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Mideast Sovereign Wealth Funds Learn To Adapt To Low Oil Price World
...Some, but not all, Gulf SWFs are selling assets with lower prices. Others spot new opportunities, especially in Asia. Saudi Arabia's PIF, set to be the repository of the proceeds of the planned Aramco privatization, is already stepping up purchases. Sustained low oil prices since late 2014...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Qatar Downgrades Growth Forecast, But LNG Revenue Projection Looks Bullish
...l price of $39.3/B. These are both significantly down on the December 2015 estimates: the current account breakeven figure is down by more than a third. Monthly imports in the first two months of the year remained roughly at 2014-2015 levels of $2.5-3bn, with February slightly up year-on-year. Th...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Algeria: New Energy Minister Faces Revenue Meltdown, Political Uncertainty
...m/year of gas output over 2014-20, hitting 93 bcm/year by the latter date (MEES, 5 June 2015); it now forecasts just 85 bcm by 2021 – by far the biggest downgrade of any country in the latest report (see p4). And rising domestic demand means export volumes are set to continue their recent co...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Will The ‘Golden Age Of Gas’ Ever Arrive?
...mestically. Total forecast growth of 16bcm over the five year period is markedly lower than last year’s forecast of 23 bcm over 2014-20 and compares with an official Saudi target of hitting 12.2bn cfd (126 bcm) by 2021 (MEES, 1 April). Saudi Arabia is officially targeting a boost of the share of gas in it...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
LNG Supply Glut To Depress Prices For Years To Come
...Global LNG export capacity rose by 45% between 2011 and 2015 with 90% of this coming from the US and Australia. The “massive expansion” of Australian and latterly US export capacity, particularly since 2014 “just as demand slows” means “global gas prices are set to stay under pressure” for th...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Iraq’s Kirkuk: Key Northern Oil Province Has Little Chance Of Achieving Autonomy
...ghdad’s dispute with the KRG over the region’s independent exporting of oil in breach of a December 2014 agreement. MEES calculates that the loss of around 170,000 b/d of exports in March equated to lost monthly revenues of around $145mn. And with Brent having risen more than $11/B since then, these mo...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Egypt Gas: ‘Remarkable Turnaround,’But Not Quite Yet
...21 – the IEA output numbers for the next couple of years look optimistic. The IEA has consistently underestimated Egypt’s near-term output slump. Last year it had Egyptian gas output bottoming out at 50 bcm in 2014, rising to 51 bcm (4.9bn cfd) in 2016: actual output was just 3.96bn cfd in the fi...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Egypt Revisits IMF Loan As Gulf Aid Slows
...sh injection and subsequent volumes in 2014 and 2015 gave new President Abdel Fatah al-Sisi the breathing space to shun the IMF. But since the start of 2016 attempts by Gulf monarchies to rein in state spending have put a big question mark against continued aid to Egypt, prompting it to again lo...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
US Anti-Hizbollah Sanctions Law Haunts Lebanon’s Banking Sector
...onomy is hampered by a power vacuum and parliament has been unable to elect a head of state to succeed former President Michel Sulaiman, whose term expired in May 2014. The paramilitary group, which is fighting on the side of the Syrian regime, is blamed by many politicians in Lebanon for preventing the el...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Bonds Away: GCC Countries Tap Markets For $3.5bn As Saudi Waits In Wings
...the onset of the oil price shock in 2014. But it adds that fiscal buffers estimated at around 85% of GDP in 2015 will provide support through the process of fiscal and external adjustment. The agency adds that Oman’s heavy economic and fiscal reliance on the oil and gas sector represent a key cr...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Taqa Issues $1bn Of Bonds To Refinance Debt
...ints, according to Bloomberg, which cited an unnamed person familiar with the deal. The agency says France’s BNP Paribas and Societe Generale, US’s Citigroup, UK’s HSBC, and UAE’s First Gulf Bank and National Bank of Abu Dhabi are managing the bond sale. Taqa last tapped the bond market in April 2014...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Bahrain: New Minister Challenged By Oxy/Mubadala Withdrawal
...0,942 b/d of Arab Medium crude in 2015. Bahrain gave up its territorial claim to the area surrounding the field in the 1950s in return for half of the field’s output. Meanwhile, imports from Saudi Arabia averaged 216,000 b/d last year, up from 208,000 b/d in 2014. These are through an ageing 230,000 b/d pi...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
Iran Taps Koreans For Tabriz Refinery, Eyes $3.3bn Siraf Funding
...esel output from Tabriz at the expense of fuel oil. No schedule was announced, but the study is expected to take six months, according to Mehr News Agency. Latest data available from NIORDC show Tabriz refinery producing 21,000 b/d of gasoline and 42,000 b/d of gasoline in 2014, when fuel oil ou...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
OPEC May Production Drops Despite Saudi And Iran Increases
...rt. OPEC WELLHEAD PRODUCTION, May 2016 (MN B/D, MEES ESTIMATES) May '16 chg Apr '16 Mar '16 May 16 v 15 Jan-May'16 v J-M15 Jan-May'15 2015 2014 S Arabia* 10.2 0....
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
US Imports More Gulf Opec Crude As Production Continues To Fall
...lumes from Iraq in May. Iraq supplied the US with 506,000 b/d of crude according to weekly data from the US government’s Energy Information Administration (EIA), the highest amount since August 2014. Iraq exported a record-equaling 3.36mn b/d of Basra Light crude in April with not just the US, but also In...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
Israel: Leviathan Plan Approved But Sales Still Needed
...port it to. Israel’s Zemach committee put a 540 bcm cap on the gas reserved for the domestic market and not on what it exports (MEES, 5 December 2014). So whether Leviathan produces 500 bcm, as the government estimates, or 620 bcm according to the partners, will not make a huge difference as it was no...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
Saudi Arabia’s Transformation Plan Already Running Out of Time
...netary Agency (SAMA) 2015 Annual Report put the private sector contribution at 41.1% of GDP in 2014. Growing the private sector is key to the government’s aims of reducing unemployment among Saudis and reducing the public sector wage bill. But key obstacles to previous efforts to increase employment of...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
Iran Struggles To Attract Investment Amid Continued Sanctions, Both Real & Perceived
...clear capability, has had a crippling impact on its economy. After these sanctions were tightened further in 2011, Iran’s roughly $420bn economy shrank by about 9% in the following two-year period that ended in March 2014, according to the IMF. Crude oil exports fell from 2.48mn b/d in 2011 to ju...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
Iraq Plans Eurobond By End-2016
...onomy out of recession despite low oil prices, with real GDP estimated to have risen to 2.4% in 2015 from a contraction of 2.1% in 2014. The bank’s forecast for 2016 is GDP growth of 7.2%. DESPITE RECORD VOLUMES, JAN-MAY IRAQI CRUDE EXPORT REVENUES WERE way BELOW BUDGET *IMPLIED BUDGET TA...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
Egypt’s Med Gas Output Collapse: Can Even Zohr Make Up The Losses?
...tes ranging from 14% to an eye-watering 28% last year alone (see table). Collective output of 1.24bn cfd for 2015 (29% of Egypt’s total gas output) is down by 290mn cfd on 2014 and by a massive 765mn cfd (38%) on 2012’s peak 2.00bn cfd output. These four blocks alone account for a full 49% of Egypt’s ov...
Volume: 59Issue: 22Published at Fri, 03 Jun 2016