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Saudi Maxes Out Refineries Despite Crude Output Cuts
...Saudi crude exports as a percentage of overall production fell to the lowest level since late-2017 in February. Crude exports fell below 7mn b/d for the first time since May 2018, and as a proportion of production fell below 69% for the first time since October 2017 according to the latest Jo...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
Aramco Asian Downstream Splurge Ties Up Captive Crude Markets
...nual report shows output including intermediate products of 30.8mn tons in financial year 2017-18. Its 4Q 2018 results show quarterly petchems output of 9.7mn tons, equivalent to 38.8mn tons on an annualized basis, after the cracker and downstream units reached full output in 2018. Saudi Arabia is al...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
Suez Canal Boosted By Saudi, US Oil Trade Transformations
...ade – has continued to edge higher in recent years, hitting a record 491mn tons in 2018, up 4% on 2017’s previous record. *As for LNG, 5.16mn tons went northbound through the canal in Q1 this year, the highest since 3Q 2015. Weaker than usual Asian buying has seen Asian spot prices fall below those in...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
Israel Contracts Ge For Power Plant Upgrade
...ectricity in 2018 compared with 54% in 2017. US independent Noble Energy is expected to bring the Leviathan field online in the fourth quarter this year, while Greece’s Energean is due to start up output from the Karish field in Q1 2021 (see p3): both are keen to ink more sales deals....
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
Tunisia Clinches Imf Loan Deal
...shington DC where the government and IMF staff agreed on steps to ensure that the “budget deficit target of 3.9% of GDP (before grants) for 2019 can be met to contain the high debt and elevated financing needs.” In 2018 the fiscal-deficit-to-GDP came in at an estimated 4.6%, down from 5.9% in 2017. Facing su...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
More Debt For Jordan’s Nepco
...e country’s practice of heavily subsidizing electricity, most of which is generated through gas imports. MEES estimates Jordan’s total spending on energy in 2018 exceeded $5bn, up from $3.42bn in 2017 (MEES, 30 November 2018). In December Nepco signed a $265mn concessionary loan with the EBRD to re...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
Algeria: Touat Nears Start-Up
...d the last to start up. Repsol’s 2.7bcm/y Reggane saw first gas at end-2017 (MEES, 22 December 2017) and Total’s 1.8bcm/y Timimoun in February (MEES, 2 March). Delays at Touat have likely put paid to Algeria’s hopes that 2018 production would top the last two years of record gas output (94.8bcm for 20...
Volume: 61Issue: 16Published at Fri, 16 Nov 2018 -
Kuwait Presses Ahead With Development Plans, Eyes New Contract Model
...nstructed by UK services firm Petrofac. Currently around 20,000 b/d heavy crude is being produced from Ratqa, Umm Niqa and Sabriya (MEES, 2 June 2017). Mr Jaafar tells MEES that further heavy oil development will be carried out through the installation of further modular 60,000 b/d CPFs. The next phase is...
Volume: 60Issue: 16Published at Fri, 20 Apr 2018 -
Kuwait’s Belated Jodi Stats Show Crude Exports Hitting 75% Of Output
...Kuwait’s Belated Jodi Stats Show Crude Exports Hitting 75% Of Output Kuwait opted to resume submitting data to the Riyadh-based Jodi organization this week. Until this week, the latest data was for October 2017, but Kuwait is now fully up to date having provided full figures up to Fe...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Post-Merger Mubadala: Lots Of Cash, But Does The Strategy Work?
...llow state investment vehicle IPIC (MEES, 24 February 2017). A planned merger with $127bn Abu Dhabi Investment Council will provide more firepower. The firm, chaired by Crown Prince Muhammad bin Zayid Al Nahyan has become an incubator for senior energy figures since its inception in 2002, with the UA...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Opec Members Unrestrained In Condensate Growth
...oduces more condensate, around 750,000 b/d, than it does crude oil. Taking that into account, its agreed 30,000 b/d cut was actually just 2.1% of total wellhead oil output. Qatar’s condensate output is already the most in Opec, but its massive LNG expansion plans announced in 2017 and the eventual co...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
The USA’s Growing Role In Global LNG Trade - MEES Crunches The Numbers
...THE USA EXPORTED A RECORD 4.7MN T (2.64BN CFD) OF LNG IN 4Q 2017, WITH 70% HEADED FOR ASIA*, ALSO A RECORD ASIAN LNG IMPORTS FROM THE US HIT A RECORD 1.31MN TONS FOR JANUARY 18. A RECORD KOREAN^ FIGURE OF 532,000T FOR MARCH SUGGESTS THIS WILL BE BROKEN IN THE MONTHS TO CO...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Suez Canal Shipments, Revenue Up But Trade War Threatens
...container traffic the last four quarters are the four highest on record: 2017’s 471mn tons of container traffic was up 28% on 2010. • Though Egypt’s economic fortunes are generally on the up (see p12), US President Trump’s seeming desire to kick off a trade war means that it would be foolish to...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Saudi Oil Exports Hit New Peak But Crude Burn Rises
...rch). Some 20% of overall products exports in January were sent to OECD Europe, with latest IEA stats showing the region took 1.58mn tons (around 400,000 b/d) in January, well above the 2017 average of 260,000 b/d. This appears to have consisted overwhelmingly, if not entirely, of middle distillates su...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
OMV Restarts Yemen Output
...clear if all are operational. The bulk of Yemen’s 2017 crude output (and all exports) came from Blocks 10 and 14, operated by state firm PetroMasila in the east of the country, much further away from the front line with Houthi rebels. This output of around 50,000 b/d was piped to and exported from th...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Egypt Plans Further Cuts To Energy Subsidies
...rrent 2017-18 financial year envisages a spend of $7.8bn, whilst the most recent ‘actual’ figure had spending at $10.1bn for 2016-17. The 2016-17 spend was actually up on the previous year’s $9.8bn. Whilst the dollar-terms rise is a modest 3%, in local currency terms the leap in spending in energy su...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Qatar Tops Saudi Bond
...sewhere – Kuwait is eying a double-digit $bn issue (MEES, 2 February). Experts canvassed by MEES forecast 2018 GCC issues of $80-90bn, smashing 2017’s record $50.5bn (see chart and MEES, 30 March). Qatar’s issue marks its first international bond in almost two years: it last raised $9bn in May 2016 (ME...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Crude Official Selling Prices ($/B): Saudi Arabia Raises Key Arab Light To Asia Prices
...*VS ICE BRENT FROM JULY 2017 PREVIOUSLY VS BWAVE. ...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Egypt's 2017 Crude Exports
...• For a country which has been a net oil importer since 2009, with net imports averaging 200,000 b/d for 2016-17 (MEES, 9 March), Egypt’s crude export volumes have been surprisingly robust. • Of the country’s 629,000 b/d of 2017 crude and condensate output, some 202,000 b/d was ex...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Saudi Arabia Prioritizing Downstream Amid Production Curbs
...ll to 13.4% in 2016 after holding steady at around 20% between 2008 and 2013. More worryingly for Riyadh, it was overtaken as top supplier by Russia for the full year. It has regained top spot in the first two months of 2017, with China taking more than 1mn b/d in both months. During the first tw...
Volume: 60Issue: 16Published at Fri, 21 Apr 2017