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Oil Market Imbalance Set To Stretch Into 2019
....1mn b/d by the end of the year, the EIA still forecasts record output (see p14). While the EIA has left its 2017 forecast steady, Opec has cut its 2017 forecast for US output by 100,000 b/d from last month. The IEA is more cautious, saying that while “recent price weakness may lead the US shale patch to...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
US Output Growth: Records Tumble But Is A Slowdown On The Way?
...ergy Outlook (STEO), released 11 July. However, whilst the EIA leaves its forecast for 2017 output as a whole unchanged from last month’s report at 9.33mn b/d, it revises down its output projections for every month from December 2017 to the end-2018 limit of its forecast period. For 2018 as a wh...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Cyprus: Total Spuds Key Wildcat As Unification Talks Collapse
...15 (MEES, 2 January 2015). “Regarding Cyprus, we plan to start drilling campaign at the last quarter 2017, drilling one well inside 2017 and another well back-to-back. And we are shooting the seismic so we have more clear idea about the size of the prospect in the second half of the year,” Chief ex...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Tawke, Atrush Licenses Provide KRG With Output Boost
...oduction facility (EPF) by year end 2017 to be followed by a pipeline connection to the Tawke export terminal at Fishkabur.” There was no detail provided as to the capacity of the planned EPF. Combined production on the Tawke license has been averaging 115,000 b/d in early July. It averaged 111,000 b/d in...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Syria’s Ongoing Conflict Inflicts Huge Loss Of $226bn To GDP
...om $1=S£47 in 2011, the report notes. The local currency has further depreciated of late, with the Central Bank of Syria quoting an exchange rate of $1=S£500 in mid-June 2017. ...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Libya Oil Output Breaches 1mn B/D
...25mn b/d (MEES, 10 February). 1: LIBYA CRUDE OUTPUT IS AT THE HIGHEST LEVEL IN 4 YEARS (‘000 b/d)... SOURCE: MEES ESTIMATES. 2: …BUT 2017’S INCREASES LAG THOSE TARGETED BY NOC AT THE START OF THE YEAR ^MABRUK OUTPUT REFERS TO JURF OFFSHORE FIELD, OPERATED BY THE NOC/TOTAL MA...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Egypt Gas Output Hits 3-Year High In May, Target 2018 Self-Sufficiency
...diterranean (WND) and the onshore Nile Delta (Nooros – see chart 2). These gains mean Egypt will “soon” be able to meet 90% of its fuels needs from domestic sources, Mr Molla says. 2017 gas output will likely average around 5bn cfd, still well short of 6bn cfd demand (up from 5.75bn cfd last year) with the de...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Iraq: Bumper Oil Export Volumes Cushion Impact Of Oil Price Drops
...ficial KRG provinces. But even without the KRG-controlled volumes, the projected 2017 revenue figures are good enough not only to overtake 2016 earnings, but 2015 too. They are, however, still less than 60% of the record-setting 2012, when Iraq took in an average $7.8bn each month. Although Iraq ha...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Americas To Asia Crude Shipments Set New Records In April & May-Data Analysis
...0 B/D) 5: THE USA IS THE BIGGEST GAINER IN ASIAN MARKETS WITH THE LAST TWO MONTHS OF IMPORTS THE TWO HIGHEST ON RECORD (‘000 B/D) *JAN-APRIL FOR INDIA, TAIWAN. **FOR 2017 USES EXPORT FIGURES FOR THE PRECEEDING MONTH (EG MAY ASIAN IMPORTS ARE CALCULATED AS A PERCENTAGE OF APRIL US EXPORTS). SOURCE: OF...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Egypt Awards 650MW Dual Fuel Power Plant, Suggesting Gas Supply Worries
...cent years caused gas output to bottom out at 3.89bn cfd in early 2016. Egypt has since improved terms for gas producers and new fields have been started up, bringing output to 5.22bn cfd in May, the highest since October 2013 (see p4). Egypt’s gas demand will be around 6bn cfd for 2017 rising to 7b...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Opec Crude Production Hits 2017 High
...d Nigeria drove a huge 270,000 b/d growth in Opec production last month, and the group’s 32.63mn b/d output was the highest yet this year. This is 710,000 b/d above the group’s target production Output in the first half of 2017 has averaged 32.36mn b/d. While this is 670,000 b/d below the six-mo...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Qatar Steps Up Gas Politics With Calculated Expansion
...tar’s heels in the coming years. In fact, Australia is on course to overtake Qatar as the global leader as early as next year. With the start-up of Gorgon LNG’s Train 3 earlier this year, and the imminent start-up of the delayed Wheatstone LNG, Australia is to exit 2017 with 74mn t/y capacity. In th...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Iran Aims For Total Reboot Of Oil And Gas Sector
...March 2016. The field – originally developed as two separate north and south portions – currently produces 115,000 b/d will be the first Iran offers under a tender. The tender has been delayed and is now planned to take place in late 2017 (MEES, 23 June). Mr Zanganeh also said this week that ta...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Total Talks Crackers On Both Sides Of Gulf
...ere should be further gains in 2017 as the Wasit processing plant is now at full capacity after starting up last year (MEES, 20 May 2016). PROJECTS HISTORY If the two petrochemicals projects go ahead, it could be the first time Total has been actively involved in project developments in both co...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Saudi’s Economy Gets Boost From MSCI Announcement
...SE in September 2017. The addition to MSCI’s EM watch list marks a significant achievement in Saudi’s journey to liberalize its capital markets which started in earnest in May 2015. The country’s main stock benchmark, the Tadawul All Share Index (TASI), gained 5.5% the day after the announcement, th...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Japanese Crude Imports From Saudi Arabia (‘000 B/D)
...SAUDI ARABIA FOCUSED ON ITS #1 MARKET IN JAN-MAY 2017. VOLUMES ROSE SHARPLY EVEN AS OVERALL JAPANESE IMPORTS FELL INCREASED VOLUMES HAVE FOCUSED ON HIGHER-VALUE LIGHT GRADES, OUTPUT WHICH WAS BOOSTED WITH LAST YEAR’S RAMP-UP AT THE SHAYBAH FIELD HAVING PEAKED IN EA...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Energean Files Karish Development Plan; Bidding Delayed, Again
...d connected to the same FPSO, Energean says. CEO Mathios Rigas says his firm hopes to receive “approval of the FDP as soon as possible in order to be able to reach Final Investment Decision by the end of 2017.” However, investment will not go ahead without more sales deals and – given co...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Morocco Looks To Cut Reliance On Algerian Gas
...Morocco imported 109mn cfd of gas from Algeria in 2016 and Q1 2017, some 93% of the country’s consumption. In theory there is scope for these volumes to rise – gas provides only 6% of Morocco’s primary energy demand. But, in practice, fractious relations between the two Maghreb neighbors – th...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Iran Expands Crude Export Infrastructure
...ables tankers to “berth at nine newly overhauled loading arms without restrictions or technical hurdles” according to Iran Oil Terminals Company (IOTC). Iranian oil exports have ramped up since sanctions were eased in January 2016, with volumes in the first five months of 2017 up 30% year-on-year at 2....
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Oman Postpones Misfah With Slowing Demand Growth
...ectricity, from over 240m3/MWh in 2016 to below 190m3/MWh for 2020 and beyond (see chart). Gas consumption in power plants fell for the first time in three years in 2016 to 7.99 bcm (770mn cfd). In the first five months of 2017 it has remained flat year-on-year at 710mn cfd). While OPWP says that its el...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017