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Yemen’s Houthis Revive Threats to Saudi Arabia on Conflict’s Nine-Year Anniversary
...lks and captured the capital Sanaa (MEES, 19 December 2014). But now, nine years later, the battle-hardened Houthis are stronger than ever, having consolidated their positions in Yemen and secured more Iranian backing. As Saudi Arabia has sought to extricate itself from Yemen’s conflict and thaw re...
Volume: 67Issue: 13Published at Fri, 29 Mar 2024 -
Opec Revenues Fall By $160bn In 2023
...op, revenues were still the second highest on an annual basis since 2014. Last year saw the market stabilize following the disruption caused by Russia’s early-2022 invasion of Ukraine. Russian supply proved robust, US output boomed, and demand growth was historically strong at more than 2mn b/d. But su...
Volume: 67Issue: 13Published at Fri, 29 Mar 2024 -
China Crude Imports: Russia Well Ahead
...E was down 4% at 808,000 b/d for Jan-Feb for number five, whilst Oman was up 6% at 791,000 b/d for sixth spot. Further down the list of suppliers, volumes from Kuwait were down 34% at 307,000 b/d for the first two months of 2024, with February’s 165,000 b/d the lowest monthly figure since 2014. Th...
Volume: 67Issue: 12Published at Fri, 22 Mar 2024 -
Poland’s PGNiG To Resume Libya Exploration
...-well campaign were ultimately drilled, with the company announcing gas discoveries in both wells. But the company pulled out its staff and wrote off its entire to-date Libya exploration spend of $137mn as security deteriorated in early 2014 (MEES, 31 January 2014). PGNiG previously pledged to re...
Volume: 67Issue: 12Published at Fri, 22 Mar 2024 -
Libya Gas Exports At 13-Year Low
...BYA’S ANNUAL GAS EXPORTS TO ITALY: 2023’s VOLUMES WERE ALREADY A POST-REVOLUTION LOW (MN CFD) *ENI LOWERED ITS OFFICIAL CAPACITY FIGURE FROM 11BCM/T TO 8BCM/Y IN 2014. SOURCE: SNAM, ENI, MEES. 3: ENI'S MELLITAH* GAS OUTPUT IS SET TO FALL BUT WILL GET MID-DECADE BOOST FROM BOURI THEN ST...
Volume: 67Issue: 10Published at Fri, 08 Mar 2024 -
Saudi Oil Revenues Stabilize As USA Extends Lead As World’s Top Exporter
...cade. US shale has proven extremely resilient, with a breakeven price comfortably below $50/B, leaving Opec+ producers with the invidious choice of either cutting production or risking a renewed price war such as in 2014-16 when Brent prices dropped below $40/B. If US production growth does indeed sl...
Volume: 67Issue: 10Published at Fri, 08 Mar 2024 -
Qatar Sees Buoyant LNG Demand Outlook As It Sanctions Further Expansion
...oductive layers of the giant field extend towards the west.” The discovery follows a drilling campaign of more than 20 appraisal wells since 2014. “Most recently, QatarEnergy has focused its efforts and attention on determining how far west the North Field extends in order to evaluate the production po...
Volume: 67Issue: 09Published at Fri, 01 Mar 2024 -
Wintershall Libya Assets In Limbo
...renaica Plateau. Though under force majeure since 2014, these are potentially valuable assets, with what was then RWE-Dea making a string of discoveries over the years to Libya’s 2011 revolution (MEES, 22 September 2008). Back in 2012, amid a lull to Libya’s post-revolutionary instability, RWE-Dea sa...
Volume: 67Issue: 09Published at Fri, 01 Mar 2024 -
Kuwait’s Kufpec: 140,000 Boe/D 2026 Target
...pe of gains this year, output is unlikely to top 90,000 boe/d, never mind the official 107,000 boe/d target. Kufpec has a history of massively missing output targets (MEES, 25 April 2014). And, notwithstanding promising Asian discoveries off Indonesia and Malaysia (MEES, 22 September 2023), the on...
Volume: 67Issue: 09Published at Fri, 01 Mar 2024