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Kuwait Oil Revenue Hit By Double Whammy Of Prices, Neutral Zone Outage
...nthly takings and the lowest such figure since 2009. Kuwait’s monthly crude export revenues peaked at $6.9bn for 2012 and averaged $6.3bn as recently as the first half of 2014, MEES calculations indicate. Of course the collapse in oil prices in the second half of 2014 is responsible for the lion’s sh...
Volume: 58Issue: 44Published at Fri, 30 Oct 2015 -
Dow To Raise $3bn From Cutting Kuwait Petchem Stakes
...rough a divestment of a portion of the Company’s interests,” as part of a larger scheme to divest between $7bn and $8.5bn of assets by mid-2016 (MEES, 21 November 2014). Though Dow and PIC cooperate on several JVs, the two have a rocky history that may explain Dow’s desire to reduce its exposure to Ku...
Volume: 58Issue: 44Published at Fri, 30 Oct 2015 -
South Sudan Mortgages Future Oil Output
...afigura has signed up to pre-finance crude in South Sudan. In early 2013, the firm signed a pre-financing deal on crude shipments from the government that was revised in early 2014. Under the revised agreement, the trader agreed to pay up front for eight 1mn-barrel cargoes, which would be lifted over a 16...
Volume: 58Issue: 44Published at Fri, 30 Oct 2015 -
Qatar Out To Woo LNG Customers In Face Of Increased Competition
...ilities like Chubu Electric, Tokyo Electric (Tepco), Kansai Electric and Tohoku Electric, as well as upstream player JX Nippon oil and gas and financial entities such as Bank of Tokyo and Sumitomo Mitsui Banking. Japan is the world’s largest LNG importer – it purchased a record 89.2mn tons in 2014 as its nu...
Volume: 58Issue: 44Published at Fri, 30 Oct 2015 -
Saudi Arabia Subsidy Cuts On The Way?
...e world, with average monthly power tariffs of $0.04 per kwh, as opposed to $0.13 per kwh in the United States. The IMF calculates that the implicit cost of subsidized petroleum products and natural gas prices in Saudi Arabia was $83bn (equivalent to 11.1% of GDP) in 2014 (MEES, 23 October). Me...
Volume: 58Issue: 44Published at Fri, 30 Oct 2015 -
Saudi Fights To Keep Asian Market Share
...pected to cut the prices of crude it sells to Asia in November,” Jadwa says. “Maintaining market share is even more of a priority now for Saudi Arabia than when prices began to fall in the second half of 2014. Global oil markets are more competitive and the Kingdom faces competition from both within Opec an...
Volume: 58Issue: 44Published at Fri, 30 Oct 2015 -
Occidental To Focus On ‘Core’ MENA Assets
...ross the Middle East in 2014 – including in the UAE and Oman (MEES, 6 March). The US mini-major will now look to raise approximately $600mn from the sale of acreage in the US Bakken formation’s Williston Basin, CEO Stephen Chazen says. This would make Oxy one of the largest operators to pull out of the Ba...
Volume: 58Issue: 44Published at Fri, 30 Oct 2015 -
UAE Cuts Federal Budget By 4% For 2016
...d $1.21trillion in total assets as of end-June, up by a healthy $136bn on October 2014, according to the US-based SWF Institute. This is almost 18% of global holdings, the largest single national share. The Abu Dhabi Investment Authority is by far the UAE’s largest such fund with $773bn in reserve as...
Volume: 58Issue: 44Published at Fri, 30 Oct 2015 -
Benchmark Crude Prices ($/B)
... 29-Oct 19-23 Oct 12-16 Oct Sep-15 Aug-15 Q3 2015 Q2 2015 YTD 2015 2014 2013 2012 WTI 46.06 45.47 46.81 45.44 42...
Volume: 58Issue: 44Published at Fri, 30 Oct 2015 -
World Bank’s 2016 ‘Ease Of Doing Business’: UAE Tops Mena Rankings, Saudi On The Slide
... COUNTRY 2016 2015 2014 COUNTRY 2016 2015 2014 COUNTRY 20...
