Abadi Claims KRG Pipeline Deal As Trucking Plans Fade

...reement has been reached with northern Iraq’s Kurdistan Regional Government (KRG) to export crude oil through the autonomous region’s 700,000 b/d pipeline to Turkey. This raises the prospect of an end to the shut-in of 280,000 b/d of Kirkuk crude (MEES, 20 October 2017). The minister announced the ag...

KRG Eyes Major Support For Future Output Gains

...bil as it adopts a low profile there. Elsewhere, Chevron finally resumed drilling its Sarta license in late February and expects to announce results from the work in Q3. It had planned on drilling the license in late 2017 but withdrew personnel in the wake of October’s Kirkuk upheaval (MEES, 20 Oc...

Algeria Gas Set For Record 2018 With Start-Up Of Key Southwest Fields

...Algeria’s 2017 gas output was only just shy of record levels set the previous year. With the second of two key ‘Southwest Gas Project’ components starting up this week, the country can expect new records in 2018. The 24 February start-up of output at the Timimoun gas field makes it the se...

Saudi Military Shake Up

...hammad bin Salman was the man behind the orders. Since being appointed defense minister in 2015, Muhammad bin Salman has prompted the kingdom to adopt a more proactive role in the region, particularly toward rival Iran (MEES, 24 November 2017). But the recent shake up suggests unease with the current st...

Adnoc Signs Up Japan’s Jodco At Lower Zakum, But Major Absence Remains

...ncession (Adnoc 60%, Jodco 40%) produces around 30,000-40,000 b/d and unlike the legacy-Adma concession had been operated by the rival Zadco offshore concession until it merged with Adma in October to create Adnoc Offshore (MEES, 30 October 2017). The new deal finalized the increase of Inpex’s Umm al-Dalkh st...

Iran: Gulf Star Ramp-Up Hikes Gasoline Output In Face Of Rising Consumption

...oject at Bandar Abbas. PGS-1, where construction began in 2007, was slowed by a lack of funds during sanctions. Despite this, PGS was touted as a strategic project, vital to ending Iran’s reliance on gasoline imports. When PGS-1 started up in April 2017, its naphtha reformer was not operating, so na...

Saudi Pushes On With Nuclear Plans Despite US Concern

...dioactive waste management (MEES, 28 July 2017). With US President Donald Trump wanting to boost the chances of US firms, particularly Westinghouse, securing nuclear contracts in Saudi Arabia, Riyadh’s plan to exploit its own uranium resources could create an entry barrier. While Saudi Arabia has signed th...

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.  ...