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Gulf Choke Points Brought Into Focus As Iran, US & Saudi Ramp Up The Rhetoric
...se for Abu Dhabi’s 6mn t/y of LNG exports, as well as modest but growing LNG imports by Kuwait and Dubai. In total 81mn tons of Gulf LNG exports passed through the channel in 2017. From the perspective of importers, China the global number one oil importer, took 35% of its 2017 crude and co...
Volume: 61Issue: 30Published at Fri, 27 Jul 2018 -
Suez Canal Revenues, Crude Trade At Record Highs: Calm Before The Storm?
...lied on the canal for 12% of its 2017-18 revenue) is the threat to traffic via the Bab al-Mandab straights at the southern end of the Red Sea. Almost all Suez Canal traffic must also pass the Bab al-Mandab. A Saudi Aramco decision on 25 July to halt its shipments via the strait after two tankers we...
Volume: 61Issue: 30Published at Fri, 27 Jul 2018 -
Egypt Completes 14.4GW Gas-Fired Megaproject In Record Time
...W coal-fired plant at Hamrawein on the Red Sea (MEES, 29 June). At least this is a more economic option than Egypt’s other long-term megaplan, a 4.8GW nuclear plant to be built by Russia’s Rosatom which comes with a jaw-dropping $29.4bn price tag (MEES, 15 December 2017). EGYPT’S KEY POWER PR...
Volume: 61Issue: 30Published at Fri, 27 Jul 2018 -
Iran Appoints New Central Bank Chief: Mission Impossible?
...is capital flight is indeed alarming as it represents some 60% of Iran’s oil export revenue of $65.8bn for that year. According to the CBI, Iran posted a budget deficit of $8.2bn in 2017-18 and this will likely rise further if oil exports are cut under renewed US sanctions (MEES, 20 July). DI...
Volume: 61Issue: 30Published at Fri, 27 Jul 2018 -
Crude Official Selling Prices ($/B)
...*VS ICE BRENT FROM JULY 2017 PREVIOUSLY VS BWAVE....
Volume: 61Issue: 30Published at Fri, 27 Jul 2018 -
Kuwait Eyes Long-Delayed Jurassic Gas Expansion
...considerable confidence that these ambitious targets will be met. Certainly, Kuwait has stepped up gas drilling activity this year according to data from US service firm Baker Hughes. It averaged 12 active gas drilling rigs in the first half of 2017, up from 8 in the same period in 2016. Th...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
Total Shrugs Off Regional Tensions, Eyes Further Qatar Projects
...Nearly 30% of Total’s liquid production came from the Middle East and North Africa in the first half of 2017, slightly up year-on-year. Net volumes averaged 384,000 b/d and are set to rise some 23% in the current quarter with the firm taking over as operator at Qatar’s 300,000 b/d Al-Shaheen oi...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
Qatar Looks To Expand Its Lng Options As Contract Renegotiations Loom
...dition, increased renewables power generation capacity combined with plans to restart Japan’s nuclear plants in the coming years points to falling gas demand from Japan’s power sector until 2022, according to the IEA in its recently published Gas Market 2017. The agency expects the highest decrease in...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
Saudi Approves Scaled-Back Nuclear Plans, Studies Reactors Large And Small
...tchdog IAEA setting out 13 priorities for Riyadh during 2017-21. The IAEA says the agreement provides a medium term reference for both parties’ planning. The priorities listed in the agreement include: nuclear energy planning and implementation; regulatory infrastructure; a research reactor; nuclear se...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
US Firms Scale Back Investment, Claim Output Unaffected
...With WTI stuck below $50/B almost continuously since late-April, US-focused majors and large independents have dialed back on 2017 capex. They claim output will rise nonetheless. Achieving this in the short term looks feasible. Longer-term will be more tricky. US-focused E&Ps responded to th...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
Services Firms: Back To Black
...The world’s largest oilfield services firms are finally seeing a return to profit. 1H 2017 is the first time Schlumberger, Halliburton and Baker Hughes have made a combined half-yearly profit since the first half of 2015. Following the aftermath of the oil price collapse the big three oi...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
Libya Looks To Corral IOCs Into Activity Boost
...ntinues to aim for more ambitious targets set out early in the year, and in particular to ramp up output to 1.25mn b/d by the end of 2017 (MEES, 10 February). With this in mind, NOC chief Mustafa Sanalla is doing what he can to encourage companies already operating in Libya to continue to boost pr...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
IMF Cuts Saudi Growth Forecast, Warns On Global Trade Headwinds
...The IMF is relaxed on the economic outlook for the two largest GCC economies, Saudi and the UAE. But rising global protectionism presents a left-field risk. The latest IMF forecasts downgrade Saudi growth for 2017 to just 0.1% (from 0.4% three months earlier) and to 1.1% (from 1.3%) for 20...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
Saudi $4.5bn Debut Domestic Sukuk
...198bn ($53bn) in 2017, down from the record figures of $79bn and $96bn in 2016 and 2015 respectively (MEES, 6 January). The actual deficit at SR26bn in Q1 was well below the SR50bn implied by the 2017 budget. However Q1 figures were buoyed by oil prices which averaged $54.6/B (for Brent); they were ar...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
China 1H 2017 LNG Imports (Mn Tons): Australia Strengthens Position As Top Supplier Setting Monthly Record In June
...*CHANGES EXPRESSED IN PERCENTAGE POINT TERMS. ^JULY-DECEMBER AVERAGE. SOURCE: CHINA CUSTOMS, IGU, MEES. China Quarterly Lng Imports (Mn T): Australia Supplies Over 50% In 2q 2017...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
Opec Winning Back Market Share in Key Asian Markets
...recasts by 100,000 b/d for 2016 due to unexpected European resilience in its latest Oil Market Report, published 13 July, it still sees Asia as the key driver of global demand growth, up 900,000 b/d in 2016 and 840,000 b/d in 2017. In particular, it sees India and China driving growth in 2017, at 28...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
International Donors Provide Fresh Funds For Countries Hosting Syrian Refugees
...ceive JD810mn ($1.14bn) in foreign grants. This is less than the JD890mn ($1.25bn) it received in 2015 and appears conservative (MEES, 25 March). The World Bank this month announced a new aid package of $1.4bn for Jordan under its Country Partnership Framework (CPF) over the six-year period 2017-22. An...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Oilfield Services Firms Forecast Upturn As Industry Looks To Overcome Crisis
...day. The prices will have to get there soon or the supply challenges will be even greater.” Halliburton forecasts its US and Canada markets picking up the quickest, with a “continued modest uptick in the US rig count during the second half of the year and becoming more meaningful as we go into 2017...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Another Summer Of Discontent For Iraq’s Basra Amid Power Shortages
...VELOPMENT ON HOLD The cash-strapped government in Baghdad has had to divert funds to the battle against IS and try to cut costs by scrapping some vital projects, which has frozen investment in new oil and gas capacity for this year and possibly up until 2017 (MEES, 17 July). The loss of territory ha...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015 -
Dubai Announces Financial Close For 200MW Solar Unit
...lar photovoltaic (PV) plant is being developed as an independent power producer (IPP) project by Saudi Arabia’s ACWA Power and Spain’s TSK, with start-up expected by April 2017 (MEES, 30 January). DEWA chief executive Sa’id al-Tayir says the solar park is “one of the largest renewable energy pr...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015