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Post-Sanctions Iran Courts Admirers
...OC) and that supply of crude oil would start immediately. No figures were provided, but prior to sanctions, Hellenic imported approximately 30% of its 310,000 b/d crude oil supply from Iran (approximately 93,000 b/d). In 2011, the last year before the EU embargo on oil purchases, Iran supplied Gr...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Suez Canal Oil Transit Hits 2015 Peak But Revenues Fall
...s demand across Europe as a whole has fallen significantly in recent years, so that northward LNG transit was far short of the 37.98mn tons record of 2011. LPG transit northwards continued to decline, falling over 42% to 299,000 tons. One factor is Gulf LPG producers increasingly directing their ou...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
OPEC Risks Becoming An Irrelevance As Revenue Again Tanks
...gularly called $100/B-plus a ‘fair price.’ Even this week the same senior figure declined to resile from this. As Chatham House’s Glada Lahn notes, only 10 years ago Opec considered $30/B a fair price. But as prices rose, Opec members’ spending rose; and it ballooned in early 2011 amid the threat of co...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
OPEC Revenue Lowest For 11 Years; Markets Indicate Further Slide In 2016
...y from Egypt’s 2011 uprising, the economic factors that fed into Arab spring have mostly only got worse,” Ms Kinninmont says. This particularly applies to poorer oil-dependent economies such as Algeria. In Algeria and elsewhere the 2011 spending boost to provide insulation against Arab Spring co...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Oman’s Record Annual Output Can’t Mask Revenue Declines
...ereas in 2011 46.1% of Omani oil exports went to China, this had surged to 72.1% in 2014, before hitting 77.1% in 2015. And this is not just a percentage increase, volumes soared in the same period, nearly doubling from 336,000 b/d in 2011 to 651,000 last year. Being so reliant on a single customer is...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Korea Crude Imports Hit Record As Iraqi Volumes Double
...gime (with a waiver), South Korea has nevertheless consistently cut purchases since sanctions were ratcheted up in late 2011 and 2012. Volumes have fallen from 247,000 b/d in 2011, when Iran was Korea’s third biggest crude supplier, to just 114,000 b/d last year when it was number seven. As el...
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
...cording to Mr Sanalla, down from more than 600,000 b/d in March 2015, and 1.6mn b/d prior to 2011. The 155,000 b/d Brega port and the 150,000 b/d Hariga port, near Tobruk, are among only three operational export terminals in the country. The third is the Mellitah terminal in the northwest. Me...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Iran Cuts 2016-17 Budget In Real Terms Despite Expected Boon Of Sanctions Relief
...cause it focusses more on the issue of defense and security. It reportedly allocates nearly $40bn over the plan period to upgrade Iran’s military capabilities in order to deal with regional volatility. IMPORTERS OF IRANIAN CRUDE 2011-2015 (MN B/D) ...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Oman, Bahrain, Qatar Follow Saudi In Hiking Fuel Prices
...ve been widely domestically criticized. Independent MP Jamal Dawud said that “the decision will make the poor poorer.” Meanwhile, the main Shia political bloc Al-Wifaq, that has boycotted parliament since 2011, said the decision” reflects a futile and impromptu management of economic policies in the ki...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Sinai Instability Headache For Regional Pipeline Plans
...peline south of Arish, in the north of Egypt’s lawless Sinai Peninsula. The pipeline linking Egypt with Jordan (and in theory Syria and Lebanon) has been the target of militants on more than 30 occasions since 2011. Though Egypt was contracted to supply 250mn cfd, no gas has reached Jordan si...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Shell, Iran Clear Debt
...troleum Contract (IPC - MEES, 4 December 2015). The debt stems from purchases of Iranian crude in 2011 and 2012 for which Shell was unable to pay due to the imposition of fresh sanctions in 2012. In the firm’s 2012 annual report, it said that “Currently, we have approximately $2,336 million pa...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Saudi-Iran Fracas Ratchets Up Regional Tension, Oil Output Likely To Rise
...s on fire on 6 January. However, neither the protests nor security crack-down have as yet been on the same scale as in 2011. It was for his alleged role in orchestrating these 2011 Shia protests that Shaikh Nimr was arrested in 2012 and sentenced to death in 2014. REGIONAL SUPPORTERS WEIGH IN...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Libyan Security From Bad To Worse As IS Trashes Oil Facilities
...ternationally recognized government in Baida, citing security concerns. Capacity at the terminals has been significantly eroded during the conflict that has followed the removal of former leader Mu’ammar al-Qadhafi in 2011. LIBYA: KEY OIL INFRASTRUCTURE KNOWN THREAT The IS threat to oil fa...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Iran’s Rohani: A Mid-Term Report
...cession has returned, and attributed it to the continuation of international economic sanctions and the decline in annual oil export revenues from $119bn in 2011 to an estimated $25bn in 2015 – the lowest in 10 years. Subsequently, in a scenario that appeared suspiciously pre-arranged and intended to pr...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016