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Pressure Mounts For Deeper Cuts As IEA, Opec Warn Of Demand Concerns
...owth rate since 2011. Opec is pushing for the wider Opec+ alliance to extend the existing production cuts beyond their current end-March expiry to end-2020. It is also advising that Opec+ deepen those cuts by 600,000 b/d in Q2. The IEA’s latest figures certainly strengthen the position of those ca...
Volume: 63Issue: 07Published at Fri, 14 Feb 2020 -
Global LNG: Asian Demand In The Balance As Prices Fall To Record Low
...12-14 in the aftermath of the 2011 Fukushima nuclear disaster. The default presumption of most forecasters has been that this trend will continue (MEES, 10 January). That said, the prospect of depressed LNG prices for years to come – and the prospect that sellers such as Qatar may be prepared to agree to...
Volume: 63Issue: 07Published at Fri, 14 Feb 2020 -
Oil Blockades Take Their Toll On Libya
...on fall to zero. And for now, the key instigator of the crisis, eastern general Khalifa Haftar, looks unlikely to give in. Libya is deeply divided. It has two rival governments, two central banks and two national oil companies. The chaos following the 2011 overthrow of Muammar Gaddafi has de...
Volume: 63Issue: 07Published at Fri, 14 Feb 2020 -
Total’s Upstream Operations Enjoy Strong 2019
...conventional concession, and Adnoc says “the first gas from unconventional [reserves] in Abu Dhabi, [will enter] into the market in mid-2020.” While initial volumes will be modest, Adnoc targets 1bn cfd by 2030 (MEES, 15 November 2011). MENA LIQUIDS OUTPUT HAD RECORD 2019 BUT OVERTAKEN BY AFRICA AS #1 TO...
Volume: 63Issue: 06Published at Fri, 07 Feb 2020 -
Thailand Crude Imports Slump, Mideast Share Down
...*Thailand’s crude imports slumped to 938,000 b/d in 2019, down 16% (183,000 b/d) from 2018’s record 1.12mn b/d and the lowest since 2011 (see table & chart). *The country’s oil output and demand are steady at around 500,000 b/d (half crude, half NGLs) and 1.5mn b/d respectively. The sl...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
Saudi Net Foreign Assets Stabilize At $500bn In 2019 But Government Reserves Fall To New Multi-Year Low Of $125bn
...RESERVES FIGURES ARE END-YEAR, OIL PRICE ANNUAL AVERAGE. *GOVERNMENT RESERVES FIGURES PRE-2012 ARE NOT DIRECTLY COMPARABLE DUE TO CHANGES IN METHODOLOGY. HOWEVER UNDER THE OLD METHODOLOGY 2011 WAS LEVEL WITH 2012. SOURCE: SAMA, MEES. ...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
Saudi PIF Eyes Premier League
...wcastle United for around £350mn ($454mn). Riyadh would be following in the footsteps of Qatar’s state Sports Investment which bought French football club Paris Saint-Germain in 2011 and the UAE’s Sheikh Mansour bin Zayed Al Nahyan who acquired Manchester City in 2008. PIF wouldn’t even be the first Sa...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
Egypt Squeezes More Out Of Its Refining Fleet
...uge for 2019 as a whole, most products’ output grew year-on-year. However, jet-kero is the only product to reach a new record high, averaging 58,000 b/d. Analysis of the latest Jodi monthly data shows diesel at 149,000 b/d in 11M19, short of the record 163,000 b/d in 2011, while gasoline’s rally to 86...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
Jordan Budgets For Big 2020 Spend
...ectricity is heavily subsidized, Nepco amassed $1bn+ annual deficits from 2011-2014 when high oil prices combined with a shift to costly oil products as Egyptian gas imports dried up (MEES, 31 May 2019). The situation has since improved, but the debts remain. Lucky for Amman, the recent start up of gas im...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
Oman At The Crossroads As New Sultan Takes The Reins
...at increasingly threaten the country’s outlook. Problems started during the 2011 ‘Arab Spring’ when protests rocked Oman, resulting in two deaths amid a security clampdown (MEES, 7 March 2011). Muscat responded by ratcheting up government spending 26% to OR13.48bn ($35.2bn) in 2012, with spending gr...
