EU Crude Imports By Origin & Grade 2011-2015 (‘000 B/D)

Iran, Iraq & Saudi Step Up Battle For Market Share In Asia And Europe

...ked imports from Iran in February. Korean imports of 267,000 b/d were the highest since 2011. For March, the key increment is the 6mn barrels of Iranian crude (just under 200,000 b/d) which has arrived, or is set to arrive in EU ports (see graph p9).  4: EU IMPORTS OF KRG CRUDE* RISE EIGHTFOLD IN 20...

MEES Special Report: Jihadist Instability In North Africa And Beyond

...se of IS in Libya, which since the fall of Mu’ammar al-Qadhafi in 2011 has been characterized by lawlessness and division. “Further instability in Libya and the ongoing absence of a unity government or unified security could plunge the country into a further crisis which would impact Europe in se...

Libya Oil Production Falls Further

...tput. Power shortages since the 2011 revolution have presented a recurrent impediment to output (MEES, 17 May 2013)....

Total: Adco Boosts Oil Output But Gas Lower On Yemen conflict

...wars. In Syria the firm produced 218mn cfd of gas in 2011 – making it Total’s third biggest MENA province: it has produced nothing there since. In Libya, Total’s oil output collapsed to 20,000 b/d in 2011 with the ‘revolution’ and again in 2014 and 2015 as instability grew: current (and 20...

Majors Have Another Year To Forget In The Middle East

...ay, allowing Qatar to open up a 0.36bn cfd lead as the company’s largest source. This is the biggest gap since 2010, when Qatari volumes were 1.27bn cfd more than US contributions. Qatari volumes rose for the first time since 2011, but were unable to prevent a fourth consecutive drop in annual global ga...

Jordan’s Fiscal Situation Grim, Debt Nears 100% Of GDP

...rdan’s $32bn end-2015 stock of public debt, a full $7bn is due to accumulated Nepco losses. All in all a conservative estimate would be that Jordan will add at least 5% of GDP to its national debt in 2016, and likely somewhat more. This follows a five-year period corresponding with the “Arab Spring” (2011...

KRG Pipeline Politics: Ankara-Baghdad Balancing Act Looks Increasingly Perilous

...G to its Turkish political connections. Former BP chief Tony Hayward, appointed as Genel chairman in 2011 when the firm listed in London, said about plans to export Kurdish gas to Turkey in the firm’s 2015 results on 3 March, Turkey’s strategy is “to try to create some semblance of stability al...

Saudi Draws Down Stocks, Boosting Exports, Runs To Near Record Levels

...nthly drawdown since May 2011. This enabled crude exports to rise to 7.84mn b/d, the second highest level ever after the record 7.90mn b/d set last March, latest data from the Riyadh-based Joint Organizations Data Initiative (Jodi) indicate (see graph 1 and below for full data). •  Not only were cr...

Turkey’s Tüpraş Racks Up Profits, Maxes Output As Runs Of Iraqi Crude Double

...14   2010 2011 2012 2013 2014 2015 '000 b/d % Crude Throughputs 393 42...

Egypt Devalues Currency: Will It Bring Stability?

...serves.    Egypt has received massive external support from GCC monarchies since President Sisi took power in mid-2013. But with Gulf states themselves facing stretched finances such inflows are likely to slow this year. Egypt’s external debt has risen by $13.2bn to $48.1bn since the country’s 2011 re...

Japanese Condensate Imports Fall In 2015, But Iranian Volumes Up, Near 50% Of Total* (‘000 B/D)

...  2011 2012 2013 2014 2015 Qatar 154.3 151.7 188 13...

Iraq, Nigeria Outages Lead Opec Production Fall

...0 B/D): VOLUMES EDGE UP IN JAN BUT STILL 1.3MN B/D DOWN ON 2011 LEVELS *CRUDE & CONDENSATE SOURCE: OFFICIAL IMPORT STATISTICS, OIL MOVEMENTS, MEES ESTIMATES.   NIGERIAN VOLUMES SET TO STAY LOWER While Iranian production is set to rise further in March, Nigerian output looks set to fa...

Apache Turns To Egypt For Bargain Barrels Amid Capex Cuts

...14 2013 2012 2011 2010 2009     ‘00...

Iran Could Face Major Banking Crisis Post-Sanctions

...til it has taken stock of its available assets. Oil revenue in the 2016-17 budget is projected at $22bn, a mere 18% of Iran’s oil revenue of $119bn in 2011 (MEES, 19 February).  Iran is looking to tap foreign direct investment (FDI) for many of its planned projects in the post-sanctions era. The ne...

Iran Back in Business, But Concerns Remain

...art). Japan increased imports of Iranian crude in January for the third straight month, with its 194,000 b/d, the highest since March 2015. Both countries’ imports in 2015 were about half the level in 2011 before sanctions against Iran were tightened significantly, and Iran will be seeking to increase ex...

Taq Taq Reserves Downgrade Hits KRG And Genel Energy Plans

...er 100,000 b/d, close to a quarter of the region’s total output. Genel shares tumbled by around 40% after it announced on 29 February that Taq Taq’s original 2P reserves were being cut by 48%. The original 2P reserves as calculated in 2011 were 683mn barrels, but this was revised down to 356mn ba...

South Sudan Oil Revenues Collapse

...serves and infrastructure incurred when the south seceded from Sudan in July 2011 (see tables 3 & 4). This latter agreement, known as the Transitional Financial Arrangement (TFA), covered the repayment of $3.028bn over a three and a half year period, due to expire in December 2016. There is no chance of...

Aramco Dusts Off Plans For $2bn Ras Tanura Clean Fuels Project

...at at least three rounds of bidding for the Ras Tanura upgrade have been conducted already without any EPC awards. The project is expected to cost $2bn. Aramco awarded front end and engineering design (FEED) for the Ras Tanura clean fuels upgrade to US firm Jacobs Engineering in 2011, under the Ge...

Iranian Election Prompts Optimism On Investment

...esident Ali Akbar Hashemi Rafsanjani secured the most votes overall, while Mr Rohani was also voted in; both were already members of the assembly and Mr Rafsanjani had previously served as its chairman from 2007 to 2011. Elections for the assembly are held every eight years and the body is co...