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Algeria Facing Fiscal Vulnerabilities Despite Recovery, IMF Warns
...y risks that include “global trade disruptions, conflicts including in the Middle East, and related commodity price volatility,” among others. 1: ALGERIA’S OIL OUTPUT IS DOWN 300,000 B/D SINCE THE LAST BID ROUND IN 2014, WITH THE FALL ONLY PARTLY DUE TO OPEC+ OUTPUT RESTRICTIONS* (‘00...
Volume: 68Issue: 39Published at Fri, 26 Sep 2025 -
Barrels or Beliefs? The First Net Short in WTI and the Power of Market Narratives
...iqueness of the August 2025 event becomes clearer in historical context. During the 2008 financial crisis, speculative longs collapsed but never shifted into net short territory. In the 2014–2015 price collapse, hedge funds built significant short positions, yet the aggregate positioning in WTI remained ne...
Volume: 68Issue: 36Published at Fri, 05 Sep 2025 -
Oman’s OQEP Eyes New Gas Discovery In Upstream Reshuffle
...40%, OQEP 30%, PTTEP 20%, Petronas 10%) home to the massive 1.5bn cfd Khazzan & Ghazeer tight gas development. In 2014 it acquired a 40% interest in the gas giant before divesting 10% to Malaysian state firm Petronas in 2018 (MEES, 26 October 2018). BOOSTING BLOCK 60 Despite its ga...
Volume: 67Issue: 39Published at Fri, 27 Sep 2024 -
Eni & BP Set To Kick Off Libya Exploration Drilling Campaign
...relative stability (MEES, 4 June 2012), these never came to fruition. BP declared force majeure in 2014 and in 2015 wrote off the $598mn it had spent up till then on its sole Libya assets (MEES, 31 July 2015). However, Eni, unlike BP which has no production in the country, retained Libya as a co...
Volume: 67Issue: 39Published at Fri, 27 Sep 2024 -
Aramco Ups LNG Stake
...e facility since 2014. Overall, Shell supplied 67mn tons of LNG to buyers in 2023, making it the largest IOC portfolio player. INCREASED LNG EXPOSURE The transaction further strengthens MidOcean and Aramco’s position in the global LNG market, says MidOcean, adding that it “will pr...
Volume: 67Issue: 38Published at Fri, 20 Sep 2024 -
Aramco The Big Winner In Egypt LNG Import Tender
..., TotalEnergies and Shell as well as trading houses Trafigura, Glencore, Gunvor, Vitol and BB Energy as well as the less well-known Hartree and Mex International. Saudi Arabia has been a staunch ally of Egypt President Abdel Fattah al-Sisi since he took power in 2014 and Riyadh has helped fi...
Volume: 67Issue: 38Published at Fri, 20 Sep 2024 -
Iraq: Pakistan Firm Exits Block 8
...rms Japex and Itochu, undercutting them with a remuneration fee of $5.38/boe. However, the firm has since made little effort to develop the block amid security concerns following Islamic State’s 2014 offensive. Of the other blocks awarded in 2012, UEG’s Block 9 is now producing nearly 100,000 b/d (ME...
Volume: 67Issue: 38Published at Fri, 20 Sep 2024 -
Adnoc’s Giant Onshore Concession Central To Future Bond Issues
...24 as a result of the CFP, and are set to easily break 2014’s record of 1.14mn b/d according to Kpler data. Exports this year peaked at 1.54mn b/d in April but have since eased off slightly averaging 1.31mn b/d for August (see chart 2). ADNOC ONSHORE RESERVES In preparation for th...
Volume: 67Issue: 37Published at Fri, 13 Sep 2024 -
Iraq Touts Gas Export Ambitions Despite Severe Shortages
...rectly supply IOC-operated power plants. This is especially the case at the Eni-operated 500,000 b/d Zubair field, where a 2014-built 700MW gas-fired plant is “using gas that is rich in LPG and condensates for power” according to a source. As per article 10 of Eni’s Technical Services Contract for Zu...
Volume: 66Issue: 39Published at Fri, 29 Sep 2023 -
Iraq’s Karbala Refinery Hits Full Capacity Despite Unresolved Technical Issues
...nancial delays that have afflicted other capital projects in Iraq, not least the Karbala refinery itself which was awarded almost a decade ago (MEES, 10 January 2014). A much-delayed 2015 project to add a new 70,000 b/d CDU at the 350,000 b/d Basrah Refinery is now slated for end-year completion, af...
