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Libya’s Fragile Oil Recovery Continues
...tuation threatens to instantly reverse Libya’s output recovery. Production dipped as low as 150,000 b/d earlier in the year, but had been at 1.5mn b/d last July prior to the shutdown of the eastern terminals, a remarkable recovery from the almost total outage during the 2011 revolution, and only just shy of...
Volume: 57Issue: 39Published at Fri, 26 Sep 2014 -
Fresh Fighting Threatens Remaining South Sudan Oil Output
...minating relations between the two nations for the first 18-24 months of the South’s independence from Sudan in July 2011. Tensions eased towards the back end of 2013, only to resurface this year, following the rebel leader Riek Machar’s visit to Khartoum in July. Khartoum is yet to give any official re...
Volume: 57Issue: 39Published at Fri, 26 Sep 2014 -
Eni Shows Its Faith In Egyptian Deepwater
...the North Port Fouad block last week (MEES, 19 September). These four blocks, together with the Shorouk block that Eni took in April last year, comprise the bulk of Shell’s former giant NEMED concession. Shell discovered gas here but quit in 2011 saying development was uneconomic. The fact th...
Volume: 57Issue: 39Published at Fri, 26 Sep 2014 -
Saudi Arabia Defends Market Share With Asian Price Cut
...tween 2011 and 2013, they made up for the 1.6mn b/d supply shortfall, he adds, apparently referring to the loss of production from Libya and the continued absence from markets of Iranian crude, which is down by 1mn b/d from pre-sanctions level. But the situation has changed since then. Libyan oil pr...
Volume: 57Issue: 39Published at Fri, 26 Sep 2014 -
Kuwait Seeks IOC Help To Hit Production Targets
...servoir at Burgan. A pilot program completed in 2011 yielded an encouraging boost in pressure and reduced water cut; during the first phase of development, KOC will inject 660,000 b/d of water as part of its plan to maintain production capacity at Burgan. Water injection will rise to 1mn b/d by 2020. KO...
Volume: 57Issue: 39Published at Fri, 26 Sep 2014 -
Crisis-Proofing Middle East Oil Exporters’ Purchasing Power
...nance social welfare and infrastructure investment. The anxiety over popular discontent prompted the kingdom to increase social spending by $130bn following the ‘Arab Spring’ of 2011. Such expenses will only become more costly if alternative sources of revenue, such as manufacturing, tourism, and fi...
Volume: 57Issue: 39Published at Fri, 26 Sep 2014 -
Benchmark Crude Prices
...13 2012 2011 WTI 92.53 93.54 92.44 95.95 102.36 103.00 98.56 98...
Volume: 57Issue: 39Published at Fri, 26 Sep 2014 -
Libya Oil Revival Cut Short By Sharara Outage
...litical crises and strikes left oil production fluctuating since the ouster of Muammar al-Qadhafi in 2011. Libya’s production increases in recent months had defied an escalating conflict between militia supporting opposing political factions. Output rebounded after the Political Bureau of Cyrenaica (PB...
Volume: 57Issue: 38Published at Fri, 19 Sep 2014 -
Bahrain Plans Advance
...at it expects to complete the FEED work by the end of next year. Yet, this is not the first FEED to be conducted for the refinery expansion. In 2011, Chevron Lummus Global completed a FEED study at the refinery when plans called for an expansion to 450,000 b/d. However, Bapco and the country’s Na...
Volume: 57Issue: 38Published at Fri, 19 Sep 2014 -
Tehran Seeks Increased Power Productivity
...red], Bandar Abbas [1.28GW oil] and Shahid Montazeri [1.6GW oil] power plants.” Tehran and Moscow have been talking for some time about Russia’s Rosatom building two new 1GW nuclear power plants alongside the plant at Bushehr that is completed in 2011....
Volume: 57Issue: 38Published at Fri, 19 Sep 2014 -
OPEC To Bring Down The Ceiling?
...nth total production held above the mutually-agreed 30mn b/d nominal output target, in place since December 2011. “No, I don’t think so,” Mr Badri said, on being asked if he felt the 30mn b/d production target would still be appropriate next year. “I think our production will be maybe 29.5[mn b/d] in...
Volume: 57Issue: 38Published at Fri, 19 Sep 2014 -
Syrian Economy Permanently Degraded
...aces block-to-block, along lines foreign to Syrians as recently as 2011. The extremists of the Islamic State control large swathes of territory in the east of the country. Kurdish militias have carved out enclaves for their constituents. The regime controls the capital, the coast, and several of the ke...
Volume: 57Issue: 38Published at Fri, 19 Sep 2014 -
Algeria Maintains High Defense Spending In 2015
....3bn) is up 9.6% on the 2014 budget in nominal terms, following a higher increase still of 15.7% over 2013. The budget allocations for defense spending surged in 2011 by 49.5% over 2010. Total expenditure in the draft bill is projected to increase by 15.7% to AD8,858bn ($112.1bn), while total re...
Volume: 57Issue: 38Published at Fri, 19 Sep 2014 -
Saudi Arabia Official Crude & Products Output, Consumption And Trade Figures, July 2014 (‘000 B/D)
...y-14 YTD14 vsYTD13 vsYTD12 2013 2012 2011 2010 2009 Crude Production 10,005 +22...
Volume: 57Issue: 38Published at Fri, 19 Sep 2014 -
Benchmark Crude Prices ($/B)
...13 2012 2011 WTI 93.07 92.44 94.38 95.95 102.36 103.00 98.56 98...
Volume: 57Issue: 38Published at Fri, 19 Sep 2014 -
Odds Are Stacked Against Libya’s Oil Revival
...stained recovery are coming increasingly into focus. Crude output rose to 810,000 b/d on 10 September, according to state-owned National Oil Corporation (NOC), reaching the halfway mark as production climbs further towards the 1.6mn b/d pumped prior to the 2011 revolution that toppled Mu’ammar al-Qa...
Volume: 57Issue: 37Published at Fri, 12 Sep 2014 -
South Sudan Oil Shutdown Leaves Indian Firm Reeling
...tronas have each lost just over half their output since 2011, with the bulk of this since the start of the current conflict, ONGC has seen its output reduced to zero (see table). For the year to 31 March 2014, ONGC’s South Sudan output was just below 6,000 b/d, according to the company’s latest annual re...
Volume: 57Issue: 37Published at Fri, 12 Sep 2014 -
ISIS Oil Revenue Streams May Prove Resilient
...r chest with proceeds from oil, extortion and the looting of banks and museums in areas it has seized since 2011, when the Syrian civil war began. There have been reports that priceless art works looted from museums and archaeological sites are being offered on the international black market. ISIS is...
Volume: 57Issue: 37Published at Fri, 12 Sep 2014 -
Egypt: Gas Shortage Fuels Record Diesel Demand
...14 vs1H13 vs 2009 vs 2004 2013 2012 2011 2010 2009 CRUDE OIL: Production* 666 -10...
Volume: 57Issue: 37Published at Fri, 12 Sep 2014 -
Gunvor Mideast Push
...nce blossomed into a top bunkering and trading hub. Gunvor later followed the same path towards vertical integration when it bought two refineries in 2011: an 110,000 b/d plant in Ingolstadt, southern Germany and a 107,500 b/d refinery in Antwerp, Belgium. While most of the major trading firms now ha...
Volume: 57Issue: 37Published at Fri, 12 Sep 2014