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Barrels or Beliefs? The First Net Short in WTI and the Power of Market Narratives
...iqueness of the August 2025 event becomes clearer in historical context. During the 2008 financial crisis, speculative longs collapsed but never shifted into net short territory. In the 2014–2015 price collapse, hedge funds built significant short positions, yet the aggregate positioning in WTI remained ne...
Volume: 68Issue: 36Published at Fri, 05 Sep 2025 -
Egypt’s Western Desert Output Hit By Rig Delays As Gas Drilling Shunned
...the lag between handing over produced volumes to the state firm and EGPC paying for them. And though total receivables remain a far cry from the $6bn-plus figure that EGPC owed in 2013 and 2014, latest corporate filings show that dues are again edging higher – perhaps not surprisingly given Eg...
Volume: 65Issue: 36Published at Fri, 09 Sep 2022 -
Iraq’s Parliamentary Speaker Proposes Roadmap To End Political Chaos
...so in 2014 when ISIS took over large swaths of the country and in 2020 when the country was hit by the triple shocks of Covid, an oil price collapse and political turmoil. With no government yet formed, the prospects of a fourth year without a budget are looming for 2023. Even passing another em...
Volume: 65Issue: 36Published at Fri, 09 Sep 2022 -
Russia’s Stroytransgaz Bags Iraq E&P Deal
...-year contract this week to explore and produce oil and gas in western Iraq’s Block 17, a ministry statement confirms. The deal requires approval from the ministerial council, and given American sanctions on the firm due to its involvement in Russia’s 2014 annexation of Crimea, it could spark fierce US op...
Volume: 62Issue: 36Published at Fri, 06 Sep 2019 -
Iraq Sets New Oil Output Record As Jordan Exports Start
...lamic State (IS) insurgency in 2014-16, whilst Baghdad has also tested the upper limits of its export infrastructure. Since peaking at a whopping 3.63mn b/d in December (MEES, 4 January), Iraqi southern exports have averaged 3.43mn b/d throughout the first eight months of this year – less than 30...
Volume: 62Issue: 36Published at Fri, 06 Sep 2019 -
Algeria’s Gas Projects: Playing Catch-Up
...ntracts worth a combined AD53bn ($440mn) to local firms Cosider and ENGTP late last year to develop six fields around the periphery of the 4.4bcm/y-capacity Gassi Touil development, which came online in 2014. Cosider’s AD21bn contract will see it drill 25 wells and send raw gas output of 7mn m³/day (ar...
Volume: 62Issue: 36Published at Fri, 06 Sep 2019 -
Oman Eyes Exciting Oil Potential As Production Limits Ease
...erage 550,000 b/d production. In 2014 PDO implemented a five-year plan to hit 600,000 b/d in 2019 which the firm surpassed ahead of schedule in 2016 (MEES, 24 June 2016). Crucially, the state firm has managed to whittle natural decline down to an annual figure of less than 5% and is now seeing ex...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Iraq Crude Exports Smash Record As Protests Grip Basra
...hieved thanks to higher oil prices – benchmark Basra Light was up 38% year-on-year over the first half of the year – accompanying the record export levels. The $7.73bn that Iraq earned in August was the highest sum since July 2014’s $7.74bn. This is a major threshold for Iraq given that July 2014 was the la...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Mena Coal Plans Get Big Boost From Egyptian Project With Chinese Cash
...35 700MW expansion completed in 2014 Mohammedia Morocco ONEE 0.30 1....
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Japan Set To Follow South Korea and France In Halting Iran Oil Imports
...lumes from 2011 levels, with further cuts in 2014. But India and China, having made more modest cuts in 2012 and 2013, all-but reversed these in 2014 when it became clear that then US President Obama was keener to avoid conflict than enforce sanctions (see chart and MEES, 6 February 2015). This ti...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Saudi Reserves Steady
...The Saudi Arabian Monetary Authority’s net foreign asstes were $501bn as of end-July, down $5bn (1%) from the end June figure but up a touch from the $495bn year-ago level. Having peaked at $746bn in August 2014, Saudi reserves lost 35% over the following three years but have stabilized since mi...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Algeria Gas Hopes Dashed As Touat Start-Up Pushed Back To 2019
...nalized development plans for oil and gas discoveries it has made on the El Assel block (236b) in Algeria’s Berkine Basin. Gazprom was awarded the block in 2008 (MEES, 22 December 2008). It drilled six exploration wells between 2010 and 2014 making a mix of oil and gas discoveries. It then firmed th...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
DNO Injects Fresh Momentum Into KRG Oil Sector With Acquisition
...jority city of Mosul. ExxonMobil suspended operations at the block on 7 August 2014, before force majeure was then imposed. Documents released by WikiLeaks show that ExxonMobil and TEC put estimated oil in place at 580mn barrels. Should Baeshiqa prove commercially viable, it ought to be a simple ma...
Volume: 60Issue: 36Published at Fri, 08 Sep 2017 -
Iraq Sparking Up Gas-Fired Capacity, Despite Fuel Supply Constraints
...quire 1.2bn cfd of gas. FEDERAL IRAQ PEAK POWER GENERATION (MW) Plant type 2014 2015 2016 *20...
Volume: 60Issue: 36Published at Fri, 08 Sep 2017 -
Kufpec Splashes The Cash in Norway But 2020 Target Remains Distant
...fpec’s net production edged up just 3,800 boe/d year-on-year in 2016 to 70,800 boe/d, still below 2014 levels (see chart). PRE-DATED PURCHASES Add in the Thai purchase, and the 2016 gains will be more substantial, taking Kufpec’s overall output above 100,000 boe/d for the first time. But it ta...
Volume: 60Issue: 36Published at Fri, 08 Sep 2017 -
Oman Maintains Upstream Spending Despite Revenue Collapse
...rst half of the year was 99.6% of the same period last year, when annual expenditure was only marginally down on 2014’s record OR5.19bn ($13.5bn at a fixed OR1=$2.597). In fact, state capital expenditure (capex) in the first half of the year is up 13% year-on-year against 2015 at $1.53bn, though op...
Volume: 59Issue: 36Published at Fri, 09 Sep 2016 -
Algeria: Crude Exports Down But Piped Gas Exports Soar
...rhaps due to the inclusion in the Sonatrach stats of condensate processing units – both figures are up, and up by a similar amount. The first half refinery throughput average suggests that Algeria is on track to match or even beat its annual throughput record, which was also 593,000 b/d and set in 2014...
Volume: 59Issue: 36Published at Fri, 09 Sep 2016 -
SEC Set For Split By Year-End
...ailable to SEC for supplying customers via the grid. Ecra says that peak load in 2015 was 62.26GW, which was 10.1% higher than the 56.55GW for 2014. Last year Ecra estimated that Saudi Arabia’s peak power load could reach 75GW in 2020 (MEES, 2 September). So far Saudi generators plan to add almost 28...
Volume: 59Issue: 36Published at Fri, 09 Sep 2016 -
Egypt OKs Foreign Arbitration For Renewables, Cuts Solar Tariffs
...ectricity regulatory agency was quoted by Al Borsa as saying that the original tariffs were decided on the basis of a feasibility study carried out in September 2014. He attributed the lowered solar PV tariffs to a subsequent reduction in development costs for solar capacity....
Volume: 59Issue: 36Published at Fri, 09 Sep 2016 -
Mixed Opec Messages Add To Price Volatility As Output Hits New Record
...Jan-Aug‘16 v Jan-Aug‘15 Jan-Aug‘15 2015 2014 Saudi Arabia*^ 10...
Volume: 59Issue: 36Published at Fri, 09 Sep 2016