- Sort by:
- Score
- Published ▼
-
Egypt Hikes Electricity Prices To Cut Subsidies Bill, As IMF Agrees $12Bn Loan
...stated in the government plan approved by the parliament.” As Egypt looks to raise revenues and rationalize spending, he said the budget for 2016-17 “will adopt the VAT law after approval by the parliament, and will continue the program begun in 2014 to rationalize energy subsidies.” Go...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016 -
Libya Unification Deal On Shaky Ground, Exports Increase Still To Materialize
...km from the terminal, said Mr Abu Thafirah. The Zueitina terminal, which has capacity of 250,000 b/d, was shut down in April 2014 and has operated for only brief periods since (most recently in October 2015 - MEES, 6 November 2015). It has been closed throughout 2016, and in January was the ta...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016 -
Slimmed Down Oxy Emerges Following Divestments
...a proportion of overall Oxy production over the last 18 months and averaged 60% in Q2, down from 65.8% a year ago. Gas has seen its share rise from 24% to 27.4% over the same period, its highest share since Q1 2014. However, Oxy’s divestment of its Bahrain asset, the Awali field, last month will re...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016 -
Algeria’s Trade Balance Worsens As Government Ponders Austerity Policy
...ocess looks set to be lengthy. The value of Algerian exports fell by 33% to $12.68bn in the first half of 2016 from $18.93bn in the corresponding period of 2015. This equates to $25.36bn on an annualized basis, down by 33% on 2015 and 60% of 2014 (see table). Oil and gas export earnings in the first si...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016 -
Algeria: In Amenas Gas Boost But Oil Set For Further Slide
...atoil, BG and Total respectively. All were handed back to Sonatrach during 2014 and 2015 after a failure to agree terms. Sonatrach indicated that it intended to press on with all three projects by including them in its 2015-19 development plan (MEES, 29 May 2015). Though its latest five-year plan se...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Egypt Puts New Acreage On Offer
...rapped Ukrainian state firm Naftogaz are among those active. The closing date is 30 November and Ganope will be hoping to mirror the success of its previous 2014 bid round with five of the 10 blocks awarded last August (MEES, 7 August 2015). Of those five blocks, last week, the Egyptian Oil Ministry fi...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Aussie LNG Boom Squeezes Qatar In Core Asian Markets Amid Lackluster Demand
...ar (from around 5% last year) and against around 5% for Qatar. The growth in Chinese LNG imports slowed down over the past couple of years, settling at around 19.60mn tons in 2015, following the dramatic increases in recent years and compared with 19.85mn tons in 2014. Qatari sales to China, at 2....
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Algeria Brings Combined Capacity To 17.68GW Despite $10bn Funding Deficit
...dustry. State petroleum firm Sonatrach has seen its five-year investment budget cut to $73bn for 2016-20, from $90bn for 2015-19 and $100bn for 2014-18. And it is not only cashflow that may be a problem for Sonelgaz beyond 2018. At the end of 2015, Algeria’s 17.24GW of generating capacity comprised ro...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Opec Output Hits New Record In July As Prices Tumble
...y16 Jul16 v15 YTD 16 v YTD 15 YTD 15 2015 2014 S Ar...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Iraq Crude Revenues Head For 10-Year Low
...vember 2015 and April this year – the average of 3.25mn b/d for the first seven months of 2016 is up 300,000 b/d on the same period a year earlier, and almost 800,000 b/d on January-July 2014. But monthly revenues have averaged $3.16bn so far this year, the lowest since 2006, and if replicated over th...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Saudi Reserves Down Again But Deficit Narrows
...Saudi foreign exchange reserves fell to $570bn in June, down 22% from their peak level of $732bn at the end of 2014, as the kingdom continues to raid its savings to maintain investment in its oil and non-oil economies, along with the expense of military operations in neighboring Yemen and in Sy...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
IMF Approves Morocco PLL
...ternal conditions. Morocco’s first PLL arrangement for about $6.21bn was approved in August 2012, while the second one for about $5bn was passed in July 2014 (MEES, 1 August 2014). Commenting on the latest facility, the IMF Deputy Managing Director Mitsuhiro Furusawa said that despite the di...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Erbil And Baghdad Take Oil Dispute Public, Again
...R says it was assigned responsibility for finding buyers for KRG crude oil and for agreeing with the previous buyers of the KRG’s oil (who had made pre-payments in 2014) to defer their outstanding pre-payments until 2016, to enable the KRG to receive the full $850mn per month during 2015. It was as...
Volume: 58Issue: 35Published at Fri, 28 Aug 2015 -
Algeria’s Sonatrach Continues Relentless Battle Against Production Decline
...ALGERIA Algeria’s Sonatrach Continues Relentless Battle Against Production Decline Algeria’s crude and gas output fell for the ninth consecutive year in 2014, the Office of National Statistics (ONS) said in a report this month. The report said, compared with the 5.5% drop recorded in...
Volume: 58Issue: 35Published at Fri, 28 Aug 2015 -
The Only Way Is Down For Algeria’s Trade Balance
...0). Brent - which is of a similar quality and trades within a similar price range to Algeria’s Saharan Blend export grade – has averaged $48/B for August so far, some $9/B or 15% down on the average July price and less than half the average 2014 Saharan Blend price of $99.68/B. MEES analysis ex...
Volume: 58Issue: 35Published at Fri, 28 Aug 2015 -
Kuwait Could Push Back Key Projects: Are Downstream Plans At Risk?
...mfortably below $50/B, implying a 49% fall from 2014’s $98bn to $50bn in Kuwait’s oil export revenues if prices remain at similar levels for the remainder of 2015 (see p10). In addition to the slide in prices, the shut-in of 500,000 b/d of shared Saudi/Kuwaiti Neutral Zone output has further hit the co...
Volume: 58Issue: 35Published at Fri, 28 Aug 2015 -
Oil Burning In Gulf Countries On Course To Top 2014’s Record
...Oil Burning In Gulf Countries On Course To Top 2014’s Record TOTAL OIL BURN* (‘000 B/D) DIRECT CRUDE BURN: 1H15 DOWN ON YEAR EARLIER BUT JUNE FIGURES SUGGEST RECORD SUMMER (‘000 B/D) SAUDI FUEL OIL CONSUMPTION UP STRONGLY ON YEAR-AGO LEVELS (‘000 B/D)...
Volume: 58Issue: 35Published at Fri, 28 Aug 2015 -
Saudi Shrugs Off Calls For Action Over Oil Price, Revenue Collapse
...eir lowest oil revenue in at least a decade (see table). Presuming that prices and output remain at levels seen in first seven months of 2015, this implies that revenue for the year as a whole will be just over $560bn, 42% down on 2014, and less than half 2012’s record level. And even this makes se...
Volume: 58Issue: 35Published at Fri, 28 Aug 2015 -
Kuwait Summons Iran Envoy Over Disputed Offshore Gas Field
...st year a senior Saudi oil official told MEES that as far as Riyadh was concerned, based on an extension of the Saudi-Iranian demarcation line to Dorra, Iran has no claim to the field (MEES, 4 July 2014). This prompted a strong response by the Iranians who in turn said it was in fact the Saudis wh...
Volume: 58Issue: 35Published at Fri, 28 Aug 2015 -
Benchmark Crude Prices ($/B)
...15 2014 2013 2012 WTI 42.56 41.41 43.21 51.15 59.86 58.02 48...
Volume: 58Issue: 35Published at Fri, 28 Aug 2015