig counts fell 8.2%, 1.3%, and 8.1% respectively, according to Baker Hughes. Over the next year we expect the Middle East to see strong demand in small diameter line pipe as a result of increased refining operations. The Purchasing Manager’s Indices (PMI) for Saudi Arabia and UAE, according to HSBC, are very robust with Saudi Arabia’s PMI leading the way. The strength of this indicator suggests that business confidence in the Middle East is strong, putting upward pressure on the consumption of seamless tube and pipe in the region. Total seamless exports in Turkey fell .53% between September-October 2011....
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