- Sort by:
- Score
- Published ▼
-
Can Iraq’s New Government Weather The Economic Storm?
...l price, Iraq will burn through its fiscal buffers and we will see more social unrest.” “The biggest threat right now, and the one that can derail everything a whole lot faster, is denial,” Mr Tabaqchali says. “They are talking like this is 2014-2016 again and the difficult times will pass. So my...
Volume: 63Issue: 19Published at Fri, 08 May 2020 -
Qatar Slumps Into Recession
...git growth up until 2014, it too has seen its performance decline in recent years, dropping to just 1.3% growth last year. Like its neighboring petrodollar economies, Qatar has been struggling to diversify, despite having its own National Vision 2030. Although the share of oil and gas in the ec...
Volume: 63Issue: 19Published at Fri, 08 May 2020 -
Neutral Zone Crude Output Ramps Up
...ich restarted in February after having been shut-in since 2014 (MEES, 28 February). The first exports of Khafji crude oil (28.5°API, 2.85% sulfur) were then made in early April (MEES, 10 April). Some 1mn barrels was delivered to China’s Shuidong, while another 1mn barrels was offloaded to another ve...
Volume: 63Issue: 18Published at Fri, 01 May 2020 -
Algeria: Exports Down, Revenue Down, Outlook Dire
...tober 2014’s 171mn cfd. Volumes have bounced back slightly so far in April but at 572mn cfd are still the second lowest in the past five years (barring March). Algeria could regain some demand from both Italy and Spain later in the year when its oil-linked piped gas prices begin to fall with lower oi...
Volume: 63Issue: 18Published at Fri, 01 May 2020 -
Services Firms Eye Mena Resilience Amid US Shale Collapse: Is This Realistic?
...venue resilience? They are evidently hoping for a repeat of the previous 2015-16 capex downturn (after oil prices collapsed in late 2014) when Mideast NOCs kept spending counter-cyclically whilst IOCs, in particular those focused on US shale, slashed their outlay (MEES, 29 April 2016). Indeed, lower co...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Israel Orders Noble & Delek To Play Fair
...osshairs. In 2014 Noble and Delek were ruled to be operating as a cartel in Israel. An eventual compromise deal saw them forced to sell Karish and Tanin to Energean (MEES, 19 August 2018), whilst Delek must quit Tamar by the end of next year. It has a direct 22% and also a 23% stake in Tamar Petroleum, a sp...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Libya’s Financial Vulnerabilities Laid Bare By Dwindling Oil Revenue
...consultation with Libya’s internationally recognised Government of National Accord (GNA) based in the capital. STATE FAILURE Such is the level of state failure in Libya, that since a political crisis in 2014 it has had two rival governments, two central banks and two national oi...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Saudi Arabia Announces Borrowing, Reserves Draw-down Plan
...is was followed up by an $81bn drop in 2016 and a $39bn drop in 2017 as reserves fell from $732bn at the end of 2014 to $496bn at the end of 2017. Foreign reserves have since stabilized, but not significantly grown, exiting 2019 at $500bn, and declining slightly in early 2020. If Saudi Arabia fo...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Low-Cost Middle East Reserves Aid IOCs In Price Slump
...wn since the previous oil price slump began in 2014. Production costs for all six peaked in 2014, with the exception of BP, where the peak was slightly earlier in 2013. BP and Total have had the most success in bringing down per barrel costs, which last year were nearly 50% lower than their peak. Ch...
Volume: 63Issue: 16Published at Fri, 17 Apr 2020 -
Korea LNG Imports: Strong Q1 But Downturn Coming?
...ar. *For Q1 as a whole, imports of 12.49mn tons are the third highest quarterly figure on record behind Q1 in 2018 and 2014. But, though overall volumes were up 20% year-on-year, Qatar continues to see its market share slump. Qatar Q1 supplies at 2.78mn tons were down 23% year on year, with Qatar’s 22...
Volume: 63Issue: 16Published at Fri, 17 Apr 2020 -
Neutral Zone Restart: 2mn Barrels Exported
...e currently en-route to Asia for the first time since 2014. Production from the PNZ is shared 50:50 by Kuwait and Saudi Arabia, but the offshore Khafji field was shut-in in October 2014 (MEES, 24 October 2014) due to grievances over shared management. Output from the onshore portion (Wafra) was th...
