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Opec Cut Plans: Will They Happen? Will They Work?
...proach, Mr Falih said that the divergence that existed between supply and demand in 2014 when prices began to slump was now being reversed. “Opec made its decision not to intervene because it was a long term strategy of divergence. And in June I said that the divergence is being reversed and now we are se...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016 -
Algeria Gets Real With $50/B 2017 Budget Oil Price
...the same period a year earlier which in turn was 40% below 2014 levels. An indication of just how dependent Algeria is on hydrocarbons is that even with the revenue collapse oil and gas still provided 94% of export revenue: the figure was 97% in 2014. Algeria recorded a trade deficit of $14bn in...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016 -
Gulf Equity Markets: Change Is Afoot
...itical mass. But UAE markets are now much more developed than in 2008. The investor base is more sophisticated, including an openness to international investors, especially after the country’s inclusion into the MSCI and FTSE emerging markets indexes. IN FROM THE FRONTIER In May 2014, global in...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016 -
Iraq’s Falling Crude Burn Bolsters Exports
...dget’s 3.25mn b/d, then revenues will rise for the first time since 2012. Moreover, they will rise above 2014 levels, hitting $55bn ($4.55bn/month – see chart). Baghdad exported 31,000 b/d from storage in the Turkish port in Ceyhan last month, the first such exports since September 2015. All federal ex...
Volume: 59Issue: 40Published at Fri, 07 Oct 2016 -
Saudi Electricity Seeks Outside Funds For 5.4GW Capacity Hike
...nce 2007, including a $13.3bn ‘soft loan’ from the Ministry of Finance in March 2014 (see table). OUTSIDE FINANCE SEC’s most recent loan is a SR5bn (S1.33bn) sukuk arranged through local banks. This took the total raised so far this year to a record $5.1bn, which was 38% higher than the pr...
Volume: 59Issue: 40Published at Fri, 07 Oct 2016 -
Record Opec Output Puts Onus On Saudi To Cut
...TD15 YTD15 2015 2014 S Arabia* 10.53 -0.04 10.57 10...
Volume: 59Issue: 40Published at Fri, 07 Oct 2016 -
Shell Restarts LNG Exports From Gas-Strapped & Cash-Strapped Egypt
...ell, says ELNG exports all but ground to a halt in early 2014 with output from its offshore West Delta Deep Marine (WDDM) fields to the domestic market amid a growing gas shortage (MEES, 31 January 2014). This left a gaping hole in ELNG’s finances. Shell and its partners remain on the hook for $20...
Volume: 59Issue: 40Published at Fri, 07 Oct 2016 -
IMF Praises Iran’s Planned Reforms, But Implementation Is Questionable
...) 2013 January 42 July 54 2014 June 62 2016 Ju...
Volume: 59Issue: 40Published at Fri, 07 Oct 2016 -
Russian Oil Output Breaks 11mn B/D In September, On Track For Annual Record
...around RUB65 per $1 in recent months, up from a low of RUB80=$1 in January, but around half its value in the first half of 2014 before oil prices collapsed. Russian producers thus get more bang for their oil export buck from local contractors. • Finance minister Anton Siluanov has yet to be co...
Volume: 59Issue: 40Published at Fri, 07 Oct 2016 -
IEA Chief Warns Against Aggressive Capex Cuts
...essure since 2014, amid growing LNG supplies, slower economic growth and competition with cheaper coal, causing the differential between regional gas prices to narrow sharply. Just this week, the US’ Henry Hub gas benchmark fell below $2/mn BTU for the first time in three years. “One should think ab...
Volume: 58Issue: 44Published at Fri, 30 Oct 2015 -
Kuwait Oil Revenue Hit By Double Whammy Of Prices, Neutral Zone Outage
...nthly takings and the lowest such figure since 2009. Kuwait’s monthly crude export revenues peaked at $6.9bn for 2012 and averaged $6.3bn as recently as the first half of 2014, MEES calculations indicate. Of course the collapse in oil prices in the second half of 2014 is responsible for the lion’s sh...
