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Price Rout Extended As Demand Falls Further Behind Supply
...ll on OPEC was revised down “due to a lower demand forecast, and upward revisions to historical estimates and projections of North American and biofuels supply,” the IEA said in its latest oil market report (OMR). For 2014, OPEC did the same, revising downward its previous forecast for the call on...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
US Lowers 2015 Output Forecasts, But OPEC Needs More
...l is forecast by both the IEA and OPEC itself at around 28.4mn b/d for the first half of 2015, some 2mn b/d below current OPEC output. The EIA’s December Short-Term Energy Outlook forecasts that US crude production will hit 9.32mn b/d in 2015, up 720,000 b/d on 2014 output of 8.6mn b/d, and on...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Deficit Surges To $15bn
...LIBYA Deficit Surges To $15bn Libya’s budget revenue from January to November 2014 has fallen to LD19.2bn ($15bn) from LD58bn ($45bn) in the corresponding period of 2013, the Central Bank of Libya (CBL) said in a statement on its website on 9 December. The CBL attributes this decline to...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Oman Looks To Total’s Offshore Expertise For Output Boost
...uld Total take a decision on whether or not to drill. Work on Phase 1 began in February 2014, after the government issued the award, MEES understands. Further Seismic The renewed push towards the sultanate’s offshore comes on the back of a discovery by Masirah Oil on Block 50 – the first of...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
GCC Ratings Under Pressure From Oil Price Slide
...s fiscal breakeven price will top $127/B next year, according to the IMF. Earlier this year, as oil prices inched higher towards their June peak of more than $110/B, Moody’s projected solid growth in the GCC region for 2014. The ratings agency said in a 4 March report that it expected GCC growth to...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Iran Cuts Spending Again For 2015-16, But Is It Enough?
...IRAN Iran Cuts Spending Again For 2015-16, But Is It Enough? Iran’s freshly-released draft 2015-16 budget cuts spending by 14% in real terms in the face of oil prices that are down by $48/B since June. This comes on top of a 20% cut for 2014-15. The latest budget is based on $72/B cr...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Iran: Planning A New Mirage
...IRAN Iran: Planning A New Mirage By-Jahangir Amuzegar* In early December 2014, the Rohani government announced the decision to reinstate the Management and Planning Organization – the agency in charge of economic development planning since 1948 – which President Ahmadinejad had ab...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 11-Dec 1-5 Dec 24-28 Nov Nov-14 Oct-14 Q3 2014 Q2 2014 20...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Baghdad, KRG: Peace In Our Time?
...eak-even oil price of $105/B to balance its 2014 budget. The draft 2015 budget, expected to show a deficit, is being revised to include a lower price assumption nearer $70/B, Iraqi politicians say. Iraq’s federal government and the Kurdistan Regional Government (KRG) ended years of discord over re...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
Iran’s Upstream Opening Stalls On Nuclear Extension
...r our colleagues at the Foreign Ministry to deal with,” he added, referring to Tehran’s nuclear negotiating team, led by Foreign Minister Mohammad Javad Zarif, and his deputy Abbas Araqchi. $100bn Pause Iran, the ministry said in early 2014, is looking to attract upwards of $100bn in oil se...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
Turkey Advances First Nuclear Plant, Eyes New 4.4GW Project
...nd 2014 Kavakli 52 Wind 2014 Bakras* 23 Wind 2014 Samsun 600 Ga...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
Lower Oil Prices: Making The World A Better Place?
...low 2014 levels. At $70/B they believe, all other producers can do is stand still if natural decline is factored in. For Russia, the pain is more acute since lower oil prices are proving more damaging than international sanctions over the Ukraine crisis, sending the ruble tumbling against the US do...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
Egypt Secures Funding For Further IOC Payments
...vember). Egypt first reduced a debt pile that had been growing steadily since the 2011 revolution with a $1.5bn tranche last December, and repaid a further $1.5bn in October. Throughout 2014, the government has also been able to promptly pay producers for current output, according to Petroleum Minister Sh...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
Iran Eyes Balanced Budget Despite Gloomy Outlook
...tal of $7bn of its frozen assets: $4.2bn in phase one, between November 2013 and July 2014; and a further $2.8bn in phase two, between July 2014 and November 2014. This arrangement will continue under the latest extension of the deal through July 2015 – during which Iran will receive $700mn/month in fr...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
Dollar Strength Lessens Impact Of Oil Price Slide
...11 and July 2014, a period flagged up by the World Bank and other observers as one of “remarkable stability.” (With an uncanny degree of prescience, BP chief economist Christof Rühl, speaking at the mid-June market peak, said that with the US delivering “one of the biggest annual oil production in...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 4-Dec 24-28 Nov 17-21 Nov Nov-14 Oct-14 Q3 2014 Q2 2014 20...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
Egypt Closing In On Debt Repayment And New Bid Round, Minister Says
...used rolling blackouts over the summer and brought exports to a virtual standstill, leaving two LNG export facilities idled. Output slumped to 4.8bn cfd for the first seven months of 2014 (and a 10-year low of 4.55bn cfd for July – the most recent available data), over 700mn cfd down on estimated de...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Stocks Special: Saudi Strong, Chinese A Bit Less Reserved
....7mn barrels (620,000 b/d) in September with “extra cargoes [imported] from Saudi Arabia, Kuwait, Iraq and Oman,” the IEA says in its November Oil Market Report. According to IEA calculations, China added 105mn barrels to its stocks during the first nine months of 2014. This comes on top of an 89mn ba...
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 -
Oman Set To Cut Spending For 2015 As Revenues Slide
...nsideration but there are no plans for salary cuts, he adds. The minister reiterated plans, announced last month, to cut its energy subsidies for 2015, with the currently “ineffective” system to be better targeted on the needy sections of society. Oman’s 2014 budget projects spending on energy su...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014