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OPEC Sees Oversupply Easing; Output At 31mn B/D+ For Third Month
...OPEC OPEC Sees Oversupply Easing; Output At 31mn B/D+ For Third Month Fresh from taking the decision to persist with its 30mn b/d production target – and in turn its November 2014 policy to defend market share over oil prices – Opec this week said it expects the excess supply in world oi...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
Mena Oil & Gas: Key Production/Consumption Numbers From Bp’s 2015 Statistical Review
...MENA OIL & GAS: KEY PRODUCTION/CONSUMPTION NUMBERS FROM BP’S 2015 STATISTICAL REVIEW OIL (MN B/D)* Production 2014 vs 2010 Consumption 2014 vs 2010 Ba...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
Iran Touts Gas Export Progress, Plots Key Regional Role Post-Sanctions
...nk. ‘READY TO PLAY OUR ROLE’ Sanctions have severely restricted the development of Iran’s gas reserves, which according to BP are the largest in the world. As of 2014 Iran had gas reserves of 1,201.4 trillion cubic feet, or 18.2% of total global reserves, according to BP’s latest St...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
Arab Energy Club Honors Walid Khadduri
...ergy Award (2014); the International Association of Energy Economics Award for “excellence in written journalism on topics relating to international energy economics” (1993); and the Opec Award for Journalism for an “outstanding career in oil reporting” (2008). He participated in establishing the Ar...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
KRG Says Oil Industry At Risk Over Non Payment
...rplus of crude oil that it is exporting independently out of Ceyhan in an effort to make up for the lack of federal funding during the whole of 2014. The Kurdish Ministry of Natural Resources’ (MNR) latest export figures, published on 2 June, show that the KRG exported 184,224 b/d of its own oil via Ce...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
Iran’s Fragile Banking Sector Under Threat From Government Rate Directives
...monopolies,” he says, hinting at the large state entities, including the Islamic Revolutionary Guards Corps (IRGC) and bonyads (charitable organizations involved in business activities) which play a dominant role in the economy. Former president Ali Akbar Hashemi Rafsanjani in January 2014 cr...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
Egypt Taps Bond Market For First Issue In Five Years
...del Fatah al-Sisi took office in 2014 and the launch of economic reforms which accompanied the inflow of aid and investments from the Gulf states. In March the international business community gave the country its nod of approval at the Egypt Economic Development Conference in Sharm al-Shaikh with pl...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
IMF $833Mn Iraq Loan
...nk chief ‘Ali ‘Allaq. “Mainly because of the violence” Iraq’s GDP contracted by 2.1% in 2014 and will only recover modestly by 0.5% in 2015, the IMF says. This is despite this year’s sharp uptick in crude output and exports – with both hitting all-time highs last month (see p2). As a result of...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 11-Jun 1-5 Jun 25-29 May May-15 Apr-15 Q1 2015 YTD 2015 Q4 2014...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
Jihadist Advance Threatens Key Iraq Oil Facilities
...ibi also asserted, more confidently, that Iraq’s southern oil fields and export terminals were safe from attack. 2014 Target Revised Down Even before the recent turmoil, Iraq had decided to lower its 2014 oil export target as a result of the protracted dispute with the KRG to an average 3m...
Volume: 57Issue: 24Published at Fri, 13 Jun 2014 -
IEA: Middle East Gas Output Set For Strong Growth But Outpaced By Demand
...REGIONAL The Middle East will be one of the fastest growing regions globally for gas production over the five years to 2019, according to the IEA. But growth will struggle to keep pace with runaway regional demand. The IEA’s 2014 Medium Term Gas Report, released this week, revises up...
Volume: 57Issue: 24Published at Fri, 13 Jun 2014 -
IEA Sees $735Bn Investment In Evolving LNG Market Through 2035
...oject anywhere in the world which cannot pass this test needs to be reexamined or postponed.” Market Outlook The gas market will see gradual changes through 2035, as high costs will make some projects unviable from investor, as well as buyer perspective. The IEA’s Medium-Term Gas Market Report 2014...
Volume: 57Issue: 24Published at Fri, 13 Jun 2014 -
Renewables: Turkey, UAE Make Progress But MENA Investment Lags
...REGIONAL/TURKEY/UAE Turkey and the UAE made their mark on the global renewables scene last year, according to Paris-based global renewable energy think-tank REN21. The agency’s Renewables 2014 Global Status Report says Turkey added the second largest amount of geothermal generating ca...
Volume: 57Issue: 24Published at Fri, 13 Jun 2014 -
OPEC Stays The Course As Iraq Storm Brews
...rld economic growth, in particular supply/demand projections for the second half of the year, as well as the outlook for 2015 “noting that the relative steadiness of prices during 2014 to date is an indication that the market is adequately supplied, with the periodic price fluctuations being more of a re...
Volume: 57Issue: 24Published at Fri, 13 Jun 2014 -
Saudi Rise Boosts May OPEC Total
...low, Libya is capable of raising production by “not less than 500,000 b/d” within a week. 2014 West African Output On The wane (Mn B/d) OPEC Well-Head Production (Mn B/D, Mees Estimates) May ‘14 Apr ‘14 May vs...
Volume: 57Issue: 24Published at Fri, 13 Jun 2014 -
Nigerian Minister Surprises With Bid For OPEC Top Job
...OPEC The first OPEC ministerial meeting of 2014 was expected to be a humdrum affair. A rollover of the 30mn b/d group ceiling had been flagged several weeks earlier by Saudi Arabia’s Ali Naimi – minister of the producer club’s most powerful member. The Saudi minister had declared hi...
Volume: 57Issue: 24Published at Fri, 13 Jun 2014 -
Saudi Arabia Ponders Creation Of ‘National Reserve Fund’
...the medium term, while Saudi government spending continues to rise. The IMF has recently warned that the fiscal surplus is not sustainable and could decline further in 2014, with government spending, leading to a budget deficit in the next few years. Therefore the IMF stresses that it was im...
Volume: 57Issue: 24Published at Fri, 13 Jun 2014 -
Sisi Lays Out Egypt’s Economic Challenges
...0,000)/year, to be implemented for a three-year period starting 2014-15 (year beginning 1 July 2014). The 5% tax will also now apply to some companies; initially officials said companies were to be exempt. Mahlab To Form New Government In a bid to maintain economic continuity Mr Sisi has re-ap...
Volume: 57Issue: 24Published at Fri, 13 Jun 2014 -
Jordan Plans $1Bn Bond
...reign grants to reduce its budget deficit. It expects to receive JD1,151mn ($1,623mn) in foreign grants in 2014, up from JD982mn ($1,385mn) in 2013 (MEES, 21 March). Gas Shortage Jordan’s fiscal situation worsened after the 2011 Egyptian revolution, which led to a disruption in Egyptian gas su...
Volume: 57Issue: 24Published at Fri, 13 Jun 2014 -
Kuwait Considers Ending Diesel Subsidy
...iving government efforts to eliminate diesel subsidies. Kuwait spent $5bn on oil subsidies in 2012, while the country’s total fossil fuel subsidies that year amounted to about $4,000 per person, the world’s highest level, according to recently-released IEA figures (see graphs and MEES, 23 May 2014). De...
Volume: 57Issue: 24Published at Fri, 13 Jun 2014