Volume: 58Issue: 44Published at Fri, 30 Oct 2015 -
Dana Plays Hardball With The KRG
...escent Petroleum, its largest shareholder, and maintain payments till the case runs its course. The ruling sets a precedent for foreign contractors in the Kurdish region, many of whom are yet to be paid their costs after Baghdad cut off federal funds. With Iraq’s 2014 federal budget still to be approved (se...
Volume: 57Issue: 44Published at Fri, 31 Oct 2014 -
East Med Gas Development: Pipeline Politics Drive Floating Solutions
...peline to Greece -1,536 Fail *5tcf Gas, Mar 2014 Lng Prices. ^Net Present Value. Source: Sapienta Economics. The industry consensus is that with a slew of LNG projects set to come onstream in the coming years – in Australia, Mozambique and po...
Volume: 57Issue: 44Published at Fri, 31 Oct 2014 -
Leviathan Go-Ahead Awaits Egypt Deal
...al: DEFA (Natural Gas Public Company)^ Cyprus n/a^ 10-Jul 4.2-10 0.15-0.35 0.6-1 58-97 *Implied Average Volumes. ^Tender Closes November 2014...
Volume: 57Issue: 44Published at Fri, 31 Oct 2014 -
Vitol Eyes Hub Role For Cyprus Products Storage Terminal
...receive middle distillates, such as kerosene and diesel from the Middle East to Europe via the Suez Canal. Traffic through the canal has risen in 2014, reaching a record of 13.7mn tons in August (see table, p9). The terminal will also facilitate the movement of gasoline from Europe to the East Me...
Volume: 57Issue: 44Published at Fri, 31 Oct 2014 -
Suez Canal September revenue Dips Following Record august
...ns) all reaching new highs. · Southbound shipments of fuel oil rose in September to hit a record 3.3mn tons after reaching 2.8mn tons in August. Suez Canal Traffic, 3Q 2014 (‘000t) Sep-14 Aug-14 Ju...
Volume: 57Issue: 44Published at Fri, 31 Oct 2014 -
Viennese Waltz Becomes A Two-Step
...ices remain at or near current levels for the rest of 2014, the average price of the OPEC basket of crudes for the year as a whole will be around $100/B, meaning that, at least for this year there will be few budgetary problems. He appears not to be thinking of Iran, whose current financial year runs un...
Volume: 57Issue: 44Published at Fri, 31 Oct 2014 -
Iraq Faces Up To Export Undershoot
...IRAQ Iraq Faces Up To Export Undershoot Iraq’s cabinet is struggling to finalize a 2014 budget, a task complicated by an ever widening gap between revenue and expenditure. Spending has overshot draft estimates because of the current crisis, while oil exports and revenues have fa...
Volume: 57Issue: 44Published at Fri, 31 Oct 2014 -
Russia Denies Syria $1bn
...lf of 2014, according to government sources – a mere 4.4% of 385,000 b/d pre-war oil output (MEES, 3 October). The Syrian government now issues a weekly list of prices of subsidized petroleum products, including diesel, heating oil and gasoline, to regulate the market in the light of changing su...
Volume: 57Issue: 44Published at Fri, 31 Oct 2014 -
GCC Countries Face Up To Falling Oil Prices
...the Gulf countries, expansion into foreign markets and boosting competitiveness. GCC countries’ overall current account surplus could plunge to about $100bn in 2015 from $275bn in 2014 if oil prices hold at about $80/B, IMF Regional Director Masood Ahmed told Bloomberg this week. MENA Oil Ex...
Volume: 57Issue: 44Published at Fri, 31 Oct 2014 -
Saudi Arabia: More Refining, More Burn, Less Exports (% Share Of Crude Production)
...lumes, at almost 600,000 b/d, are up 130,000 b/d on the same period last year. The total oil burn, including fuel oil, was 940,000 b/d for January-August 2014, up almost 190,000 b/d on the January-August 2013 figure, which was in itself a record....
Volume: 57Issue: 44Published at Fri, 31 Oct 2014