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China: Could Record Russian Crude Imports See Saudi Squeezed?
...creased market share. MIDEAST BUYING FIRM FOR NOW… Chinese imports from other Middle East suppliers also remained firm through May: at 54.1% the Mideast market share for the first five months of 2022 is on track to top the previous annual record of 52.2% set in 2014. Number three ov...
Volume: 65Issue: 25Published at Fri, 24 Jun 2022 -
China LNG Buying Subdued But Qatar Volumes Surge & Revenues Triple
...lumes. The import bill for Qatar volumes was up almost threefold at $4.30bn versus $1.52bn for the year-ago period. Qatar’s overall export revenues of $28.6bn for Q1 were the highest since 2014 (MEES, 29 April) *Whilst China’s fall in year-on-year import s is down to Covid-related lockdowns as we...
Volume: 65Issue: 25Published at Fri, 24 Jun 2022 -
KRG Hands Baghdad Oil Sector Counter-Proposal
...OGC) “which will be tasked with the exploration, extraction and production of oil and gas” and the Kurdistan Organization for the Marketing of Oil (KOMO). These entities have already been created, with KOMO marketing Iraqi Kurdistan’s inaugural independent exports – a 2mn barrel cargo – back in 2014...
Volume: 65Issue: 25Published at Fri, 24 Jun 2022 -
Qatar Gas Exports Surge To Five Year High
...2022 they remain slightly down year-on-year. Even if its core gas exports have dipped slightly this year, soaring commodities prices have pushed Qatar’s export revenues up to multi-year highs of late, with Q1’s $28.51bn the highest quarterly figure since 3Q 2014 (MEES, 3 June). Revenues are up ac...
Volume: 65Issue: 25Published at Fri, 24 Jun 2022 -
Libya Oil Blockades: Back With A Vengeance
...ter the capital (MEES, 20 May). The division in the country, roughly split between eastern and western lines, is eerily looking like the period between 2014 and 2020 when parallel administrations in Tripoli and the east competed for power. That period was particularly tumultuous with oil pr...
Volume: 65Issue: 24Published at Fri, 17 Jun 2022 -
Oman LNG Bounces Back Following Maintenance Work
...ll below the peaks achieved in 2013 before hydrocarbon prices collapsed in the second half of 2014 (see chart). Oman LNG’s financial performance rebounded from 2020’s Covid-lows last year, and strong gains this year could push revenues well above 2018’s recent highs of $3.51bn. Topping 2014’s $4....
Volume: 65Issue: 24Published at Fri, 17 Jun 2022 -
TotalEnergies First Again With Qatar LNG Expansion Deal
...ont, TotalEnergies’ Mena push has been paying dividends. Since 2014, the firm has overtaken Eni, Shell and ExxonMobil as the largest oil producer among IOCs in the Mena region (see chart 1). TotalEnergies’ willingness to take on political risk stands in contrast to other majors, most of whom have been sl...
Volume: 65Issue: 24Published at Fri, 17 Jun 2022 -
Morocco’s Samir Refinery: Is There A Case For A Restart?
...wards trend save for a Covid related blip in 2020. Total products demand recovered to near record levels of above 290,000 b/d last year. Diesel imports, a fuel globally in high demand, for example hit a record 126,000 b/d in 2021 (see chart 1). In its last full year of operations in 2014, Samir pr...
Volume: 65Issue: 24Published at Fri, 17 Jun 2022 -
Tehran & Baku Agree To Double Gas Swap
...anian gas grid, near the Caspian Sea port of Neka (see map). In the past Iran had turned a profit from importing gas from Turkmenistan at a much lower price than it received from exports to Turkey (MEES, 3 October 2014). Another consideration beyond logistics, is that Iran’s own demand for gas – es...
Volume: 65Issue: 23Published at Fri, 10 Jun 2022 -
Iraqi Parliament Passes $17bn Emergency Bill
...ojects. But it also registers a negative precedent by renewing the practice of ex-budgetary spending decisions as were made in 2014 and 2020. Many observes had hoped that the lack of a 2022 budget would pressure politicians to reach a deal on government formation and exit the current gridlock. Former MP Al...
Volume: 65Issue: 23Published at Fri, 10 Jun 2022 -
Iraq Unveils Optimistic Production Capacity Targets
...e planned production targets (PPT) at key fields were being revised down. For instance Iraq’s biggest field – the 1.45mn b/d capacity Rumaila (BECL: BP 47.63%, CNPC 46.37%, Somo 5%) – has had its PPT revised down from 2.85mn b/d to 2.1mn b/d in 2014 and then down to just 1.7mn b/d last year (ME...
Volume: 65Issue: 22Published at Fri, 03 Jun 2022 -
Tight LNG Market Drives $2bn Revenue Boost For Qatar
...ices work their way through the system. Already, April revenues were the highest since March 2014’s $12.46bn and were among the highest monthly figures ever (see chart 1). Hydrocarbon revenues of $10.5bn accounted for 88% of the April total, significantly above the 2021 average of 84%. High re...
Volume: 65Issue: 22Published at Fri, 03 Jun 2022 -
Saudi Foreign Reserves Edge Up Over April
...art). *Nevertheless, sizeable increases are on the cards, with Minister of Finance Muhammad al-Jadaan telling the Financial Times last month that surplus oil revenues will be used to replenish reserves. *After peaking at $737bn in August 2014, foreign reserves tumbled when oil prices crashed in th...
Volume: 65Issue: 22Published at Fri, 03 Jun 2022