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Iraq’s Politicized 2018 Budget Aims To Slash Deficit
...om the revised 2017 budget. While current spending is set to decline only marginally in real terms (see table), parliament opted for a substantial 15.3% cut from $24.1bn in 2017 to $20.8bn in capital expenditures real terms a surprising decrease given the emphasis Baghdad is rightly placing on th...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Kuwait’s Overseas Downstream Expansion Stutters On Vietnam Refinery Delays
...nounced readiness for start-up operations, seven months after Kuwait despatched a 2mn-barrel crude cargo for the plant’s commissioning (MEES, 4 August 2017). No reason has been given for the further schedule slippage. Refinery manager Junzo Yamamoto announced on 28 February that “the project is now re...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Oman Taps Major Players For 500MW OPWP Solar Project
...cal firms (see table). OPWP revealed plans for a first utility-scale solar project in October 2016 (MEES, 21 October 2016). Encouraged by a string of record low bids for regional solar projects, OPWP announced in late December 2017 that the project would be a 500MW plant to be built 300km west of Mu...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Saudi: Major 2017 Oil Revenue Gains, But Non-Oil Disappoints
...Saudi Arabia strengthened its trade balance in 2017 with its surplus more than doubling to $95bn. Healthier oil prices more than offset lower export volumes, boosting export revenues, but the government’s efforts to invigorate the non-oil sector continue to fall flat. Saudi Arabia has be...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Saudi Arabia Starts Year Of Heavy Borrowing
...Saudi is gearing up for another year of heavy borrowing on the back of record 2016-17 fundraising (MEES, 29 September 2017) as it seeks to kickstart its economy. It’s starting with refinancing a $10bn international loan raised in 2016. The original loan, for five years, was Saudi Arabia’s fi...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Indian Crude Imports ('000 B/D): Iraq Overtakes Saudi For Top Supplier Spot, Iran And Oman Send Record Volumes
...INDIA’S TOP 3 CRUDE SUPPLIERS ('000 B/D): IRAQ HAS DECISIVELY OVERTAKEN SAUDI FOR TOP SPOT SINCE THE START OF 2017... SOURCE: INDIA CUSTOMS, MEES CALCULATIONS. …WITH 2/3 OF INDIA’S RECORD 4.32MN B/D IMPORTS COMING FROM MENA COUNTRIES ...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Asian LNG Imports Hit Record High In 2016; Global Supply Glut Yet To Come
...oduction from new plants in Australia and elsewhere was mostly absorbed by Asian buyers, but at the ‘cost’ of pushing down prices. As more LNG comes online during 2017, the ability of Asian buyers to soak up additional supplies will be further tested for this year. Collective imports to the global ‘to...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
Aramco Agrees To Pay Shell $2.2bn In Break-Up Of US Motiva Refining JV
...0 Overseas Current & Planned 3,114 1,412 *CURRENT STAKES. MOTIVA TO BE SPLIT IN Q2 2017 WITH ARAMCO TAKING 100% PORT ARTHUR AND SHELL 100% OF CONVENT & NORCO. ^ARAMCO OWNS 63.4% OF S-OIL WITH THE RE...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
UAE Generators Struggle To Take Their Foot Off The Gas
...esel 0.70 Total Operating 28.63 Planned: 26.65 Adwea (2017...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
Opec Output Edges Down But Saudi Wary Of ‘Free Riders’
...e to resurgent US shale production: the EIA this week revised up its forecast of US 2017 crude output by 230,000 b/d to 9.21mn b/d. Opec Secretary General Mohammad Barkindo has previously said he thinks a 270mn barrel fall in OECD stocks is required. But, whilst overall OECD stocks are falling, ME...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
IEA Warns Of Capacity Squeeze Unless Investment ‘Rebounds Sharply’
...The IEA’s latest medium term oil report repeats the organization’s siren calls that a supply crunch is in the pipeline. But it may be underestimating the scale of the US shale rebound already underway. The IEA’s ‘Oil 2017’ report, which covers medium term forecasts to 2022, warns that the 45...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
KRG’s 30,000 B/D Atrush Field: Start-Up Imminent
...G production, but for helping offset Taq Taq’s continued decline. Though Atrush output may be close to that of Taq Taq by the end of 2017 for the year as a whole output is likely to average around 15,000 b/d. The KRG has failed to provide information on overall output since November, but MEES es...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
UK Pledges Funds For Reconstruction Of Iraq’s IS-Ravaged Areas
...cember and January totaled $10.1bn, nearly twice the amount of the same period 12 months previously. Iraq’s 2017 budget projects a budget deficit of $18.4bn, though a conservative assumed oil price of $42/B means that a lower deficit of perhaps $11bn is more likely (MEES, 3 March). But though Iraq’s fi...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
Oman Raises $5bn In Bumper Bond, Kickstarts 2017 GCC Issues
...Oman raised $5bn from a 1 March international bond issue which was four times oversubscribed. As such it is close to completing its entire foreign borrowing plan for 2017 necessary to cover its expected budget deficit. The issue consisted of three tranches: a five-year tranche of $1bn at...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
Algeria Looks To Get Refining Expansion Back On Track With FEED Awards
...at were to be four 5mn tons/year (108,000 b/d) refinery projects – ie 20mn t/y, the equivalent of two-thirds of current capacity – for start-up from 2017. By mid-2015 the plan had slipped to two 108,000 b/d refineries and one 3mn t/y (64,000 b/d) plant, with start-up anticipated “beyond 2020.” No...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
Egypt Eyes 11.6GW Of Coal-Fired Power, Easing Pressure On Gas Supplies
...16) 0.65 Oil Abu Qir (2017) 0.18 Gas 6th of October* (2017) 0.34 Gas South Helwan (20...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
Iraq, Nigeria Outages Lead Opec Production Fall
...recast, and now expects it will bottom out below 8mn b/d in Q3 2017 (see graph). OFFICIAL US CRUDE OUTPUT FORECAST REVISED DOWN BY A FURTHER 270,000 B/D FOR 2017 IN EIA’S LATEST ENERGY OUTLOOK, END-2016 FIGURE NOW 1.44MN B/D BELOW YEAR-AGO PREDICTION (MN B/D BY DATE OF FORECAST) SOURCE: EIA SH...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
BP: Mideast Moves To Center Stage In Cash-Constrained Times
...ojects where appropriate in response to the current business environment.” BP expects Capex of between $17-19bn for 2016 and 2017, a modest-to-zero reduction on 2015 Capex of $18.7bn, down by 18% from 2014’s $22.9bn. BP says it also expects to make $5-8bn from divestments by 2017. BP’s 2015 spend in...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
Saudi Arabia Eyes International Loan But Risks Credit Downgrade
...llows Moody’s recent decision to lower its price assumptions for Brent to $33/B for 2016, $38/B for 2017 and $48/B for 2019. The agency now “expects [prices] to remain low for several years.” Moody’s says that it expects to complete these reviews “within two months,” ie by early May. The review pe...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
Iran Could Face Major Banking Crisis Post-Sanctions
...rch 2017. The new five-year plan will then start, by when the government expects its financial positon to have improved after the lifting of sanctions. While no reason was given for the delay in launching the new plan, the delay gives the Rohani administration more time to review the outcome of the cu...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016