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Key Gulf Futures Exchange Eyes China
...mains based in Dubai’s DIFC, the MoU was signed at STG’s headquarters in Riyadh and in the presence of STG CEO Khalid Abdullah al-Hussan. The two exchanges have a long history of partnership, with the GME having been tapped in 2014 by SHFE’s subsidiary, Shanghai International Energy Exchange (INE), to...
Volume: 68Issue: 17Published at Fri, 25 Apr 2025 -
Saudi Slashes Jan-Feb Oil Burn; Can It Maintain The Progress?
...LUMES OF DIESEL. SOURCE: JODI, MEES. 2:....BUT THE FIRST TWO MONTHS OF 2025 HAVE SEEN SUBSTANTIAL GAINS WITH FEBRUARY OIL BURN* DOWN OVER 200,000 B/D YEAR-ON-YEAR FOR THE LOWEST MONTHLY FIGURE SINCE 2014 (‘000 B/D)... *CRUDE PLUS FUEL OIL CONSUMPTION. PRESUMES ALL FUEL OIL BURNED IN PO...
Volume: 68Issue: 17Published at Fri, 25 Apr 2025 -
Kurdistan Slams Baghdad Over Continued Pipeline Closure
...rkuk-Ceyhan crude oil export pipeline which has been offline since the Islamic State damaged it in 2014 (see map, p10 & MEES, 12 April). Iraq optimistically says the pipeline could be up and running by the end of this month – mere days away – and will be capable of exporting 350,000 b/d. MEES un...
Volume: 67Issue: 17Published at Fri, 26 Apr 2024 -
Iraq Awards Akkas To Ukrainian Unknowns
...rce majeure in 2014 when the field was overrun by Islamic State militants, and even after the area was retaken by Iraqi security forces cited security concerns and refused to resume work. More recently Saudi Aramco was tapped for the project amid a thawing of relations between the two Gulf ne...
Volume: 67Issue: 17Published at Fri, 26 Apr 2024 -
Egypt-Turkey Talks: Gaza Conflict Tops Agenda As Relations Thaw
...RMALIZATION The landmark presidential visits are the first since relations soured over a decade ago after Sisi ousted Turkey-backed Islamist President Mohamed Mursi in a 2013 military coup (MEES, 5 July 2013), assuming the presidency a year later (MEES, 26 June 2014). In the years that followed, Turkey gr...
Volume: 67Issue: 17Published at Fri, 26 Apr 2024 -
Libya’s Oil Revenues Hit By Soaring Products Import Bill
...22’s products import bill of $4.4bn was also a record, topping 2014’s $3.5bn, with 2023 on track to hit $4bn. Prevailing volumes and prices imply gross crude and condensate export earnings of $7.74bn for Q1, some $2.4bn above the official NOC/LCB figure of $5.3bn. The former figure equates to gross ea...
Volume: 66Issue: 17Published at Fri, 28 Apr 2023 -
Australia’s Woodside Finally Enters East Med, Teaming Up With Chevron On Egypt Blocks
...mmissioned for a world beating 4.6mn t/y facility (MEES, 24 February). As for whether Woodside may look to expand its Chevron collaboration to other regional assets, intriguingly the Australian firm back in 2014 came close to paying $2.5bn for a 25% stake in Leviathan before the deal was kyboshed due to re...
Volume: 66Issue: 17Published at Fri, 28 Apr 2023 -
Oman’s State Energy Firm Profits From Improved Credit Rating As Economy Picks Up
...pths of the Covid-19 pandemic. The sultanate even achieved a $2.98bn surplus in 2022 which brought an end to a run of 13 consecutive budget deficits. That extended run in the red meant debt levels ballooned in recent years, especially after the 2014 oil price crash. From 4.9% of GDP in 2013 debt surged to...
Volume: 66Issue: 17Published at Fri, 28 Apr 2023 -
Iraq: Sinopec Back At Mansuriya?
...e southern gas grid. The pipeline is slated for completion this year. PEG has won multiple projects in Dhi Qar and has a strong working relationship with SCOP that dates to at least 2014. ...
