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India Crude Imports: Saudi Slumps To No.5 With Volumes At 10-Year Low
...Latest official Indian crude import statistics show volumes from Saudi Arabia falling to just 467,000 b/d for February, the lowest figure since January 2011. This comes as New Delhi and Riyadh continue a war of words, with India slamming Opec in general and Saudi Arabia in particular for ke...
Volume: 64Issue: 13Published at Fri, 02 Apr 2021 -
Libya’s Financial Vulnerabilities Laid Bare By Dwindling Oil Revenue
...ccessive governments following the overthrow of Muammar Gaddafi in 2011 tried to reign in militias by co-opting them into the system and handing them salaries. The state ultimately failed to control them, but it continued to pay their wages. Fast forward a few years and some of those militias have al...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
UAE, Egypt Lead Mena Renewables Expansion
...e benefit of exporting oil rather than burning it for powergen. For countries with minor hydrocarbons resources, developing electricity capacity has always been a struggle, although international financial institutions have increasingly backed renewables projects in the wake of the ‘Arab Spring’ of 2011. ...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Saudi Arabia Announces Borrowing, Reserves Draw-down Plan
...llows through on Mr Jadaan’s statement, then reserves would drop to around $468bn. The lowest figure since early 2011, but comfortably above the sub-$400bn levels of 2009. Meanwhile, the balance between borrowing and tapping reserves mentioned by Mr Jadaan highlights the extent to which Saudi Ar...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Cyprus Drilling Plans Slashed With Capex Cuts
...kkotrypis says. How long is anyone’s guess. And what of Cyprus’ first ever gas discovery, 4.1tcf Aphrodite, made in 2011 but stuck on the shelf ever since. Operator Noble of the US (35%) together with partners Shell (35%) and Israel’s Delek (30%) had planned a second appraisal well late this or early ne...
Volume: 63Issue: 16Published at Fri, 17 Apr 2020 -
Opec’s Funky Baseline Aims To Maximize Claimed Cuts
...uld be the lowest combined annual production figure for this grouping since 2011’s 22.88mn b/d. Looking in closer detail at Opec’s four largest Gulf producers (excluding sanctions-hit Iran), combined output this year and next will be at its lowest level since 2013 (see chart). OPEC OUPUT: WH...
Volume: 63Issue: 16Published at Fri, 17 Apr 2020 -
Korea LNG Imports: Strong Q1 But Downturn Coming?
....3% market share the second lowest quarterly figure since it moved clear of Indonesia as top supplier in 2011. *Whilst Indonesia is no longer a threat, Australia is. Australia overtook Qatar on a quarterly basis for the first time in Q4 2019 (MEES, 17 January). Qatar did edge back ahead of Au...
Volume: 63Issue: 16Published at Fri, 17 Apr 2020 -
Neutral Zone Restart: 2mn Barrels Exported
...nopec has a 400,000 b/d refinery. Sinopec also has substantial crude storage facilities at Maoming, having completed a 12mn barrel facility there in 2011. After Dar Salwa had left, the Monte Toledo Suezmax tanker then loaded another 1mn barrel cargo of Khafji crude and departed on 8 April. Monte To...
Volume: 63Issue: 15Published at Fri, 10 Apr 2020 -
Saudi Arabia Extracts Huge Cut Commitment From Russia
...its lowest level since 2015, the UAE would be the lowest since 2013, Saudi Arabia since 2011 and Kuwait would be producing at its lowest level since 2010. GULF GIANTS SHOWCASE STRENGTH If there is a clear winner from the planned agreement, it is Saudi Arabia. While the bulk of th...
Volume: 63Issue: 15Published at Fri, 10 Apr 2020 -
Syria Emerges As Iran’s Top Crude ‘Customer’
...TTER OF SURVIVAL Iran’s Syria crude trade was never supposed to be about economics – rather it was about keeping key ally President Bashar al-Assad in power. And for Mr Assad, the Iranian credit line to import free crude was a matter of survival. Prior to the outbreak of war in 2011, Sy...
