Repsol To Boost Algeria, KRG Presence With Talisman Purchase

...0,000-290,000 barrels of oil equivalent per day (boe/d) production in 2014 sourced from its North American operations. The deal will see Repsol pay $8 per share in cash, an eye-watering 103% premium to Talisman’s 5 December share price, the day before press reports indicated that a deal was imminent. The de...

Kuwait Expects 2015-16 Deficit: $60/B Oil, 2.7Mn B/D Output

...w budget is provisionally based on an oil price assumption of $60/B and average crude oil production of 2.7mn b/d, compared to $75/B and 2.9mn b/d in 2014-15. More than 90% of budget revenue is derived from oil. For the first eight months of the current financial year (April-November 2014) Kuwaiti cr...

Saudi Plans 2015 Counter-Cyclical Bumper Spend

...715bn ($191bn), based on an oil price assumption of $60-65/B. For 2014 the paper is projecting a smaller deficit of SR60bn ($16bn), although the original budget for that year was balanced at SR855bn ($228bn).  For its part Saudi investment bank Jadwa is projecting two scenarios for baseline Brent cr...

Egypt Gets Oil Price Bonus…

...ypt to international oil companies (IOCs) estimated by the government at $4.9bn in early December. Savings from cheaper oil imports will be reflected in a reduction in 2014-15 energy subsidies, projected at E£127bn ($17.7bn) - E£100bn ($14bn) for petroleum products and E£27bn ($3.8bn) for el...

…But Algeria Under Pressure

...om $194bn at the end of 2013. Also the balance of payments recorded a deficit of $1.32bn at the end of June 2014, compared to a surplus of $880mn at the end of June 2013. Mr Laksaci says that although Algeria managed to maintain monetary and fiscal stability despite persistent budget deficits and we...

Lebanon ‘Challenging’

...flow of Syrian refugees (around a quarter of the population now) is straining local communities and taxing already weak public finances. IMF official estimates put real growth remaining below 2% in 2014: insufficient to dent unemployment. Also the fiscal position has improved slightly, ac...

Turkey Official Oil Data (‘000 B/D)

...2 -31.8 662.19 681.12 612.38 612.11 592.76 SOURCE: JODI, MEES. *Data Also Indicates Around 40,000 B/D (For Jan-Oct 2014) Of ‘Other’ Refinery Intake, In Addition To Crude....

Turkey’s Tupras Starts Up Resid Upgrader

...2,000 b/d. These currently produce a 28% diesel yield and 15% fuel oil (see table). Turkish diesel output has failed to keep pace with demand: imports have risen by 100,000 b/d since 2010, hitting  294,000 b/d in Q3 2014. Izmit Refinery Residue Upgrader (‘000 B/D) Feedstock: Fuel Oi...

EU Crude Oil Imports 1h 2014 (‘000 B/D)

Benchmark Crude Prices ($/B)

...OIL PRICES     18-Dec 8-12 Dec 1-5 Dec Nov-14 Oct-14 Q3 2014 Q2 2014 2013 20...

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...

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...

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...

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...

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)...

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...

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...

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...

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...

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...