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OPEC Risks Becoming An Irrelevance As Revenue Again Tanks
...at Opec says would require a massive $10 trillion in investment. PROBLEM, WHOSE PROBLEM? Mr Badri pulled out a slide showing that all of the net global supply growth – some 6mn b/d of it – between 2008 and 2014 came from non-Opec countries. The inference is: ‘They caused the problem, it’s th...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
OPEC Revenue Lowest For 11 Years; Markets Indicate Further Slide In 2016
...alyst notes. They can’t afford to maintain social spending. But they can’t afford not to. OPEC 2016 OIL EXPORT REVENUE WOULD BE 70% DOWN ON 2014 BASED ON CURRENT FUTURES PRICES ($BN) SOURCE: OPEC, DME, *MEES CALCULATIONS. FOR 2016 'A' USES AVERAGE BRENT FUTURES FOR 1-21 JAN; 'B' USES AV...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Oilfield Services Firms Face More Cuts: Middle East Activity Remains Resilient
...hlumberger, the world’s largest oilfield service firm, saw its overall profit more than halve, falling by 60% to $2.14bn in 2015 from $5.35bn in 2014. The fourth quarter of 2015 saw the firm post a loss of $989mn after managing to remain in the black throughout the rest of the year. Speaking on the firm’s 22 Ja...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Kuwait Energy Reverses Production Decline With Iraqi Start-up
...versed two consecutive months of falling overall output for the firm, which remains well down on Q4 2014 production of 26,780 b/d. Block 9 is located in Iraq’s oil heartland of Basra. KEC spudded the Faihaa-2 Well at the block on 3 January and estimates that gross output will rise above 5,000 b/d in mi...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Kuwait Strikes Overly Optimistic Stance On PNZ
.... The 300,000 b/d offshore Khafji field has been closed since October 2014. Kuwait has lost around 250,000 b/d of output from the PNZ and has been unable to compensate for reduced output. It produced 2.88mn b/d in September 2014, but just 2.75mn b/d in December. While renewed PNZ production wo...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Algeria’s Oil & Gas Revenues Plunge 41% In 2015
...Algeria’s oil and gas export revenues, which account for around 95% of the total, have fallen by a whopping 41% in 2015 to $35.72bn from $60.3bn in 2014, as a result of the crash in oil prices, according to statistics published by the Algerian Ministry of Finance. MEES number-crunching in...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
IMF: Saudi Fiscal Reforms A Positive Step, More Needed
...pressing economic growth in the private sector and curtailing non-oil economic activity, as many companies in this sector depend on public sector spending. The IMF therefore expects growth in 2016 to average 1.2% and rise to 2% in 2017, down from 2015’s 2.8% and 2014’s 3.5% (MEES, 22 January). Ad...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Shell Heading Towards UAE Door Over Bab Exit?
...tober that the production capacity had been reached. KEY ABU DHABI OIL AND GAS ASSETS ADVANCES AT SHAH BUT GAS SHORTFALL TO STAY The UAE has been unable to meet domestic gas demand through local production. According to BP figures, production totalled 57.8 bcm in 2014, while co...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Japan Fires Opening Shot In Battle For Adma-Opco Renewal
...lied to the 12% Adma-Opco concession, Jodco also has a 12% stake in the offshore Zadco concession, which in 2014 was extended to 2041 (MEES, 24 January 2014). Security of supply is likely also a prominent consideration. The UAE supplied 870,000 b/d of crude oil and condensate to Japan in the first 10...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
BP Major Contributor To Egypt Five Year Strategy
...cember and has become increasingly reliant on Gulf benefactors to keep its head above water: since President Abdel Fatah al-Sisi came to power in June 2014 it has received around $30bn in aid from Saudi Arabia, the UAE and Kuwait. But the 75% fall in oil prices since mid-2015 and subsequent collapse in th...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Oman’s Record Annual Output Can’t Mask Revenue Declines
...l exports levels of 844,000 b/d, revenues have nosedived: the $17.41bn figure for 2015 is down by more than 42% on 2014’s $30.1bn (see chart). Oman is therefore slashing government expenditure in the 2016 budget by 11%, including slicing 56% off of its subsidies bill (MEES, 8 January). It has al...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Saudi Oil Trade Hits New Records – Imports As Well As Exports
...vember – both records – boosting overall products imports to 821,000 b/d, also a record (see graph 2). Refined products demand data suggests 2015 figures will show a new peak. This year’s demand to end-November averages 1.97mn b/d, up on a record 1.86mn b/d for 2014, including a new record of 2.14mn b/d in Ma...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Korea Crude Imports Hit Record As Iraqi Volumes Double
...sewhere, Iraq, whose exports of sour medium-to-heavy crude are of similar quality to Iranian grades, has been the key country to pick up the slack (see graph 3). Iraqi volumes hit a record 357,000 b/d in 2015, up by a whopping 84% on 2014 and more than double 2010 volumes. Of the 392,000 b/d 2015 in...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
South Korean LNG Appetite Thins Out, Prices Remain Under Pressure
...ns of LNG to EDF’s trading arm over eight years from 2017. The agreement follows a previous deal formalized in 2014 with France’s Total regarding capacity at the US’ Sabine Pass project that is expected to start up by March. Kogas, which had agreed to take 3.5mn tons/year from the Louisiana pl...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Oman Refining Output Up 5% In 2015, But Set To Fall In 2016 As New CDU Hooked Up
...lletin, for January 2016, shows increased output of most light fuels and in particular gasoil, whose output rose 12.5% from 2014. However, 90 RON regular gasoline declined by over 42% while production of 95 RON super gasoline was increased by 7%. Increasing light fuels output over the last fuel ye...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Saudi Generator Secures $2bn Credit As Part Of Broader Saudi Funding Drive
...generation Regulatory Authority (ECRA) says that SEC collected an average SR0.138/kWh ($0.04/kWh) from consumers in 2014, more than 10% below the average generating cost of SR0.154kWh. ECRA says SEC’s finances are boosted by “soft loans” from government. In 2015 SEC secured $3bn from Korea’s Kexim to help fu...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Iran Return Sends Prices, Revenue Into The Deep Freeze
...mped up estimates of by how much and how quickly Iran can ramp up production and exports. MEES estimates that Iran produced 2.89mn b/d in December, little changed from average 2014 and 2015 levels but 700,000 b/d down on 3.6mn b/d 2011 volumes. Exports last year remained rangebound at 1....
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Libya: IS Attacks Continue, As Does Uncertainty Over Unity Government
...nflicts, a peace deal has been signed between Jebel Nafusa and Zintan in the west of Libya after 15 months of fighting. Zintani forces, affiliated to the official government in Baida (which in turn is affiliated with the HOR in nearby Tobruk), seized the town in October 2014, causing more than 4,000 people to...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Genel Highlights Kurdistan’s Declining Crude Production
...e becoming increasingly evident. Hardest hit is the Genel-operated Taq Taq. Genel figures show that production averaged 116,000 b/d in 2015, but has fallen back to 83,000 b/d in January so far, a 28% fall that pushes it below 2014 output figures. At the DNO-operated Tawke, in which Genel ha...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Saudi Petchem Profits Hit By Crude Slump; Feedstock Price Hikes Add To Stress
...34.25bn for 2014. The total value of the 14 companies, measured in terms of market capitalization, fell by 20.5% between end-2014 and end-2015. The decline follows the slide in crude oil prices since mid-2014. Global benchmark crudes are currently trading at around 75% below their mid-2014 le...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016