Syria: Output At 17KB/D

...SYRIA Crude oil production from government-controlled areas of Syria has averaged 17,000 b/d in the first half of 2014, or 4.4% of pre-war volumes of 385,000 b/d, the country’s Minister of Petroleum and Mineral Resources Sulaiman al-‘Abbas said this week. This, according to government st...

Falling Oil & Gas Exports Hit Algeria’s Trade Surplus

...ALGERIA Algeria’s trade surplus fell by 19.4% to $3.9bn in the first half of 2014, from $4.84bn in the corresponding period of 2013, latest official customs statistics show. This comes on the back of a 2.2% fall in the value of hydrocarbon exports to $32.23bn in the first six months of th...

Suez Canal Traffic, 2Q 2014 (‘000t)

Saudi Petchem Firms Mainly Report Improved Profits, SABIC Eyes Price Rise

...SAUDI ARABIA Saudi petrochemicals companies mostly reported improved profits for the second quarter and the first half of 2014, with better market conditions reflected in higher market capitalization for all players. State-owned petchems giant SABIC saw profits rise 7% in the second qu...

MENA Leads OPEC Refining Hike As First Mega-Refinery Comes Onstream

...wly released Annual Statistical Bulletin 2014. The data includes the first of the Gulf mega-refineries to be completed: the 400,000 b/d Satorp joint venture of Saudi Aramco and France’s Total. The similar-sized Aramco/Sinopec Yasref refinery and Aramco Jazan refinery are due onstream in 2014 and 20...

Oman Ramps Up Plant Construction To Meet Rising Power Demand

...20. The company’s current seven-year outlook sees peak MIS demand reaching 9.13GW in 2020 and Salalah peak demand reaching 800MW (MEES, 11 April). 2014 Priorities OPWP says the 2GW Sur independent power producer (IPP) project is currently under construction and expected to be fully co...

World Oil Demand To Grow 1.4mn B/D In 2015 - IEA

...OPEC World Oil Demand (Mn B/D IEA Estimates) Call On OPEC Vs OPEC Output (Mn B/D IEA Estimates)   OPEC Vs IEA Supply-Demand Balance, July 2014 Forecasts (Mn B/D)   1Q14   2Q...

Jazan Development: Saudi Aramco Sprints To The Rescue

...0 Satorp 62.5 Total 400 Total Current Domestic     2,505 Yasref (2014) 62.5 Si...

Service Firms Continue Middle East Growth Despite Iraq Unrest

...gistic bottlenecks” as it looks to tighten security, although Mr McCollum adds that the company’s operations in southern Iraq and Kurdistan which are “far from the fighting” have not been affected. Halliburton expects the Middle East to be the company’s strongest regional market for 2014 as a whole, “de...

Iranian Oil Export Revenues Slump 39% In 2013

...port volumes declined steeply by 42% to 1.215mn b/d in 2013 from 2.102mn b/d in 2012, according to OPEC’s 2014 Annual Statistical Bulletin (ASB), confirming the detrimental effects of the US and EU-led restrictions placed on Iran’s key oil and banking sectors in mid-2012. The West imposed severe ec...

Sudan Economy Continues To Reel From Southern Amputation

...agged out until early-2014, after the conclusion of the government’s annual meeting with the IMF in late 2013. “An agreement was reached [with Khartoum] in March 2014, and the primary objectives of the staff monitored program are to first of all establish macroeconomic stability, and secondly to place th...

IMF Lauds Saudi Economic Performance, But Warns Spending Is Too High

...sed to 2.7% in May 2014. This largely reflected lower food price inflation, which is largely in line with world trends. The unemployment rate in Saudi Arabia meanwhile fell in 2013, particularly among women. In 2014 growth is projected to rise slightly to 4.6%, driven by strong private sector gr...

Benchmark Crude Prices ($/B)

...OIL PRICES     24 Jul 14-18 Jul 7-11 Jul Jun-14 May-14 Q2 2014 Q1 2014 2013 20...

Orpic Awards Liwa Technology Licenses As Gulf Petchem Juggernaut Rolls On

...ojects. Abu Dhabi’s 2.39mn t/y Borouge 3 complex “will be fully operational in 2014”, according to Austria’s Borealis, partner with state petroleum firm Adnoc. Saudi Aramco and US firm Dow are “on schedule, on budget” with their 3.22mn t/y Sadara complex. Engineering is nearly complete and construction al...

IEA, KOC Spar Over Future Of Kuwait Oil Sector

...I crude online in 2020. Kuwait Oil Company’s Production Capacity And Targets (Mn B/D)   2014 2020 Investment ($bn) Burgan 1.7 1.7 5....

Fitch Mixed On Kuwait Energy

...ys that KEC received “a payment of [$64mn] in the form of oil cargoes in April and June 2014,” which should lower the firm’s overall receivables bill in Egypt – which stood at $134mn at the end of 1Q14 (MEES, 23 May). Fitch also notes that KEC’s move into Iraq gas production leaves it vulnerable to re...

Iraq Deploys Drones To Protect Southern Fields

...panded to 3mn b/d, he adds. “All foreign investors operating Iraqi oil fields in the south are operating as normal and have not withdrawn staff,” he adds. Iraqi Crude Exports 2014* (Mn B/D) Clear Skies Mr Laibi says he has met foreign oil companies operating in southern Iraq and assured th...

Mubadala In Somalia Deal

...mpany says that processing of the data will continue until late 2014. Under the terms of the agreement signed with the Somali government last year, Soma’s seismic surveys grants it the right to bid for production sharing agreements to explore Somalia’s offshore area for oil and gas. Given the vo...

Egypt Looks to Reform To Attract Investment, Boost Growth

...2% for the current 2014-15 fiscal year, which began on 1 July. Egypt’s growth rate has been stuck at around 2% for the past three years (see graph, MEES 4 July) – that is to say since the Arab Spring ‘Revolution’ of early 2011. Without the two economic stimulus packages of $4.3bn and $4.9bn in...

Benchmark Crude Prices ($/B)

...OIL PRICES     17 Jul 7-11 Jul 30 Jun-4 Jul Jun-14 May-14 Q2 2014 Q1 2014 20...