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Algeria Ignores Storm Clouds With 2015 Budget
...4,685bn ($59.3bn), with a resulting deficit of AD4,173bn ($52.8bn), or 22.1% of GDP, an increase of 17.8% on the 2014 deficit (see table). The budget law projects an overall GDP growth rate of 3.4% to AD18,191bn ($230.2bn) in 2015, with the non-oil GDP rising by 4.25%, compared to an overall growth rate of 4....
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Saudi Growth Slashed
...SAUDI ARABIA Saudi Growth Slashed Saudi GDP growth is expected to fall to 2.5% in 2015 from 3.7% in 2014, mainly due to an anticipated contraction in the oil sector by 0.6%, Jadwa Investment said in its latest update on the Saudi economy. Oil revenue will decline in 2015, but the re...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
South Korean Crude Imports: OPEC Maintains 85% Share For 2014 (‘000 B/D)
...South Korean Crude Imports: OPEC Maintains 85% Share For 2014 (‘000 B/D) 2014 2014vs2013 2014vs2008 2013 2012 2011 20...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
US Oil Output Rises 15% To Hit Record 12.7mn B/D In 2014 But Growth Slows In Q4
...US Oil Output Rises 15% To Hit Record 12.7mn B/D In 2014 But Growth Slows In Q4 vs 20...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 15-Jan 5-9 Jan 29 Dec - 2 Jan Dec-14 Nov-14 Q4 2014 Q3 2014 2014...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
US Posts Record Year In 2014 - Data Special*
...OPEC US OIL OUTPUT GROWS BY RECORD 1.58MN B/D IN 2014 BUT GROWTH SLOWS IN SECOND HALF (mn B/D YEAR-ON-YEAR GROWTH)* US CRUDE IMPORTS (mn B/D): OPEC VOLUMES FALL TO LOWEST LEVEL SINCE 1988 US CRUDE OIL IMPORTS FROM SAUDI ARABIA (MN B/D) ...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Aramco Awards Bring Forward Shaybah 1Mn B/D Target To 2016
...crement Project is part of the ongoing Shaybah NGL Recovery Program mega-development – intended to process 4bn cfd of gas to produce 240,000 b/d of ethane (MEES, 4 June 2012). This includes nine other major contracts that are under way, to be completed by the end of 2014, Aramco says. While the Sh...
Volume: 57Issue: 03Published at Fri, 17 Jan 2014 -
Kurdish Oil Heads North But Not Yet To Sea
...G capital Erbil. Repsol has conducted a significant 2D seismic acquisition program which identified a number of drilling targets. Drilling operations began on the Zewe-1 exploration well in November 2013 and drilling in Qala Dze is expected in the early part of 2014, Maersk says. The Danish co...
Volume: 57Issue: 03Published at Fri, 17 Jan 2014 -
Refiners Plan ‘Too Much CDU Capacity, Not Enough Conversion
...be delayed until [the planned giant 615,000 b/d] Al-Zour is completed,” says Mr Fathi. Al-Zour contracts may be awarded in 2014, he adds. Iraq’s capacity utilization is “not more than 70%” with light product imports over 100,000 b/d, but the long-planned expansion has made little progress: “Ev...
Volume: 57Issue: 03Published at Fri, 17 Jan 2014 -
Jordan Pushes Shale And Wind In Quest For Diversity
...ES, 18 October 2013); a 146mw gas-fired plant at Zarqa for start-up soon and a 143MW expansion of Samra III gas-fired plant for 2015 (MEES, 9 November 2012); and a 573MW tri-fuel plant at al-Manakher for early 2014 (MEES, 19 October 2012). ...
Volume: 57Issue: 03Published at Fri, 17 Jan 2014 -
OPEC Raises Up World Oil Demand Forecasts
...OPEC OPEC, in its latest oil market commentary, has edged up its world oil demand forecasts for both 2013 and 2014, citing positive developments in the OECD economies of both Europe and North America. Still, the producer group does not expect this to translate into increased demand for it...
Volume: 57Issue: 03Published at Fri, 17 Jan 2014 -
Donors Pledge $2.4Bn Syrian Aid
...raise some $6.5bn for 2014 in order to provide medical care, food water and shelter for both refugees having fled Syria and civilians within Syria. The Secretary General noted that when the donors met a year ago 4mn Syrians needed aid, and that a year later the world is facing a regional and a hu...
Volume: 57Issue: 03Published at Fri, 17 Jan 2014 -
Iran’s Indicators Improve As Sanctions Relief Approaches
...e real inflation rate to be much higher, the trend is clearly down. President Rohani said in November that his government is targeting a fall to 35% by the end of the Persian year on 20 March 2014; and to 25% a year later. The World Bank’s latest figure is 43% (for y/e October 2013). Un...
Volume: 57Issue: 03Published at Fri, 17 Jan 2014 -
World Bank Ups Global Growth Prospects, MENA In The Doldrums
...REGIONAL The World Bank has nudged up its global growth prediction for 2014. For MENA, a relatively healthy oil-fueled performance for GCC countries masks a sharp fall in growth projections for the region’s developing economies. In its latest twice-yearly Global Economic Prospects, re...
Volume: 57Issue: 03Published at Fri, 17 Jan 2014 -
Qatar Changes PSAs to JVs, Invests In Al-Shaheen
...000 b/d). It expects to sign a JV with QP within two years, to operate the fields when its PSA finishes in 2016. In November Total signed a heads of agreement to form a JV (60% QP, 40% Total) to operate the 19,000 b/d offshore al-Khaleej field when the PSA expires in early 2014. Maersk and Oxy expect to get mu...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
French President Promotes Total On UAE Visit
...vitation to prequalify to bid for the concession of Abu Dhabi Company for Onshore Oil Operations (ADCO) consortium – ADNOC 60%, BP 9.5%, ExxonMobil 9.5%, Total 9.5%, Shell 9.5% and Partex 2%. Its target is 1.8mn b/d of crude production capacity by 2017. ADCO’s concession expires on 11 January 2014. After th...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Turkish-Qatari Gas Talks Stall As Balkan LNG Terminal Discussed
...nstruction of a new regasification terminal. This could help Qatargas reach markets in southeast Europe after the Interconnector Turkey-Bulgaria (ITB) pipeline is commissioned in 2014. The new LNG terminal, located on the Gulf of Saros in European Turkey, close to the Greek-Turkish border, is ex...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
SEC Lines Up ACWA-Led Consortium For Rabigh-2 IPP
...P 4,000 Eastern Province Under construction 2014 Rabigh IPP2 1,700 140km north of Jiddah Planning stage 20...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
2012 Jordan’s ‘Most Difficult Year’ Since Early 1990s
...the second half of 2014. There are also plans to build a pier for supply vessels and an LNG terminal, as well as a new crude oil pier (MEES, 20 August 2012). ...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Samba Projects Fall In Saudi Real GDP Growth In 2013-15
...anian output. Samba adds that that it sees fundamentals easing in 2013, as additional supply from Iraq and North America will have more of an impact. Therefore it projects an easing of Saudi oil production by around 4.5% in 2013, but in 2014-15 a pickup in world demand should lead to a co...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013