Volume: 66Issue: 17Published at Fri, 28 Apr 2023 -
Iraq’s Gharaf: Gas Award
...e southern gas grid. The pipeline is slated for completion this year. PEG has won multiple projects in Dhi Qar and has a strong working relationship with SCOP that dates to at least 2014. ...
Volume: 66Issue: 17Published at Fri, 28 Apr 2023 -
ExxonMobil Quits Iraqi Kurdistan
...initially handed back the Betwata, East Arbat and Qara Hanjeer blocks (see table), due to a combination of geological and geopolitical issues. Qara Hanjeer in particular was located in a sensitive area in territory disputed with the federal government in Baghdad, and work had been held up over 2014...
Volume: 65Issue: 17Published at Fri, 29 Apr 2022 -
Asian LNG Importers See Record Import Bill For Q1 Despite Slump In Volumes
...2014, and then number two behind Australia for 2015-2020, suffer the ignominy of being overtaken by the USA for number three spot despite notching up a modest rise in absolute volumes (MEES, 21 January). What a difference three months makes. With the start up of key Qatar-China term deals at th...
Volume: 65Issue: 17Published at Fri, 29 Apr 2022 -
Iran Braces For Summer Blackouts
...ta from the ministry of energy show that installed capacity stands at around 88GW, available capacity is almost 24GW lower at 64GW, a figure that has not budged since 2014 despite a nominal increase of almost 15GW in the headline figure over the same period. Available capacity peaked at 66.6GW in 20...
Volume: 65Issue: 17Published at Fri, 29 Apr 2022 -
Qatar Exports Top $10bn For First Time Since August 2014
...ISED TO SURGE Export revenues totaled $10.08bn in March, the highest monthly figure since August 2014. The gains came despite relatively soft figures from Qatar’s key gas exports, hinting at significant increases in the coming months as the emirate begins to reap the lagging rewards from its oil-li...
Volume: 65Issue: 17Published at Fri, 29 Apr 2022 -
Saudi Arabia’s Vision 2030: Five Years On
...venues fell to a multi-year low of 69.4% in 2020, but that was essentially down to the coronavirus pandemic decimating oil revenues (see chart 1). Indeed, non-oil revenues of $53.7bn in 2020 were not just down on 2019 levels, they were also less than the 2014-figure of $57.9bn, in large part because they in...
Volume: 64Issue: 17Published at Fri, 30 Apr 2021 -
Services Firms Eye Mena Resilience Amid US Shale Collapse: Is This Realistic?
...venue resilience? They are evidently hoping for a repeat of the previous 2015-16 capex downturn (after oil prices collapsed in late 2014) when Mideast NOCs kept spending counter-cyclically whilst IOCs, in particular those focused on US shale, slashed their outlay (MEES, 29 April 2016). Indeed, lower co...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Israel Orders Noble & Delek To Play Fair
...osshairs. In 2014 Noble and Delek were ruled to be operating as a cartel in Israel. An eventual compromise deal saw them forced to sell Karish and Tanin to Energean (MEES, 19 August 2018), whilst Delek must quit Tamar by the end of next year. It has a direct 22% and also a 23% stake in Tamar Petroleum, a sp...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Libya’s Financial Vulnerabilities Laid Bare By Dwindling Oil Revenue
...consultation with Libya’s internationally recognised Government of National Accord (GNA) based in the capital. STATE FAILURE Such is the level of state failure in Libya, that since a political crisis in 2014 it has had two rival governments, two central banks and two national oi...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Saudi Arabia Announces Borrowing, Reserves Draw-down Plan
...is was followed up by an $81bn drop in 2016 and a $39bn drop in 2017 as reserves fell from $732bn at the end of 2014 to $496bn at the end of 2017. Foreign reserves have since stabilized, but not significantly grown, exiting 2019 at $500bn, and declining slightly in early 2020. If Saudi Arabia fo...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Abu Dhabi’s Taqa: Upstream Down Despite Price Recovery, Power Steady
...17bn). The collapse of oil prices in 2014 forced Taqa into a ‘transformation program’ in which it slashed capital expenditure and targeted debt reduction (MEES, 17 November 2017). The transformation appears to be working as far as monies owed is concerned, with net debts reduced from AD72.98bn ($19...
Volume: 62Issue: 17Published at Fri, 26 Apr 2019