Global LNG Trade Hits New Records. More To Come?

...Not only did 2017 see global LNG trade hit new records, but January 2018 saw new monthly highs. Shell’s latest ‘LNG Outlook’ suggests that new records are in store. The three East Asian countries which are by far the top three global LNG importers – Japan, China and South Korea – im...

Noble East Med Plans Gather Pace

...% (%)   TAMAR POSTS QUARTERLY RECORDS IN 2017 (MN CFD) SOURCE: NOBLE, DELEK.   ROOM TO GROW Beyond the contracted volumes, Noble says it believes there is “substantial remaining opportunity in both the regional export market and within Israel.” Israel is prioritizing gas usage in po...

Mubadala US Petchems JV

...ganizations were merged under the Mubadala name in early 2017. Expansion of its already complex links with OMV forms a key part of Abu Dhabi’s petchems plans. State petroleum firm Adnoc and Borealis are partners in the 60:40 Borouge JV, operating three polyolefins plants with a combined capacity of 4....

Middle East Adjusts To Trump’s Foreign Aid Game

...nual hike to the already sizable assistance the US provides to Amman. Jordan is the most aid-dependent country in the Middle East, with foreign grants comprising about 10% of budgeted revenues this year (MEES, 1 December 2017), and the US is Jordan’s single biggest donor. Israel, the region’s se...

Growing Saudi’s Non-Oil Economy: A Mirage In The Desert?

...tervention Centre, which is working on the revamp, overall implementation of the NTP is still planned for 2020 but some targets will be pushed back to 2025 and 2030. Completion of the revamped NTP known as “NTP 2.0” was scheduled for the end of October 2017 according to the same document but has yet to ma...

Spain 2017 Gas Imports (Bcm)*: Algeria Down 9% At 16.9bcm, Below 50% Of Total For First Time In 5 Years

...*ORIGINAL DATA IN GWH. CONVERTED AT 1GWH =90,000m³ (STANDARD IEA CONVERSION FOR SPAIN DATA). ^CHANGES EXPRESSED ON A PERCENTAGE POINTS BASIS. SOURCE: CORES, IEA, MEES CALCULATIONS.   SPANISH GAS IMPORTS FROM ALGERIA (BCM): STILL THE DOMINANT SUPPLIER BUT VOLUMES, AT 16.9BCM FOR 2017...

Italy 2017 Crude Imports ('000 B/D): Iran More Than Triples Volumes To 7-Year High, Kuwait Supplies Record 73,000 B/D (And 100,000 B/D For Q4), Libya Rebounds To 4-Year-High, Mideast Supplies Record 41.3%

...*CHANGES EXPRESSED ON A PERCENTAGE POINT BASIS. SOURCE: ITALY CUSTOMS DATA, MEES CALCULATIONS.   ITALY’S TOP 8 CRUDE SUPPLIERS ('000 B/D): RESURGENT IRAN FALLS JUST SHORT OF AZERBAIJAN AS #1 SUPPLIER WITH 7-YEAR HIGH OF 352,000 B/D IN NOV 2017   ITALY CRUDE IMPORTS BY...

Turkey 2017 Crude Imports ('000 B/D): Iran Takes Top Spot With Record Volumes

...*PERCENTAGE CHANGE EXPRESSED IN PERCENTAGE POINT TERMS. SOURCE: EPDK, MEES.   TURKEY CRUDE IMPORTS ('000 B/D): RESURGENT IRAN OVERTAKES IRAQ AS TOP SUPPLIER FOR 2017...   ...BUT THE LAST TWO MONTHS OF 2017 SEE IRAN VOLUMES SLUMP TO THE LOWEST LEVEL SINCE 2010* ('00...

Turkey Gas Imports (Bcm): 2017 Sees Record 55.2bcm, With Volumes From Top Two SuppliersRussia (28.6bcm) And Iran (9.3bcm) Also At Record Levels; Imports Of US LNG Up Eight-Fold

Crude Official Selling Prices ($/B)

...*VS ICE BRENT FROM JULY 2017 PREVIOUSLY VS BWAVE.  ...

Iraq Eyes Oil Revenue Gains And Incremental Production Growth

...Iraq’s oil sector got off to a strong start in 2017, earning slightly more than $5bn in January. This was the second consecutive month in which it earned more than $5bn, something it has not achieved since June 2015. 2017 has also seen exploration and development grow outside of Iraq’s core pr...

Zohr On Target, Rosneft Farm-In Questioned

...clear reactors by Russian state firm Rosatom.   ZOHR PRODUCTION PROFILE INDICATES 22-23TCF  RECOVERABLE RESOURCE *OFFICIAL START-UP (1BN CFD FROM 6 WELLS) SLATED FOR ‘END 2017,’ 14 ADDITIONAL WELLS ARE SLATED TO ADD 1.7BN CFD FROM 2019. PROFILE PRESUMES THAT THESE INCREMENTS TAKE TIME TO RA...

Algeria’s LNG Sales Shrink Further, Piped Gas Jumps 49%

...t/y) Start End Import Country Comments Eni 1.33 1997 2017...

Aramco Pays Petronas $7bn For 50% Stake In Rapid Project

...sic engineering design for the Cilacap expansion is due for completion in first quarter 2017, with front end engineering design (FEED) scheduled to begin in the second quarter and project start-up slated for 2021. Aramco chief executive Amin Nasser says the company is also interested in expansion pr...

Abu Dhabi Breaks Records With Expanded Sweihan Solar PV Project

...77 Fewa 3 Gas/Diesel 0.70 Planned: Adwea (2017)                    Al-Mirfa CCGT (Gas) 1....

Asian Importers’ Opec Crude Addiction Grows

...rket share in Asia’s largest buyer, China, as Russian imports surged (see chart 1). Indications are that a concerted effort is being made to rectify this in 2017. Asia’s big four buyers increased their crude imports by 1.09mn b/d in 2016, 930,000 b/d of which came from Opec. The upshot was that Op...

US Exporting Record Volumes Of Crude And Products In 2017

...Preliminary data for the first two months of 2017 show US crude exports this year could well eclipse last year’s record of 520,000 b/d (MEES, 23 December 2016). According to weekly data from the US government’s Energy Information Administration (EIA) the US exported 632,000 b/d in January and 93...

Lebanon’s Political And Economic Struggles Continue

...s attempt to cobble together a budget for 2017 after failing to do so for the past 12 years is unsurprisingly proving to be an uphill struggle. The disruptive headwinds from the ongoing conflict in Syria, which brought into Lebanon more than 1.5 million refugees, also led to a deterioration in ec...

IOCs Continue To Play It Safe In Libya

...arter of 2014 with output of around 700,000 b/d. But state-owned National Oil Corporation (NOC) is yet to persuade some of its major international partners that its bullish oil and gas production targets for 2017 will be achieved. NOC is targeting production of 1.25mn b/d by the end of the year and pl...

IMF Warning Over Iran’s Recovery

...February). In the Article IV report, the IMF notes that the Iranian economy continues to register solid growth in 2016-17 on the back of higher oil production, with real GDP growth expected to reach 6.6% in 2016-17 before easing to 3.3% in 2017-18. In the first half of fiscal 2016-17 GDP gr...