Bahrain Takes $300mn Oil Revenue Hit From Abu Safah Outage

...oduction edged up to a record 2.08bn cfd in 2017, beating 2015’s previous high of 2.06bn cfd. However, gas re-injection rose 6% to a new high of 600mn cfd, reducing the volumes of sales gas to 1.47bn cfd – below 2014’s 1.50bn cfd record. That gas reinjection levels rose to a new high despite a no...

Egypt Inches Towards Paying Off Receivables Bill

...ll in late 2014 when it halved dues to $3.1bn on the back of borrowed cash (MEES, 5 December 2014). EGPC has pledged to pay off receivables by mid-2019. VICIOUS CIRCLE EGPC can point to the sums it is owed by other ministries as a reason it has fallen so far behind with payments. As of late 20...

Mena Remittances Up 10% In 2017

...Remittances are a crucial lifeline to the region’s cash-strapped oil importing economies. Thanks largely to Cairo’s floatation of the Egyptian Pound in late 2016, Mena remittance inflows topped $56bn in 2017 after having fallen year-on-year since 2014. Egyptian inflows hit $20bn ac...

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...

Iran’s Banking Sector: Dark Days Loom

...sperately trying to repair their books after offering deposit rates as high as 22% back in 2014 before the oil price crashed later that year. (A substantial premium over inflation which was around 15%.) Oil revenue collapsed from $57.3bn in 2014 to $27.3bn in 2015. But the real damage was done after the ti...

Sama Net Foreign Assets ($Bn)

...SAUDI FOREIGN RESERVES ROSE ABOVE $500BN FOR FIRST TIME IN A YEAR AT END OF APRIL...   ...WITH THE RECENT REBOUND COMING AS PRiCES FOR ARAB LIGHT HIT $69/B, the HIGHEST SINCE 2014 SOURCE: SAMA, MEES....

Suez Canal Revenues Rise To $479mn In April, Highest Since 2014, As Gross Tonnage Hits Record 86.3mn

Delek Looks To Raise $1.2bn With Tamar Sell-Off

...rael’s key offshore fields. A December 2014 anti-trust ruling (MEES, 2 January 2015) was subsequently watered down, but even so operator Noble has to reduce its stake in Tamar to 25% by end-2021, with Delek required to completely dispose of its stake by the same date (MEES, 1 April 2016). HOLDING ST...

Gulf Crude Shipments Fall In Q2, But From Record Levels

...May. Collectively, based on the April-May stats, Q2 is on track for the third highest quarterly volumes since the start of 2014. That said, volumes likely dipped in June as Saudi Arabia ramped up crude burning in its power plants leaving less crude for exports. MEES estimates that Saudi crude ex...

Qatar’s Hydrocarbon Politics Sends Message to Saudi Arabia, UAE

...mpetition from Australia, and more gradually the US (MEES, 23 December 2016). Although market share in Asia rebounded slightly last year, volumes are still down 2mn tons on 2014. The biggest fall was in Europe, where volumes were down 3.2mn tons annually. The biggest drop off was from the UK, which opted to in...

Kuwait Trade Surplus Falls In Q1

...16 1Q16 2016 vs 15 2015 2014 2013 2012 20...

Algeria: Deficit Down As IMF Warns On Over-Zealous Consolidation Plans

...om $179bn at end 2014 to just over $100bn now. That said, Algeria’s finances are less stretched than some of its Opec peers. The IMF actually chastises Algiers for an unwillingness to take on international debt in order to smooth out the economic cycle. Algeria has made financing the deficit more di...

Baghdad-KRG Refining Deal Eases Light Products Shortfall

...eraged 591,000 b/d in April, according to the latest information submitted by the ministry to the Riyadh-based Joint Organizations Data Initiative (Jodi). This is the highest monthly level since the 600,000 b/d reported in May 2014, the month before the onset of fighting between IS and federal forces in wh...

Iraq Plans New Refining Capacity

...0,000 b/d refinery at Karbala, which the ministry decided to build without foreign investment. The ministry awarded a $6bn engineering, procurement and construction contract for Karbala in 2014 to a Korean consortium led by Hyundai Engineering & Construction. The Hyundai-led group has at times ha...

Saudi Crude Exports Down, Refining Runs Up, More Products Exports

...e kingdom so far having prioritized its core buyers in Asia and the US. The big four Asian buyers – China, Japan, South Korea and India – took a record 4.216mn b/d in Q1, while the 1.285mn b/d purchased by the US was the highest since Q1 2014. The implication is that supplies to Europe are being sq...

Tunisia: Oil Blockades Ease But Costs Keep Rising

...so sharply down, and imports up, lower prices mean that Tunisia is receiving three times as much gas from Algeria in lieu of transit payments than in 2014; so paid-for volumes (also from Algeria) are down (see charts 2 & 3).  Tunisia’s oil production was already down 6% at 44,300 b/d for the fi...

Doha’s Diplomatic Dispute – The Financial Impact

...nctions came into effect - and the stock market shrank by about $11bn in value the following day, the largest drop since 2010. It went on to post its worst weekly performance since 2014.   International ratings agency S&P Global Ratings wasted little time in responding to the move. On 7 June, it lo...

US Shale Output Soars But Permian Productivity Falling

...oductivity metric  has fallen for every month since, to 627 in May and a projected 617 and 602 in June and July respectively. The latter figure would take productivity back to numbers last seen in March 2016, though it remains at three times 2014 levels. Of course the Permian ‘rig count’ continues to ri...

EBRD Kick-Starts Egypt Solar With $500mn Investment In 16 PV Projects

...ypt,” says EBRD head of power and energy Harry Boyd-Carpenter. “We have been working with the Egyptian authorities since 2014 to help them fulfil their ambitious goals in this area. We are delighted now to be in a position to commit very significant financing to projects, which we expect to start co...

Opec Confirms 13% 2016 Revenue Fall: Iran The One Winner

...12 2013 2014 2015 2016 vs'15% vs '12% 2017* vs'16...