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Saudi Arabia Extracts Huge Cut Commitment From Russia
...als stretching back to January 2017, Saudi Arabia was cutting by an order of magnitude greater than Russia. This was exacerbated by last December’s deal under which Russia managed to get its condensate excluded – and subsequently increased output – while Saudi Arabia promised to cut an additional 40...
Volume: 63Issue: 15Published at Fri, 10 Apr 2020 -
Egypt Petchems Producers Target New Products, Increased Exports
...lyethylene (PE) plant (MEES, 7 February). The polybutadiene plant will cost $180mn and take two years to build. Ethydco produced 367,000 tons of ethylene in 2019, as well as 363,000 tons of polyethylene for local consumption and export. Ethydco’s exports during 2017-19 earned $929mn. NEW CH...
Volume: 63Issue: 15Published at Fri, 10 Apr 2020 -
Iraq Asks IOCs To Slash Spending As Export Revenues Halve
...cord 4.63mn b/d last year, due largely to its immense low-cost reserves. With things back to “normal” following defeat of the Islamic State insurgency in 2017, Baghdad eyed a massive overhaul of its energy sector, including several new refineries, revamped export infrastructure, production capacity in...
Volume: 63Issue: 14Published at Fri, 03 Apr 2020 -
Firms In The KRG: How Low Can They Go?
...e return to regular, reliable payments in 2017, the slew of small firms focused on the region – including Norway’s DNO, London-listed firms Genel and Gulf Keystone; and Canada’s Oryx, Western Zagros and Shamaran – put together a strong run of form. Excluding the 2017 loss of 280,000 b/d Avana Dome an...
Volume: 63Issue: 14Published at Fri, 03 Apr 2020 -
Specter Of Overbrimming Stocks Threatens Vulnerable Producers
...cord levels. Absent huge production outages in excess of those arranged by Opec+ during January 2017-April 2020 these stockbuilds will take more than a year to unwind. This will exert severe downwards pressure on any price gains into at least 2021. ...
Volume: 63Issue: 14Published at Fri, 03 Apr 2020 -
Saudi Refinery Turnarounds Boost Crude Supply
...rch). Aramco’s 550,000 b/d Ras Tanura plant will be shut down for 5-6 weeks beginning 1 June as part of a $2.4bn clean fuels upgrade. which will enable production of Euro-5 specifications fuels from 2021 (MEES, 13 January 2017). The Satorp joint venture of Aramco and France’s Total shut down the re...
Volume: 63Issue: 14Published at Fri, 03 Apr 2020 -
Egypt Cuts Oil Import Bill As Refineries Up The Pace
...ices (MEES, 11 October 2019). Demand for diesel peaked at 297,000 b/d in 2016 and has since fallen for three consecutive years to 271,000 b/d in 2019. Demand for gasoline has eased slightly since peaking at 170,000 b/d in 2017. But with gas now accounting for almost all thermal power generation in Eg...
Volume: 63Issue: 14Published at Fri, 03 Apr 2020 -
Saudi Economy: Modest Diversification Efforts Face Bleak Outlook
...oject as it depends on the extent to which not just Saudi Arabia, but also themajor oil-consuming economies, are affected by Covid-19. However, it seems inevitable that it will be considerably sharper than 2017’s 0.7% contraction. The weak economic performance in 2017 was the key driver behind Ri...
Volume: 63Issue: 14Published at Fri, 03 Apr 2020 -
Algeria’s Sonatrach Halves Planned 2020 Spending
...re just $62bn, less than a third of the 2014 peak. Many in Algiers seem to have convinced themselves that oil prices in 2015 (then 2016, then 2017…) were unusually low and would revert to ‘normal’. But far from being ‘rainy days’ this period now looks like the calm before the storm. While many lo...
Volume: 63Issue: 13Published at Fri, 27 Mar 2020 -
Gulf Capex In the Crosshairs As Majors Eye Spending Cuts
...nounced it was cutting further to just $2.7-2.9bn for 2020, a whopping 47% midpoint reduction from its original $5.2-5.4bn plan. Oxy has since 2017 reversed a previous pullback from Mena, acquiring a swathe of exploration acreage across Oman as well as Abu Dhabi’s Onshore-3 block (MEES, 6 March). Fo...
