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Saudi ‘Demonstrates Leadership’ by Keeping Crude Exports Low
...FINING MOMENTUM Much of the crude export drop-off is a result of lowering crude production, but not all. Saudi Arabia’s strategy at the beginning of 2017 was to prioritize exporting crude over refining it, but this has now firmly switched. Refining runs are now being boosted at the ex...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Does Opec Have A Strategy For ‘Lower For Ever’?
...rrels for products – as of end-September, Mr Barkindo says. This is less than half of the 338mn-barrel figure at the start of 2017 when the output cut deal went into effect and down by a further 11mn barrels from the end-August figure (MEES, 13 October). However more than half of the ‘gains’ in re...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Iraq’s Kirkuk Deployment Reshapes KRG’s Oil Sector
...sesses the situation. KRG’S LOST KIRKUK OUTPUT NEARLY HALVES PRODUCTION ('000 B/D) *CURRENT OUTPUT. ^OPERATED BY IRAQ’S NORTH OIL COMPANY SINCE 16 OCTOBER 2017. SOURCE, MNR, COMPANY STATEMENTS, MEES. PREPAYMENT OBLIGATIONS ADD COMPLEXITY Unless the KRG opts to slash already low re...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
On Iran, Trump Opts for Uncertainty
...the first five months of the current fiscal year (from 21 March), which itself is insufficient (MEES, 20 October). EU CRUDE SALES PROVIDE ESSENTIAL RELIEF Iranian crude sales have risen around 15% in 2017 according to the government’s submissions to the Riyadh-based Jodi institute. Crude ex...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Aramco IPO: China To The Rescue?
...ght months of 2017. A direct deal with China would help it to lock in future crude sales, thereby serving to bolster Aramco’s future growth. Indeed, Aramco has already been working hard to lay the foundations for catering to China’s future crude demands. Energy Minister Khalid al-Falih, who also ch...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Iran’s Budget Deficit Set To Soar To $13.3bn This Year
...Iran is on track to record a steep increase in its budget deficit to $13.3bn in the fiscal year 2017-18 (from 21 March), up 39% from last year’s $9.6bn deficit (MEES, 21 July). This is based on government figures for the first five months of the year, when Iran already racked up a $5.6bn de...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
South Korea 3q16 Crude Imports ('000 B/D): Volumes From Iran Increase 44% Year-On-Year, Saudi Still Top Supplier
... KOREAN CRUDE IMPORTS AT RECORD LEVELS. UP 4% YEAR-ON-YEAR WITH IRAN THE BIG WINNER '000 B/D BY SUPPLYING COUNTRY % OF TOTAL IMPORTS *JAN-SEP 2017....
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Kuwait Gets Light Oil, Gas Boost Despite More Political Turbulence
...tra Light (38°API, 1.2% sulfur). Thailand’s PTT is a key buyer of Qatar Land whilst Japanese refiners are the key customers for the other two grades taking 580,000 b/d of Arab Extra Light and 296,000 b/d of Das Blend in the first eight months of 2017. Kuwait currently has just one export grade, 31°AP...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Kufpec Hit From Bongkot Sale Collapse Overshadows LNG Start-Up
...aving Kufpec even further from its 2020 target of 200,000 boe/d. It’s 2017 output without Bongkot (the purchase of which was to have been backdated) is now set to be just 82,000 boe/d (see chart). Kufpec’s attempts to buy its way to output growth with backdated purchases saw it recently agree to pa...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Egypt Gas Output Set To Hit 5-Year High By Year-End
...an the Russian state firm will have to contribute some $1.2bn towards development, which comes to more than it has paid for the stake. ZOHR PRODUCTION PROFILE: ENI FLAGSHIP ALMOST READY FOR START-UP *OFFICIAL START-UP (1BN CFD FROM 6 WELLS) SLATED FOR ‘END 2017,’ 14 ADDITIONAL WELLS ARE SL...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Libya Gives Up On Output Target Amid $126bn Losses But Hopeful On Exploration
...ars, while NOC has received only 25% of its 2017 budget, he says. Lack of cash has compounded the losses: the NOC chief claims that on a recent day output was 90,000 b/d lower than it would have been due to a lack of money, without specifying which fields he was referring to. Despite these ch...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Mideast Drilling Stays Firm, Recovery Elsewhere Will Have To Wait
...illing at near-record levels in 2017, in stark contrast to the global trend of upstream underinvestment. The rig count for GCC countries was a collective 288 in September, just 17 off the all-time high of 305 set last October, and up 26% since the start of 2014 despite low oil prices and stretched bu...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Aramco Targets Indian Refinery JV End-2018 In Major Investment Push
...to a market where it has this year lost its position as top crude supplier to Iraq. India is the world’s third largest oil importer, buying an average 4.26mn b/d for the first seven months of 2017. But whilst India’s overall imports are up 3% year-on-year, those from Saudi Arabia, at 728,000 b/d for Ja...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Saudi Signs Nuclear Deal With Russia But Continues To Play The Field
...0 1 5.5 Rosatom building. Work started Mar 2017 Planned 10...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Opec Members Set For Major Revenue Boost Despite Slow Rebalancing
...Opec-led production curbs since the start of 2017 have so far failed to bring about the planned market rebalancing. They look likely to be extended to at least the end of 2018. But while global oil inventories remain well oversupplied, this year’s price gains are set to boost Opec revenues by ar...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
KRG: Russian Oil Firms Ensure Kremlin’s Tacit Support
...cure more than 80,000 b/d of crude to send through a re-opened Kirkuk-Ceyhan pipeline. And as that crude can currently find its way to market via the Kurdish pipeline, is it worth the expense? Iraq’s economy is in rough shape and on track for a 2017 budget deficit in excess of $20bn (MEES, 8 Se...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Aramco IPO: Is 2018 Deadline Doomed?
...ction to ‘Recent Growth-Enhancing Structural Reforms’. Three key reforms essential to capital market development have been successfully implemented the IMF says: the launch of the Nomu secondary equity market in March 2017, the introduction of the T+2 settlement cycle for securities in April 2017 and th...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
IMF On Saudi: Reform Needed But Not Too Fast
...nsolidation is beginning to bear fruit, reforms to improve the business climate are gaining momentum; and a framework for accountability and transparency in the government sector is largely in place. The IMF expects the Saudi fiscal deficit to fall to 9.3% of GDP in 2017, substantially lower than 2016’s 17...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Algeria Reverses 2017 Austerity In Free-Spending 2018 Budget
...Algeria is on its third strategy in as many years for ‘dealing’ with low oil prices. 2015-16 saw ‘full steam ahead’ with fingers crossed prices would rapidly rebound. 2017 saw it slam on the brakes as the coffers ran dry. Now Algiers plans to totally reverse course, firing up the printing pr...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Mena Top 3 For 2017-22 ‘New Renewables’ Growth*
...CAPACITY GROWTH (GW): UAE & MOROCCO PLAN IMPRESSIVE-SEEMING SOLAR AND WIND ADDITIONS... ...BUT MOROCCO IS THE ONLY COUNTRY WHERE RENEWABLES WILL BE A KEY PART OF THE 2022 POWER MIX (GENERATION BY SOURCE, TWh) *IRAN IS TOP INCLUDING HYDROPOWER. SOURCE: IEA ‘RENEWABLES 2017...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017