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Minister Outlines Iraq’s Power Sector Woes As IMF Warns On Rising Subsidies
...ightly higher than 2014 output and compares with less than 1.5mn cfd in 2010. However, actual sales gas has declined, from over 690mn cfd in 2010 to less than 610mn cfd in 2014 and 590mn cfd for January to May this year. Gas flaring has risen from 51% in 2010 to a whopping 71% for July. While the Sh...
Volume: 58Issue: 36Published at Fri, 04 Sep 2015 -
August OPEC Production: Output Falls For First Time In Six Months
...oduction growth since the start of the year. At 31.88mn b/d in August, Opec output is up 1.49mn b/d on December 2014 levels. Including volumes from the Kurdistan Regional Government (KRG) in the north, Iraqi output slipped from an all-time high of 4.25mn b/d in July to 4.19mn b/d as overall export vo...
Volume: 58Issue: 36Published at Fri, 04 Sep 2015 -
‘That’ OPEC Editorial: Did It Really Say All That Much?
...fferent. In the piece, Opec said “it stands ready to talk to all other producers,” albeit only on the condition that the dialogue would “be on a level playing field.” The piece, and this line in particular, appeared to catch the imagination. Was this Opec showing a willingness to relent on its November 2014...
Volume: 58Issue: 36Published at Fri, 04 Sep 2015 -
Iraq Notches Up Output Records But Trouble Looms
...D15** vsYTD14** 1H15 1H14 2014 2013 2012 CRUDE OUTPUT: Federal^ 3,718 3,591 +66...
Volume: 58Issue: 36Published at Fri, 04 Sep 2015 -
Iraq: Key Oil Data (‘000 B/D)
...14 2014 2013 2012 CRUDE OUTPUT: Federal^ 3,718 3,591 +669 3,329 +237 3,...
Volume: 58Issue: 36Published at Fri, 04 Sep 2015 -
Libya: Central Bank ‘Budget’ Poses More Questions Than Answers
...ternal or external obligations incurred by the Baida-based administration. TERRITORY DOWN, SPENDING DOWN So the fact that spending is, according to the CBL figures, down by 37% from January-July 2014, and by a massive 52% from the same period in 2013, reflects the fact the spending figures for Ja...
Volume: 58Issue: 36Published at Fri, 04 Sep 2015 -
Oman: Oil Price Revival Key To Sustaining Record 1mn b/d Output
.../B for August, down from an average of $57.07/B for the first half of 2015, $96.95/B for 2014, and $105.47 for 2013. The undersecretary’s estimates roughly align with those made by Managing Director of Petroleum Development Oman (PDO) Raoul Restucci earlier this year: around $8/B for primary oil re...
Volume: 58Issue: 36Published at Fri, 04 Sep 2015 -
Lebanon To Tap Bond Market For $1.3bn As IMF Warns On Debt Levels
...e political deadlock, EFG Hermes says in a recent report. This inflow was estimated at $7.7bn in 2014, according to the World Bank (MEES, 27 February). The country has been without a head of state since President Michel Sulaiman’s term expired in May 2014, and parliament has been unable to agree on...
Volume: 58Issue: 36Published at Fri, 04 Sep 2015 -
UAE Trims Market-Linked Fuel Prices
...ckling high energy consumption through a conservation campaign begun in 2014. Last week Riyadh told the IMF that it does not intend to adjust energy subsidies until a national public transport system is completed (MEES, 28 August). Kuwaiti finance ministry official Khalifa Hamadah told the Kuwait Ti...
Volume: 58Issue: 36Published at Fri, 04 Sep 2015 -
Egypt Cuts Tax Ceiling
...0,000. As part of the same move, Egypt has also suspended for two years a 10% tax on capital gains and abolishes the supplementary tax levied on individual incomes exceeding E£1mn introduced in 2014-15 (MEES, 13 June 2014). The amendment is intended to make the taxation system more progressive and to re...
Volume: 58Issue: 36Published at Fri, 04 Sep 2015 -
Benchmark Crude Prices ($/B)
...15 2014 2013 2012 WTI 46.75 40.79 41.41 42.90 51.15 58.02 48...
Volume: 58Issue: 36Published at Fri, 04 Sep 2015 -
Libya’s Fragile Oil Recovery Continues
...ort of budgeted expectations. Revenues for the first eight months of 2014 were a mere $11bn, only 22.7% of the budgeted figure for the whole of 2014. Libya Refinery Runs (Mn B/D) Libya: Key Oil And Gas Infrastructure...
Volume: 57Issue: 39Published at Fri, 26 Sep 2014 -
Fresh Fighting Threatens Remaining South Sudan Oil Output
...pears to be their second major assault on the Palogue and the Upper Nile fields since early 2014. SPLA-IO forces made their first push to capture Palogue in March, but were forced to retreat after suffering a series of setbacks elsewhere in the state. Palogue and a number of nearby fields in Upper Ni...
Volume: 57Issue: 39Published at Fri, 26 Sep 2014 -
Key Project Shelved As Qatar Shifts Petchems Strategy
...10 Q-Chem II HDPE 350 2010 Linear a-Olefins 345 Total 2014 15...
Volume: 57Issue: 39Published at Fri, 26 Sep 2014 -
UAE Faces Power Capacity Shortfall, Targets Improved Efficiency
...stall seven power plants with total combined capacity of 9.47GW by 2021, a 33% increase on current installed capacity of 28.9GW (see table). However demand growth is set to outstrip this with current trends indicating consumption will rise 50% between 2014 and 2021 to hit 171TWh by the latter date. By...
Volume: 57Issue: 39Published at Fri, 26 Sep 2014 -
Kuwait Seeks IOC Help To Hit Production Targets
...rgets (Mn B/D) 2014 2020 Investment ($bn) Burgan 1.7 1.7 5 West Kuwait 0.5 0....
Volume: 57Issue: 39Published at Fri, 26 Sep 2014 -
Libya: Slashed Oil Exports Leave $16Bn Budget Hole
...asons for this deficit. However the reasons aren’t hard to figure out. The country has been wracked by political instability bordering on civil war for most of the year so far. Oil output for the first eight months of 2014 averaged only 320,000 b/d, and whilst volumes have increased in recent weeks th...
Volume: 57Issue: 39Published at Fri, 26 Sep 2014 -
IMF Calls For Hike In Saudi Energy Prices
...atistics. Crude Volumes Down, Prices Down Too Saudi crude oil exports fell by 2.4%, or 175,000 b/d, to 7.252mn b/d in the first seven months of 2014 from 7.427mn b/d in the corresponding period of 2013. Given that average prices for Saudi crude have also fallen moderately over the same period crude ex...
Volume: 57Issue: 39Published at Fri, 26 Sep 2014 -
Benchmark Crude Prices
...Benchmark Crude Prices 25-Sep 15 - 19 Sep 8 - 12 Sep Aug-14 Jul-14 Q2 2014 Q1 2014 20...
Volume: 57Issue: 39Published at Fri, 26 Sep 2014 -
Egypt Steps Up Block Awards
...low domestic demand. The fall in gas output and the rise in domestic demand have forced the government to put an end to exports, and enter into negotiations over LNG imports. Mr ’Abd al-Badi’ says he expects 10 new projects to come online in the 2014-15 fiscal year, with investments totaling ab...
Volume: 57Issue: 38Published at Fri, 19 Sep 2014