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Iraq Pledges Higher Oil Exports Despite Market Pressure
...l prices, virtually the country’s only source of revenues. With the economy burdened by excessive spending in 2014, when the government operated without a budget, and given the more than $60/B slide in oil prices since June last year, the Iraqi minister has his work cut out. In addition to tr...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Iraq, Shell Sign For $11Bn Nebras
...bsequently to 7mn t/y. Baghdad’s later Integrated National Energy Strategy envisages 15.6mn t/y by 2030. However, Nebras faces major hurdles besides Iraq’s perilous security situation: BGC’s work is behind schedule (MEES, 10 December 2014); and tumbling oil prices are undermining investment. Shell an...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Oman Targeting Record Oil Output In 2015
...tput from 2014, which at 943,000 b/d was already at a 13-year high. Oman has since mid-2013 been talking up its potential to boost domestic oil production to 1mn b/d, having achieved year-on-year increases in output every year since 2007 (see graph), primarily driven by majority state-owned Pe...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Oman’s Abu Tabul Gas Starts Up
...salination and petrochemicals sectors. Project operator, state-owned Oman Oil Company Exploration and Production (OOCEP), officially inaugurated the field late last week, though production has been running since November 2014. Output, currently at 27mn cfd of gas and 2,500 b/d of condensate, is expected to...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
India Scrambles To ‘Correct’ Iran Crude Imports Ahead Of Obama Visit
...the first three quarters of this fiscal year (April 2014 – March 2015) versus last, violating in theory, the terms of the Joint Plan of Action (JPA) – the interim nuclear deal struck between Iran and world powers in late 2013, which required Iran’s oil customers to maintain purchases at what was th...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Unrest Threatens Yemen Oil, LNG Operations As President Quits
...tput offline. Operations at Blocks 18 and 5 in the nearby Marib province – operated by state-owned Safer Petroleum and Kuwait Energy respectively – are also hit. Here violence has escalated as the Houthi movement pushes further east (MEES, 19 December 2014). These stoppages have dragged output in th...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Saudi Capacity Tops 2.9mn B/D As Yasref Ships First Products
...erations began in June 2014 – will receive crude from the 900,000 b/d Manifa offshore oil field, which had been due to reach full capacity at end-2014 (MEES, 28 November 2014). SAUDI ARABIAN REFINERIES Refinery ‘000 B/D Start-Up...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Saudi, UAE Refinery Throughputs Down
...e Takreer Expansion plant, with a view to full start-up in early 2015. Meanwhile, analysis of the JODI numbers shows that Saudi refinery outputs exceeded crude inputs by an average 138,000 b/d over the 12 months to November 2014. While monthly differentials will rise and fall because of products st...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Egypt Plans 20GW Of Extra Coal Plants, 4.3GW Renewables
...nerating capacity reached 31.45GW at the end of 2014, according to MEES estimates. This includes 14.46GW of steam turbine capacity, configured to burn either oil or gas, as well as 13.51GW of gas-fired (combined cycle plus open cycle gas turbines) and a total 3.49GW of hydro and renewables. Mr Shakir sa...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
OPEC Puts Russia On The Spot, Again
...ntribution, OPEC is unlikely to act alone. Saudi Arabia and Russia are the top two producers of oil and liquids in the world after the US, which has now overtaken the two oil giants as the world’s leading oil producer. Not only did US crude output soar by 1.2mn b/d to 8.66mn b/d for 2014, but NGLs output ro...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Algeria Shelves Shale In Face Of Protests, Economics
...ale (MEES, 3 October 2014). CONVENTIONAL CHALLENGE Algeria’s keenness for shale always appeared somewhat ill thought out. The country would do better to first focus on more general improvements to the country’s business environment that would facilitate conventional oil and gas exploration and pr...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Egypt: Shale Advances
...ES, 7 February, 2014), but Egypt has been keen to tout a deal signed last month with Shell and US firm Apache which will see Egypt’s first fracking and horizontal drilling into shale rock. Cairo also plans to offer shale gas-prone acreage in an upcoming bid round and says it will boost remuneration to fi...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Service Firms Retrench Despite Record Mideast Takings
...urth quarter of 2014. This was mainly “driven by record revenue in Saudi Arabia and Bahrain and robust activity in Kuwait and the UAE,” the firm says. The region accounts for just under a quarter of Schlumberger’s overall revenue. Drilling in Saudi Arabia hit all-time record levels in 2014, with a mo...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
IMF Projects GCC Hydrocarbons Export Losses At $300Bn
...nthly update of its Regional Economic Outlook (REO), released this week, says that while the Gulf’s key oil exporters will feel the heat from the more than halving of oil prices from $110/B in June 2014 to $45-50/B now, the region’s oil importers will benefit from lower energy import bills, which could he...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
MENA Youth Unemployment Chronic-ILO
...tlook Trends 2015, released 20 January, says the Middle East and North Africa have the highest unemployment rates of any global region. The rate for North Africa was 12.5% for 2014, and that for the Middle East 11%, both higher even than the crisis-hit EU (10.2%). Both are set to stay top of the ra...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Egypt To Tap Bond Market
...EGYPT Egypt To Tap Bond Market Cash-strapped Egypt is planning to tap the Eurobond market in April with a $1.5bn issue to help plug a 2014-15 budget deficit of around E£240bn ($33bn), or 10 % of GDP. Finance Minister Hany Dimian says the issue will test the market for future bo...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Iran Banks On Taxes, Not Oil, To Fuel 2015-16 Budget
...ich calls for the taxation of religious foundations and military-linked companies – an unprecedented measure, if it could be implemented (MEES, 12 December 2014). Past calls to tax the “bonyads”, or state welfare entities controlled by the religious theocracy or the Islamic Revolutionary Guards, have go...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Saudi Arabia Official Crude & Products Output, Consumption And Trade Figures, November 2014 (‘000 B/D)
...Saudi Arabia Official Crude & Products Output, Consumption And Trade Figures, November 2014 (‘000 B/D) Nov-14 vsOct14 vsNov13 Oct-14 Sep-14 Au...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
China Sees Record 3.22mn B/D Mideast Crude Imports In 2014 But Saudi Volumes Slump (‘000 B/D)
...China Sees Record 3.22mn B/D Mideast Crude Imports In 2014 But Saudi Volumes Slump (‘000 B/D) vs2013 vs...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 22-Jan 12-16 Jan 5-9 Jan Dec-14 Nov-14 Q4 2014 Q3 2014 2014...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015