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Upstream Investment: Are Shortfall Fears Overblown?
...The IEA and others continue to flag up an investment ‘shortfall’ and supposed coming supply crunch. Are such worries overstated? Global upstream capex was $434bn in 2016, a multi-year low. This was down 25% from 2015 and 40% below the 2014 peak of $730bn, according to the IEA’s ‘World En...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Algeria Re-Tenders 3.6bcm/y Ain Tsila Gas Development
...September 2014. In June 2015, Petroceltic was still bullish that the EPC award would be made by the end of the year: then Chairman Robert Adair flagged up a likely EPC award and the start of development drilling “before the end of 2015,” with progress here “the key determinants” of hitting the th...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Suez Canal Revenues Show Signs Of Recovery In 2017
...e October 2015 downing of a Russian charter jet over the Sinai peninsula (see chart). The fall in Suez Canal revenues has been more modest: 2016 revenues were down 3% on 2015 and 9% on 2014’s record takings (MEES, 20 January). Flows through the canal are seasonal, with Q3 typically the high po...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Opec Revenue: Sour Crude Shortfall Mitigates Price Crunch
...own no sign of halting so far, with the differential narrowing for the past five consecutive months to $1.21/B in June. This is not just the smallest differential since August 2014, but also the most consistent narrowing since early 2010 (see chart). Although Brent crude prices have weakened to be...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Saudi Crude Exports Lowest Since 2014 As Oil Burning Ramps Up
...Saudi crude oil exports averaged 6.924mn b/d in May, their lowest level since October 2014 and down 82,000 b/d from April. This comes as crude burning rose by 180,000 b/d to 604,000 b/d in line with seasonal trends (see below for full data). With burning set to have risen further in June an...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Gulf Bond Issues To Set New Highs As Cash Crunch Continues
...ound $60bn annually in 2013 and 2014, $70bn in 2015 and $78bn last year. If the current trends continue, bonds could overtake loans this year. This would be significant for a region traditionally dominated by relationship-driven bank lending. Diversifying funding sources would also help to si...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Iran’s Budget Deficit Soars In 2016-17
...VENUE FIGURES (IR TRN) 2016-17 vs 2015-16 2015-16 vs 2014-16 2014...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017