Volume: 63Issue: 15Published at Fri, 10 Apr 2020 -
Egypt Looks To Cut Deficit Amid Uncertainty
...me 80% of tourists have cancelled their planned holidays to Egypt this year. Tourism contributes around 12% of Egypt’s GDP and last year posted a record $13.03bn in revenues. The tourism sector had only just recovered from the aftermath of the Arab Spring in 2011 and a spate of terrorist attacks in...
Volume: 63Issue: 14Published at Fri, 03 Apr 2020 -
Cyprus: Aphrodite First Gas Slated For 2025
...December 2011 (MEES, 12 December 2011), but despite initial optimism it has failed to ignite a wave of industry for Nicosia. Instead, development has been stymied by the field’s location – 160km offshore in 1,750ms of water, straddling the maritime border with Israel – and low demand in Cyprus’ sm...
Volume: 62Issue: 17Published at Fri, 26 Apr 2019 -
Abu Dhabi’s Taqa: Upstream Down Despite Price Recovery, Power Steady
...83bn in 2018, having peaked at $7.57bn in 2012. Last year power and water provided 53.0% of Taqa’s income, and upstream operations contributed 31.3%. This marks a near-reversal from 2011 when upstream’s peak contribution was 44.8% and power and water accounted for 30.2%. Taqa’s results also separate ou...
Volume: 62Issue: 17Published at Fri, 26 Apr 2019 -
Israel: Energean Bags More Reserves, But More Needed
...cm/y processing capacity and 800,000 barrels of oil storage, “leaving a further 3.4bcm/y of spare capacity for additional sales of discovered gas at Karish and the tie back of future discoveries,” Energean says. Karish and the 2011 Tanin discovery were purchased in 2016 for $148mn (plus a share of fu...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
Sudan’s Bashir ousted
...rocities committed in Darfur. This is hardly the change that the Sudanese protesters have been clamoring for. Mr Bashir was also the last president to govern a united Sudan, after the south, along with the majority of the country’s oil production, became independent in 2011. Sudan produces around 95...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Tunisia Fuel Hikes Increase Pressure On Government
...rch). Economic malaise has been the norm since the 2011 revolution overthrew dictator Zine al-Abidine Ben Ali (MEES, 16 November 2018). In the years since, inflationary pressures have wreaked havoc with peoples’ purchasing power and the unemployment rate at over 15% has barely moved in the last six ye...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Battle For Tripoli Rages On
...far, no disruption has been reported. GREATEST THREAT In a meeting with GNA prime minister Fayez Sarraj, NOC head Mustafa Sanalla said oil and gas exports face their greatest threat since 2011. He also told the Financial Times on 11 April: “Unless the problem is solved very quickly, I am...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
UAE’s Mubadala Sells Cepsa Stake To Investor Carlyle
...id €3.97bn for the remaining 52.95% in 2011. IPIC was then merged into Mubadala in 2017 (MEES, 24 February 2017). This left Cepsa sitting alongside a host of other energy-focussed Mubadala investments, including its subsidiary Mubadala Petroleum. Holding two wholly-owned energy entities with se...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Egypt ‘Zohrs’ Past Libya As Eni’s Top Gas Producer
...e lowest figure since the Revolutionary year of 2011 (MEES, 11 January). Eni has plans to boost its gas production offshore Libya through the development of peripheral fields (MEES, 29 March). But overall Eni expects its Libya output to fall over the coming years (MEES, 13 April 2018) as the fi...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Israel-Egypt Gas ‘By End-Q2’: Is This Realistic?
...URCE: NOBLE ENERGY, DELEK GROUP, MEES. ARBITRATION HURDLE The start of Israel-Egypt gas shipments also requires the resolution of a long-running legal dispute over Cairo halting of gas flows via the EMG to Israel in 2011 (MEES, 11 December 2015). In 2015, the Geneva-based International Ch...
Volume: 62Issue: 14Published at Fri, 05 Apr 2019