Volume: 66Issue: 39Published at Fri, 29 Sep 2023 -
Oman Wields Oil Profits To Slash Debt In Fiscal Reform Push
...in shocks of the 2014-15 oil price crash and then the Covid-19 pandemic, the recently enthroned Sultan Haitham bin Tarik Al Said at the end of 2020 moved ahead with a series of reform packages to reorient the national economy (MEES, 17 September 2021). Oman is now more than halfway through the Medium Te...
Volume: 66Issue: 39Published at Fri, 29 Sep 2023 -
Egypt Presidential Elections
...untry’s current financial turmoil that has seen it turn to the IMF, World Bank and its Gulf allies for financial assistance (MEES, 24 March). President Sisi was first elected in 2014 following the ouster of Muslim Brotherhood-backed President Mohammed Morsi, and was re-elected with 97% of the vote in 20...
Volume: 66Issue: 39Published at Fri, 29 Sep 2023 -
Oman Starts Work On 500MW Solar In Bid To Triple Renewables Capacity By 2025
...s awarded alongside. The remaining 50MW of Oman’s current capacity comes from the Dhofar Wind Power Project at Harweel in the south of the country. Abu Dhabi’s Masdar, Spain’s TSK, and US firm GE were given the go-ahead in 2014 leading to generation starting in 2019 (MEES, 16 August 2019). 30...
Volume: 66Issue: 38Published at Fri, 22 Sep 2023 -
Asian LNG Imports: China Drives Demand Despite Record Overland Russia Volumes
...21 (30.1mn tons) came much more recently than that of Japan (88.51mn tons in 2014), the recent trend has been similar. Korea has reversed previous plans to phase-out nuclear power and as a result LNG is set to play a lower-than-previously-envisaged role in the country’s powergen mix. For 8M 2023 Ko...
Volume: 66Issue: 38Published at Fri, 22 Sep 2023 -
Kuwait Refinery Restart
...anim al-Otaibi reporting the same day that the refineries were back at full capacity. Power outages at the plants are not new (MEES, 31 January 2014), and high temperatures in Kuwait have seen electricity demand hit new records with the strain seeing several substations shut down in recent weeks (see p1...
Volume: 66Issue: 38Published at Fri, 22 Sep 2023 -
Turkey Claims Iraq Owes Nearly $1bn In Net Arbitration Damages
...accrue further interest until payment, or amicable resolution. Turkey’s claim is that “Iraq’s damages date from 2014 to 2018 – a period of relatively low [Turkish] bond yields,” and therefore “far more interest has accrued on Türkiye’s damages” which date back to 1990 until 2011. Based on...
Volume: 66Issue: 37Published at Fri, 15 Sep 2023 -
Eni Spuds Key Morocco Wildcat
...per Jurassic but that the find was insufficient to justify testing (MEES, 21 March 2014). However it is worth noting that the subsequent decisions by both Cairn and Galp to quit their acreage and walk away from Morocco in 2015 and 2016 respectively were driven more by the collapse in oil pr...
Volume: 66Issue: 37Published at Fri, 15 Sep 2023 -
Algeria: Key Southwest Gas Field Start-Ups Boost Exports To 7-Year High
...d Reg Mouaded were originally to be developed by the UK’s BG (now Shell), and the Hassi Mouina license containing Hassi Tidjerane and Tinerkouk by Norway’s Equinor before the foreign firms walked away in 2013 and 2014 respectively having failed to agree commercial terms with Sonatrach (MEES, 29 May 20...
Volume: 66Issue: 37Published at Fri, 15 Sep 2023 -
Libya Eyes 10,000 B/D 1H24 Output At North Hamada
...w a pipeline connection between Tahara and the parallel El Feel/Sharara to Zawiya/Mellitah trunk crude pipelines. Full development of the seven fields on Area 47’s Block 2 on which commerciality was declared in 2011 and 2014 is slated to produce 50,000-60,000 b/d liquids and 90mn cfd gas with ou...
Volume: 66Issue: 35Published at Fri, 01 Sep 2023 -
Iraq’s Ageing Basra Infrastructure: Can It Take The Strain?
...e onshore bottlenecks. Yet it is far from clear whether or not BOC can sustain high exports through these facilities, and whether more SPM replacements are needed. All the four operational SPMs were installed between 2012 and 2014, although UK contractor Petrofac, which has a maintenance co...
Volume: 66Issue: 35Published at Fri, 01 Sep 2023