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Kuwait Considers Ending Diesel Subsidy
...iving government efforts to eliminate diesel subsidies. Kuwait spent $5bn on oil subsidies in 2012, while the country’s total fossil fuel subsidies that year amounted to about $4,000 per person, the world’s highest level, according to recently-released IEA figures (see graphs and MEES, 23 May 2014). De...
Volume: 57Issue: 24Published at Fri, 13 Jun 2014 -
IEA World Energy Investment Outlook: Can We Still Count On The Middle East?
...e region’s domestic oil demand increases from 7 to 10mn b/d, while that of natural gas from 400 to 700 bcm/year. To meet the above demands, the study under review estimates that a cumulative global investment of $48.2 trillion (2012 dollars) is needed between 2014 and 2035, $40.2 trillion of wh...
Volume: 57Issue: 24Published at Fri, 13 Jun 2014 -
Benchmark Crude Prices
...OIL PRICES Benchmark Crude Prices ($/B) 12 Jun 2-6 Jun 26-30 May May-14 Apr-14 Q1 2014 Q4 20...
Volume: 57Issue: 24Published at Fri, 13 Jun 2014 -
Rising Oil Exports Raise Questions Over Washington’s Iran Policy
...5mn b/d, the highest level in a year. January volumes also topped 1.35mn b/d, official customs data indicate. In the first four months of 2014, imports of Iranian oil averaged 1.38mn b/d. This was up from 1.25mn b/d for the corresponding period last year, largely driven by Iran’s big five consumers – Ch...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
Iraq’s Southern Exports Hit Record 2.6mn b/d But North Still Out
...stream capacity increment of 2014. The latest Ministry of Oil data show that Iraq exported a total of 80.036mn barrels of oil or 2.582mn b/d from its southern ports last month, a marginal increase from 2.509mn b/d in April (see graph p20). Northern exports have been halted since 2 March because of pi...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
Libya: Exports Down, Output Down, Violence Continues
...th crude shipments restricted to offshore fields, current plans to scale up refinery capacity also look optimistic. Libya: Crude Production & Exports (‘000 B/D) Libya Jan-April 2014 Exports By Port/Terminal (‘000 B/D) April Ma...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
Reality Check For Libya’s Downstream Plans
...r 2014 to cover some of the early phases of the master plan,” NOC downstream development chief Muhammad Ellob told the 3rd New Libya Oil and Gas Forum held in London last week. Early works for the upgrade of the 120,000 b/d Zawiya refinery west of Tripoli and the construction of a 20...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
Qatar Starts Up Clean Diesel Unit, Targets ‘Next Generation’ Chemicals
...nstruction beginning in July 2012. The plant was connected up to the Laffan Refinery electricity network in January 2014, ready for the shutdown of LR1 for the hook-up. Full operation of the DHT plant will mark the completion of the smallest of a number of downstream developments currently under way in Qa...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
IEA Slams Weak Mideast Energy Efficiency; UAE And Saudis Step Up Efforts
...E and Saudi Arabia – major hydrocarbons resources holders as well as electricity generators – are leading the regional quest to tame surging energy demand. The International Energy Agency (IEA) reckons that global investment in energy efficiency will amount to $8 trillion during 2014-35. Of th...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
IEA: OPEC To Gain Market Share From 2020s, But Timely Investment Needed
...er the 2014-35 period (that is to say $1.5-1.6 trillion each), the Middle East will get much more bang for its buck; with 29% of new global production for this period compared to a mere 6% for North American tight oil (see graph below). (All numbers are based on projections contained in the IEA’s ‘Ne...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
IEA Calls For $48 Trn Energy Spend To 2035
...at the vast bulk of investment here is swallowed up in maintaining current production levels. Globally a whopping 80% of the $17.4 trillion of expected 2014-35 upstream investment will go simply to offset decline in existing fields, the IEA predicts. More broadly, of the $40.2 trillion to be invested in...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
Syrian President Asad Shows Staying Power
...rdish forces aren’t strictly pro- or anti-regime. Recently, Kurdish militias have engaged radical jihadist groups in eastern Syria. Additionally, rebel groups have been busy fighting each other since the start of 2014 when the Islamic State of Iraq and greater Syria (ISIS), fixed on gaining and co...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
Cost Of Conflict Rises To $144bn
...producing fields and facilities by rebel groups, especially in the Deir Ez-Zor areas, in eastern Syria. Oil production in the regime-controlled areas in the first quarter of 2014 had fallen to around 13,000 b/d, or 3.4% of 385,000 b/d production at the beginning of the upheaval (MEES, 9 May). Al...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
Doubts Persist Over Algeria’s Bid Round
...mpanies as well,” said Mr Probert at a Society of Petroleum Engineers event held in London this week. Algeria : Blocks On Offer In 2014 Bid Round Bidding Delay The schedule for the bid round has been pushed back by a month, Algeria’s Ministry for Energy and Mines announced on 1 June. Bi...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
Energy Subsidies Soar To Hit $24bn
...nance Minister Hani Dimian, when he unveiled some details of the 2014-15 budget last month (MEES, 30 May). Soaring subsidies highlight the need to lower the budget deficit in 2014-15 which is projected to fall to 12% of GDP from 14% in 2013-14. The energy subsidies in the new 2014-15 budget are also pr...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
Algeria’s Development Plan Projects 7% Growth
...each of the last four years, and Mr Sellal acknowledges volumes have continued to fall in early 2014. With domestic gas demand rising strongly export volumes and revenue are also down (see table). Sonatrach’s Chief Executive ‘Abd al-Hamid Zerguine said at the beginning of this year that the te...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
Tunisia $500Mn US Guarantee
...4mn (MEES, 23 May). The World Bank, meanwhile, announced a loan program of $1.2bn in 2014. Tunis plans to raise around $1.8bn in foreign bonds helped by guarantees from the US and Japan, and to issue $435mn worth of Islamic sukuk. Moody’s this week said that although the political situation had im...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
Benchmark Crude Prices ($/B)
... 05 Jun 26-30 May 19-23 May May-14 Apr-14 Q1 2014 Q4 2013 2013 20...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
KRG At Point Of No Return As Baghdad Sues Over Oil Sale
...r failing to meet its 2014 export commitment of 400,000 b/d. It also dismissed a KRG invitation to SOMO to observe the independent sales, saying the state marketer’s role was not that of observer. The KRG halted oil exports from the semi-autonomous province in 2013 because of the dispute with Ba...
Volume: 57Issue: 22Published at Fri, 30 May 2014 -
Output Continues To Slide As South Sudan Conflict Rumbles On
...eater Pioneer Operating Company (GPOC), and 5,000 b/d from the fields in Block 5A, operated by the Sudd Petroleum Operating Company. All Unity production has been offline since the second week of 2014 though, after rebel forces temporarily took control of the fields in the state, and damaged key in...
Volume: 57Issue: 22Published at Fri, 30 May 2014