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Saudi Oil Exports On Track For Record Year
...l revenues will hit a three-year high in 2018 and it is conceivable that they could rise above $250bn, although 2014’s $285bn looks out of reach. ...
Volume: 61Issue: 38Published at Fri, 21 Sep 2018 -
Vision 2030: Is The Public Investment Fund’s Strategy Due An Overhaul?
...cal companies and real estate, such investment is challenging. Turning further to debt for financing is an option, but Saudi government debt is already on a sizeable upwards trend, with Moody’s estimating an increase from $12bn in 2014 to $140bn this year (see chart). IMF figures show debt soaring fr...
Volume: 61Issue: 38Published at Fri, 21 Sep 2018 -
Iran Offers Big Discounts To Retain Customers
...e last year before sanctions were tightened in 2012, these five bought 1.44mn b/d between them, before bottoming out at 971,000 b/d in 2014. They continued importing at that level thanks to waivers handed out by the US Obama administration, under which they escaped sanctions so long as they re...
Volume: 61Issue: 38Published at Fri, 21 Sep 2018 -
Saudi Crude Exports At 3-Year Low: Oil Burn Peaks Amid Opec Curbs
...Saudi Arabia’s crude exports are at their lowest level since August 2014 as the kingdom deals with the double-whammy of increased summer demand and reduced output in accordance with last November’s Opec agreement. Saudi Arabia’s oil burn hit 1.39mn b/d in July, the highest figure on re...
Volume: 60Issue: 38Published at Fri, 22 Sep 2017 -
Technical Service Contract Woes Continue To Haunt Iraq
...revising downwards the contractual production plateau targets for fields, but the essential TSC format remains unchanged (MEES, 12 June 2015). This series of alterations in 2014-15 brought the implied total 2020 target from key IOC fields down from 11mn b/d in 2009 to 7mn b/d. It fell further ea...
Volume: 60Issue: 38Published at Fri, 22 Sep 2017 -
Egypt Outlines Suez Downstream Plan, Canal Expansion Begins To Pay Off
...re the highest income since the $482mn earned in October 2015, although still 8% short of the record $510mn revenues of August 2014. The earnings rally is largely attributable to increased crude and products volumes transiting the canal. Northwards products volumes in particular are being boosted by...
Volume: 60Issue: 38Published at Fri, 22 Sep 2017 -
What Embargo? Qatar Products Exports Hit Two-Year High
...tari oil exports rose to 1.09mn b/d, the highest figure since November 2014. Despite the products gains, July hydrocarbon export revenues were $4.18bn, down from $4.54bn in May prior to the blockade. The reason appears to be that Qatar handed discounts to buyers as reassurance. Certainly the ec...
Volume: 60Issue: 38Published at Fri, 22 Sep 2017 -
Rosneft Plans Key Gas Pipeline To Unlock Kurdish Exports to Turkey
...xt two years? Previous plans have stalled. Under a 2013 Gas Sales Agreement the KRG agreed to export 4bcm/y to Turkey by this year, rising to 10bcm/y by 2020, and eventually up to 20bcm/y (MEES, 11 April 2014). Development of key gas fields has slipped due to a number of reasons, chief among them pa...
Volume: 60Issue: 38Published at Fri, 22 Sep 2017 -
Bahrain Taps Debt Market For Record $3bn
...17, gross foreign exchange reserves stood at $1.7bn, down from nearly $6.0bn at the end of 2014. This implies less than one month of current account payment coverage,” S&P said at the time. Although latest figures show this rebounding to $2.5bn at end-April. Fitch assigns Bahrain the highest ra...
Volume: 60Issue: 38Published at Fri, 22 Sep 2017 -
Abu Dhabi Ramps Up Offshore Drilling But Targets Remain Elusive
...Abu Dhabi’s offshore drilling is set to hit a new record in 2016 as it continues to invest despite the slump in oil prices since the second half of 2014. Despite this, offshore development plans are running behind schedule and there is a high likelihood of further delays. Abu Dhabi aims fo...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Egypt’s Gas Output: Has It Turned A Corner?
...2009 and remained thereabouts until mid-2012. Since then new fields have been unable to offset the country’s declining aging acreage. The rate of decline peaked at almost 100mn cfd per month in 2014: though it has since fallen, September’s output figure, if sustained, would mark the first year-on-ye...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
South Sudan Crude Output Plumbs New Lows
...0,000 b/d in September amid ongoing political uncertainty and insecurity. Output, which was running at 350,000 b/d at independence in July 2011, averaged just 169,000 b/d in 2014 and 148,000 b/d in 2015. It has fallen further since the start of 2016 with the latest figures a fresh drop from 117,000 b/d in...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Saudi ‘Low Cost’ Market Share Policy Remains Unfinished Business
...ile its foreign reserves were down 16% year-on-year in July, the rate at which it’s drawing on them is falling (MEES, 2 September). The kingdom knew it was likely to face such a period of economic pain when it embarked on its market share over price strategy in 2014 and shows no sign of changing tack no...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Libya Output Jump On Export Restart
...oducing. But Hamada is in the west of the country. Output is normally blended with much larger volumes of crude from the Repsol-operated Murzuq fields for export as Sharara crude from the port of Zawiya west of Tripoli. No crude has been exported from Zawiya since late 2014. However the port is open in th...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Aramco Output Policy Under Scrutiny Ahead Of Algiers
...ne 2014, when the Opec basket crude price was still comfortably above $100/B: it averaged just $38/B in the first eight months of the year. Saudi refiners have been pushing their plants slightly harder than the industry norm this year – averaging 86.4% capacity utilization, compared with the gl...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Iraqi Finance Minister Sacked, Deepening Political, Financial Crisis
...$26.5bn. Export revenues have plunged along with oil prices despite record breaking volumes. They are on track to fall to around $3.49bn this year, and potentially as low as $3.26bn, less than half that of 2014. Following Mr Zebari’s dismissal the IMF’s Iraq mission chief Christian Josz to...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Tunisia: Output Slides, Firms Look For The Door Amid Instability
...stream output worldwide. In 2015 this produced 26.1mn cfd, 11% of Tunisian output. Though the field has been repeatedly shut-in due to local protests since 2012 (MEES, 23 May 2014), these have increased in duration and intensity since the start of 2016. Output has been “shut-in for most of the year to...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Islamic Finance: A Young Industry Put To The Test
...eir assets by 12% in 2014 but this fell to 7% in 2015, according to a report published by S&P Global earlier this month (see chart 1). S&P Global predicts this slowdown will persist in 2016 and 2017, with growth stabilizing at around 5%. S&P cites two key factors as acting as a brake in 2017: the im...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
SEC Secures $1.3bn Sukuk
...rkets. Although SEC received a $13.2bn ‘soft loan’ from the Ministry of Finance in March 2014, it has raised $21.3bn from the finance sector. The loan is SEC’s first sukuk since January 2014. SEC has followed a recent GCC trend away from Islamic financing (see main story). It takes borrowing this ye...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Kuwait Subsidies Row Hampers Efforts To Cut Record Deficit
...15-16 2014-15 REVENUE 10.24 -3.36 -27.2 13.60 24.93 of wh...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016