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Bahrain’s Troubled Banking Sector Set For Turbulent Times
...Once seen as the Middle East’s banking center, Bahrain’s financial sector is in terminal decline. Seeking to finance its budget deficits, Manama has increasingly turned to its banks and their credit profiles are now inescapably intertwined. Since the outbreak of the Arab Spring in 2011, Ba...
Volume: 61Issue: 29Published at Fri, 20 Jul 2018 -
Saudi Products Exports At Record Highs
...nce June 2014, while total oil stocks of 320.0mn barrels were the lowest since December 2011. Aramco’s push to expand its products exports means that it is becoming a bigger customer for its own crude. The company’s 2.86mn b/d of refining capacity is scheduled to get a 400,000 b/d boost beginning la...
Volume: 61Issue: 29Published at Fri, 20 Jul 2018 -
Algeria: Reserves Slump To 12-Year Low, But Country Has Bigger Problems
...Algeria’s foreign reserves stood at just $90bn as of end-May, well under half levels during the 2011-14 years of $100/B-plus crude. The IMF says it expects reserves to fall further to $83bn by end-2018 and below $50bn by end-2020 (see chart). But as the Washington-based institution makes cl...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Libya: Oil Output, Revenue Losses Mount
...untry and have been shut in since the declaration of force majeure at Ras Lanuf and Hariga ports. NOC pegs lost Agoco output at 300,000 b/d, although this is likely an overstatement given chronic power problems have dogged output at the key Mesla and Sarir fields ever since Libya’s 2011 revolution. Za...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Lebanon’s Recurring Power Nightmare
...re actually from Egypt via the Arab Gas Pipeline (AGP) project (MEES, 26 October 2009). Per the deal’s terms, government officials estimated that if all three units at Deir Ammar were converted to run on gas it would save around $240mn a year with Brent at $75/B. Egyptian gas imports ceased in 2011...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Kuwait Eyes Long-Delayed Jurassic Gas Expansion
...ES, 27 June 2011). The EPFs are at three of Kuwait’s northern Jurassic sour gas fields, development of which has stalled since 2010 when Shell signed an Enhanced Technical Service Agreement (ETSA). The contract was subject to considerable parliamentary scrutiny: the public prosecutor only dropped it...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
Qatar Looks To Expand Its Lng Options As Contract Renegotiations Loom
...erogative of trading houses – the direct source of almost all of Egypt’s LNG imports, for example (MEES, 10 February). Of course Qatar itself has had to make compromises: buyers have more choice in the current market landscape. For instance, under the initial MoU signed in 2011, Bangladesh was initially pl...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
Saudi Approves Scaled-Back Nuclear Plans, Studies Reactors Large And Small
...shehr-1 2011 1.0 1 3.5 Rosatom built. Operation intermittent until 2013 Under Construction 6....
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
Libya Looks To Corral IOCs Into Activity Boost
...couraging the return to Libya of firms that prior to the 2011 Revolution were active in upstream exploration and development. Exploration successes from the four international licensing rounds held since the 2004 introduction of the EPSA-IV model have been largely disappointing. The first round yielded by...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
GCC States Double Down On Gas Development
...M) 2007 2008 2009 2010 2011 2012 2013 20...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Delayed Projects To Shave Cumulative 80bcm From Algeria’s Gas Output By 2020
...nouncement that a consortium of the state company with Thai and Chinese counterparts PTT (24.5%) and CNOOC (24.5%) had confirmed the potential of the Hassi Bir Rekaiz block in the southeast, on which exploration has been ongoing since 2011 (MEES, 17 February). Against the background of bid round fa...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Cairo Advances Energy Sector Privatizations
...ck to levels last seen at the start of the 2011 revolution. Egypt received the first $2.75bn tranche of the IMF cash last November with a second, $1.25bn, tranche approved on 13 July. The IMF delegation came to Egypt to review the reforms with the government last May. They announced in a st...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
US Output Growth: Records Tumble But Is A Slowdown On The Way?
...me high of 14.075mn b/d in May and rose further to 14.173mn b/d in June. Growing output means that domestic production is now equivalent to 70% of US domestic demand, up from 47% in 2011, and this despite US demand rising to a 9 1/2 –year high of 20.30mn b/d in June. Gasoline demand, at 9....
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Tunisia Oil Output At 41-Year Low
...ghlights the amorphous range of protestors and grievances that has hit Tunisian output since the 2011 revolution ushered in an era not only of democracy but of instability. • Investment has nosedived with yet another company – cash-strapped London-listed Gulfsands – to quit the country after the May ex...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Syria’s Ongoing Conflict Inflicts Huge Loss Of $226bn To GDP
...The conflict which has ravaged Syria since 2011 has taken an extraordinary human toll, with more than 400,000 killed and millions displaced. The destruction has also leveled much of the country’s infrastructure, inflicting cumulative GDP losses estimated at $226bn (in 2010 prices) by the end of...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Libya Oil Output Breaches 1mn B/D
...2017 were 454mn cfd, close to the 464mn cfd average exported in 2016, but down 34% compared to the 2015 average, and barely half of average annual exports between 2008-10 before Libya’s 2011 revolution (see charts). Within these headline figures, monthly volumes have fluctuated significantly. Th...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Morocco Faces Socioeconomic Headwinds As Deficit Overshoots, Growth Slows
...-Hoceima and Imzouren. Over 100 were arrested. Such instability brings into question Moroccan King Mohammed VI’s response to the Arab Spring protests which shook the region in 2011. A constitutional referendum later that year increased the powers of the elected parliament, though the country re...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
ExxonMobil, Statoil & QP Make First Forays Into Cyprus’ Offshore
...ntains Cyprus’ sole gas-find to-date, the 5 tcf Aphrodite, which was discovered in late 2011 by US-firm Noble and Israeli partner Delek. UK firm BG (since taken over by Anglo-Dutch major Shell) purchased a 35% stake in the field from Noble in November of last year (MEES, 27 November 2015). Eni is bidding fo...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Opec Winning Back Market Share in Key Asian Markets
...16. However, while the importance of the Asian market for Opec has been growing, Opec’s importance to the region has been falling. IGA and Opec data shows that in 2011, 65.5% of Asia’s oil imports came from Opec, but this fell to 61.2% in 2014 and just 60.1% last year. But Opec’s Saudi-driven strategy to...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
International Donors Provide Fresh Funds For Countries Hosting Syrian Refugees
...nflict in 2011. Existing infrastructure and utilities in these host countries are incapable of coping with the influx of millions of Syrian refugees and new resources are urgently needed to put in place the basic minimum facilities. While aid has already been pledged by the international community to...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016