Volume: 58Issue: 44Published at Fri, 30 Oct 2015 -
Dow To Raise $3bn From Cutting Kuwait Petchem Stakes
...rough a divestment of a portion of the Company’s interests,” as part of a larger scheme to divest between $7bn and $8.5bn of assets by mid-2016 (MEES, 21 November 2014). Though Dow and PIC cooperate on several JVs, the two have a rocky history that may explain Dow’s desire to reduce its exposure to Ku...
Volume: 58Issue: 44Published at Fri, 30 Oct 2015 -
South Sudan Mortgages Future Oil Output
...afigura has signed up to pre-finance crude in South Sudan. In early 2013, the firm signed a pre-financing deal on crude shipments from the government that was revised in early 2014. Under the revised agreement, the trader agreed to pay up front for eight 1mn-barrel cargoes, which would be lifted over a 16...
Volume: 58Issue: 44Published at Fri, 30 Oct 2015 -
Qatar Out To Woo LNG Customers In Face Of Increased Competition
...ilities like Chubu Electric, Tokyo Electric (Tepco), Kansai Electric and Tohoku Electric, as well as upstream player JX Nippon oil and gas and financial entities such as Bank of Tokyo and Sumitomo Mitsui Banking. Japan is the world’s largest LNG importer – it purchased a record 89.2mn tons in 2014 as its nu...
Volume: 58Issue: 44Published at Fri, 30 Oct 2015 -
Saudi Arabia Subsidy Cuts On The Way?
...e world, with average monthly power tariffs of $0.04 per kwh, as opposed to $0.13 per kwh in the United States. The IMF calculates that the implicit cost of subsidized petroleum products and natural gas prices in Saudi Arabia was $83bn (equivalent to 11.1% of GDP) in 2014 (MEES, 23 October). Me...
Volume: 58Issue: 44Published at Fri, 30 Oct 2015 -
Saudi Fights To Keep Asian Market Share
...pected to cut the prices of crude it sells to Asia in November,” Jadwa says. “Maintaining market share is even more of a priority now for Saudi Arabia than when prices began to fall in the second half of 2014. Global oil markets are more competitive and the Kingdom faces competition from both within Opec an...
Volume: 58Issue: 44Published at Fri, 30 Oct 2015 -
Occidental To Focus On ‘Core’ MENA Assets
...ross the Middle East in 2014 – including in the UAE and Oman (MEES, 6 March). The US mini-major will now look to raise approximately $600mn from the sale of acreage in the US Bakken formation’s Williston Basin, CEO Stephen Chazen says. This would make Oxy one of the largest operators to pull out of the Ba...
Volume: 58Issue: 44Published at Fri, 30 Oct 2015 -
UAE Cuts Federal Budget By 4% For 2016
...d $1.21trillion in total assets as of end-June, up by a healthy $136bn on October 2014, according to the US-based SWF Institute. This is almost 18% of global holdings, the largest single national share. The Abu Dhabi Investment Authority is by far the UAE’s largest such fund with $773bn in reserve as...
Volume: 58Issue: 44Published at Fri, 30 Oct 2015 -
Benchmark Crude Prices ($/B)
... 29-Oct 19-23 Oct 12-16 Oct Sep-15 Aug-15 Q3 2015 Q2 2015 YTD 2015 2014 2013 2012 WTI 46.06 45.47 46.81 45.44 42...
Volume: 58Issue: 44Published at Fri, 30 Oct 2015 -
World Bank’s 2016 ‘Ease Of Doing Business’: UAE Tops Mena Rankings, Saudi On The Slide
... COUNTRY 2016 2015 2014 COUNTRY 2016 2015 2014 COUNTRY 20...
Volume: 58Issue: 44Published at Fri, 30 Oct 2015