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Iran The Wild Card Amid Opec Pre-Vienna Posturing
...quiring a unanimous decision for production increases there is plenty of room for any prospective agreement to collapse. The current production restrictions have been in place since January 2017 and were extended to end-2018 during the last Opec+ meeting on 30 November (MEES, 1 December 2017). But the ex...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
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...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Algeria’s Planned Hassi Messaoud Refinery: Chinese, Korean Firms In The Running
...trojet. The planned Hassi Messaoud refinery is the only remaining element of once-ambitious plans to build four new 5mn t/y refineries. The original target date was 2017 (MEES, 21 September 2012), but this came and went with the 2016 award of a FEED contract to Amec Foster Wheeler subsequently cancelled. So...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Tunisia Looks To The Sun To Cut Dependence On Algerian Gas
...tion Plan’ places such factors above environmental concerns as the key motivation for the push for renewables. “The national energy situation is characterized by a growing energy deficit which hit 49% in 2017. This has major implications in terms of energy supply security, notably for the power se...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
North Africa The Key Focus Of Eni Solar Plans
...w energy solutions” element of the company’s 2017-20 strategy outlook with a focus on “hybrid projects” with “technological and geographical synergy with other Eni business lines.” “Our distinctive model consists of replacing internal gas consumption in our assets with solar or wind power… This ap...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Iran’s Banking Sector: Dark Days Loom
...ghtening of sanctions from 2012, the last year in which oil revenues were above $100bn. ASTRONOMICAL SUMS Freshly-released Central Bank of Iran (CBI) figures for the 2017-18 fiscal year (which ended on 20 March), published this week, pegs end-year bad loans at an astronomical 1,300 trillion ri...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Energean Files Karish Development Plan; Bidding Delayed, Again
...d connected to the same FPSO, Energean says. CEO Mathios Rigas says his firm hopes to receive “approval of the FDP as soon as possible in order to be able to reach Final Investment Decision by the end of 2017.” However, investment will not go ahead without more sales deals and – given co...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Morocco Looks To Cut Reliance On Algerian Gas
...Morocco imported 109mn cfd of gas from Algeria in 2016 and Q1 2017, some 93% of the country’s consumption. In theory there is scope for these volumes to rise – gas provides only 6% of Morocco’s primary energy demand. But, in practice, fractious relations between the two Maghreb neighbors – th...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Iran Expands Crude Export Infrastructure
...ables tankers to “berth at nine newly overhauled loading arms without restrictions or technical hurdles” according to Iran Oil Terminals Company (IOTC). Iranian oil exports have ramped up since sanctions were eased in January 2016, with volumes in the first five months of 2017 up 30% year-on-year at 2....
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Oman Postpones Misfah With Slowing Demand Growth
...ectricity, from over 240m3/MWh in 2016 to below 190m3/MWh for 2020 and beyond (see chart). Gas consumption in power plants fell for the first time in three years in 2016 to 7.99 bcm (770mn cfd). In the first five months of 2017 it has remained flat year-on-year at 710mn cfd). While OPWP says that its el...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Gulf Crude Shipments Fall In Q2, But From Record Levels
...54mn b/d for January-May 2017 were up by a whopping 13.8% on the same period a year earlier (in the process leaving the US, at 8.15mn b/d for January-May, well behind as the world’s top importer). This massive overall growth means that though volumes from Opec countries rose by 10.9%, and those from the Mi...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Qatar’s Hydrocarbon Politics Sends Message to Saudi Arabia, UAE
...not under threat, with the emirate continuing to receive LNG cargoes from Qatar. But Dubai took just under 1mn tons last year, and it’s very possible that this will fall to zero in 2017. Egypt took a bumper 4.78mn tons, but its alliance with Saudi Arabia and growing domestic output means a fall is hi...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Kuwait Trade Surplus Falls In Q1
...Kuwait recorded a $5.3bn trade surplus in the first quarter of 2017, up $4bn on the same period in 2016. But as this is primarily down to oil revenues of $12bn, falling crude prices in Q2 imply an imminent drop-off. At $12.1bn, oil revenues represented 89% of total exports in Q1 (see ta...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Cairo Fuel Price Hike
...bsidy spend figure assumptions for both the 2016-17 and 2017-18 budgets (MEES, 9 June). The latest figure given by Mr Ismail for the still-not-approved 2017-18 budget (for the year beginning 1 July) was E£145bn on 6 June. But following this latest round of fuel price increases the expected 2017-18 fu...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Algeria: Deficit Down As IMF Warns On Over-Zealous Consolidation Plans
...venues rose by 43% ($4.5bn) to $14.9bn for the first five months of 2017 (see table). But strong oil price gains in early 2017 have since partly been reversed (see p16). Prices for Saharan Blend averaged around $47.5/B in June, in line with Brent, the futures curve for which is currently averaging ju...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
US Oil Output Looks To Have Topped 2015’s Previous Record, Set To Break 15mn B/D In 2018 (Mn B/D)
... *APR & MAY 2017 FIGURES ARE PROVISIONAL; FORECASTS (F) FROM JUNE 2017. ^ETHANOL, BIOFUEL, MTBE. SOURCE EIA, MEES CALCULATIONS....
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Total Gives $1bn Impetus To Iran’s Upstream Opening
...meframe was given, but on 10 May, CFO Massimo Mondazzi said “in Iran, we’re going to recover any outstanding [receivables] that we have and this will happen in 2017.” OIL AND GAS FIELDS TO BE OFFERED UNDER THE IRAN PETROLEUM CONTRACT GreenField pr...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Qatar Hydrocarbon Revenues Holding Firm in Q2 Despite Outages
...venues had soared in early 2017 thanks to the startup of the 146,000 b/d Ras Laffan 2 condensate splitter on 2 December (MEES, 2 June). But the impact of unscheduled maintenance on 146,000 b/d Ras Laffan 1 splitter in April is clearly shown by the latest data from Riyadh-based Jodi. However, the 15...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Baghdad-KRG Refining Deal Eases Light Products Shortfall
...nths of 2017. Diesel demand has averaged just short of 100,000 b/d in January-April 2017. Recent improvements in reducing gas flaring have significantly cut the need to burn diesel in power plants at times of peak electricity demand (see chart 4). Iraq’s refineries are relatively unsophisticated – th...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Saudi Grid Has 74.3GW Generating Capacity Available, Says SEC
...so been working on improving the operating efficiency of its power plants. Average thermal efficiency in SEC power plants was 35.6% in Q1 2017, the company says, compared with 34.5% in the same quarter of 2016. The utility claims that efficiency improvements in its oil-fired power plants saved th...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017