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Lebanon Approves Cyprus Maritime Border, Syria Next
...11, but Syria – not a signatory to the United Nations Convention on the Law of the Sea (UNCLOS) – rejected this in 2014. Since the end of its civil war in 1990, Lebanon has oscillated between Iran-Syria and western influence. But with Hezbollah out of government in Lebanon and Syria now moving to...
Volume: 68Issue: 44Published at Fri, 31 Oct 2025 -
Lukoil to Sell International Assets to Gunvor
...taining permission from the US Treasury’s Office of Foreign Assets Contral (Ofac), says Lukoil. Gunvor was founded in 2000 and has previously had to deny links to the Kremlin. In 2014, Russian co-founder Gennady Timchenko sold his 43% stake to his Swedish co-founder and Gunvor CEO Torbjörn Törnqvist ju...
Volume: 68Issue: 44Published at Fri, 31 Oct 2025 -
LNG Markets: Strong But Steady Growth With New Supply Set To Cap Prices
...llen 26% since peaking in 2014. *Australia remained Japan’s dominant supplier for 9M 2024, with 18.68mn tons, despite a 9% slump from the year-ago period which also saw Japan fall behind China as Australia’s top customer (see p22 for full data). Malaysia with 7.63mn tons was number two ahead of...
Volume: 67Issue: 44Published at Fri, 01 Nov 2024 -
Iraqi Fuel Oil Export Surge Raises Smuggling Concerns
...bsidized prices, especially those producing asphalt. Michael Knights, Senior Fellow at the Washington Institute for Near East Policy, has looked closely at the trade, and says “these plants existed since at least 2014 and have bloomed in recent years with licenses issued by the Ministry of Trade and fu...
Volume: 67Issue: 44Published at Fri, 01 Nov 2024 -
Oman’s Blocks 3&4: Output Rebound Hopes Recede
...%. Output is now at the lowest since Q4 2014 when production was just ramping up (see chart). At the start of 2023, Tethys’ annual output guidance was 30,000-33,000 b/d, a projection that was only just met by actual 1H production of 30,670 b/d (MEES, 21 July) but now looks beyond reach. Indeed, up...
Volume: 66Issue: 44Published at Fri, 03 Nov 2023 -
Crude Trade: Gulf Suppliers Squeezed In India, Record Share In Japan
...west since 2014 (see chart and table). *With number three Mideast supplier UAE down 45% at 270,000 b/d and number four Kuwait down 25%, overall Mideast-to-India volumes were down 24% at 2.22mn b/d for 9M 2023. As such the region’s market share, at just 45.9% for 9M 2023 and 45.0% for Q3, is on...
Volume: 66Issue: 44Published at Fri, 03 Nov 2023 -
Iraq Eyes 2024 Refining Boost With 150,000 b/d Baiji CDU Re-Build
...rrorist group when it overran the refinery in 2014 (MEES, 26 September 2014). Now, Iraq’s Oil Minister Hayan Abdulghani has set an ambitious target for it “to begin operations” by 1Q 2024. If successful, this would bring back Baiji capacity to its original 290,000 b/d, after the 70,000 b/d Saladin 1 an...
Volume: 66Issue: 44Published at Fri, 03 Nov 2023 -
Yemen: New Import Hub Increases Houthi Economic Control
...port terminal. STRATEGIC LOCATION Ras Issa sits in a strategic bay on Yemen’s Red Sea coast. It has traditionally been the country’s primary export terminal, receiving crude oil from the Marib Basin via a 110,000 b/d pipeline. But with the onset of civil war in 2014, targeted sabotage of th...
Volume: 66Issue: 44Published at Fri, 03 Nov 2023 -
Algeria Prepares Oil & Gas Bid Round
...Algeria plans to launch its first oil and gas bid round since 2014 early next year as it seeks to kickstart foreign investment into its upstream sector. Algeria is preparing to launch an oil and gas bid round under its new oil law by the first quarter of 2023 as it seeks to reinvigorate it...
Volume: 65Issue: 44Published at Fri, 04 Nov 2022 -
Services Firms Eye Gulf Revenue Bonanza
...was desired.” MARGINS OVER REVENUE Having seen their revenues collapse with oil prices in 2014 and again in 2020, the ‘big three’ now claim to be much leaner operators. As such, though their collective revenues remain little more than half 2014 levels, all three have notched up healthy pr...
