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Opec Struggling To Keep Up With Rival Producers
...A SUPPLY & DEMAND FORECASTS, MARCH 2018 (MN B/D) 2016 2017 vs 16 2018 vs 17...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Sudan’s Upstream Oil & Energy Sector: Investors Sought But IOCs Remain Cautious
...ump lifted key sanctions in October (MEES, 13 October 2017). Speaking at Abu Dhabi’s Adipec conference in November, he said the ministry is keen to collaborate with international firms to develop the country’s energy resources. “Sudan has energy requirements,” said Mr Osman. “We are looking at able pa...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Saudi Firms Advance Direct Oil-To-Chemicals Technology
...reement. But the IEA reckons that Saudi maintains over 2mn b/d of spare capacity: it estimates 2017 capacity at 12.16mn b/d, rising to 12.30mn b/d by 2023. In theory this would enable the kingdom to easily cover the feedstock requirements for the two new plants without denting crude exports. Crude oil is al...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Iraq’s Power Generators Gorge On Rising Gas, Cutting Crude Burn
...ocessing volumes of 900mn cfd by the end of December 2017. The company recovered a record 676mn cfd for 2017 as a whole and plans to reach 1bn cfd by end-2018. December’s commissioning of a gas processing plant at the Gazprom Neft-operated 85,000 b/d Badra field later this month will add 155mn cfd to Ir...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Lebanon Looks To Put Fiscal House In Order
...pan can boast higher). Before passing the 2017 budget last year (MEES, 4 August 2017), parliament hadn’t passed a budget since 2005. Despite this the country posted annual GDP growth averaging 7.7% from 2006 to 2010. Lebanon’s political class used the absence of a budget to rack up massive deficits wh...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Iraq Budget Under Threat
...maining $3.23bn yet to be disbursed (MEES, 4 August 2017). The IMF funds themselves are important but not necessarily crucial for the Iraqi economy given that MEES estimates Iraq’s oil exports are on track to rise $10bn in value this year (MEES, 9 March). But the IMF’s seal of approval on Iraq’s halting ec...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
European Union 2017 Crude Imports ('000 B/D): Kuwait, Iraq Supply Record Volumes; Iran, Libya At Multi-Year High
...*EXCLUDES IMPORTS FROM OTHER EU COUNTRIES. **ACCORDING TO THE EU DATA ITALY TOOK A 764,000-BARREL CARGO OF SYRIAN LIGHT IN MARCH 2017 AND A 298,000-BARREL CARGO IN JULY. THIS APPEARS IMPLAUSIBLE. ^CHANGE EXPRESSED IN PERCENTAGE POINT TERMS. SOURCE: EUROPEAN COMMISION, MEES CALCULATIONS....
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Crude Official Selling Prices ($/B)
...*VS ICE BRENT FROM JULY 2017 PREVIOUSLY VS BWAVE....
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Libya Oil Gains Go Into Reverse
...rf offshore field, which “continued without interruption,” it said. The events prove IOCs are right to be cautious on Libya (MEES, 3 March). ConocoPhillips excluded the territory from its Q4 2016 results release, published on 2 February, and discounted it from its 2017 production guidance. In its Q4...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Libya’s East-West Divide Flares Up Amid Oil Port Fighting
...me by. LIBYA’S 2017 OUTPUT TARGETS BY JV (‘000 B/D) ^ACTUAL JAN-FEB OUTPUT WAS 680,000 B/D. SOURCE: NOC. NOC SPLIT RENEWED On 14 March an LNA spokesman said that a decision over control of the oil terminals would not be reached before they had been inspected by Naji al-Ma...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Production Curbs Help Market Inch Towards Balance
...ude inventories hit a new all-time high of 528.4mn barrels on 3 March, before edging lower to 528.1mn barrels this week. This brought an end to a run of nine consecutive weekly builds caused by buoyant shale production as well as imports. 1: IEA FIGURES IMPLY MARKET REBALANCING* IN Q4 2017... (CU...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
US Ramp-Up Lays Down The Gauntlet To Opec
...a whopping 180,000 b/d upward revision on the number in last month’s report and the first time in a year that US crude output has topped 9mn b/d. The latest STEO revises up projected output for the remainder of 2017 even further, by an average of 270,000 b/d for April-December. Production is now set to...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Kuwait Cuts Its Borrowing Needs With Debut $8bn Bond
...Kuwait this week raised $8bn in a debut Eurobond slated to cover its expected budget deficit for the 2017-18 year starting 1 April. The issue was three times oversubscribed, attracting $29bn in bids. Kuwait previously said it would seek to raise $10bn from its debut foray in the debt ma...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Iran Fiscal Outlook Improves As New Year Dawns
...ound 68 million Iranians only and not the 77 million current recipients. So the government will have the unenviable task of cutting out a few million recipients, or diverting resources from the development budget. The Guardian Council this week approved the draft 2017-18 budget, with some am...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Iran FDI: Set For Takeoff?
...rve a second term, or be replaced by a hardline opponent (MEES, 10 February). IRAN’S FDI INFLOWS SET TO SOAR ($BN) IRANIAN YEARS ENDING c.20MAR. *2016-17 NUMBERS ARE PROVISIONAL, 2017-18 A PROJECTION. **ONLY SOME ANNOUNCED PROJECTS WILL RESULT IN ACTUAL INVESTMENT, TYPICALLY IN SUBSEQUENT YE...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Federal Iraq’s Oil Revenue Set For 30% Annual Rise In 2017
...*MEES CALCULATIONS BASED ON EXPORT PROJECTIONS AND CURRENT FUTURES CURVE AS OF 17 MARCH 2017. FEDERALLY CONTROLLED EXPORTS ONLY. SOURCE: IRAQ OIL MINISTRY, MEES CALCULATIONS. • Iraqi crude revenues in the first two months of 2017 have totaled $9.5bn, more than twice the $4.5bn fi...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Keystone Cops It From KRG Revenue Collapse
...ntinue as a going concern,” it says. The company faces a struggle to rustle up the cash for two $26mn payments to bond holders due in April and October. Along with bond maturities in 2017, the firm has “almost $600mn to settle in about a year from now.” Current cash reserves are $50.6mn. The need to...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
India Presses Buyers’ Advantage In Oversupplied LNG Market
...though there is probably more potential upside than downside to the forecasts given the expectation that these low prices will persist. We forecast another 2.4mn tons (15%) increase year-on-year of gas imports in 2017,” they say. The successful renegotiation with RasGas has now set a precedent and gi...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Turkey’s Tüpraş Racks Up Profits, Maxes Output As Runs Of Iraqi Crude Double
...anned. However, Azeri state firm Socar is building the 200,000 b/d capacity Socar Turkey Aegean Refinery (STAR) at Aliaga, for integration with the Petkim petrochemicals complex. Start-up is scheduled for 2017 and the project is expected to cost $5.5bn. Turkey’s Calik Enerji has also proposed a 30...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Moroccan Renewable Plans Have Wind In Their Sails With 2GW Target In Sight
...hicles’” to develop the projects. Enel says they are expected to be completed and brought online between 2017 and 2020. Electricity generated in the five wind farms will be sold to ONEE under 20-year power purchase agreements. Enel says it will have a 50% shareholding in the projects, comprising a mix of...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016