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Libya Could Run Out Of Cash Sooner Rather Than Later
...ports of refined products. Public salaries dropped slightly from LD25.6bn in 2013 to LD23.8bn in 2014, but this was still more than 60% higher than the LD14.8bn the government spent on salaries in 2011. The drop in the oil price is likely to mean the government’s subsidies bill falls in 2015, but if the ad...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
Bahrain 2015-16 Budget Deficit Soars
...ice exceeds $40/B. Four GCC countries, Saudi Arabia, Kuwait, the UAE and Qatar set up in 2011 a Gulf development fund to disburse $10bn in grants over 10 years to finance Bahraini projects. This aid will be extremely timely in these hard times of low oil revenue (MEES, 1 March 2013). BAHRAIN BU...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
Iran Selects 49 Oil, Gas Projects Open For Foreign Investment
...id at the Energy Security Summit 2015 in Berlin this week: “Iran cannot have the third or fourth largest oil reserves and export as much as [mid-sized producer] Azerbaijan.” With crude production and export levels at just 75% and 40% of what they were in 2011, before the latest round of US and EU-le...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Zanganeh: six months for full Iran return to markets
...5mn b/d in 2011, before the latest round of US and EU-led sanctions on Iranian oil sales came into effect (see below). Regardless of how long this return takes however, Iran says Asia will continue to be its main target market, as is the case today, under sanctions. “Don’t worry about our oil st...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Iraq, KRG Oil Export Deal Holds Despite Discrepancies
...0,000 b/d gives total Iraqi exports from Ceyhan of just over 514,000 b/d for April, the highest since June 2011. Of the 562,633 b/d that the KRG says it shipped to Ceyhan in April, 415,246 b/d came from “KRG-operated fields,” whilst 147,387 b/d came from “NOC operated fields.” The former includes both fi...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Iran Readies Upstream Opening In Anticipation Of Nuclear Deal
...st 34% of what was envisaged as part of Iran’s fifth development plan (January 2011-March 2015). Already starved of investment from abroad, what little funds NIOC and the ministry does have for investment is being regularly raided by the government in order to pay out monthly cash handouts to the Ir...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Eni Ramps Up Western Desert Output As Cairo Looks To Cut Through Red Tape
...lehia, Ras Qattara, Raml and West Razzak, the Melehia permit, 300km west of Alexandria, accounts for over 75% of total output, some 54,000 b/d. The field’s output has ramped up rapidly since mid-2012 when Eni first tapped the fields deep formations (MEES, 28 May 2012). Back in 2011-12 Agiba produced 40...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Italy Ups Algerian Gas Imports As Lower Oil Prices Feed Through Into Contracts
...ood at 409.1 bcm in 2014, compared with 477.8 bcm in 2011, according to statistics from Eurogas, a fall of almost 15% over the past three years. Falling demand made it a buyers’ market and Europe’s main gas suppliers – Russia’s Gazprom, Norway’s Statoil, Algeria’s Sonatrach, and to some extent Qatar’s Ra...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Saudi Top Oil Brass On China Charm Offensive
...ina. Today, we export around 1 million,” Mr Naimi said at the Beijing Energy Club on 27 April. China was a net exporter of crude until the turn of the millennium. Saudi supplies to China soared to hit 500,000 b/d in 2006 and 1mn b/d in 2011 but have remained at around this level since: overall Ch...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Saudi Reshuffle: Is The Stage Set For An Oil Change?
...re accused of plotting to kill the Saudi ambassador a few years back, a revelation that pushed already tense relations between the two regional powers to a new low in 2011. Should the change lead to a harder line in dealing with Iran, it would complicate Mr Naimi’s task of trying to try to hold an al...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Damascus Cash Crunch As Crude Below 10,000 B/D
...oduction of 385,000 b/d before the start of the uprising in March 2011. However, if the government figures are to be believed, output is actually up slightly on the 2014 average of 9,330 b/d, while the average for the first quarter of 2014 stood at 13,000 b/d (MEES, 9 May 2014). Gas production has fa...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Iraq: Q1 Exports Hit 2.7mn B/D But Still Way Off 3.3mn B/D 2015 Target (‘000 B/D)
...b-15 Jan-15 2014 2013 2012 2011 2010 CRUDE OUTPUT: Federal* 3,064 -42 -77 3,...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Libya’s NOC Dreams Of Better Future
...l fields offline, the Libyan energy sector is undergoing its worst crisis since the revolution ground operations to a halt in 2011, at a time when the political situation is deteriorating. Earlier this month, former general Khalifa Haftar attacked Islamist militia in their bases in Benghazi, ba...
Volume: 57Issue: 22Published at Fri, 30 May 2014 -
Output Continues To Slide As South Sudan Conflict Rumbles On
...rst time the two former civil war foes have cooperated on oil matters since the two countries split in 2011, under the terms of a ‘Comprehensive Peace Agreement’ signed six years prior. But far from doing it out of concern, Khartoum’s latest offer is almost certainly driven by a sense of economic se...
Volume: 57Issue: 22Published at Fri, 30 May 2014 -
Egypt: Poor Turnout Takes Shine Off Sisi Election Victory
...cular activists that had taken part in the 2011 Arab Spring revolution, arresting journalists that did not toe the government line. The media has long whipped up nationalist fervor in support of Mr Sisi, and a well-funded campaign has fostered a personality cult around the army strongman. The Muslim Br...
Volume: 57Issue: 22Published at Fri, 30 May 2014 -
Natural Gas Find To Propel Cyprus Towards Reunification?
...tural gas deposits in 2011 has given both Turkish Cypriots in the north and Greek Cypriots in the government controlled area in the south extra impetus to solve the division of the island. The consensus among experts is that the discovery of the 5 tcf Aphrodite field in Block 12 of Cyprus’ Exclusive Ec...
Volume: 57Issue: 22Published at Fri, 30 May 2014 -
Egypt To Slash Petroleum Subsidies As Part Of New Budget
...too low however, and could threaten growth, Egyptian economists warn. Social Expenditure In Egyptian Budgets: 2011-2015 (E£ Mn) 2014-15* 2013-14** 2012-13 2011-12 Total So...
Volume: 57Issue: 22Published at Fri, 30 May 2014 -
Benchmark Crude Prices
...13 2012 2011 WTI 103.58 103.42 101.64 102.02 100.48 98.56 97.54 98...
Volume: 57Issue: 22Published at Fri, 30 May 2014 -
Tunisia: Hope Tempered By Strikes And Unemployment
...gures 2010 2011 2012 2013e 2014p 2015p GDP growth (%) 2.6 -1.9 3.7 2....
Volume: 57Issue: 21Published at Fri, 23 May 2014 -
Libya: Battlelines Drawn As Clashes Force Groups To Choose Sides
...andoff raises both the spectre of civil war, and an end of the political stalemate that has stalled progress since the overthrow of deposed leader Mu’ammar al-Qadhafi in 2011. On 16 May, the “Libyan National Army” commanded by former general Khalifa Haftar attacked the bases of Islamist militia in Be...
Volume: 57Issue: 21Published at Fri, 23 May 2014