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GCC Grid Growth Stalled As Oman Set To Join
...GWh in 2010 to 815GWh in 2013, though even the higher figure represents less than 0.25% of regional demand. Scheduled trading started at 0.31GWh in 2010 and rose to 46GWh in 2011, but has been zero ever since (see chart). Announcing Oman’s decision to join the GCC grid, GCCIA director Matar al-Ni...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
After The Hype, OPEC Meeting Ends With A Whimper
...one. Leaky Ceiling The collective ceiling has been in place since 2011 but has been leaky with members consistently failing to comply with their individual allocations. Monthly surveys of OPEC’s production by MEES show that the group has overproduced the ceiling since June, despite erratic pr...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Iran Oil Exports To Rise In 2015 Despite Nuclear ‘No-Deal’
...wn, averaging less than 1.3mn b/d for the first ten months of 2014 (including condensate), versus 2.53mn b/d in 2011 (see graphs). Condensate Boost Speaking in Vienna this week, Iran’s Oil Minister Bijan Zanganeh said that despite the sanctions, Iran is still targeting an increase in exports ov...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Gulfsands, Vitol Subsidiary In MENA Tie-Up
...REGIONAL Gulfsands, Vitol Subsidiary In MENA Tie-Up UK minnow Gulfsands Petroleum looks to finally emerge from dormancy after sanctions halted its Syria operations, its only producing assets in late 2011. On 19 November, Gulfsands announced that it has entered into a strategic pa...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Oman Set To Cut Spending For 2015 As Revenues Slide
...r January-October), the fact that they have fallen below the $85/B mark since mid-October and are now well below this has sounded the warning bells. Current $72/B prices for Oman crude are down by 35% from their $110/B June peak (see p20). Prices averaged a buoyant $105-110/B for 2011 through 2013, gi...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Qatar Looks Resilient To Lower Oil Prices
...me on its hands to formulate a response to the evolving LNG market – welcome breathing room for Qatargas and RasGas, which seemed almost resigned to a lesser role in the market in the years ahead. Qatar has controlled about a third of the global LNG market since completing its last train in 2011 and no...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Egypt: IMF Praise
...July). Instability after the January 2011 revolution delayed these politically-sensitive cuts for some time. For the IMF energy sector reforms and sizeable investments will be critical to reduce energy supply bottlenecks and boost growth. Mr Jarvis says that Cairo is seeking to reduce the bu...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Jordan Moves Toward Austerity In 2015
...ssion Chief to Jordan Kristina Kostial who said earlier this month that the kingdom’s indebtedness could reach 89% of GDP by end 2014, from 71% in 2011. Ms Kostial added that to address this problem, the authorities have to control public finances, especially those related to the central government and se...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
US Petroleum Imports, Exports, Demand (‘000 B/D)
...2013 vs2012 2013 2012 2011 2010 2009 CRUDE OIL IMPORTS 7,329 7,293 7,508 7,...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Benchmark Crude Prices ($/B)
...13 2012 2011 WTI 69.02 75.44 76.51 84.33 93.13 97.25 103.00 98...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
The Oil Price Slide: Just How Bad Is It For Iran?
...richment. Specific restrictions targeting Iran’s oil revenues, introduced some three years ago, have only made matters worse for Tehran, effectively slashing oil exports to between 1.1mn and 1.2mn b/d so far this year, from an average of 2.5mn b/d in 2011. Pick Of The Bunch With the recent slowdown in...
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
Tripoli Could Face International Sanctions Over Terror Links
...the 2011 revolution that toppled the former leader Mu’ammar al-Qadhafi and plunged the country into chaos. The revival was slowed by strikes at the Intisar and Gialo fields in the eastern Sirte basin, Libya’s oil heartland. The raid on Sharara reversed the trend, and output is now estimated at ar...
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
Saudi Arabia Looks East
...ude exports rose slightly to 6.722mn b/d in September from 6.663mn b/d in August, they are at their lowest level since March 2011, according to the latest data from the Riyadh-based Joint Oil Data Initiative (JODI, see p20-21). And shipments to the US, where it is the second largest source of imported cr...
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
GCC Mends Fences
...st several months, Saudi Arabia finally returned its ambassador to Doha this week. The UAE and Bahrain will likely follow suit, though it is unclear if the dispute has reached a final resolution. Since the 2011 ouster of Egypt’s Husni Mubarak, the GCC has been roiled by an internal dispute that pi...
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
Kuwait Budget Surplus Down 25%
...dget) 1H14-15 KD BN % Nominal % Real 1H13-14 2013-14 2012-13 2011-12 REVENUE 15.09 -0....
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
Dow Petchems JVs To Be Floated On Kuwait Exchange
...tar, and the UAE - approved in March 2011. The four also pledged $10bn to Bahrain to help ease social tension and promote economic development in the aftermath of the Arab Spring uprisings. Jordan and Morocco also received grants of $5bn each from the four GCC countries post-Arab Spring. These fo...
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
Saudi Refining Ramp-Up Continues – Data Analysis
...0,000 b/d on a year earlier. But crude exports are down by 1.12mn b/d year-on-year. Overall net oil exports, at 6.95mn b/d, fell below 7mn b/d for the first time since early 2011. Ø Crude oil burning was seasonally lower in September but the fuel oil burn continued to rise, hitting a six-year hi...
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
Benchmark Crude Prices ($/B)
...13 2012 2011 WTI 75.85 76.51 78.24 84.33 93.13 97.25 103.00 98...
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
IPIC Subsidiaries Team Up In Abu Dhabi Upstream
...u Dhabi’s state-owned International Petroleum Investment Company (IPIC) in 2011 and has since developed into an international investment vehicle for its parent. IPIC also directly owns a 20.8% stake in Japan’s Cosmo Oil, which – like Cepsa – is primarily a downstream firm in its home country. Bu...
Volume: 57Issue: 46Published at Fri, 14 Nov 2014 -
Egypt Cuts Deficit On Back Of Gulf Cash, But More To Do
...taled E£701.5bn ($109.4bn), virtually level with the previous year (+0.5%) in real dollar terms. The 2013-14 spending equates to 35% of GDP. Egypt has seen close to four years of political turmoil following the February 2011 overthrow of Husni Mubarak. The 2013-14 fiscal year began with the July 2013 ou...
Volume: 57Issue: 46Published at Fri, 14 Nov 2014