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Saudi Petchems JVs Get Greedy For Naphtha, Cutting Into Exports
...ll, to a total 234.4mn barrels at the end of April, the lowest since November 2011 and the seventh consecutive monthly decline. Total oil stocks also fell to 320.4mn barrels, the lowest since December 2011 (see table, p10). ...
Volume: 61Issue: 25Published at Fri, 22 Jun 2018 -
Gulf Countries Throw Jordan A $2.5bn Lifeline Amid Unrest
...eful economic predicament. After all, the deal, which amounts to $500mn a year, fails to even replace the $5bn aid that Jordan received from 2012-2017. Amid large-scale Arab Spring protests in 2011, Saudi Arabia, Kuwait, the UAE and Qatar provided Jordan with $5bn (including $2bn from Riyadh alone) in...
Volume: 61Issue: 24Published at Fri, 15 Jun 2018 -
Qatar Marks Embargo Anniversary With Exxon Tie-Up
...urces. The Golden Pass LNG import terminal (QP 70%, ExxonMobil 17.6%, ConocoPhillips 12.4%) in the US opened in 2011 with plans to import 15.6mn t/y of LNG from Qatar: but the “Shale Revolution” boosted US gas output to the extent that the partners began looking at turning it into an export facility (ME...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
ExxonMobil’s Rapidly-Expanding Mediterranean Presence
...bya. The firm drilled two dry wells here in 2009 and 2010. It had been considering further drilling but amid prolonged instability after the country’s 2011 revolution it quit the last of the blocks in 2012 (MEES, 9 July 2012). Exxon did go to the trouble of qualifying as an operator for Lebanon’s pl...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Tunisia Upstream: Strikes Over, Decline Continues, Hope Delayed To 2019
...donesia’s Medco is the third key player in southern Tunisia. It partners Eni and OMV at both the Borj el Khadra exploration permit and the adjoining Adam production concession, where output has slumped from 7,500 b/d in 2011 to an average of 2,800 b/d for both 2017 and Jan-April 2018. Medco also has 10...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Jordan Protests Victorious As Government Nixes Imf-Backed Tax Bill
...reign aid (MEES, 13 April)—the conflict in Syria has severely stunted Jordan’s growth. Jordan averaged 6.6%/year GDP growth from 2005 to 2011 versus 2.6% since, with 2016 and 2017 the lowest yet. The World Bank expects Jordan to average 2.4% growth in 2018 —only up marginally from 2017 (see chart). Fr...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
UAE Delays, Jordan Rethink Blur Mena Nuclear Vision
...ntractor Status Iran Bushehr-1 2011 1.0 1 3....
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Tunisia Looks To The Sun To Cut Dependence On Algerian Gas
...ongside seven straight years of falling output since the 2010 peak of 310mn cfd. Initially this fall was due to instability and bureaucratic inertia in the wake of the country’s 2011 revolution, with the slump in oil prices since late 2014 providing a second blow to investment as IOCs slashed capex (MEES, 23...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Iran Expands Crude Export Infrastructure
...dicate bumper volumes. Crude exports to Europe rose to 850,000 b/d according to the IEA. This would be the highest level since sanctions were tightened in 2011. Pirouz Mousavi, Managing Director of IOTC, tells the oil ministry’s Shana news agency that 95% of crude exports are shipped from Kharg. Sm...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Gulf Crude Shipments Fall In Q2, But From Record Levels
...rch-May, the lowest three-month-average figure in records going back 12 years. The Saudi share of the Chinese market averaged 20% as recently as 2011 and 2012. Other Opec producers have put in stronger performances. Angola’s 1.100mn b/d January-May average was over 230,000 b/d (27%) up on 2016’s re...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Kuwait Trade Surplus Falls In Q1
...16 1Q16 2016 vs 15 2015 2014 2013 2012 2011...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Saudi Crude Exports Down, Refining Runs Up, More Products Exports
...rkedly each year since 2014 and as a result gasoline and diesel output in particular have soared. The kingdom last year became a net gasoline exporter for the first time since 2011 (see chart 5). Net gasoline exports were just 5,000 b/d in 2016, but are on track to exceed 30,000 b/d this year. Me...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Tunisia: Oil Blockades Ease But Costs Keep Rising
...MBERS 2010 2011 2012 2013 2014 2015 2016 Ja...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Egypt Ends Forex Controls
...ntrols placed by the CBE on the movement of foreign currency after the 2011 revolution in order to limit the flight of capital. An acute shortage of foreign exchange strangled the economy in recent years and sharply reduced international reserves which fell from $36bn in 2010 to $15.5bn at end-July 20...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
US-Listed Oil Firms* Saw 7bn Barrels Of 2016 Reserves Write-Downs With Lower Prices
...2011-2016 PROVED LIQUIDS RESERVES^ (BN barrels) 2016 CHANGES VS 2015 *67 US-LISTED OIL COMPANIES. ^PROVED RESERVES ARE THOSE THAT, WITH REASONABLE CERTAINTY, ARE RECOVERABLE UNDER EXISTING ECONOMIC AND OPERATING CONDITIONS. SOURCE: EIA....
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Algeria Holds IOC Partners Close
...ale resources. Eni was among the companies to sign provisional deals with Sonatrach in 2011 and 2012 to explore for shale gas. However there has been vociferous local opposition, and the economics do not make sense at current oil prices. Mr Descalzi says Eni has “great ambitions to intensify its pa...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
Troubled Waters: GCC Internal Schisms In The Spotlight Again
...fers of assistance from other quarters. Turkey has pursued similar objectives to Qatar since the “Arab Spring” began in 2011, with both supporting Islamist groups across the region. It has moved rapidly to back Qatar, passing legislation on 7 June to permit the deployment of troops to the emirate in...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Algeria: Government Reshuffled But Course Unchanged
...rengthened its grip on the much-feared state security service. When the tremors of the Arab Spring reached Algeria in early 2011, demonstrations of a few dozen people in Algiers were met with more than 30,000 security personnel. BOUTEFLIKA: NOT MOVING That is not to say there are not risks to st...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Egypt Seeks Virtuous Output Circle: Reserves Up, Dues Down, More Output
...proved its external financial position. The country’s foreign reserves hit $31.1bn at end-May (see chart 1), the highest level since 2011 when investment collapsed in the wake of the revolution overthrowing Husni Mubarak. Reserves rapidly halved from the $36bn end-2010 level and struggled to break above $20...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Sanctions: Tehran Tries To Come In From Cold As US Threatens To Turn Up Heat
...ough there remains some way to go. Crude exports to the EU were worth $4.57bn in 2016 according to figures from the European Commission compared to $23.5bn in 2011, when oil prices were of course substantially higher (MEES, 7 April). …BUT INVESTMENT STALLED… The biggest Iranian energy de...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017