Volume: 63Issue: 13Published at Fri, 27 Mar 2020 -
Saudi Renewables: Seconds Out For Round Three As Heavyweights Enter The Ring
...ase two and 800MW phase three, were awarded to Acwa and TSK and to Masdar and EDF, respectively. Phase two started up in 2017 while two phases with 500MW combined have been started up at phase three and the third is due online in April (MEES, 11 October 2019). The three Saudi firms in the key bi...
Volume: 63Issue: 13Published at Fri, 27 Mar 2020 -
Oman Aims To Double Products, Petchems Exports
...ports from late next year. Since expanding its 197,000 b/d Sohar refinery in late 2017 (MEES, 23 February 2018), Oman has seen rapid growth in its exports of key refined products – diesel, jet-kerosene, gasoline and LPG – as it seeks to move up the value chain and maximize oil export revenue. Pr...
Volume: 63Issue: 13Published at Fri, 27 Mar 2020 -
Aramco Focuses Investment On Offshore And Gas
...gnificant milestone has been achieved with the commissioning of additional surface processing facilities that include four satellite facilities and associated well sites. Total North Arabia processing capacity is now 400mn cfd the firm says. The Turaif project started up in 2017 with initial sales gas ou...
Volume: 63Issue: 12Published at Fri, 20 Mar 2020 -
Dark Days Ahead For KRG Oil Sector
...re reached in 2017 (MEES, 1 September 2017). As with then, if low prices persist the KRG faces having to decide between making IOC payments and covering its own expenses (like salaries). If prices stay low, the KRG’s ambitious near-medium term plans to increase output may prove unsuccessful. Pr...
Volume: 63Issue: 12Published at Fri, 20 Mar 2020 -
Saudi Arabia’s Latest U-Turn Hits Opec Periphery Hardest
...reover, Ms Young says that some of the Abu Dhabi measures “actually backtrack on some subsidy reform.” Such measures also typically prove hard to reverse. OPEC’S 2019 OIL EXPORT REVENUES AT RISK OF FALLING BELOW 2017 LEVELS ($BN) *MEES CALCULATION BASED ON 2019 EXPORTS & PRICES. ** MEES PR...
Volume: 63Issue: 12Published at Fri, 20 Mar 2020 -
Aramco Downstream Results Hit By Lower Margins, Sadara Impairment
...en completed and was being commissioned at year-end 2019. This will benefit petchems producers who are currently having to process some other feedstocks because of tight ethane supply/demand (MEES, 28 February). ARAMCO REVENUE BY OPERATING SECTOR ($BN) $1=SR3.75. *2018 FIGURES AND 2017 TO...
Volume: 63Issue: 12Published at Fri, 20 Mar 2020 -
Egypt Gas Burn Falls Despite Powergen Record
...imarily the three giant CCGTs:: capacity rose from 46.03GW at the end of 2017 to 57.05GW at end-2019 (see chart 3). Egypt’s total installed capacity is now 85% higher than the record peak load of 30.8GW hit in August 2018. However, much of the existing capacity is in aging plants that have suffered un...
Volume: 63Issue: 12Published at Fri, 20 Mar 2020 -
Saudi Products Exports Slump
...ports of 89,000 b/d. However, for January, this switched to net imports of 7,000 b/d. This marked the first time since May 2018 in which the kingdom was a net importer of the fuel. Moreover, the 383,000 b/d net exports of diesel was the lowest since January 2017. ...
Volume: 63Issue: 12Published at Fri, 20 Mar 2020 -
Egypt Refiners Hit New Highs
...tput (MEES, 24 January). Jet-kero output was a record 68,000 b/d in January, while at 173,000 b/d diesel was the highest since July 2011. Gasoline output was 98,000 b/d, down from December’s all-time high 103,000 b/d, while 87,000 b/d of naphtha was the highest monthly level since August 2017 (see ch...
Volume: 63Issue: 12Published at Fri, 20 Mar 2020 -
Saudi Arabia Throws Down Gauntlet With Aggressive Expansion Targets
...rrels at the end of 2019 according to the most recent Jodi statistics (MEES, 21 February). This is a sizeable stockpile, but it is the lowest since 2013 and is less than half the record 329.5mn barrels that was reached in October 2015. Despite its stated aim since the start of Opec+ cuts in January 2017...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020