- Sort by:
- Score
- Published ▼
-
OPEC’S $570 Billion Non-Decision
...an, which is more typical of Opec’s core Gulf members’ crude exports, fell to just $35/B on 10 December. Opec members can now expect to take in a mere $514bn in collective revenue for 2015, down by a whopping 47% or $451bn on 2014 (see tables). This is despite output having risen in the meantime (se...
Volume: 58Issue: 50Published at Fri, 11 Dec 2015 -
Opec Production Rises Further As Opposing Camps Go Their Own Way
...Opec production edged upwards in November, reaching an average of 31.82mn b/d, up 30,000 b/d from October. While this is more than was averaged in any month in 2014, it barely sneaks into the top four for 2015, underlining the extent to which Opec producers continue to pump as quickly as they ca...
Volume: 58Issue: 50Published at Fri, 11 Dec 2015 -
South Sudan Oil Output Hike Remains A Distant Prospect
...the conflict. The IMF’s December 2014 Article IV Consultation put oil revenue at 95% of government revenue and around 50% of total GDP in the previous year. PRODUCTION RISES ALWAYS JUST ROUND THE CORNER For more than a year, the government has adhered to a narrative in which an up...
Volume: 58Issue: 50Published at Fri, 11 Dec 2015 -
Russian Allegations Bring Renewed Focus On Islamic State Oil Smuggling
...arterly statements.” ILLICIT OIL AND GAS SALES The United States Deputy Secretary of State Anthony Blinken said at the Atlantic Council Energy and Economic Summit on 20 November that the group receives around $1mn a day from illicit oil and gas sales, down from around $2mn a day in 2014. Ms Ou...
Volume: 58Issue: 50Published at Fri, 11 Dec 2015 -
No Quick Fix To Turkey’s Energy Security Concerns
...The rapid deterioration in Russia-Turkey relations since Ankara’s 24 November downing of a Russian fighter jet on the Syrian border highlights the importance of energy security for Ankara. Russian volumes of 27.33 bcm accounted for more than half of Turkey’s gas imports in 2014 and the ab...
Volume: 58Issue: 50Published at Fri, 11 Dec 2015 -
Iraq: Abadi Faces New Crisis As Anti-Turkey Protest Looms
...rrorism in a November 2014 press conference he held in Baghdad with Turkish PM Ahmet Davutoglu. Mr Abadi’s refusal over the course of this year to arm, or in any way, support Mr Nujaifi’s camps in Kurdish-controlled northern Nineveh suggests that he never endorsed Turkey’s intervention in the form it has ta...
Volume: 58Issue: 50Published at Fri, 11 Dec 2015 -
Oman Starts Qualification For Three New Desalination Plants
...line in 2017-19 and will take Oman’s desalination capacity under development to 970,000 m3/d. OPWP expects Oman’s peak water demand to rise from 934,000 m3/d in 2014 to 1.34mn m3/d in 2020. Oman’s current desalination capacity is 740,000 m3/d. OPWP has awarded Singapore’s Hyflux and local firm Mo...
Volume: 58Issue: 50Published at Fri, 11 Dec 2015 -
Kuwait Mulls Subsidy Reforms As Oil Price Collapse Hurts
...ll require legal changes, would be tackled at a later date. Subsidies cost Kuwait about KD3.7bn ($12.2bn), or 7.6% of GDP in 2014, of which petroleum product subsidies account for 35% (see table). Kuwaiti pre-tax gasoline and diesel prices are respectively 66% and 41% below US prices. They are al...
Volume: 58Issue: 50Published at Fri, 11 Dec 2015 -
Opec Opens Its Arms To A Net Importer
...Indonesia will be formally welcomed back into Opec on 1 January, having suspended its membership in 2009. Crude production is currently around 800,000 b/d, but with domestic consumption at 1.6mn b/d according to BP figures in 2014, it is a net importer of around 800,000 b/d. Plans for the Ba...
Volume: 58Issue: 50Published at Fri, 11 Dec 2015 -
Iraq Seeks Kuwait’s Help To Ease Pain Of Lower Oil Price
...ficials to assess the country’s recent economic developments with a particular focus on the “double shock” of the IS incursion and the decline in oil prices. Mr Sdralevich said in the statement that Iraq’s GDP was expected to contract by around 0.5% in 2014 largely due to the economic effects of the in...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
UAE, Kuwait Redefine Oil Marketing
...nditions. Chinese imports of crude oil averaged 6mn b/d in 2014 with the Middle East accounting for half of total imports, despite a rise in the share of Latin American crudes locked out of the US market, he adds. Indian imports have also followed a similar trend, rising to 3.8mn b/d in 2014 due to a rise in...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Saudi Arabia, Kuwait Set For Annual Drilling Record
...ate oil firm Sonatrach this week said the company had made 28 oil and gas discoveries during the first 10 months of 2014, compared to 29 in 2013. MENA Active Drilling Rigs, November 2014...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Jordan Cuts Handouts
...ndling fees. The latest pricelist effective 1 December cuts the price of 90 Octane unleaded gasoline by 17.4% from March 2014 (see table). Jordan Product Prices (Fils*/Liter, Unless Otherwise Stated) Dec ‘14 vs...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Data Special: 2014 On Target For Record Gulf Oil Burn
...Data Special: 2014 On Target For Record Gulf Oil Burn Crude Oil Burn: Saudi Arabia, Kuwait Set To Hit Record This Year (‘000 B/D) Fuel Oil Consumption: Saudi Arabia Set For Record (‘000 B/D) Total^ Gulf Oil Burn To Hit 1.5mn B/D For 2015 (‘000 B/D)...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Price Rout Extended As Demand Falls Further Behind Supply
...ll on OPEC was revised down “due to a lower demand forecast, and upward revisions to historical estimates and projections of North American and biofuels supply,” the IEA said in its latest oil market report (OMR). For 2014, OPEC did the same, revising downward its previous forecast for the call on...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
US Lowers 2015 Output Forecasts, But OPEC Needs More
...l is forecast by both the IEA and OPEC itself at around 28.4mn b/d for the first half of 2015, some 2mn b/d below current OPEC output. The EIA’s December Short-Term Energy Outlook forecasts that US crude production will hit 9.32mn b/d in 2015, up 720,000 b/d on 2014 output of 8.6mn b/d, and on...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Deficit Surges To $15bn
...LIBYA Deficit Surges To $15bn Libya’s budget revenue from January to November 2014 has fallen to LD19.2bn ($15bn) from LD58bn ($45bn) in the corresponding period of 2013, the Central Bank of Libya (CBL) said in a statement on its website on 9 December. The CBL attributes this decline to...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Oman Looks To Total’s Offshore Expertise For Output Boost
...uld Total take a decision on whether or not to drill. Work on Phase 1 began in February 2014, after the government issued the award, MEES understands. Further Seismic The renewed push towards the sultanate’s offshore comes on the back of a discovery by Masirah Oil on Block 50 – the first of...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
GCC Ratings Under Pressure From Oil Price Slide
...s fiscal breakeven price will top $127/B next year, according to the IMF. Earlier this year, as oil prices inched higher towards their June peak of more than $110/B, Moody’s projected solid growth in the GCC region for 2014. The ratings agency said in a 4 March report that it expected GCC growth to...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Iran Cuts Spending Again For 2015-16, But Is It Enough?
...IRAN Iran Cuts Spending Again For 2015-16, But Is It Enough? Iran’s freshly-released draft 2015-16 budget cuts spending by 14% in real terms in the face of oil prices that are down by $48/B since June. This comes on top of a 20% cut for 2014-15. The latest budget is based on $72/B cr...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014