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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 -
Climate Change And The Oil & Gas Sector: More Risks Than Opportunities?
...in September 2014, the CEOs of 10 of the world’s largest oil and gas companies, including Saudi Aramco, last week issued a statement in which they committed to play their part to reduce greenhouse gas (GHG) emissions and reach the world’s long-term goal of limiting global average temperature in...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Egypt: Zohr Mega-Find Spurs Regional Gas Hub Ambitions
...cember 2014 that the two firms had formed a monopoly offshore Israel (MEES, 27 February). This ruling would have forced Noble and Delek to divest their interests in either Leviathan or Tamar, but the government stepped in and effectively usurped Mr Gilo, who has since stepped down. But Mr Gilo’s de...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Iraq Awards Contract For 70k B/D Basra Refinery Expansion
...maged refineries operate at only 60-75% capacity, leading to a gasoline shortfall of 40,000 b/d (MEES, 1 May). Iraq’s refineries processed an average 600,000 b/d of crude oil in 2013, but this fell to 493,000 b/d in 2014. Islamic State jihadists overran the 310,000 b/d Baiji refinery, Iraq’s la...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Saudi Petchems Profits Fall 21% In Q3 Due To Weaker Sales Prices
...SAUDI ARABIA Saudi Petchems Profits Fall 21% In Q3 Due To Weaker Sales Prices Saudi Arabia’s petrochemical producers reported total net profits of SR6.63bn ($1.77bn) for the third quarter of 2015, which was 21% lower than for the second quarter and 30% down on the same quarter in 2014...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Aramco Vows $100Bn Spend To Phase Out Crude-Burn, Targets Self-Sufficiency
...amco plans to spend $100bn over the next 10 years in boosting natural gas production capacity with a view to eradicating the kingdom’s direct burning of crude oil in power plants. In July 2014 Saudi crude burning reached a new peak of 899,000 b/d and during June-August this year the average burn was 86...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Saudi Product Exports At Record High; Crude Volumes Crimped
...stained high figures of recent months mean 2015 as a whole will almost certainly surpass 2014’s record. Domestic consumption of fuel oil and diesel – much of which is burnt – has risen even more (see graphs 3 & 4). Other Mideast countries are also burning crude at near-record levels. Iraq’s 22...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
SAUDI OFFICIAL CRUDE & OIL PRODUCTS OUTPUT, TRADE & BALANCE (‘000 B/D)
...YTD14 vsYTD13 YTD14 2014 2013 2012 2011 2010 2009 Crude Production 10,265 -96...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Mideast Revenues Prop Up Oilfield Services Giants
...s seen its revenue drop every quarter since the turn of the year. But the Middle East, where investment by state oil firms has largely held up, has been one bright spot. The four firms overall saw the share of their revenue coming from the Middle East and Asia rise from around 20% in Q4 2014 to ar...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Oil & Gas Subsidies Costing Saudi 11% Of GDP, Says IMF
...SAUDI ARABIA Oil & Gas Subsidies Costing Saudi 11% Of GDP, Says IMF The implicit cost of subsidized petroleum products and natural gas prices in Saudi Arabia was $83bn or 11.1% of GDP in 2014, the IMF says in a recent paper setting out its arguments for the need for energy price re...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015