US Oil Output Soars: Did Opec Create A Frankenstein’s Monster?

...The US government’s Energy Information Administration (EIA) this week came out with its most bullish 2018 output forecasts yet. Further massive gains are slated for 2019. Crude output will average 10.27mn b/d this year, the EIA says, a new record and up almost 1mn b/d on 2017. It will co...

Libya: New Year, Same Output Wobbles

...ior to the explosion, with output having doubled in the second half of 2017 (MEES, 1 December 2017). The Es Sider terminal, along with those at Brega and Zueitina, was closed between 21-25 December due to bad weather, but exports were not affected. No explanation has been given for the explosion, th...

Saudi Aramco IPO: New Year, New Promise Or More Headaches?

...Aramco continues preparations towards an IPO. But relatively minor ones. The key disclosures needed for the favored location of New York within the stipulated end-2018 timeframe are nowhere to be seen. With Aramco IPO planning ending 2017 on a muted note, the state energy giant has st...

Acwa Reaches Financial Close On Egyptian Solar

...ojects at Benban. This came after Egypt’s power Ministry gave in to international financiers’ insistence that disputes be subject to international arbitration (MEES, 16 June 2017). Subsequently the World Bank (IFC) joined the EBRD in supporting the Benban projects, taking combined backing to $1.1bn out of...

KEC: Merger Cash Boost

...25. But fulfilling these plans requires investment way beyond KEC’s meagre $43mn Q3 2017 cash reserves. The firm’s key revenue stream comes from mature fields in Egypt which produced 15,200 b/d net for Q3 2017 (of a company total 28,300 b/d – the highest figure on record thanks to continued ramp-up...

Algeria Bans Imports In Latest Move To Curb Deficit

...geria has knocked $2bn off the expected deficit in its final 2018 budget. But the final figure of AD1.914bn ($16.9bn at the budget exchange rate of $1=AD113.5; $16.6bn at the latest actual rate of $1=AD115) still represents a rise of over 70% on an expected 2017 deficit of $9.6bn. Some scope for a su...

Saudi: $13bn Handouts

...crease in the kingdom’s tax take (MEES, 22 December 2017). Tax revenue was slated to rise by $12bn, thanks to the introduction of VAT at 5% from 1 January as well as a hike to road fuel and electricity prices (MEES, 5 January). But, in the face of popular protest, Saudi Arabia is to counter the im...

US Key 2017 Oil Data (‘000 B/D): NGLs, Total Output, Exports At Record Highs

South Korea 2017 Crude & Condensate Imports, ('000 B/D): Iran Overtakes Iraq As #3 Supplier, US Moves Into Top 10

...  SOUTH KOREA 2017 TOP 6 CRUDE IMPORTERS (‘000 B/D): IRAN MOVES AHEAD OF IRAQ INTO #3 SPOT, QATAR SLIPS TO 8-YEAR LOW (‘000 B/D)   SOUTH KOREA 2017 CRUDE SUPPLIERS: MID-EAST SHARE DOWN WITH RUSSIA, UK AND THE USA THE BIG WINNERS...

Crude Official Selling Prices ($/B):Iran Cuts Heavy Crude OSP To Record 55¢/B Discount To Saudi Arab Medium In Battle For Market Share In Asia

...*VS ICE BRENT FROM JULY 2017 PREVIOUSLY VS BWAVE.   SAUDI LPG ($/T)...

Chinese LNG Imports (Mn T):

...AUSTRALIA WAY AHEAD WITH 46% OF 2017 SUPPLIES, QATAR CLEAR #2 WITH 19%, US LEAPS TO THIRD PLACE WITH RECORD 407,000T IN NOVEMBER *TOP 6 FOR JAN-NOV 2017 ACCOUNTING FOR 31.4MN TONS, 94% OF TOTAL 33.3MN TONS IMPORTS. SOURCE: CHINA CUSTOMS, MEES.   JAN-NOV 2017 TOTAL (MN T)...

Iran Prepares To Boost Gas Exports

...an. Armenia appears on track to have imported around 400mn m³ (39mn cfd), again in line with normal levels. In terms of new export markets in 2017, Iraq is the likeliest destination. In November 2015, the two countries inked an agreement for Iran to deliver 700-1,200mn cfd of gas by pipeline to th...

CCED Ups Oman Output But 2017 Target Fades

KRG Set For Modest Oil Output Gains After Painful 2016

...IOCs in Iraqi Kurdistan are targeting modest production gains in 2017. But the KRG’s ability to pay remains problematic, while geological woes continue. Iraqi Kurdistan’s oil sector suffered a turbulent 2016 marred by attacks on export infrastructure, geological downgrades and failure to pa...

Iraq Crude Exports Hit Record High

...ntrolled pipeline to Ceyhan in Turkey have yet to be released but will likely be slightly up on November’s 54,000 b/d. As for 2017, H1 exports are set to fall from their current heights under the planned Opec production curbs. Oil Minister Jabbar al-Luaibi confirmed this week that it is currently im...

Egypt Hopes To Restart LNG Exports By 2020: Where Will The Gas Come From?

...e end of 2017 according to local daily Al-Borsa. This comes after state-oil firm EGPC was forced to pay some $480mn towards the bill, costs that were originally to have been covered by LNG exports. But MEES understands Shell is far from happy with the Egyptian authorities as it has failed to fo...

Aramco Awards Ras Tanura Clean Fuels, Seals Indonesia Deal

...nfiguration has been completed and the process to select technology licensors will start soon. Basic engineering design work is scheduled for completion in first quarter 2017, with progress to FEED in the second quarter and project start-up slated for 2021. The Cilacap expansion is a key part of Aramco’s ov...

UAE Sets Out Nationwide Power Strategy, Targets 50% ‘Clean Energy’ By 2050

...16) Al-Mirfa CCGT (Gas) 1.60 Dewa (2017) Solar Park 2 (PV) 0.20 Sewa (2017) Hamriyah Ex...

Saudi Cuts Deep To Boost Prices, But Will US Shale Pocket The Gains?

...der which its “allocation" was 10.06mn b/d for the first six months of 2017 (see table and MEES, 2 December 2016). Saudi crude production was 10.40mn b/d in December according to MEES estimates (MEES, 6 January), whilst the most recent official Saudi monthly figures had production at an all-time re...

Saudi Hands Out New Drilling Contracts

...VIET UNION (EXCEPT SAKHALIN).     HESS TO TRIPLE BAKKEN RIG COUNT US shale-focused independent Hess, in a 12 January update to its 2017 capex guidance, says that it plans to spend $2.25bn on E&P next year, up from $1.9bn in 2016. The key boost is slated for North Dakota’s Bakken shale fo...