Iraq Export Revenues Soar

...2016 to 160,000 b/d in 2017, reversing a four-year trend of increasing crude burns to satiate domestic demand. Reducing flaring rates and gas imports from Iran account for the improvements. But, whilst export volumes have edged higher in recent months, the bulk of the gain in revenues has come fr...

Kuwait Urges Gulf Unity as Qatar Exports Rise Despite Embargo

...hrain and Egypt to isolate Qatar in order to force it to accede to their demands. Qatar’s export revenues totaled $16.5bn in Q3, the highest quarterly figure since Q4 2015. Full-year 2017 revenues are on track to hit $65bn, up 13% on 2016. However, this would still be more than $10bn less than in 20...

China 3Q17 LNG Imports (Mn Tons): Qatar On Course To Post 3-Year High In 2017 But Still Less Than Half Of Australia

Asian LNG Buying Up 13% In 2017, Chinese Imports Soar 44%

...llective purchases by Japan, South Korea, China, India and Taiwan are up 13.1% or 14.7mn tons year-on-year to 126.7mn tons for January-August 2017 (see chart). This puts volumes on track to smash 2016’s record 175.1mn tons (MEES, 10 March), which in turn accounted for fully two-thirds of the 263.6mn tons of...

Korea LNGImports: Volumes Leap 20% For Jan-Sep 2017 With Australia The Key Beneficiary

...*INCLUDES RE-IMPORTS. SOURCE: KOREA CUSTOMS SERVICE, MEES CALCULATIONS.   KOREA’S TOP FIVE LNG SUPPLIERS (MN TONS): QATAR STILL THE UNDISPUTED MARKET LEADER FOR JAN-SEP 2017 BUT AUSTRALIA CLOSING IN...

Mideast Drilling Stays Firm, Recovery Elsewhere Will Have To Wait

...illing at near-record levels in 2017, in stark contrast to the global trend of upstream underinvestment. The rig count for GCC countries was a collective 288 in September, just 17 off the all-time high of 305 set last October, and up 26% since the start of 2014 despite low oil prices and stretched bu...

Algeria: Prices Up, Volumes Down, Projects Delayed

...ole. Whilst this is only $1.6/B higher than the $51.4/B MEES factored in to its previous analysis (MEES, 25 August), the change is enough to slash the country’s expected 2017 trade deficit from $11bn to $8.6bn – and this despite MEES trimming 1bcm from its 2017 gas export forecast (see table). Of co...

Qatar Boosts Revenue

...gust’s $51.9/B, September ought to prove profitable for Qatar. MEES estimates that Qatar hydrocarbon revenues are on track to come in at around $54bn in 2017. This would be a 15% increase on last year, although still less than half of 2013’s $120bn. If the recent oil price gains are sustained over the re...

LNG Prices Edge Up, No Sign Of Hit To Qatar Revenues

...nsuming partners.” Korea has this year overtaken Japan as Qatar’s top customer: Japan took 12.12mn tons for 2016, versus 11.88mn t for Korea. For the first seven months of 2017 Korea took 7.12mn t versus 6.25mn t for Japan. Number three India took 10.64mn t for 2016 and 4.83mn t for the first half of 2017...

Indian Crude Imports ('000 B/D): Saudi Continues To Lose Market Share To Top Supplier Iraq

...*PERCENTAGE CHANGE EXPRESSED IN PERCENTAGE POINT TERMS. SOURCE: INDIA CUSTOMS, MEES.   INDIA’S TOP 3 CRUDE SUPPLIERS ('000 B/D): IRAQ HAS DECISIVELY OVERTAKEN SAUDI FOR TOP SPOT SINCE THE START OF 2017   WORLD’S TOP 5 CRUDE IMPORTERS: SAUDI VS IRAQ ALL EX...

Algeria On Track For $11bn Deficit Despite Gas Export Boost

...esent a positive picture, at least compared to the disaster years of 2015 and 2016, when the country notched up trade deficits of $17.0bn and $17.8bn respectively, the two highest figures on record (MEES, 20 January). The first half of 2017 saw a trade deficit of ‘only’ $4.85bn, less than half the H1 2016 fi...

Mauritania: 15 Tcf Tortue FLNG Targets 2021 Start Up

...ars. In addition to being the largest discovery of 2017 in creating a second LNG hub in the region, the Yakaar results further de-risk the key play elements of the basin… Subsequent wells in our drilling program [have] a similar geologic setting,” Mr Inglis says. But with “~75% of undrilled pr...

Iraq Eats Into Saudi Share Of Key Crude Markets; Stage Set For Tense Opec Meet

...d-2016 output before the Opec deal came into effect) have consistently fallen since. For June the same four buyers took just 3.68mn b/d of Saudi crude, the lowest volume since September 2015 (see charts). Looking at the collective shift between Q1 and June 2017 for the three key east Asian importers, th...

Qatar Looks To Expand Its Lng Options As Contract Renegotiations Loom

...dition, increased renewables power generation capacity combined with plans to restart Japan’s nuclear plants in the coming years points to falling gas demand from Japan’s power sector until 2022, according to the IEA in its recently published Gas Market 2017.  The agency expects the highest decrease in...

Suez Canal Revenues Show Signs Of Recovery In 2017

...Revenues from the Suez Canal rose to $2.49bn in the first half of 2017, the highest in two years, helping to boost Cairo’s coffers. The influence of more US crude and LNG going to Asia is becoming more apparent in the southbound data. Egypt’s economy spent much of 2016 on a respirator un...

Qatar Expansion Plans Shakes Up Race For 2020s LNG Market Dominance

...16 and 2022, according to the IEA’s latest five-year gas market report, ‘Gas 2017,’ released 13 July. With LNG production capacity already expected to exceed the IEA’s LNG demand projection of 460bcm by 2022, Qatar’s plans are expected to contribute to a raft of project deferrals or cancelations el...

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...

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....

Qatar Hydrocarbon Revenues Holding Firm in Q2 Despite Outages

...venues had soared in early 2017 thanks to the startup of the 146,000 b/d Ras Laffan 2 condensate splitter on 2 December (MEES, 2 June). But the impact of unscheduled maintenance on 146,000 b/d Ras Laffan 1 splitter in April is clearly shown by the latest data from Riyadh-based Jodi. However, the 15...

US Becomes A Player In Asian LNG Trade

...ound a month is factored in: US volumes arriving in China for December 2016 through April 2017, at 539,000 tons, equate to the November-March volumes in the US stats. Similar comparisons also hold for Japan and South Korea (see chart). US GAS & LNG EXPORTS HIT RECORD VOLUMES IN Q1 *1 TON LN...