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US Challenging Saudi As World’s Top Oil Exporter
...eraging 6.96mn b/d, which is slightly less than 2017’s 6.97mn b/d. 2017 was the first year of the Opec+ production agreement which was temporarily eased in the second half of 2018. Crude oil exports may be down this year, but Saudi Arabia is sending record breaking volumes to the world’s number one im...
Volume: 62Issue: 43Published at Fri, 25 Oct 2019 -
Gulf Condensate Splitters Bring Economic, Strategic Gains
...gineering arm of the Tehran regime’s Islamic Revolutionary Guard Corps (IRGC) built PGS. Work on phase one started in 2007 as the first sanctions against Iran’s nuclear program were introduced and was only completed in 2017 (MEES, 5 May 2017). With Iran again under sanctions but three PGS phases co...
Volume: 62Issue: 43Published at Fri, 25 Oct 2019 -
Qatar Axes HSFO Sales
...e of the first countries to limit the availability of marine fuels to only grades that are compliant with the International Maritime Organization’s 2020 regulation.” QP and state fuel retailer Woqod began providing bunker fuels in June 2017 to meet the fuelling needs of the Qatargas LNG fleet an...
Volume: 62Issue: 43Published at Fri, 25 Oct 2019 -
ACWA, Aramco Eye Bangla LNG
...ich is expanding its activities and in April traded its first LNG cargo (MEES, 7 June). State firm Petrobangla has two 3.75mn t/y floating storage and regasification units (FSRU), which are overwhelmingly supplied by Qatar. A 2.5mn t/y supply deal was signed with Qatargas in July 2017 and supplies be...
Volume: 62Issue: 43Published at Fri, 25 Oct 2019 -
Eni: Gulf Of Suez Boost
...y to increasing the country’s oil output which fell to 613,000 b/d for August, the lowest since March 2017 (MEES, 16 August). ...
Volume: 62Issue: 43Published at Fri, 25 Oct 2019 -
Thailand 9M19 Crude Imports ('000 B/D): Mideast Volumes, Share At Historic Low
...stomers. *But Thai crude imports have slid so far in 2019, with Q2 and Q3 seeing the first two quarters of sub-1mn b/d imports since early 2017. UAE volumes have slid even further, to 250,000 b/d for Q2 and 242,000 b/d for Q3, the lowest quarterly figure this decade, whilst September’s 141,400 b/d is the lo...
Volume: 62Issue: 43Published at Fri, 25 Oct 2019 -
Yemen: Second State Firm Restarts Production
...n’t the first firm to restart production following the start of Saudi Arabia’s military campaign in early 2015: state firm PetroMasila resumed production at Blocks 10 & 14 further east in 2016 where it currently produces around 40,000-50,000 b/d (MEES, 15 September 2017). Volumes are exported from the As...
Volume: 62Issue: 42Published at Fri, 18 Oct 2019 -
Algeria’s New Hydrocarbons Law: One Step Forward
...terly failed in bringing outside investment to sustain output – never mind increase it. Algeria’s last four bid rounds saw a measly 13 blocks awarded from an offered 67 (MEES, 20 October 2017). North Africa Risk Consulting’s Geoff Porter says even if the law was to pass in its current form “Al...
Volume: 62Issue: 42Published at Fri, 18 Oct 2019 -
Putin Mideast Tour Shows Off Russia’s Expanded Regional Influence
...esident Vladimir Putin’s first visit to Saudi Arabia in more than a decade and followed King Salman becoming the first Saudi monarch to visit Russia in 2017 (MEES, 6 October 2017). President Putin referenced that historic trip upon arrival in Riyadh on 14 October: “your first ever visit to Russia in Oc...
Volume: 62Issue: 42Published at Fri, 18 Oct 2019 -
Saudi Crude Exports Rebound Following Abqaiq Attack
...2,000 b/d in August. But this was dwarfed by a spike in reported fuel oil consumption – primarily consumed for electricity generation including powering water desalination – to a record 800,000 b/d that month. This drove overall oil burn up to a new monthly record of 1.44mn b/d, surpassing July 2017’s pr...