Volume: 63Issue: 15Published at Fri, 10 Apr 2020 -
Egypt Halts LNG Exports As Eni & Shell Bear The Brunt Of Gas Surplus
.../B.” In normal terms, Egypt’s gas renaissance has been a great success story. From a sizable gas deficit for 2014-17, new output led by Eni’s giant Zohr, which came online in December 2017, has meant that since late 2018 the country has had a gas surplus (MEES, 17 May 2019), with exports hitting an ei...
Volume: 63Issue: 15Published at Fri, 10 Apr 2020 -
Algeria: Southwest Pipeline Progress, But Field Development Lags
...th the IOCs. Similarly, Norway’s Equinor (then Statoil) in 2014 walked away from the Hassi Mouina license containing the Hassi Tidjerane and Tinerkouk fields: development was “not… commercial” (MEES, 29 May 2015). The 4bcm/y Ahnet tight gas project, though geographically distant, was also at one st...
Volume: 63Issue: 15Published at Fri, 10 Apr 2020 -
Mena Drilling: GCC Records, North Africa Slump
...rth $18bn for the expansion of capacity at the Marjan and Berri offshore fields required merely to stand still (MEES, 12 July 2019). The last six years (2014 to 2019) saw the six highest Saudi annual rig count figures on record (MEES, 17 January), whilst at 114 for February and March the rig count re...
Volume: 63Issue: 15Published at Fri, 10 Apr 2020 -
Syria Emerges As Iran’s Top Crude ‘Customer’
...e embattled Assad government lost key northeastern fields to Kurdish-led forces and key Euphrates fields (once Shell and Total-operated) to various rebel groups, sending oil output to 28,000 b/d in 2013 and 9,000 b/d in 2014, where it remained for four years. Damascus subsequently developed a sh...
Volume: 63Issue: 15Published at Fri, 10 Apr 2020 -
Dana Gas: Egypt Sale Delayed, Looks To Ringfence Iran Deal
...tigation from Dana since breaking down seemingly irrevocably in 2005 (MEES, 15 August 2014). Dana, which typically devotes a sizable chunk of its reports to its various ongoing litigations – of which the long-running Iran saga is perhaps the most impenetrable – is evidently trying to simplify things. ...
Volume: 63Issue: 15Published at Fri, 10 Apr 2020 -
Iraq Asks IOCs To Slash Spending As Export Revenues Halve
...sra Oil Company official told Reuters. In the short term, this will limit the dues Baghdad owes to Iraq’s foreign operators. But, as happened after the 2014 oil crash, it will also significantly hinder much-needed oil and gas investment. Especially if as in late-2014 and early-2015, the government st...
Volume: 63Issue: 14Published at Fri, 03 Apr 2020 -
Firms In The KRG: How Low Can They Go?
...cluding Total, Exxon and Chevron, as well as Rosneft and Gazprom – work in Iraqi Kurdistan, the biggest producers (Kurdish firm Kar aside) are a collection of small-to-medium sized foreign independents whose fates are largely tied to revenues derived from Kurdish oil. And for that reason, the 2014-17 in...
Volume: 63Issue: 14Published at Fri, 03 Apr 2020 -
Egypt Cuts Oil Import Bill As Refineries Up The Pace
...ypt, it is fuel oil demand that has fallen the furthest: from a peak of 196,000 b/d in 2014 and 2015, when the country’s gas shortage was at its most severe, to just 76,000 b/d for 2019, by far the lowest figure in Jodi data stretching back to 2002 (see chart 2). Overall, the near 160,000 b/d fall in...
Volume: 63Issue: 14Published at Fri, 03 Apr 2020 -
Saudi Economy: Modest Diversification Efforts Face Bleak Outlook
...ckage aimed primarily at protecting small and medium sized enterprises (SMEs), but implementing this alongside budget cuts will be a delicate balancing act. As of end-February Riyadh also had $497bn foreign reserves to turn to. This is almost $250bn below their August 2014 peak and reserves look set to so...
Volume: 63Issue: 14Published at Fri, 03 Apr 2020