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Saudi Oil Sector Feeling The Strain Of Opec Cuts
...nsiderably higher than in recent years thanks to a massive expansion program. Gross exports are averaging 1.44mn b/d this year, substantially less than 2018’s record 1.97mn b/d, but still equal with 2017 for the second highest on record (see chart 3). On a net basis, refined products exports are on track to...
Volume: 62Issue: 29Published at Fri, 19 Jul 2019 -
Saudi Arabia Crude Exports Fell To A 19-Month Low In May ('000 B/D)
...CHANGES EXPRESSED IN PERCENTAGE POINT TERMS WHERE ORIGINAL FIGURES ARE PERCENTAGES. *EXCLUDES FIELD LPG (650-700,000 B/D). **NAPHTHA REFINERY OUTPUT INCLUDED IN 'OTHER' PRODUCTS TO DEC 2017 (479,000 B/D FOR 2017). ^PRESUMES ALL FUEL OIL CONSUMPTION IS BURNT IN POWER PLANTS. SOURCE: JO...
Volume: 62Issue: 29Published at Fri, 19 Jul 2019 -
Iran Struggling To Implement Crtitical Economic Reforms
...reduce absolute poverty, $383mn for heath care and $480mn to subsidize wheat purchases. In 2017-18 the government’s paid $12.7bn in cash handouts for over 70 million Iranians (MEES, 20 July 2018), a much higher figure in dollar terms than the allocation for this year, mainly because of a stronger ri...
Volume: 62Issue: 29Published at Fri, 19 Jul 2019 -
Fujairah Bunkering Stuggles
...opolitics as the UAE’s embargo on Qatar since July 2017 meant it could no longer service Qatari-flagged vessels. As well as to Singapore, Fujairah has been losing trade to its regional rival Sohar in Oman, where plans for LNG bunkering progressed this week (see p2). ...
Volume: 62Issue: 29Published at Fri, 19 Jul 2019 -
Sudans Hope For Output Gains From Cooperation
...timistic accounting and it was no surprise that when June came around, Juba sent a 600,000-barrel Dar Blend cargo Khartoum’s way, just as it has done every two months since April 2017 (equivalent to around 10,000 b/d). Nor was it a surprise that the diversion of a total of 28,000 b/d of crude to the 10...
Volume: 61Issue: 29Published at Fri, 20 Jul 2018 -
DNO Adds KRG Output
...eraged 106,000 b/d in the year-to-date, which implies Q2 output from the Tawke field of around 88,000 b/d – 17.5% less than the same period last year. In the firm’s February 2017 results call, Chairman Bijan Mossavar-Rahmani said that while investments had been paused since 2015 “we will be making th...
Volume: 61Issue: 29Published at Fri, 20 Jul 2018 -
Bahrain’s Troubled Banking Sector Set For Turbulent Times
...low investment grade. Fitch states that the reforms undertaken by the government haven’t been sufficient to stabilize its debt-to-GDP ratio. Bahrain raised $3bn in international bonds in 2017, and currently has about $14bn of outstanding dollar bonds, spiking the government’s debt-to-GDP from 43...
Volume: 61Issue: 29Published at Fri, 20 Jul 2018 -
Saudi Crude Exports Poised To Fill Market
...rket. He said crude exports for July would be equal with June but expected August exports to fall by 100,000 b/d. It thus appears unlikely that November 2016’s record 8.26mn b/d is under imminent threat. Following the implementation of the Opec+ agreement in January 2017, Saudi Arabia cut crude ex...
Volume: 61Issue: 29Published at Fri, 20 Jul 2018 -
Saudi Products Exports At Record Highs
...udi refinery runs averaged just over 2.60mn b/d in May, an 18% increase on the 2.2mn b/d reported for April when most of the Satorp work was carried out, but short of the almost 2.83mn b/d record throughput of December 2017 (see p7). And Satorp came back with a bang, taking to Twitter on 9 July to an...
