A new report by MEES, the authoritative oil-industry newsletter, summarises recent trends in global oil production. Saudi Arabia, OPEC's biggest producer, averaged 9.96 mn b/d in 2017. Iraq produced 4.43 mn b/d and Iran 3.79 mn b/d: Iraqi production was flat but Iran's was sharply up. Total OPEC produciton averaged 32.48 mn b/d. The US will soon hit a new production record.
Riyad Salamé Re-Appointed as Governor of Central Bank of Lebanon
Earlier this year there was speculation that Salamé would not be renewed as part of wider changes in the Lebanese government that followed the appointment of Michel Aoun as President in October 2016, breaking a two and a half year deadlock when Lebanon had been without a President or government.
However, Salamé is known to have the trust of the US financial authorities, and when it appeared that the US might be planning to tighten the pressure on Hizbollah's funding sources (and, as a result, increase the pressure on Lebanese banks to show that they are not involved in funding Hizbollah), his re-appointment appeared more likely.
Salamé was brought back to Lebanon in 1993 by Rafik Harriri. Salamé had been working for Merrill Lynch in Paris and had got to know Harriri.
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The Arab Bankers Association wish our members and their families a Merry Christmas and a happy New Year.