Volume: 63Issue: 03Published at Fri, 17 Jan 2020 -
Korea LNG Imports: Australia Threatens Qatar For Top Spot
...6mn t as a result. In Q4 2019 Australia with 2.12mn tons only just failed to pip Qatar (2.22mn tons) for top spot. Australia supplied a record 1.26mn tons (17 cargoes) in December, two more than Qatar. The last time a country other than Qatar was top on a quarterly basis was Indonesia back in 2011; on an...
Volume: 63Issue: 03Published at Fri, 17 Jan 2020 -
Tunisia’s Pending Economic Transformation
...t, Tunisia will head to the polls once again with no guarantee of a decisive result. Many Tunisians have lost hope in the current political system. The 2011 Jasmine Revolution successfully brought about a measure of democracy, but has so far failed to deliver economic prosperity. In fact, plenty of...
Volume: 63Issue: 03Published at Fri, 17 Jan 2020 -
Opec Responds To Turbulent Start To 2020
...s, Opec exited 2019 with average production of 29.38mn b/d in December. This represented a massive 2.40mn b/d year-on-year decline. Over 2019 as a whole Opec production averaged 29.86mn b/d, down 2.18mn b/d on the 2018 average of 32.03mn b/d and the first time since 2011 that production has av...
Volume: 63Issue: 02Published at Fri, 10 Jan 2020 -
Taiwan Makes Slow Progress In Cutting Gulf Crude Dependence
...nce 2011 whilst the 72.3% 4Q19 Gulf share was the lowest since 2010 and December’s 68.2% the lowest monthly figure since 2011. A TALE OF TWO REFINERS Taiwan’s 1.14mn b/d of crude distillation capacity is split between two refiners. And the two have markedly differing records in diversifying su...
Volume: 63Issue: 02Published at Fri, 10 Jan 2020 -
Global LNG: China Challenges Japan As Top Importer
...ough here price will be a key factor. *As for Japanese LNG demand, the key variable has been the status of the country’s nuclear power fleet. Japan’s LNG imports peaked at 87-88mn t/y in 2012-14 in the wake of the 2011 Fukushima nuclear disaster which led to all of the country’s then-op...
Volume: 63Issue: 02Published at Fri, 10 Jan 2020 -
Israel Accelerates Coal To Gas Shift
...e in electricity production, with coal supplying 30% of the country’s electricity needs in 2018, from 59% in 2011, whilst gas has risen from 35% to 65% over the same period. Prior to Leviathan coming online the country’s gas needs were met by the 11tcf Tamar gas field which produces at around 1bn cf...
Volume: 63Issue: 02Published at Fri, 10 Jan 2020 -
Libya: Output At Seven-Year High; Can It Last?
...solved two long-running contractual disputes with industry heavyweights Total and Wintershall Dea. Both firms committed to fresh exploration and development projects (MEES, 13 December 2019), something of a rarity for Libya since 2011. Success for Libya will depend on how much of a return IOCs and co...
Volume: 63Issue: 01Published at Fri, 03 Jan 2020 -
Egypt Bags Major Investment In Frontier Areas
...stern neighbor Libya (see p5). The other seven blocks garnered no bids. These include Block 2, the northernmost of the coastal blocks on offer and the only one to have seen significant past exploration – US firm Hess drilled a duster in 2011. All bidders were given access to 2D seismic shot across th...
Volume: 63Issue: 01Published at Fri, 03 Jan 2020 -
Lebanon Creeps Toward Economic & Political Abyss
...ttle to help the low growth climate, which in fairness was partly due to the war in neighboring Syria. A whopping 77% of government spending since 2011 has gone toward three items (see chart 2): government salaries (33%), payments on the interest of the government’s now $91bn debt (32%), and su...
Volume: 62Issue: 51-52Published at Fri, 20 Dec 2019 -
Jordan Bags Key US, EU Aid
...e p6). Jordan benefited from two previous MFA programs worth €380mn which began in 2011. But for lending to really have an impact, Jordan will need to focus on capital spending rather than salaries. Nine-month 2019 figures suggest Jordan is heading in the wrong direction, with its investment sp...
Volume: 62Issue: 51-52Published at Fri, 20 Dec 2019