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The Oil Price Slide: Just How Bad Is It For Iran?
...enarios, and have considered the consequences of choosing any of the oil prices between $70-80/B,” he said without going into any further detail. The government is hoping to settle on a figure by 22 November. This is in contrast with the budget for the current Iranian year (21 March 2014 – 20 March 20...
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
Algeria Surplus Down
...ALGERIA Algeria Surplus Down Algeria’s trade surplus in the first nine months of 2014 has fallen by 18.2% to $5.4bn, from $6.6bn in the corresponding period of 2013, latest official customs statistics show. The value of exports stood at $49.23bn, of which $47.18bn (96%) came from oil an...
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
OPEC, IEA Envisage $175Bn-Plus Mideast Refining Outlay To 2040
...2040. Both envisage regional crude distillation capacity surging to 2040, driven by rising local demand and governments’ search for increased revenues from oil resources. OPEC’s recent 2014 World Oil Outlook (WOO) forecasts a 3.7mn b/d increase in Middle East refining capacity to 2040: 2....
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
Subsidies Limit Gulf Progress On Energy Efficiency
...nsumption figures, both in per capita terms and per unit of GDP (‘energy intensity’). The International Energy Agency (IEA), in its 2014 World Energy Outlook (WEO) released last week, says Middle Eastern primary energy intensity fell by almost 1.5% a year during 2010-13. Though this fall is welcome, it is lo...
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
OPEC Gears Up For Tough Ride As Cut Looks More Likely
...d bring other producers on board, if prices were allowed to fall further in the days leading up to the final meeting of 2014. “They (Saudis) know that to bring the others from OPEC to accept an accord, it’s easier to do if prices are going down,” says Mr Ait Laoussine, who is now a Geneva-based co...
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
$30Bn Halliburton-Baker Hughes Merger To Have Major MENA Implications
...lliburton and Baker Hughes 1-3Q 2014 revenues were $42bn, a figure that would see the combined firm rival Schlumberger as the global market leader. A deal of this magnitude will almost certainly attract the attention of anti-trust regulators in the United States, and it will also likely face regulatory hu...
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
Kuwait Budget Surplus Down 25%
...KUWAIT Kuwait Budget Surplus Down 25% Kuwait’s budget surplus in the first half of 2014-15 (April-September 2014) fell to KD5.20bn ($18.3bn), a 25.5% real terms fall on a year earlier. Of course the situation is likely to deteriorate further in the second half of the year given the re...
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
Baiji Refinery: What It Means For Iraq
...el oil 30-35% -Package ‘Skid mounted’ refineries (10 scattered in different locations): • Naphtha 18-20% • Kerosene 18-20% • Gasoil 18-20% • Fuel oil 40-45% Prior to the ISIS takeover of Mosul and much of northern Iraq in June 2014, Iraqi refineries’ typical total products output wa...
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
Saudi Refining Ramp-Up Continues – Data Analysis
...abia Crude Output (Mn B/D) Saudi Arabia Official Crude & Products Output, Consumption And Trade Figures, September 2014 (‘000 B/D) Sep-14 vs Aug 14 vs Sep 13 Au...
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 20-Nov 10-14 Nov 3-7 Nov Oct-14 Sep-14 Q3 2014 Q2 2014 20...
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
BP Still Hopeful Of Kirkuk Deal
...Kirkuk, parts of which fell under KRG control after Iraqi troops withdrew rather than fight the advancing militants of the Islamic State of Iraq and Greater Syria (ISIS) – otherwise known as Islamic State (IS) – in the summer of 2014. It is, however, conducting work through contractors under a me...
Volume: 57Issue: 46Published at Fri, 14 Nov 2014 -
Genel Energy Steps On Kurdish Natural Gas
...oduction is expected in 2016 and gas for export scheduled to start in the first half of 2018, though the KRG has an option to request gas for domestic use in 2016. The agreement will allow Genel to honor its September 2014 gas sales agreement with Turkey for 10Bcm/year of Kurdish gas. Genel will be en...
Volume: 57Issue: 46Published at Fri, 14 Nov 2014 -
Baghdad, KRG Take First Step Toward Deal
...aq’s revenues and to 17% of refining volumes for domestic consumption, it says. This is only a fraction of the KRG’s annual entitlement from the 2014 federal budget, which was never passed. Under an informal agreement between Erbil and Baghdad, the KRG was to receive 17% of federal revenues but the KR...
Volume: 57Issue: 46Published at Fri, 14 Nov 2014 -
Oman Output Boost Plans Intact Despite Oil Price Slide
...eraged 947,900 b/d – largely in line with the 950,000 b/d average output target for 2014 it announced in March this year (MEES, 7 March). “There is no intention to phase out or delay any projects, and expenditure will continue as planned,” Finance Ministry Undersecretary, and former Undersecretary to...
Volume: 57Issue: 46Published at Fri, 14 Nov 2014 -
MENA Active Drilling Rigs, October 2014.*
...MENA Active Drilling Rigs, October 2014.* October Br...
Volume: 57Issue: 46Published at Fri, 14 Nov 2014 -
UAE Says Oil Price Will Not Impact Expansion
...ergy. Emirates LNG ‘’We expect to develop new gas fields and launch new projects to import LNG. These projects include the awarding of a contract for the Emirates LNG project in Fujairah by the end of 2014 or early 2015,” he told national news agency WAM in an interview on 9 November. The pr...
Volume: 57Issue: 46Published at Fri, 14 Nov 2014 -
UAE Keeps Oil Majors Guessing On Onshore Renewal
...pan’s Jan-Sep 2014 Oil Imports (‘000 B/D) Japan Oil Imports From Abu Dhabi (‘000 B/D) Japan too has a strong hand. The UAE is the second largest exporter of crude to Japan after Saudi Arabia (see below and p26) and Japan already has upstream stakes in the UAE, both of them in of...
Volume: 57Issue: 46Published at Fri, 14 Nov 2014 -
IEA: LNG To Maintain Steady Share Of Interregional Gas Trade Through 2040
...INTERNATIONAL IEA: LNG To Maintain Steady Share Of Interregional Gas Trade Through 2040 Global gas supply and demand dynamics will be closely monitored by LNG suppliers, including Qatar. In its World Energy Outlook 2014, the International Energy Agency (IEA) says that it expects Ja...
Volume: 57Issue: 46Published at Fri, 14 Nov 2014 -
Mideast Refining Surge To Continue Through 2040
...om 8.5% to 12.2%, while OPEC sees a hike from 8.1% to 11.5% (see Table 1). The IEA’s World Energy Outlook (WEO) 2014 envisages Middle East refinery throughputs rising from 6.6mn b/d in 2013 to 8.5mn b/d in 2020 and 10.6mn b/d in 2040. OPEC’s World Oil Outlook (WOO) 2014 (MEES, 7 November), sees ru...
Volume: 57Issue: 46Published at Fri, 14 Nov 2014 -
OPEC To RECLAIM Market Share in 2020s, IEA Says
...plications for upstream plans across the globe, but especially in areas where price levels are critical for certain projects – namely North America and Brazil. “According to our estimates, if oil prices remain at these levels, the capital spending in 2015 in the US will decline up to 10% compared to 2014...
Volume: 57Issue: 46Published at Fri, 14 Nov 2014