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KRG: Shaikan Oil Field On The Up With Investment Splash...
...tput has fallen 23,000 b/d year-on-year from 109,000 b/d in July 2017 to 86,000 b/d. The partners’ recent focus has been on fast-tracking the neighboring Peshkabir field which is also within the Tawke block and where output hit 35,000 b/d last month (MEES, 31 August). A Genel presentation this week sh...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
Qatar Secures New Long Term LNG Sales Deal With China
...nth. Chinese LNG demand is surging as the government has implemented an extensive program to switch domestic heating from coal to gas. LNG imports soared 46% year-on-year in 2017 as a result (MEES, 2 March) and volumes have continued to soar since. Eight months in to 2018 and China has imported 32.6mn to...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
Volatile Market Outlook Provides Opec With Challenges Ahead Of Algiers Meet
...rly 2017. Further significant falls in stocks could therefore result in substantial oil price gains and Brent is again testing near-four-year highs of $80/B. It broke the barrier during trading hours on 12 September before settling at $79.74/B. IEA SUPPLY & DEMAND FORECASTS, SEPTEMBER 20...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
US Oil Output Forecasts Revised Down, Energy Independence Postponed
...L FORECASTS (MN B/D) 2017 2018 vs 17 2019 vs 18 Crude Ou...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
Iraq’s Baiji Refinery Restarts Amid Security Concerns
...lahuddin-1 restart would be just a few months after Salahuddin-2. But rehab efforts at Salahuddin-2 required scavenging parts from Salahuddin-1, likely extending the timeline. And these efforts were already significantly delayed. In December 2017 he estimated both units would be online in around six months (ME...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
Iran Targets Unlikely Gasoline Boost As Demand At All-Time High
...,000 b/d of gasoline. Two phases of PGS are currently operational: the first began operations in April 2017 and the second in February this year. The start-up of each did lead to an immediate dip in Iran’s need for gasoline imports, MEES analysis of Jodi data shows. But a sizable need for imports re...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
SEC Takes First Steps Toward Saudi Power Sector Shake-Up
...ductions in electricity price subsidies and establishment of a ‘Citizen’s Account’ compensation scheme for poorer households meant that by late last year this had slipped to a pledge from SEC chairman Saleh al-Awajji for “some achievements during 2018” (MEES, 22 December 2017). SEC reported a whacking 52...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
Egypt Gets $3bn Finance As Import Cost Soars
...e up in the first quarter of 2018, bringing in $6.8bn, compared to $5.5bn in Q1 2017, imports have also increased from $14.9bn to $16.0bn, meaning Egypt’s trade deficit was $9.3bn for both quarters. The share of oil and gas in Egypt’s exports grew from 31.0% in Q1 2017 to 32.6% in the first qu...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
Saudi $2bn Sukuk
...Saudi Arabia is raising $2bn in an international sukuk, its second ever after $9bn in April 2017 (MEES, 21 April 2017), “part of the Ministry of Finance’s commitment to develop Sharia-compliant debt capital markets,” it announced on 12 September. Global coordinators are Citi, HSBC and JP Mo...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
Turkey Eyes Sudanese Oil
...troleum Corporation (TPAO) will explore for oil in an “area” yet to be disclosed. In addition, Sudan has designated 780km² of land for Turkish agricultural companies to develop. Trade between Turkey and Sudan was $480mn for 2017, down from 2016’s $510mn according to Turkish central bank data, re...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
Korea Oil Imports: Algeria, US Gain From Iran Slide
...rea leapt to 11th place among Algeria’s export markets for the first seven months of 2018, with January-July earnings (ie without the latest record month) just shy of the whole-year 2017 figure of $692mn (MEES, 31 August). Korea imported a record 889,000 tons (209,000 b/d if crude) from the US in Au...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
Crude Official Selling Prices ($/B)
...*VS ICE BRENT FROM JULY 2017 PREVIOUSLY VS BWAVE....
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
Oman Eyes Exciting Oil Potential As Production Limits Ease
...ec+ deal, output has edged up in 2018. Mr Rumhy put the reduction from the November 2016 record at “around 40-45,000 b/d,” although if anything this is a conservative estimate with November 2017’s 963,000 b/d more than 50,000 b/d below November 2016’s 1.015mn b/d and 7,000 b/d below Oman’s allocation of...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Oman Eyes LNG Expansion As It Deals With Newfound Gas Abundance
...an’s LNG exports had been in doubt; Mr Rumhy says the Sultanate had considered turning to LNG imports in addition to the 2bcm/y it already imports from Qatar at discounted rates through the Dolphin pipeline. Oman’s eight LNG customers for 2017 imported a collective 8.24mn tons (the discrepancy with ex...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Iraq Crude Exports Smash Record As Protests Grip Basra
...likely that a substantial increase would be sustainable (MEES, 6 July). Iraq previously ramped up southern exports in late 2017, culminating in a record 3.53mn b/d in December. But the pressure took its toll and by April volumes were down at 3.34mn b/d as the ageing pipeline to the decrepit Khor Al-Am...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Opec Output Jumps Ahead Of Crunch JMMC Meeting
...location ‘Allocation’ from Jan17 1H 2018 vs1H 2017 1H 2017 2017 20...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Global Supply: Brazil Undershoots
...Brazil has been touted by the IEA and other analysts as likely to provide a key boost to this year’s non-Opec crude output. But with data in for the first seven months of 2018, the country’s output, at 2.58mn b/d, is actually down on the 2017 average of 2.62mn b/d (and 2.63mn b/d for January-Ju...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Libya: Exports Up But Loading Uncertainty Means More Goes Long-Haul
...ditional four 1mn barrel cargoes headed for China, it also saw the first ever Libyan cargo sail for Taiwan (Sharara crude from Zawiya port) and 1mn barrels from Zueitina headed for Malaysia. China rose to become Libya’s fifth largest crude customer for 2017 with 65,000 b/d (MEES, 6 April) – behind the Me...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Libya Oil Revenue: Up 80%
...Libya’s oil output and exports remain anything but stable. But output, at 920,000 b/d for the first seven months of 2017, was up 24% on the same period a year earlier whilst oil prices, at just shy of $70/B for Libya’s Es Sider crude, were up 40% over the same period. Added together this ha...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Adnoc’s Downstream Squeezing More Out Of ‘Bottom-Of-The Barrel’
...ed to make anodes for separating aluminium from bauxite ore, so the coker’s output will likely be mainly destined for UAE aluminium plants. The UAE is the world’s sixth largest aluminium producer with 2.6mn tons of 2017 output. Next to be completed will be the plant’s carbon black unit, which wi...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018