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  1. Iran Inaugurates New South Pars Phases, But Ambitious Targets Look Unrealistic

    ...oduction at the two phases has begun and they are to become operational by April 2016. Fars News reports that output at the two phases is currently around 23mn cmd (800mn cfd). Production at phases 20 and 21 is planned to begin around June 2016.   “This year [to mid-March 2017] will be the year of ec...

    Volume: 59
    Issue: 02
    Published at Fri, 15 Jan 2016

  2. US Crude Defies Expectations, Thwarts Saudi Strategy

    ...wn to the higher baseline.   Output will bottom out at about 8.5mn b/d in November 2016 and “stay near 8.5mn b/d for most of 2017.” This level of production is some 1.2 million b/d below the April 2015 level, which was the highest monthly production since April 1971. “Productivity im...

    Volume: 59
    Issue: 02
    Published at Fri, 15 Jan 2016

  3. Gulf Keystone Cash Position Slowly Improves on KRG Payments

    ...April 2016, before its guaranteed and convertible notes mature in April 2017 and October 2017 respectively.   Hungary’s MOL has officially confirmed the completion of the relinquishment of the Akri-Bijeel block in which it had an 80% stake, alongside Gulf Keystone’s 20%. MOL confirmed the fi...

    Volume: 59
    Issue: 02
    Published at Fri, 15 Jan 2016

  4. World Bank Hikes Iran Growth Forecast But Global Storm Clouds Gather

    ...l demand growth from 1.2mn b/d to 1.0mn b/d on the back of global economic headwinds. The IEA, in its most recent monthly market report had already pushed back its expectations of global oil market rebalance – that is to say demand catching up with supply – from 3Q 2016 to early 2017 (MEES, 18 De...

    Volume: 59
    Issue: 02
    Published at Fri, 15 Jan 2016

  5. Growth Forecasts - Caveat Emptor

    ...is caused a MEES double take.   Using estimates that evidently predate the latest collapse in oil prices, the Fund gives 2015 Iraqi oil revenue as $59bn (the actual figure was $49bn). It then has revenues rising to $70bn in 2016 and $84bn in 2017. In fact, using current futures prices (the IM...

    Volume: 59
    Issue: 02
    Published at Fri, 15 Jan 2016