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Saudi Foreign Reserves*
...ARE ON TRACK FOR A $45bn (8.4%) 2017 DRAWDOWN... ...BUT, HAVING FALLEN BELOW $500BN FOR THE FIRST TIME SINCE 2011 IN MAY, THEY HAVE SINCE STABILIZED AT JUST SHY OF THIS LEVEL ($bn) *SAMA NET FOREIGN ASSETS ($BN, END PERIOD). ^FORECAST BASED ON DATA TO END-NOV. SOURCE: SA...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
Oman Plans Cut To 2018 Spending In Bid To Trim Deficit
...18 budget projects a $1.3bn fall in the country’s deficit. But at $7.8bn, almost 13% of GDP, this is hardly something to crow about. Particularly worrying is that the country will have recorded a deficit for 10 straight years – through the $100/B boom years of 2011-14 as well as recent, more co...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
East Med: Leviathan FID Stalls As ExxonMobil Looks To Cyprus Offshore
...hr, but failed in its attempts to re-obtain the block last year before the bid round was announced and yet again in the bid round itself. So far Cyprus’ only offshore gas find, the 5 tcf Aphrodite, discovered by Noble in late 2011 remains undeveloped. There has been no further progress on Ap...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Sharara Restart Pushes Libyan Output Close To 700,000 b/d
...er 60,000 b/d. The terminal was loading close to 9mn barrels a month (nearly 300,000 b/d) when it was last operational in late 2014. As yet there has been no confirmation that the Elephant field has begun production as NOC claims. Sharara operated with limited losses for three years from late 2011...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Saudi 2017 Budget Boosts Spending But Slashes Deficit By One-Third
...17B 2016E SR BN % (Real) 2015 2014 2013 2012 2011...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Saudi-Iran Fracas Ratchets Up Regional Tension, Oil Output Likely To Rise
...s on fire on 6 January. However, neither the protests nor security crack-down have as yet been on the same scale as in 2011. It was for his alleged role in orchestrating these 2011 Shia protests that Shaikh Nimr was arrested in 2012 and sentenced to death in 2014. REGIONAL SUPPORTERS WEIGH IN...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Libyan Security From Bad To Worse As IS Trashes Oil Facilities
...ternationally recognized government in Baida, citing security concerns. Capacity at the terminals has been significantly eroded during the conflict that has followed the removal of former leader Mu’ammar al-Qadhafi in 2011. LIBYA: KEY OIL INFRASTRUCTURE KNOWN THREAT The IS threat to oil fa...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Iran’s Rohani: A Mid-Term Report
...cession has returned, and attributed it to the continuation of international economic sanctions and the decline in annual oil export revenues from $119bn in 2011 to an estimated $25bn in 2015 – the lowest in 10 years. Subsequently, in a scenario that appeared suspiciously pre-arranged and intended to pr...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Subsidies Should Go As Oil Price Falls: IEA Chief Tells Arab Ministers
...ailable for exports, which fell to 6.66mn b/d earlier this year - their lowest since March 2011. Iraq too is burning record amounts of crude oil that it cannot export, while also flaring more than 2bn cfd of natural gas. LIBYA, SAUDI HAVE CHEAPEST GASOLINE The Organization of Arab Petroleum Ex...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
South Sudan Turns To China As Warring Parties Prepare To Renew Hostilities
...out 160,000 b/d, down from 200,000 b/d pre-conflict. This appears to represent the first new deal with a foreign oil firm since independence in 2011, though in 2012 Juba signed a bilateral agreement with Oslo to receive support to develop its largely underdeveloped petroleum industry. The su...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Saudi Arabia Budgets For $39Bn 2015 Deficit Despite Spending Cut
...d yearly since the 2011 Arab Spring uprisings. Commenting on the new budget, Saudi Minister of Economy and Planning, Muhammad al-Jasir said that the government is maintaining expenditure on large infrastructure projects currently under implementation, like railways, desalination and power pl...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Domestic Prices of Oil Products In MENA Countries
...31 0.22 0.10 na Algeria (Dinar) 2011 9.00 na 23.00 21.20 na 22...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Iraq Achieves 2013 Oil Output Target But Exports Still Constrained
...ystone of a report by Reuters that the first cargo of Shaikan heavy oil has been shipped through Turkey by Turkish marketer Powertrans, a private company established in 2011, just before the start of independent Kurdish exports through the Mediterranean port of Mersin. Reuters quoted trading sources as sa...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
Iraq Faces Uncertain Future Amidst Sectarian Conflict
...e Anbar Salvation Council, which won eight of Anbar’s 29 parliamentary seats in the 2010 election and Tariq al-Hashimi, former General Secretary of the Iraqi Islamic Party (a Muslim Brotherhood affiliate). He was Iraq’s vice president between 2011 and 2013 but fled to Turkey in December 2011 to av...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
Libya: Benghazi Bargain Could Pay Off
...e reign of Qadhafi in 2011, is now producing 38,000 b/d at the Mesla field. Of this, 20,000 b/d is piped to the Tobruk refinery, and a further 10,000 b/d end up in the Sarir refinery, according to Mr Harari. Mesla pre-war capacity was 100,000 b/d, although power shortages have meant that post-re...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
Iran: Winter Months To Bring Some Relief To Sunken Crude Export Figures
...neva deal, he argues. “There is going to be higher demand from the Asian market for Iranian crude as we approach winter,” the peak demand season, he says. Exports of Iranian crude averaged around 1.1mn b/d for the first 11 months of 2013, according to MEES estimates, around 55% down on the 2011 av...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
Fujairah To Cement Role With Major Storage Expansion
...ong the new breakwater to include VLCC jetties to accommodate what he predicted was a tripling of oil storage capacity at Fujairah between 2011 after it had doubled in the past two years. VTTI also operates the 80,000 b/d Fujairah Refinery, which processes crude oil and condensates....
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
Syria Rewards Russia With Offshore Exploration Deal
...terest in offshore exploration but with little success. In March 2011 – on the eve of the ongoing war – Syria offered almost all its exclusive economic zone to exploration, split into three blocks of around 3,000 sq km (MEES, 4 April 2011). This followed a failed 2007 bid round. But a flurry of major re...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
Saudi Arabia Unveils Record 2014 Budget Despite Curb On Expenditure Growth
...SAUDI ARABIA Saudi Arabia Unveils Record 2014 Budget Despite Curb On Expenditure Growth Riyadh has announced yet another record budget for 2014. But the 4.3% spending hike is lower than in previous years, in an attempt to rein in the spending boom which followed the 2011 up...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
Jordanian PM Slams ‘Unsustainable’ Energy Bill
...clear power generation has yet to be taken. Until early 2011, Jordan depended on imports of Egyptian gas at preferential prices for over 80% of its electricity generation. But after the Egyptian revolution this source has virtually dried up and Jordan had to shift to more expensive fuel oil for its el...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014