Services Firms Increase Gulf Dependence Amid Revenue Crunch

...eir mid-2014 peak of around $110/B (for Brent). The lion’s share of this fall happened in the last two months of 2014. International oil companies (IOCs) took some time to slash their capital spending as a result and the fourth quarter of 2014 actually marked a high water mark in services firms’ re...

Eni Egypt Gas Find

...ES, 3 July). Eni holds a 75% working interest in the West Abu Madi permit, while BP holds the remaining 25%. Petrobel, a JV between Eni and state oil firm EGPC is operator. ENI EGYPT PRODUCTION (NET)   2012 2013 2014...

The Iran Nuclear Deal And Oil Markets

...llapse since June 2014, the IOCs, in an effort to satisfy investor expectations, were cutting back on capital investments in exploration, development and production. In a world of now much lower oil prices these cuts have accelerated. NEW, MORE ATTRACTIVE TERMS Thus to compete for shrinking IOC in...

China Crude Imports Hit Record In 2q15 (‘000 B/D)

...1Q15               Jun-15 May-15 Apr-15 2Q15 ‘000 b/d % 1Q15 4Q14 3Q14 2Q14 2014...

South Korean Crude Oil & Condensate Imports, ‘000 B/D: Saudi Volumes Top 1mn B/D In Q2

...2Q14 2014 2013 2012 2011 2010 MIDDLE EAST 2,103 -480 2,583 2,...

Benchmark Crude Prices ($/B)

...15 2014 2013 2012 WTI 48.45 51.69 52.41 59.86 59.43 58.02 48...

Syria: Output At 17KB/D

...SYRIA Crude oil production from government-controlled areas of Syria has averaged 17,000 b/d in the first half of 2014, or 4.4% of pre-war volumes of 385,000 b/d, the country’s Minister of Petroleum and Mineral Resources Sulaiman al-‘Abbas said this week. This, according to government st...

Falling Oil & Gas Exports Hit Algeria’s Trade Surplus

...ALGERIA Algeria’s trade surplus fell by 19.4% to $3.9bn in the first half of 2014, from $4.84bn in the corresponding period of 2013, latest official customs statistics show. This comes on the back of a 2.2% fall in the value of hydrocarbon exports to $32.23bn in the first six months of th...

Suez Canal Traffic, 2Q 2014 (‘000t)

Saudi Petchem Firms Mainly Report Improved Profits, SABIC Eyes Price Rise

...SAUDI ARABIA Saudi petrochemicals companies mostly reported improved profits for the second quarter and the first half of 2014, with better market conditions reflected in higher market capitalization for all players. State-owned petchems giant SABIC saw profits rise 7% in the second qu...

MENA Leads OPEC Refining Hike As First Mega-Refinery Comes Onstream

...wly released Annual Statistical Bulletin 2014. The data includes the first of the Gulf mega-refineries to be completed: the 400,000 b/d Satorp joint venture of Saudi Aramco and France’s Total. The similar-sized Aramco/Sinopec Yasref refinery and Aramco Jazan refinery are due onstream in 2014 and 20...

Oman Ramps Up Plant Construction To Meet Rising Power Demand

...20. The company’s current seven-year outlook sees peak MIS demand reaching 9.13GW in 2020 and Salalah peak demand reaching 800MW (MEES, 11 April). 2014 Priorities OPWP says the 2GW Sur independent power producer (IPP) project is currently under construction and expected to be fully co...

World Oil Demand To Grow 1.4mn B/D In 2015 - IEA

...OPEC World Oil Demand (Mn B/D IEA Estimates) Call On OPEC Vs OPEC Output (Mn B/D IEA Estimates)   OPEC Vs IEA Supply-Demand Balance, July 2014 Forecasts (Mn B/D)   1Q14   2Q...

Jazan Development: Saudi Aramco Sprints To The Rescue

...0 Satorp 62.5 Total 400 Total Current Domestic     2,505 Yasref (2014) 62.5 Si...

Service Firms Continue Middle East Growth Despite Iraq Unrest

...gistic bottlenecks” as it looks to tighten security, although Mr McCollum adds that the company’s operations in southern Iraq and Kurdistan which are “far from the fighting” have not been affected. Halliburton expects the Middle East to be the company’s strongest regional market for 2014 as a whole, “de...

Iranian Oil Export Revenues Slump 39% In 2013

...port volumes declined steeply by 42% to 1.215mn b/d in 2013 from 2.102mn b/d in 2012, according to OPEC’s 2014 Annual Statistical Bulletin (ASB), confirming the detrimental effects of the US and EU-led restrictions placed on Iran’s key oil and banking sectors in mid-2012. The West imposed severe ec...

Sudan Economy Continues To Reel From Southern Amputation

...agged out until early-2014, after the conclusion of the government’s annual meeting with the IMF in late 2013. “An agreement was reached [with Khartoum] in March 2014, and the primary objectives of the staff monitored program are to first of all establish macroeconomic stability, and secondly to place th...

IMF Lauds Saudi Economic Performance, But Warns Spending Is Too High

...sed to 2.7% in May 2014. This largely reflected lower food price inflation, which is largely in line with world trends. The unemployment rate in Saudi Arabia meanwhile fell in 2013, particularly among women. In 2014 growth is projected to rise slightly to 4.6%, driven by strong private sector gr...

Benchmark Crude Prices ($/B)

...OIL PRICES     24 Jul 14-18 Jul 7-11 Jul Jun-14 May-14 Q2 2014 Q1 2014 2013 20...

Wintershall Set To Explore Shuweihat As IOCs Help Abu Dhabi Boost Gas Production

...til 2015 (MEES, 1 March). ADNOC insists that the project is on track for start-up in 2014....