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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 $72/B cr...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Iran: Planning A New Mirage
...IRAN Iran: Planning A New Mirage By-Jahangir Amuzegar* In early December 2014, the Rohani government announced the decision to reinstate the Management and Planning Organization – the agency in charge of economic development planning since 1948 – which President Ahmadinejad had ab...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 11-Dec 1-5 Dec 24-28 Nov Nov-14 Oct-14 Q3 2014 Q2 2014 20...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Baghdad, KRG: Peace In Our Time?
...eak-even oil price of $105/B to balance its 2014 budget. The draft 2015 budget, expected to show a deficit, is being revised to include a lower price assumption nearer $70/B, Iraqi politicians say. Iraq’s federal government and the Kurdistan Regional Government (KRG) ended years of discord over re...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
Iran’s Upstream Opening Stalls On Nuclear Extension
...r our colleagues at the Foreign Ministry to deal with,” he added, referring to Tehran’s nuclear negotiating team, led by Foreign Minister Mohammad Javad Zarif, and his deputy Abbas Araqchi. $100bn Pause Iran, the ministry said in early 2014, is looking to attract upwards of $100bn in oil se...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
Turkey Advances First Nuclear Plant, Eyes New 4.4GW Project
...nd 2014 Kavakli 52 Wind 2014 Bakras* 23 Wind 2014 Samsun 600 Ga...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
Lower Oil Prices: Making The World A Better Place?
...low 2014 levels. At $70/B they believe, all other producers can do is stand still if natural decline is factored in. For Russia, the pain is more acute since lower oil prices are proving more damaging than international sanctions over the Ukraine crisis, sending the ruble tumbling against the US do...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
Egypt Secures Funding For Further IOC Payments
...vember). Egypt first reduced a debt pile that had been growing steadily since the 2011 revolution with a $1.5bn tranche last December, and repaid a further $1.5bn in October. Throughout 2014, the government has also been able to promptly pay producers for current output, according to Petroleum Minister Sh...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
Iran Eyes Balanced Budget Despite Gloomy Outlook
...tal of $7bn of its frozen assets: $4.2bn in phase one, between November 2013 and July 2014; and a further $2.8bn in phase two, between July 2014 and November 2014. This arrangement will continue under the latest extension of the deal through July 2015 – during which Iran will receive $700mn/month in fr...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
Dollar Strength Lessens Impact Of Oil Price Slide
...11 and July 2014, a period flagged up by the World Bank and other observers as one of “remarkable stability.” (With an uncanny degree of prescience, BP chief economist Christof Rühl, speaking at the mid-June market peak, said that with the US delivering “one of the biggest annual oil production in...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 4-Dec 24-28 Nov 17-21 Nov Nov-14 Oct-14 Q3 2014 Q2 2014 20...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
Kurdish Oil Enters Turkey But No Exports Yet
...oducts. Current production is estimated at 240,000 b/d but is set to rise further as Gulf Keystone ramps up output from the giant Shaikan field, which is due to hit 40,000 b/d in early 2014. Keystone Wins Court Case Prospects for the UK independent to continue its operations in Iraqi Kurdistan ha...
Volume: 56Issue: 51/52Published at Fri, 20 Dec 2013 -
Lebanon LNG Imports A Distant Prospect Amid Bidding Confusion
...viewing bids; caretaker Minister of Energy and Water Gebran Bassil says he expects to sign contracts in the third or fourth quarter of 2014. It remains unclear, however, just how Lebanon intends to implement its ambitious LNG import plans. Infrastructure And Political Obstacles The Energy Mi...
Volume: 56Issue: 51/52Published at Fri, 20 Dec 2013 -
Bid Round Confusion
...banon’s Petroleum Administration board tells MEES that precisely nothing will happen on 10 January. Yet the issue is mired in confusion: IOCs are unsure what to make of continued pronouncements by Mr Basil that 10 January 2014 is the final deadline for companies to submit their bids. The deadline, li...
Volume: 56Issue: 51/52Published at Fri, 20 Dec 2013 -
Algeria Awards $4Bn EPC Contracts For Six CCGT Plants
...time to help meet summer 2014 peak demand. Renewables Plans Sonelgaz’s SKTM renewables subsidiary has also awarded China’s Yingli Solar a contract to design and install 233MW of solar photovoltaic (PV) capacity at four separate sites, with construction expected to begin in January 2018 and to...
Volume: 56Issue: 51/52Published at Fri, 20 Dec 2013 -
US Hikes Mid-Decade Output Estimates By 2mn B/D
...OPEC US Hikes Mid-Decade Output Estimates By 2mn B/D The call on OPEC crude oil production for the coming years could be set for another sharp downward revision. The US government’s Energy Information Administration (EIA), in the 16 December ‘Early Release’ of its 2014...
Volume: 56Issue: 51/52Published at Fri, 20 Dec 2013 -
MENA Economic Divergence Set To Widen In 2014-Fitch
...REGIONAL MENA Economic Divergence Set To Widen In 2014-Fitch Fitch Ratings expects sovereign creditworthiness in the Middle East and North Africa (MENA) region in 2014 to remain stable overall. However prospects are far more favorable for the region’s oil exporters than fo...
Volume: 56Issue: 51/52Published at Fri, 20 Dec 2013 -
Iran: The Subsidy Dilemma
...rmits a 38% rise in order to deal with the deficits. Leaning towards the second choice, the Majlis on 23 October voted in principle to eliminate the top 30% of subsidy recipients at the start of the 2014-15 Persian year (in March 2014). The law gives the government three months to identify 23mn well-to...
Volume: 56Issue: 51/52Published at Fri, 20 Dec 2013 -
Crude Official Selling Prices ($/B)
...Crude Official Selling Prices ($/B) 2013 2014...
Volume: 56Issue: 51/52Published at Fri, 20 Dec 2013 -
Libya: Another False Dawn?
...pede oil production, analysts believe. In a report released on 9 December, investment bank Morgan Stanley predicts average Libyan production of 800,000 b/d for 2014, half pre-revolution output. The bank’s base case scenario “assumes blockades of the eastern terminals remain in place for some time and in...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013