Benchmark Crude Prices ($/B)

...OIL PRICES     14-Aug 4 - 8 Aug 28 Jul - 1 Aug  Jul-14 Jun-14 Q2 2014 Q1 2014 20...

Egypt Receivables Hit Record $7.5bn

...EGYPT Egypt’s new authorities have talked a good game on creating an investor-friendly climate by reducing the monies owed to IOCs active in the country. But the numbers tell a different story. Receivables have soared by $1.4bn over the first six months of 2014 to hit $7.5bn, MEES an...

Oman Retenders Five Exploration Blocks

...ur years earlier. Oman is aiming to boost liquids output to above 950,000 b/d for 2014, and hold production steady at around this level for at least four years (MEES, 7 March). Gas production is slated to reach just shy of 4bn cfd by end-2014, as several gas projects come online over the next six to...

New Drilling Record For Saudi Arabia, Kuwait, Middle-East & Opec

...REGIONAL MENA Active Drilling Rigs, July 2014*                 July Br...

Suez Canal No2 Planned

...r both 2012 and 2013 and $2.63bn for the first six months of 2014 (MEES, 25 July), around 8% of total government revenue. Egypt hopes that the expansion plans will dramatically increase revenues: by 2023 the expanded route could bring in around $13.5bn, a Suez Canal authority official tells Re...

Iran Lays Giant Condensate Export ‘Refinery’ Bait For Foreign Investors

...ported 95mn liters (almost 20,000 b/d) of Euro-4 gasoline in July. Latest figures from JODI show that Iran’s total gasoline imports averaged just over 20,000 b/d for the year to April 2014, with a peak of 48,000 b/d of imports in February this year (see chart). Iran Gasoline Supply (‘000b/D) Ir...

Dubai To Spend $15Bn On 20% Capacity Hike By 2021

...UAE Dubai Electricity and Water Authority (DEWA) chief executive Sa’id al-Tayir says DEWA’s capital budget for 2014-18 is Dh55.216bn ($15.03bn). DEWA plans to add three power plants totaling 1.9GW over the next five years raising DEWA’s total capacity by almost 20% to 11.56GW by the end of...

Iraq: Exports Hold Up As ISIS Advances On Oilfields

...ound Mosul in mid-March. Northern exports averaged just 85,000 b/d for the first half of 2014, a mere 30% of year-ago levels (see table). Iraq’s key southern fields appear under little immediate threat from IS advances, but the jihadists have in the past week had several clashed with KRG fighters. IS ha...

IMF: Politics Threatens Lebanon’s Economy

...clude 272MW of diesel-fired capacity installed by Denmark’s BWSC at Zouk and Jiyyah power plants for 2014 start-up (MEES, 19 July 2013), plus a second power barge of 95MW capacity from Turkey’s Karkey Karadeniz (MEES, 12 April 2013). Supplies typically cover only 18 hours per day, with frequent bl...

Iran Oil Sales Slide In June, But Still In The ‘Red’

...ne, latest loading data show, down from 255,000 b/d in May. Indian imports of Iranian oil averaged 309,000 b/d over the first five months of 2014. Though both of Iran’s biggest customers cut shipments in June, it failed to mask the goal of both their oil import policies with respect to the Islamic Re...

Abu Tabul Commissioning To Kick Start Oman Gas Boost

...e block earlier the same year. “OOCEP recognizes the value of this tight gas reservoir, and has adopted a field development plan [FDP] with a target of first production by the third quarter of 2014,” the company said in its latest operational update. “Development of the Abu Tabul tight gas field ha...

New Gulf Refineries To Make Middle East Major Products Exporter

...rect crude burn is forecast to increase by more than 70,000 b/d through 2020,” says FGE. Already, for May 2014 (the latest month for which official data is available), Saudi crude exports are down by 800,000 b/d year-on-year despite crude production having risen by 50,000 b/d over the same period (ME...

Gulf States Eye Demand Management But Progress Slow

...mpared with current global thinking. The OECD’s International Energy Agency (IEA) says Middle East governments plan to spend a total $169bn on improving energy efficiency during 2014-35 (MEES, 6 June). Yet the IEA’s recent World Energy Investment Outlook warns that “energy prices are critical to de...

End Of OPEC’s Revenue Golden Age?

...OPEC OPEC’s Annual Statistical Bulletin (ASB) for 2014 shows its members’ oil export revenue for 2013 falling by 8% or $96bn from 2012’s record numbers. The US  government’s Energy Information Administration (EIA) predicts that for 2014 OPEC oil export revenues will fall by a further $50...

Morocco Bags IMF, EU, Qatari Cash

...dustrial users and reduced the per-unit subsidy on diesel, with further reductions planned for the remainder of the year. Subsidies are to fall to MD35bn ($4.20bn) in 2014 (3.7% of GDP) from MD42bn ($5.04bn) in 2013 (4.7% of GDP), with a fall to 3% of GDP by 2017, according to the IMF and the Ministry of Ec...

Egypt To Extend Gas Grid With World Bank Help

...w Constitution,” World Bank Vice President for the MENA region Inger Andersen says. The loan to Tunisia is part of a $1.2bn 2014 World Bank financial package (MEES, 6 June). The package also includes up to $750mn to support government reforms and promote growth and job creation, $100mn for a cr...

The Future Saudi Role In Global Oil Markets

...intain this position. To answer the question we have to look at the call on OPEC in the medium term. It can be seen in Table 1 that up to 2018 the call on OPEC crude will follow a downwards trend and will fall from 29.7mn b/d in 2014 to 28.9mn b/d in 2018. To compare the call on OPEC with OPEC pr...

Iran Official Crude & Products Output, Consumption And Trade Figures To April 2014 (‘000 B/D)

Japanese Crude Oil & Condensate Imports, Q2 2014 (‘000 B/D)

Benchmark Crude Prices ($/B)

...OIL PRICES   31 Jul 21-25 Jul 14-18 Jul Jul-14 Jun-14 Q2 2014 Q1 2014 2013 20...