Volume: 65Issue: 44Published at Fri, 04 Nov 2022 -
‘Invest, Invest, Invest’ In Oil: Mees Interview With Opec Secretary General Haitham Al-Ghais
...wnstream and $1 trillion for the midstream. It’s a huge amount of money, but it’s vital as we have been hit hard twice in recent times. First with the 2014-2016 industry downturn, and then in 2020 with the Covid downturn. In addition, with every downturn there is market instability and with that you lose in...
Volume: 65Issue: 44Published at Fri, 04 Nov 2022 -
Algeria Set To Squander Energy Windfall
...cording to Finance Minister Brahim Djamel Kassali. He expects this to further rise to $60bn in 2023 (see chart 1). And having last year notched up its first trade surplus since 2014, Algeria is set to repeat the trick this year with a more substantial surplus of $17.7bn according to the latest of...
Volume: 65Issue: 44Published at Fri, 04 Nov 2022 -
Iraq Oil Export Revenues Hit Three Year High
...s soaring oil prices. The average price of Iraqi crude exports surged to $79.38/B for October, the highest figure since October 2014. With oil prices staying high in early November and Iraqi output set to rise further as Opec+ production cuts ease further (see p8), Baghdad can look forward to si...
Volume: 64Issue: 44Published at Fri, 05 Nov 2021 -
Saudi Petchems Firms Post Strong Results Despite Pricy Feedstock
...e first nine months of 2021 are already up to $18.09bn. This is likely to lead to the highest full year profits since 2014, even if there is further slippage in Q4. CEO Yousef al-Benyan says the results “marked a continuation of our recovery from the impact of Covid-19, albeit at a lower level th...
Volume: 64Issue: 44Published at Fri, 05 Nov 2021 -
Oman Sees Economic Weaknesses Play A Geopolitical Role
...l revenues. But it never fully recovered from 2014’s oil price crash. Coupled with a post-Arab Spring spending spree, this saw its debt balloon from $4bn in 2013 to $50bn just seven years later. This year’s collapse in oil prices added insult to injury. Revenues fell from $14.3bn in 1H 2019 to $12...
Volume: 63Issue: 44Published at Fri, 30 Oct 2020 -
Israel Offshore Awards: Small Firms, Smaller Commitments
...rt of the former Daniel West block. Two wells were drilled by Calgary headquartered GeoGlobal in 2012, one on each of Myra and Sara, but both came up dry (MEES, 5 December 2014). Ratio, then partnering Energean, initially attempted to farm-in to Myra and Sara in 2014 in a deal ultimately rebuffed by Is...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
Qatar Banks On North Field Leverage To Boost Aggressive Overseas Expansion
...ken in Argentina’s bid round earlier this year – three are operated by Exxon, two by Shell (MEES, 19 April). In the Americas, QP has also taken nine blocks in Brazil – in addition to one from 2014 – eight in Mexico, and two in Guyana. But it remains absent in the US upstream, arguably the world’s la...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
Qatar Petroleum Puts Petchems Front & Center
...ed the 1.4mn t/y Al-Sejeel polymers and 1.5mn t/y Al-Karaana ethylene glycol projects amid the late 2014 collapse in crude prices. Despite the new project’s scale, it is still smaller than the combined scope of those two plants. However, new projects may be unveiled at a later date. Asked whether an...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
Jordan: Gas Oversupply Threatens Key Startups
...rsue an FSRU at Aqaba (MEES, 21 June 2013) accompanied by an LNG purchase agreement with Shell (MEES, 10 July 2015), establish a slew of new powerplants via independent power producer (IPP) agreements (MEES, 1 August 2014) and focus on long-term domestic alternatives via renewables and oil shale (MEES, 14...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
China LNG Imports (Mn Tons): Qatar Volumes And Share Fall In 9m 2019 With Australia Pulling Away As Top Supplier
...PPLIER WITH 9M19 VOLUMES UP 29% Y-O-Y, THOUGH Q3 SAW THE FIRST QUARTERLY DIP SINCE 2017 QATAR, NUMBER ONE TO 2014, RISKS LOSING EVEN SECOND SPOT. 9M VOLUMES OF 5.7MN T ARE DOWN 13%, WITH MALAYSIA (1.87MN T) AHEAD IN Q3...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019