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IEA Chief Warns Against Aggressive Capex Cuts
...essure since 2014, amid growing LNG supplies, slower economic growth and competition with cheaper coal, causing the differential between regional gas prices to narrow sharply. Just this week, the US’ Henry Hub gas benchmark fell below $2/mn BTU for the first time in three years. “One should think ab...
Volume: 58Issue: 44Published at Fri, 30 Oct 2015 -
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