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Korea Cuts Buying Of Gulf LNG Despite Price Collapse
...th 2014. Outside of the MENA countries, Indonesia (No 3 overall) and Malaysia (No 4 ) are Korea’s key LNG suppliers (see table, p5). YEMEN LNG OUT Yemen was Korea’s fifth largest supplier for 2014 – and conversely Korean state firm Kogas the biggest customer of Total-led Yemen LNG. But first ha...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015 -
Another Summer Of Discontent For Iraq’s Basra Amid Power Shortages
...tput was flared, up from 67% a year earlier. With gross production rising, the absolute volumes of flared gas have risen further: up by 69mn cfd or 5.5% versus January-May 2014, and almost double 2010 levels (see table). Exacerbating the impact on the population of southern Iraq is that alternate fu...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015 -
In Search Of Iran’s Market Share
...like Saudi Arabia, Iraq has a friendly, some would say subservient, relationship with Tehran. But such friendship has not always extended to the oil marketing sphere - particularly as Iraq ramps up exports. Iraq shipped a record 3.5mn b/d of crude in June, up 1mn b/d on 2014 volumes, and has plans to...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015 -
UAE Links Fuel Prices To Global Markets From 1 August
.../B ($0.49/liter) for 95 ron unleaded gasoline, and $70/B ($0.44/liter) for diesel. However, pump prices were also at similar levels a year ago, when, of course, international market prices were far higher. To give an indication of potential savings MEES has crunched the numbers for 2014, when UAE co...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015 -
Lebanese Economy Needs Electric Shock Therapy – IMF
...fugees from war-torn Syria continues to dominate Lebanon’s short-term economic outlook, the International Monetary Fund (IMF) says “electricity reform is an urgent priority” for the Beirut government to kick-start its economy. The Lebanese presidency has lain vacant since May 2014, while a lack of co...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015 -
Sadara Inks $3.8bn Power Deal
...ter plus wastewater treatment to be supplied by local utility Marafiq under a SR70mn ($18.7mn) deal (MEES, 21 November 2014). Though Sadara says its feedstock prices will be “subject to the same market forces [as those of] Sadara’s products,” in reality, prices are low and heavily subsidized with th...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015 -
Saudi Refining Runs And Product Exports Hit Record Levels
...OPEC Saudi Refining Runs And Product Exports Hit Record Levels > Saudi refineries’ CDU capacity has in theory been 2.9mn b/d since September 2014 when the 400,000 b/d Yasref plant in Yanbu’ on the Red Sea coast started up. The similar-sized Satorp plant in Jubail began operations a ye...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015 -
Nuclear Deal Breathes New Life In To Iran-Pakistan Gas Pipeline Project
...pefully, as the sanctions are removed, it facilitates us to address our energy needs, and also meet the contractual obligation,” the minister said. Under the terms of the latest deal signed between the two countries in 2009, 750mn cfd of Iranian gas was to begin flowing to Pakistan by 31 December 2014, wi...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015 -
Services Firms Increase Gulf Dependence Amid Revenue Crunch
...eir mid-2014 peak of around $110/B (for Brent). The lion’s share of this fall happened in the last two months of 2014. International oil companies (IOCs) took some time to slash their capital spending as a result and the fourth quarter of 2014 actually marked a high water mark in services firms’ re...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015 -
Eni Egypt Gas Find
...ES, 3 July). Eni holds a 75% working interest in the West Abu Madi permit, while BP holds the remaining 25%. Petrobel, a JV between Eni and state oil firm EGPC is operator. ENI EGYPT PRODUCTION (NET) 2012 2013 2014...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015 -
The Iran Nuclear Deal And Oil Markets
...llapse since June 2014, the IOCs, in an effort to satisfy investor expectations, were cutting back on capital investments in exploration, development and production. In a world of now much lower oil prices these cuts have accelerated. NEW, MORE ATTRACTIVE TERMS Thus to compete for shrinking IOC in...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015 -
China Crude Imports Hit Record In 2q15 (‘000 B/D)
...1Q15 Jun-15 May-15 Apr-15 2Q15 ‘000 b/d % 1Q15 4Q14 3Q14 2Q14 2014...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015 -
South Korean Crude Oil & Condensate Imports, ‘000 B/D: Saudi Volumes Top 1mn B/D In Q2
...2Q14 2014 2013 2012 2011 2010 MIDDLE EAST 2,103 -480 2,583 2,...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015 -
Benchmark Crude Prices ($/B)
...15 2014 2013 2012 WTI 48.45 51.69 52.41 59.86 59.43 58.02 48...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015