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UAE Takes The Lead In Scrapping Energy Subsidies
...nsumption of diesel and gasoline averaged 63,000 b/d and 73,000 b/d respectively in 2014. For 2014 as a whole the discount of pump prices for gasoline and diesel to international prices in effect cost the UAE authorities some $970mn. The Emirates National Oil Company (Enoc), the retailer owned by the Du...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015 -
Algeria Ducks Decisive Action With Supplementary 2015 Budget
...beit modest, cut falls on the capital budget, which is reduced by 2.8% (see table). The effect of weaker oil prices on Algeria’s fiscal balance is palpable, with the latest trade figures showing a deficit of $7.78bn, compared with a surplus of $3.17bn for the first half of 2015 (see table). The 2014...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015 -
Benchmark Crude Prices ($/B)
...15 2014 2013 2012 WTI 48.52 49.36 51.69 59.86 59.43 58.02 48...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015 -
Korea Cuts Buying Of Gulf LNG Despite Price Collapse
...th 2014. Outside of the MENA countries, Indonesia (No 3 overall) and Malaysia (No 4 ) are Korea’s key LNG suppliers (see table, p5). YEMEN LNG OUT Yemen was Korea’s fifth largest supplier for 2014 – and conversely Korean state firm Kogas the biggest customer of Total-led Yemen LNG. But first ha...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015 -
Another Summer Of Discontent For Iraq’s Basra Amid Power Shortages
...tput was flared, up from 67% a year earlier. With gross production rising, the absolute volumes of flared gas have risen further: up by 69mn cfd or 5.5% versus January-May 2014, and almost double 2010 levels (see table). Exacerbating the impact on the population of southern Iraq is that alternate fu...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015 -
In Search Of Iran’s Market Share
...like Saudi Arabia, Iraq has a friendly, some would say subservient, relationship with Tehran. But such friendship has not always extended to the oil marketing sphere - particularly as Iraq ramps up exports. Iraq shipped a record 3.5mn b/d of crude in June, up 1mn b/d on 2014 volumes, and has plans to...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015 -
UAE Links Fuel Prices To Global Markets From 1 August
.../B ($0.49/liter) for 95 ron unleaded gasoline, and $70/B ($0.44/liter) for diesel. However, pump prices were also at similar levels a year ago, when, of course, international market prices were far higher. To give an indication of potential savings MEES has crunched the numbers for 2014, when UAE co...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015 -
Lebanese Economy Needs Electric Shock Therapy – IMF
...fugees from war-torn Syria continues to dominate Lebanon’s short-term economic outlook, the International Monetary Fund (IMF) says “electricity reform is an urgent priority” for the Beirut government to kick-start its economy. The Lebanese presidency has lain vacant since May 2014, while a lack of co...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015 -
Sadara Inks $3.8bn Power Deal
...ter plus wastewater treatment to be supplied by local utility Marafiq under a SR70mn ($18.7mn) deal (MEES, 21 November 2014). Though Sadara says its feedstock prices will be “subject to the same market forces [as those of] Sadara’s products,” in reality, prices are low and heavily subsidized with th...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015 -
Saudi Refining Runs And Product Exports Hit Record Levels
...OPEC Saudi Refining Runs And Product Exports Hit Record Levels > Saudi refineries’ CDU capacity has in theory been 2.9mn b/d since September 2014 when the 400,000 b/d Yasref plant in Yanbu’ on the Red Sea coast started up. The similar-sized Satorp plant in Jubail began operations a ye...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015 -
Nuclear Deal Breathes New Life In To Iran-Pakistan Gas Pipeline Project
...pefully, as the sanctions are removed, it facilitates us to address our energy needs, and also meet the contractual obligation,” the minister said. Under the terms of the latest deal signed between the two countries in 2009, 750mn cfd of Iranian gas was to begin flowing to Pakistan by 31 December 2014, wi...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015 -
Services Firms Increase Gulf Dependence Amid Revenue Crunch
...eir mid-2014 peak of around $110/B (for Brent). The lion’s share of this fall happened in the last two months of 2014. International oil companies (IOCs) took some time to slash their capital spending as a result and the fourth quarter of 2014 actually marked a high water mark in services firms’ re...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015 -
Eni Egypt Gas Find
...ES, 3 July). Eni holds a 75% working interest in the West Abu Madi permit, while BP holds the remaining 25%. Petrobel, a JV between Eni and state oil firm EGPC is operator. ENI EGYPT PRODUCTION (NET) 2012 2013 2014...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015 -
The Iran Nuclear Deal And Oil Markets
...llapse since June 2014, the IOCs, in an effort to satisfy investor expectations, were cutting back on capital investments in exploration, development and production. In a world of now much lower oil prices these cuts have accelerated. NEW, MORE ATTRACTIVE TERMS Thus to compete for shrinking IOC in...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015 -
China Crude Imports Hit Record In 2q15 (‘000 B/D)
...1Q15 Jun-15 May-15 Apr-15 2Q15 ‘000 b/d % 1Q15 4Q14 3Q14 2Q14 2014...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015 -
South Korean Crude Oil & Condensate Imports, ‘000 B/D: Saudi Volumes Top 1mn B/D In Q2
...2Q14 2014 2013 2012 2011 2010 MIDDLE EAST 2,103 -480 2,583 2,...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015 -
Benchmark Crude Prices ($/B)
...15 2014 2013 2012 WTI 48.45 51.69 52.41 59.86 59.43 58.02 48...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015 -
Genel Ramps Up KRG Output As Exports Rise
...liver in excess of 100,000 b/d net to Genel on peak days in the January-June period from its working interest in the Taq Taq and Tawke fields. The figure compares with average net output from the Kurdish fields of 69,000 b/d in 2014. The recent production boost, Genel says, helped the Kurdistan Re...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
Iraq: Key Oil Production & Export Data, 2q 2015 (‘000 B/D)
...IRAQ: KEY OIL PRODUCTION & EXPORT DATA, 2Q 2015 (‘000 B/D) 2Q15 vs1Q15 vs2Q14 1Q15 2014 2013 2012 Ju...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
Iran Boosts Salman Output
...e field has 46 oil wells, and 10 water injection wells. This boost in Salman oil output comes as part of a $2bn Iranian Oil Ministry plan announced in 2014 aimed at boosting offshore production. The ministry has long made expediting the development of the fields Iran shares with its ne...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015