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In Search Of An Equilibrium Oil Price
...TURE OPEC OUTPUT REMAINS LEVEL WITH SEP’16 (33.40MN B/D, MEES EST.) SOURCE: IEA, MEES. MAJORS BULLISH, EVEN AT $50/B Having drastically cut costs from a record $25bn in 2013 to just $16-17bn this year, BP CEO Bob Dudley says that for 2017 at “just south of $55/B” the firm will not only be ab...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Sabic Shows Steely Resolve As Saudi Petchem Profits Fall In Flagging Market
...ginning in January, and by the global economic slowdown. “We predict that 2017 is going to be a quite challenging year for us,” said Mr Benyan. “We need to focus internally on how we can improve our efficiency. Despite the challenges, Sabic will continue in its growth policy. We will expand our ma...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Oman Plans Big Solar Project
...e southern Dhofar governorate near the border with Yemen and plans 7MW more in small projects. Raeco aims to develop 90MW of wind and solar capacity by 2020 and has awarded UAE’s Masdar a $200mn contract to build a 50MW wind farm at Harweel in the Dhofar region for start-up in 2017 (MEES, 10 Ju...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Kuwait Dissolves Parliament Amidst Subsidy Reform Uproar
...sing oil prices. For the current financial year, which ends in March 2017, oil revenues are on course to total $43bn, $10bn above budget. Kuwait Export Blend crude averaged just $34.35/B in the first half of the year but rose to $41.49/B in Q3, just $6/B below the previous year. With Kuwaiti ex...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Iran Opens Pre-Qualification For Upstream Tenders
...adegan field will be the first to be offered. NIOC Managing Director Ali Kardor announced on 17 October that a tender for the 42bn barrel field, currently producing around 60,000 b/d, is planned for next month, before pre-qualification concludes. The winner is expected to be announced in early 2017...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Saudi Launches Record Breaking Bond Sales
...nk Jadwa estimated that energy subsidies had cost the Saudi government $61bn (9.3% of GDP) in 2015 (MEES, 8 January). The IMF estimates that the increase in energy and water prices to international/cost recovery levels over the five-year period 2017-21 would generate gross revenue gains of SR...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016