Volume: 62Issue: 42Published at Fri, 18 Oct 2019 -
Qatar Powergen Breaks New Records After 2018 Downturn
...ar. Should the 20% year-on-year growth seen in the first eight months be maintained for the remainder of 2019 this implies a record 47.3TWh for the year as a whole, some 8% above the previous record of 43.9TWh set in 2017 (see chart 2). As with Qatar’s neighbors, electricity demand is highly se...
Volume: 62Issue: 42Published at Fri, 18 Oct 2019 -
Pakistan’s Oil & Gas Imports: Gulf Dependence Intensifies
...minant. Given the dire state of relations between Qatar and the other two since 2017 this has at times put a strain on Pakistan’s regional diplomacy. Pakistan imported just shy of 400,000 b/d of crude and key oil products in the financial year to June 2019. Of this, over 94% came from Gulf countries wi...
Volume: 62Issue: 42Published at Fri, 18 Oct 2019 -
Rosneft Advances KRG Oil
...Russia’s Rosneft is making swift progress on developing its assets in Iraqi Kurdistan, VP Eric Liron told state news agency TASS in an interview this week. The state giant bagged five “production blocks” in mid-2017 (MEES, 16 June 2017), and has focused particularly on Block 11’s Bijeel field wh...
Volume: 62Issue: 42Published at Fri, 18 Oct 2019 -
Qatar Petroleum Finalizes Idd al-Sharghi Takeover
...ES, 16 March 2018). QP partners France’s Total at Al Khalij and Al Shaheen, with the contracts restructured in 2014 and 2017 respectively. KEY QATAR OIL INFRASTRUCTURE QATAR MARINE GOING EAST Idd al-Sharghi’s 100,000 b/d capacity is by far the largest contributor to th...
Volume: 62Issue: 41Published at Fri, 11 Oct 2019 -
Iran Presses On With South Pars Development Despite CNPC Pullout
...velopment of Iran’s South Pars gas field (see map). The $4.8bn July 2017 contract was highly touted as the first major post-sanctions award to foreign firms (MEES, 7 July 2017). But, unfortunately for Tehran, it failed to spur further awards and ultimately has come to naught thanks to the return of sa...
Volume: 62Issue: 41Published at Fri, 11 Oct 2019 -
South Pars Oil Field: No Takers
...ich is operated by a 70:30 JV of Qatar Petroleum and Total. South Pars crude is heavy at 21° API and production started in 2017 (MEES, 24 March 2017) with capacity currently around 35,000 b/d. Denmark’s Maersk, which operated Al Shaheen until 2017, had been keen to take on the project prior to its ta...
Volume: 62Issue: 41Published at Fri, 11 Oct 2019 -
NOC Eyes Russian Firms’ Return
...king a full return, however. Tatneft was awarded eight exploration blocks (Areas 69, 82 & 98) in Libya in 2005 and 2007 (MEES, 28 July 2017, see map). It struck oil several times, but was forced to exit in 2011 as it was preparing for a fresh drilling campaign. It has been one of the few co...
Volume: 62Issue: 41Published at Fri, 11 Oct 2019 -
Russia SWF Opens Saudi Office
...sit Russia in a landmark October 2017 visit which publicly demonstrated the warming relations (MEES, 6 October 2017). So far, the strengthening of ties has been primarily played out in the oil markets arena, with Russia and Saudi Arabia the key players in the Opec+ production agreement. The next st...
Volume: 62Issue: 41Published at Fri, 11 Oct 2019 -
Opec Faces Up To Global Demand Slowdown
...awdown in September. Overall, the IEA put August OECD inventories at 2,974mn barrels, which was “the highest level since September 2017 and were 43.1mn barrels above the five-year average.” Meanwhile, Opec put inventories somewhat lower at 2,937mn barrels, and just 11mn barrels above the five-ye...
Volume: 62Issue: 41Published at Fri, 11 Oct 2019 -
Turkey Ups Cyprus Ante By Drilling South Of The Island
...sitant to restart talks after the failure of a summit in the Swiss resort of Crans-Montana in 2017. Turkey’s actions could be the catalyst that pushes the Greek Cypriots to get back to the table, with Ankara looking unlikely to back off until a solution is found....
Volume: 62Issue: 41Published at Fri, 11 Oct 2019