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Kurdistan Grapples With ISIS Threat; Oil Output Steady For Now
...hedule. At Tawke, two wells have come onstream at a combined rate of 37,000 b/d, with surface processing capacity set to increase by 100,000 b/d to around 200,000 b/d by year end. All things being equal, the KRG could conceivably attain its 400,000 b/d target by end 2014 if the pipeline issues are re...
Volume: 57Issue: 33Published at Fri, 15 Aug 2014 -
Satorp Refinery Units ‘All Operational’, Says Total
...pears to not yet be onstream. Nevertheless, the refinery’s ramp-up has cut in to Saudi crude exports, whilst boosting products exports to near record levels. Saudi refinery runs averaged 1.85mn b/d during October 2013-May 2014, compared with 1.52mn b/d in the previous eight-month period. Throughputs re...
Volume: 57Issue: 33Published at Fri, 15 Aug 2014 -
Aramco/Sumitomo Agree Handover Of Rabigh-2 To JV Operating Company
...urth quarter of 2014. The existing Petro Rabigh complex produces 18.4mn tons/year of petroleum products and 2.4mn t/y of chemicals. Rabigh-2 will produce up to 4.85mn t/y of high value chemicals. Petro Rabigh estimates the cost of the Rabigh-2 plant at SR32bn ($8.5bn), and says it will be online in 20...
Volume: 57Issue: 33Published at Fri, 15 Aug 2014 -
Supply/Demand: ‘Eerie’ Calm As Uncertainties Mount
...gh of 2.14mn b/d in May and has likely increased since. With a second 400,000 b/d refinery (Yasref) set to start up by end 2014, the decline in the OPEC kingpin’s crude exports is structural. Libya: Potential Upside For Libya, despite continued fighting, there appears to be a significant ch...
Volume: 57Issue: 33Published at Fri, 15 Aug 2014 -
OPEC Output Surges In July On Saudi, Libya Additions
...public. Since the start of 2014, Iranian oil exports have consistently breached the (understood) 1mn b/d limit agreed as part of the interim deal. Yet, they have faced little scrutiny from the US and its allies involved in the nuclear negotiations on the basis that Iranian oil exports have been cushioned in...
Volume: 57Issue: 33Published at Fri, 15 Aug 2014 -
Pressure Eases As Yemen Secures Long-Awaited Loan
...s budget), falling export volumes have pushed the government to rely on domestic borrowing, swelling the state’s debt. According to latest World Bank estimates, Yemen’s domestic debt increased to 33% of GDP in 2013 from 30% of GDP in 2012, with a further hike to 34.5% on the cards for 2014, while to...
Volume: 57Issue: 33Published at Fri, 15 Aug 2014 -
Saudi Set For $28bn 2014 Surplus
...SAUDI ARABIA Having penciled in a balanced budget, Saudi Arabia is set to post a surplus of SR104bn ($27.7bn), or 3.5% of GDP, for 2014, according to local investment bank Jadwa. Jadwa projects 2014 revenue at SR1,174bn ($313bn) and expenditure of SR1,070bn ($285bn), 37% and 25% re...
Volume: 57Issue: 33Published at Fri, 15 Aug 2014 -
Oman Export Income Down
...ile oil revenues were down 4.7% to OR2.587bn ($6.73bn) in this period versus 1Q14, gas revenues were up 6.85% to OR 363mn ($940.1mn). Yet despite the drop in overall hydrocarbon revenue, Oman is on target to post a surplus for 2014. The Q1 figures imply total 2014 hydrocarbons revenue of OR...
Volume: 57Issue: 33Published at Fri, 15 Aug 2014 -
Jordan: $1bn Eurobond
...th principal and interest (MEES, 13 June). Jordan is set to post a deficit of JD1.114bn ($1.570bn, 4.3% of GDP) for 2014, and has to borrow from domestic and international capital markets. Spending is stretched by Jordan’s hosting of over 1 million Syrian refugees. It is also implementing IM...
Volume: 57Issue: 33Published at Fri, 15 Aug 2014 -
Benchmark Crude Prices ($/B)
...OIL PRICES 14-Aug 4 - 8 Aug 28 Jul - 1 Aug Jul-14 Jun-14 Q2 2014 Q1 2014 20...
Volume: 57Issue: 33Published at Fri, 15 Aug 2014