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Taiwan Crude Imports Hit 8-Year High, Opec Share At Record Low
...*Taiwan imported 892,500 b/d of crude in 2018, the highest figure since 2010. Imports peaked at 1.046mn b/d in 2006. *Gulf suppliers have not been the beneficiaries of this rise in volumes; the Mideast share of the Taiwan market fell to 77.6%, the lowest level since 2011 (see chart). Vo...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
Australia Challenges Qatar For Taiwan LNG Top Spot: Just The Prelude?
...ll ahead for 2018 as a whole, a seemingly-comfortable 2.1mn tons ahead of number two Malaysia with Australia a further 230,000mn tons behind in third place (see data, p22). That said Qatar’s 4.89mn tons for 2018 was down almost 8% on 2017 and the lowest annual figure since 2011. Qatar’s 29% market sh...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
Gulf Loses Patience With Sudan
...an 450,000 b/d prior to the secession of South Sudan to 115,000 b/d in late 2011 and has fallen further since. The government puts current production at between 70,000-75,000 b/d; even this is probably an overestimate, says Mr Elhaj. On 13 February the Sudanese pound fell to a record low of SP 83 to...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
Upstream Investment: Is ‘More For Less’ The New Normal?
...E HIGHEST SINCE 2016 3: SAUDI ARABIA RIG COUNT: JANUARY’S OFFSHORE TOTAL OF 25 IS UP 7 YEAR-ON-YEAR AND JUST ONE OFF THE ALL-TIME HIGH SET IN APRIL 2015 4: MIDDLE EAST RIG COUNT SOARED IN 2011-14 WITH $100/B-PLUS CRUDE AND HAS CONTINUED TO EDGE HIGHER SINCE SO...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
Iran Exports: Korea Restart Amid French Euro-Hope
...17 *TURKEY DEC FIGURE is ESTIMATE BASED ON SHIPPING DATA AND REUTERS REPORTS. ^^FRANCE, AUSTRIA INCLUDED IN 'OTHER EU' FOR 2011, 2012. SOURCE: NATIONAL IMPORT STATISTICS, REUTERS, BLOOMBERG, MEES....
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
IOCs ‘Exclude’ Libya From 2019 Plans
...6mn b/d by end-2019 – a level last reached before the 2011 revolution (see chart 1) – and ultimately 2.1mn b/d by 2021. But the outlook remains bleak. The central bank and internationally-recognized government based in Tripoli have yet to agree a 2019 budget, whilst the key 315,000 b/d-capacity El Sh...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
Spain: Record Opec Crude…
...lumes hit a quarterly record of 823,000 b/d in Q4. Despite zero buying for the last two months of 2018, Iranian volumes, at 97,000 b/d, were their highest since 2011. Those from Iraq were also up at 94,000 b/d, boosting overall Gulf volumes to a 7-year high of 342,000 b/d (see p24 for chart and full da...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
New Egypt Gas Projects To Boost Output
...y IOCs for their gas. But this price was increasingly seen as unattractive by IOCs, contributing to a 2011-15 investment hiatus: output had slumped to a 12-year low of 3.891bn cfd by early 2016. Cairo evidently needed to revise terms if it was to re-attract the big firms. It changed the pricing fo...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Oxy Advances Mena Strategy 2.0
...ploration blocks in November (MEES, 9 November 2018). Prior to that, it hadn’t added to its Mena portfolio in 11 years, since signing up to develop the Shah field in 2011 (MEES, 24 January 2011). The reason for the hiatus was a 2013 decision to move forward with a strategic restructuring aimed at st...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Algeria Oil Output On The Slide
...ng-term decline, collective output is the lowest since El Merk’s first full year of output in 2014 (see chart). At just 174,000 b/d for 2018, combined HBNS and Ourhoud output is half 2011 levels and a mere 31% of the 470,000 b/d 2007 figure. Anadarko says the completion of a water treatment pr...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Sudan, South Sudan Claim Oil Production Boon, But How Much?
...OC), a consortium of China National Petroleum Corporation (CNPC), Malaysia’s Petronas and ONGC Videsh (all state-owned) and local firm Nilepet. Since South Sudan’s independence in July 2011, GPOC has been responsible for operating those parts of Blocks 1, 2 and 4 that lie south of the border with Su...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
IMF: Praise, $2bn For Egypt
...rong remittances, while unemployment has declined to its lowest level since 2011.” A combination of “the authorities’ fiscal consolidation efforts and high nominal GDP growth” means Egypt’s public-debt-to-GDP ratio “declined markedly” from 103.2% for 2016-17 to 92.6% for 2017-18 and a forecast 86...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Qatar 2018 Revenue Surge Finances Renewed Checkbook Diplomacy
...rch 2018 (MEES, 30 March 2018). Bilateral relations have been strong following since Qatar’s mediation in the Darfur conflict, which resulted in the 2011 Doha Document for Peace in Darfur. Qatar has of course spent lavishly over the years on sports in an attempt to garner international prestige. Th...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Jordan Plans Tax Hike To Cover Planned 2019 Deficit
...factors outside its control (see chart). The 2011 ‘Arab Spring’ was the turning point as it scared tourists away from the region and saw Syria collapse into civil war, pushing millions of refugees into Jordan and eliminating much of the country’s land-based trade. The rise of the Islamic State in Ir...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Libya’s NOC Cuts Gas To Fertilizer Plant
...ra (50%), NOC (25%) and Libyan Investment Authority (25% - MEES, 16 February 2009), hasn’t made a profit since the 2011 Libyan revolution and has racked up a combined $234mn in loses up to 2016 according to Yara annual reports - no figure was given for 2017. Yara wrote down $112mn of its investment in 20...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Exxon Cyprus Drilling Flop
...illed to a depth of 4,000ms. Cyprus has had mixed success in its offshore drilling. Since US firm Noble Energy discovered the as yet undeveloped 4.2tcf Aphrodite in 2011, Eni has drilled two dry wells in 2015 in Block 9, French major Total drilled a dry well in Block 11 before Eni discovered what is be...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019