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Kurdistan Oil At Center Of Iraq Budget Disputes
...tlines a mechanism for KRG debt repayment by the federal government whereby Erbil is expected to share data on its external debts and loans accumulated in 2014-2019 with the Ministry of Finance 30 days upon approving the budget by parliament. Ninety days later, a joint committee that includes Iraq’s state au...
Volume: 64Issue: 03Published at Fri, 22 Jan 2021 -
Algeria Sees $10.6bn 2020 Trade Deficit With Revenues At 18-Year Low
...aded south in late 2014 (see chart 1). Other oil exporters were forced to adopt emergency measures when the Covid-19 pandemic saw prices and demand collapse in March last year. But Algeria has never come close to exiting crisis mode since 2014. Even then, on the back of three years of blowout sp...
Volume: 64Issue: 03Published at Fri, 22 Jan 2021 -
Iraq Awards New Refinery At Nasiriya - ref
...stribution and marketing sectors are wholly state-owned and end-user prices are heavily subsidized. Investors are therefore only attracted to refining projects targeting export markets. Iraq’s oil ministry has however made some progress in restoring norther refining capacity taken out by Islamic State in 2014...
Volume: 64Issue: 03Published at Fri, 22 Jan 2021 -
Saudi Crude Exports To Take Fresh Hit Amid Voluntary Cuts
...fining runs at the height of lockdown. Jodi data up to October shows Saudi refining runs averaging 2.14mn b/d over the first ten months of the year, putting throughputs on course for their lowest year since 2014. Nevertheless, refining runs had recovered to pre-Covid levels by the end of 2020 and so th...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
The US Oil Rig Count’s 2020 Rollercoaster Ride
...FROM 670 AT THE START OF 2020 THE US RIG COUNT SLUMPED TO 172 BY MID AUGUST BUT HAS SINCE ADDED 103 RIGS, 60% OF THESE IN THE PERMIAN... ...DESPITE THIS, THE US END-YEAR OIL RIG COUNT FOR 2020 WAS THE LOWEST IN 14 YEARS AND LESS THAN A FIFTH OF THE 2014 PEAK SOURCE: BA...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
Opec Keeps Demand Forecast Stable Amid Cloudy Outlook
...ventories in OECD countries. Saudi Energy Minister Prince Abdulaziz bin Salman announced after last week’s Opec+ ministerial meeting that inventories will be judged against the 2014-2019 five-year average, rather than 2015-2020 so as to not be affected by last year’s bloating of global stocks. The la...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
Korea, Taiwan 2020 Crude Imports: Volumes Down, Mideast Down Further
...port volumes in the more recent monthly data. The last three quarters of 2020 were the three lowest quarterly figures since 2014, with Q4 2020 at 2.54mn b/d the lowest of the lot. 1: KOREA CRUDE IMPORTS ('000 B/D): OVERALL VOLUMES SLUMP BUT MIDEAST DOWN MUCH FURTHER.... 2: ...TO...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
Yemen: 2020 Oil Exports Up, But Conflict Remains
...nflict. OIL EXPORTS RISE Given the dire situation, the slow but steady progress of the country’s oil sector remains an anomaly. Current production and exports remain at just a fraction of pre-2011 days when production averaged 300,000-400,000 b/d, and even short of the 127,000 b/d produced in 2014...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
Iraq Baiji Refinery Sees Restart Of Second CDU
...,000 b/d Salahuddin-2 unit at the Baiji refining complex in northern Iraq, boosting the country’s effective refining capacity by around 10%. The once-310,000 b/d Baiji complex – also called al-Samoud – was completely destroyed in 2014 by Islamic State militants leading to a sizeable drop in the co...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
Exxon’s Star Shines Brightest Among Egypt’s Slew Of Mediterranean Awards
...ild-up immediately lying below the Messinian Salt.” BETTER TERMS One reason Shell’s earlier modest discoveries were deemed uneconomic was that at the time Cairo was only willing to pay a fixed $2.65/mn BTU for domestic output. By 2014, and with investment from IOCs drying up, Eg...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Saudi Surprises Market With 1mn B/D Production Cut
...tput to barely 3mn b/d in the 1980s while other producers simply filled the void. As then-oil minister Ali Naimi told MEES in 2014 as Saudi Arabia was withstanding pressure to cut unless Russia participated, “If I reduce, what happens to my market share? The price will go up and the Russians, the Br...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Oman Fiscal Dilemma Shows No Signs Of Abating In 2021
...art 1). On paper, this amounts to around 75% of GDP – not particularly bad – but given years of low growth and perennial budget deficits since the 2014 oil price crash, the concern is that it will continue to grow to unmanageable levels. Oman’s economic outlook is growing increasingly grim, and an im...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Kuwait’s Economy: Major Surgery Needed
...ntral to Kuwait’s travails is a dependence on oil revenues that is high even by regional standards. Oil revenues account for nearly 90% of government revenues, and Kuwait has failed to increase non-oil revenues even since oil prices dropped in 2014. The amended 2020-21 budget (year ending 31 March 2021) en...
Volume: 63Issue: 52Published at Thu, 24 Dec 2020 -
India Crude Imports: Long Covid
...r the first 11 months of 2020 as a whole crude imports averaged 3.81mn b/d, down 13.6% year-on-year, and the lowest figure since 2014. *The latest official data for November shows India’s top suppliers continuing to turn in lacklustre performances. Number one Iraq with 821,000 b/d and nu...
Volume: 63Issue: 52Published at Thu, 24 Dec 2020 -
Libya Devalues Currency
...18 in a bid to narrow the gap, effectively creating a third rate (MEES, 29 March 2019). Reflecting Libya’s political division, the CBL’s eastern and western branches have operated independently since October 2014. The board’s meeting comes on the back of a recent UN-led peace effort aimed at en...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Jordan Gas Boost
...d ‘well-49’ brought online last December (MEES, 29 December 2019). Results from three other exploration wells are expected soon – but given the relatively small size of the field, which BP abandoned in 2014 (MEES, 24 January 2014), the country’s growing renewables sector remains its best hope of ac...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Saudi Arabia Moves Towards 50:50 Oil, Non-Oil Revenue Split
...so drawing down heavily on its reserves at the central bank (SAMA). Having peaked at $354bn in 2014, these dropped to just $125bn in 2019 and are projected to fall to just $92bn by the end of this year (see chart 3). That implies a substantial Q4 drawdown given that the latest SAMA statistics show go...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Saudi Crude Burn Tumbles In October
...cord 10.7bn cfd on 6 August 2020 (MEES, 6 November). When it comes to crude burn in particular, Saudi levels have remained well below record highs. While they did soar well above recent levels over summer, at 702,000 b/d in August the annual peak remained well below 2014-15 levels (see ch...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Iraq’s Northern Oil Infrastructure Under Attack From Islamic State
...ll as their proximity to major assets. The small topping plant at Sainia lies just a few kilometers from the Baiji refining complex, which before its total destruction in 2014, was Iraq’s biggest producing 310,000 b/d. Rebuilding Baiji – which previously consisted of two 70,000 b/d crude distillation un...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Opec, IEA Counter Market Euphoria With Demand Downgrades
...e price decline that started in 2014.” The authors assume a further 20% reduction in investment in 2021 and warn that “industry investment will have to rise over the next three years by at least 25% yearly from 2020 levels to stave off a crisis.” OPEC PRODUCTION BEGINS THE JOURNEY BACK FROM ITS CO...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020