Volume: 61Issue: 29Published at Fri, 20 Jul 2018 -
Aramco Eyes Sabic Stake
...sewhere. Given that the planned Aramco IPO that was intended to provide PIF with $100bn appears to have stalled, there is clear incentive for such a move. Sabic’s total 2017 output was 71.2mn tons/year, mainly of petrochemicals – including intermediate products – but also including around 5mn t/y of st...
Volume: 61Issue: 29Published at Fri, 20 Jul 2018 -
Abu Dhabi, Dubai Push Power Capacity, Diversify From Gas Fuel
...so supplies other emirati utilities. In 2017 Adwec delivered 13.97TWh (a daily average of 1.59GW) to the Federal Electricity & Water Authority (Fewa), which supplies the northern emirates, and 6.93TWh (791MW average) to Sharjah Water & Electricity Authority (Sewa). Fewa and Sewa have generating ca...
Volume: 61Issue: 29Published at Fri, 20 Jul 2018 -
Saudi Arabia Struggling To Reform Economy Despite Ambitious Plans
...ass (MEES, 28 April 2017). And as rebounding oil prices alleviate the government’s fiscal concerns, the imperative for reform lessens. The continued absence of a revamped National Transformation Plan (“NTP 2.0”) is certainly a cause for concern that momentum for reform has been lost. Originally co...
Volume: 61Issue: 29Published at Fri, 20 Jul 2018 -
Iran Budget Deficit Stubbornly High As Economic Turmoil Looms
...Iran posted an $8.2bn deficit in the last financial year. But with a growing economic crisis and looming sanctions, this may prove the highwater mark for some time. Iran posted a budget deficit of IR270 trillion ($8.2bn at the fixed budget rate of $1=IR33,000) in fiscal year 2017...
Volume: 61Issue: 29Published at Fri, 20 Jul 2018 -
Upstream Investment: Are Shortfall Fears Overblown?
...ergy Investment 2017’, released last week. Upstream spending is two-thirds of total oil and gas investment, which fell by 26% to $650bn, a cumulative 2014-16 fall of 38%. Global spending on pipelines fell by 15% to $130bn whilst that on LNG fell to $25bn in 2016 from $35bn in 2014 and 2015. Th...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Algeria Re-Tenders 3.6bcm/y Ain Tsila Gas Development
...stream in late 2017 (MEES, 16 November 2012), and then late 2018 (MEES, 21 August 2015). Now it will not be completed until at least 2020. Front end engineering and design (FEED) work on the project was scheduled for 2013, but the award of the FEED contract eventually went to Chicago Bridge and Iron only in...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Iraq Prioritizes Gas Development, Border Fields
...s first LPG cargo in July 2016. Volumes remain small, though May 2017, at 8,000 b/d saw the highest output so far. IRAQ'S JULY 2017 UPSTREAM OFFERINGS REGION BLOCK as...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Suez Canal Revenues Show Signs Of Recovery In 2017
...Revenues from the Suez Canal rose to $2.49bn in the first half of 2017, the highest in two years, helping to boost Cairo’s coffers. The influence of more US crude and LNG going to Asia is becoming more apparent in the southbound data. Egypt’s economy spent much of 2016 on a respirator un...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Saudi Arabia’s Rabigh-2 JV Joins Sadara In Starting Up New Units
...0 RABIGH-2 (Aramco/Sumitomo - 2017): 2,600 Paraxylene 1,340 Low-Density Polyethylene (LDPE) 80...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Saudi Wind Deja-Vu As New 400MW Project Tendered
...mat Al Jandal closes on 10 August 2017.” After this, qualified companies will proceed to the request for proposals (RFP) stage, as managing participants or technical participants or both, based on their “experience in delivering IPP projects of this scale.” Repdo says bidders qualifying for the Du...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Opec Revenue: Sour Crude Shortfall Mitigates Price Crunch
...ghtened considerably. The predominance of sour grades within Opec is therefore somewhat mitigating the impact of price falls on the group’s revenues. The Opec basket averaged $3/B less than Brent in 2016, but this discount more than halved to just $1.48/B in the first half of 2017. And the trend has sh...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017