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Iran Inaugurates New South Pars Phases, But Ambitious Targets Look Unrealistic
...reement: actual supplies through the Tabriz-Ankara pipeline were lower at 8.9 bcm in 2014 (MEES, 11 December 2015). Prospects for increased volumes appear slim due to an ongoing pricing dispute, which is currently being considered by the International Court of Arbitration. Iran has an agreement to export 70...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Oman, Bahrain, Qatar Follow Saudi In Hiking Fuel Prices
...3.7bn ($12.18bn) in 2014, of which oil products accounted for 35% (MEES, 11 December 2015). However, Commerce Minister Yusuf al-‘Ali has said the plan is to rationalize subsidies to improve targeting of needy people. While the political rationale for maintaining high subsidies to placate the po...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Aramco Clarifies Downstream Divestment Plans After IPO Announcement
...id. SAUDI ARAMCO DOWNSTREAM ASSETS *EXCHANGE-LISTED. SOURCE: ARAMCO, PARTNERS. SAUDI ARAMCO UPSTREAM, 2014 SOURCE: ARAMCO....
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Jordan Steps Up Power Diversity Efforts, Eyes More LNG Imports
...2014 to receive gas from Israel’s Leviathan field, but Jordan has since said the agreement no longer holds (MEES, 18 December 2015). Though Egypt’s recent discovery of the giant Zohr gas field has reopened the possibility of future gas exports, a resumption of shipments through the Arab Gas Pi...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
US Crude Defies Expectations, Thwarts Saudi Strategy
...d the country’s 16-year low rig count numbers (see p19), posting an average of 9.4mn b/d in 2015 – up a further 100,000 b/d on the figure the US government’s Energy Information Administration (EIA) was predicting even a month ago – versus 8.7mn b/d in 2014. It does however estimate a larger fall in cr...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
IS Attacks Again As Baida-Aligned Guards Block Tripoli Crude Shipment
...mpeting authorities. Tripoli-based state oil company National Oil Corporation (NOC) has attempted to ship its first cargo from the Ras Lanuf export terminal since force majeure was declared at the facility in December 2014. Following attacks against the Ras Lanuf and Es Sider terminals by Is...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
KRG Falling Oil Revenue Exacerbates Economic Crisis
...vering the backlog in the salaries, and pay international oil companies (IOCs). There are currently no indications that a resumption of the December 2014 agreement is imminent. Indeed, in the KRG Ministry of Natural Resources Monthly Export report for December 2015, the section detailing de...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Gulf Keystone Cash Position Slowly Improves on KRG Payments
...mn gross, with Gulf Keystone receiving net payments of $12mn. The previous payment had been received on 2 December. In the interim period, the company’s cash balance increased slightly from $54.6mn to $58.4mn. This is considerably down on the firm’s position at the end of 2014. Its cash re...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
IMF Approves Iraq Monitoring Program
...frastructure and assets, disruptions in trade, and deterioration of investor confidence.” Under the SMP, the authorities will cut spending in line with revenue. They will also aim to reduce the non-oil primary deficit by $20bn, or 12% of non-oil GDP between 2014 and 2016, according to the IMF. Ac...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Iran Prepares To Slash Spending
...cember 2014). Oil revenue in the new budget is projected at $22bn according to Mansour Moazzami, an advisor to Mr Zanganeh, with tax revenue at $28bn. Again, there is discord, with Mr Tayyebnia saying Iran only expects to earn $20bn in oil revenue in the current year. With the imminent lifting of...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016