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Libya Devalues Currency
...18 in a bid to narrow the gap, effectively creating a third rate (MEES, 29 March 2019). Reflecting Libya’s political division, the CBL’s eastern and western branches have operated independently since October 2014. The board’s meeting comes on the back of a recent UN-led peace effort aimed at en...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Jordan Gas Boost
...d ‘well-49’ brought online last December (MEES, 29 December 2019). Results from three other exploration wells are expected soon – but given the relatively small size of the field, which BP abandoned in 2014 (MEES, 24 January 2014), the country’s growing renewables sector remains its best hope of ac...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Saudi Arabia Moves Towards 50:50 Oil, Non-Oil Revenue Split
...so drawing down heavily on its reserves at the central bank (SAMA). Having peaked at $354bn in 2014, these dropped to just $125bn in 2019 and are projected to fall to just $92bn by the end of this year (see chart 3). That implies a substantial Q4 drawdown given that the latest SAMA statistics show go...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Saudi Crude Burn Tumbles In October
...cord 10.7bn cfd on 6 August 2020 (MEES, 6 November). When it comes to crude burn in particular, Saudi levels have remained well below record highs. While they did soar well above recent levels over summer, at 702,000 b/d in August the annual peak remained well below 2014-15 levels (see ch...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Iraq’s Northern Oil Infrastructure Under Attack From Islamic State
...ll as their proximity to major assets. The small topping plant at Sainia lies just a few kilometers from the Baiji refining complex, which before its total destruction in 2014, was Iraq’s biggest producing 310,000 b/d. Rebuilding Baiji – which previously consisted of two 70,000 b/d crude distillation un...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Opec, IEA Counter Market Euphoria With Demand Downgrades
...e price decline that started in 2014.” The authors assume a further 20% reduction in investment in 2021 and warn that “industry investment will have to rise over the next three years by at least 25% yearly from 2020 levels to stave off a crisis.” OPEC PRODUCTION BEGINS THE JOURNEY BACK FROM ITS CO...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Sudan Looks To Reverse Upstream Decline With 2021 Bidding
...Sudan’s crude output is running at 64,000 b/d, down 44% on 2014 levels and some 86% below the 457,000 b/d produced before South Sudan seceded in July 2011, taking with it 75% of Sudan’s production. Acting Energy Minister Kheiri Abdelrahman says Sudan hopes to add 20,000 b/d next year. But he...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020