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Pearl Steps On The Gas In Iraqi Kurdistan
...5mn cfd in 2012 before the onset of arbitration over payments in 2013 halted development until last year’s resolution (MEES, 25 October 2013). Condensate output has stayed around 13,000 b/d and LPG at 10,000 b/d. The $2.2bn dispute was finally settled in August 2017, and both parties are keen to ma...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
China Puts Oil Center Stage Of Middle East Strategy
...omoted to the cabinet and appointed First Deputy Prime Minister and Minister of Defense (MEES, 15 December 2017). Progress on the project would advance the deputy PM’s credentials as a potential future Emir. A number of bilateral agreements were reached including an MoU with the China Council for the Pr...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
EIA Hikes 2019 US Output Forecast; Exports AT Record
...tput topped 14mn b/d for the first time in February and 15mn b/d in May. It is now set to breach 16mn b/d from January 2019 and 17mn b/d from November next year. Average 2018 output of 15.14mn b/d would represent a record 2.05mn b/d gain on the 2017 output figure; production is set to soar by a further 1....
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Syria: Key Crossing Open
...rkey have decreased 25% since the closure, with even greater losses from Syria and Lebanon. Kickstarting trade will also prove pivotal to Mr Assad’s immense challenge of rebuilding Syria (MEES, 29 September 2017). The president recently estimated reconstruction costs at $400bn. The seven-year Sy...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Middle East Downstream Eyes Bunkers Boost From IMO Rules
...ys. The IEA expects additional gasoil/diesel to come from the US, followed by the Middle East, Russia and China. Saudi Arabia has developed some refineries targeting overseas sales, exporting a record 516,000 b/d of diesel in 2017. Similarly, the UAE exported a record 92,000 b/d of diesel last year, al...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Saudi’s PIF Increases Stake In Local Private Firm Acwa Power
...ma Foreign Holdings. PIF is slated to have a key role in achieving Crown Prince Muhammad’s Vision 2030 economic diversification strategy – aimed at ending the Saudi “addiction to oil” (MEES, 17 November 2017). Acwa Power’s finances and ownership structure are opaque. But disclosures at the time of...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Algeria: Reserves Slump To 12-Year Low, But Country Has Bigger Problems
...e country’s finances. Instead Algiers has opted for the highly-inflationary path of printing money to finance the country’s expected $19bn 2018 deficit (a cumulative $80bn since 2014 – MEES, 19 October 2017). A temporary ban on a whole swathe of imports is Algeria’s other key ‘alternative’ economic me...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Egypt Pledges To End Energy Subsidies Within 12 Months
...mbit came as they faced what could otherwise have been some awkward meetings with IMF officials. “Higher than projected” oil prices mean that the country’s fuel subsidy bill hit E£121bn ($6.8bn) for the 2017-18 financial year which ended 30 June, well in excess of the E£108bn figure targeted by Egypt’s IM...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018