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Egypt: New Central Bank Chief Faces Foreign Currency Crisis
...change shortages (MEES, 16 October). Egypt is currently suffering from an acute shortage of foreign currency reserves, which have fallen to $16.3bn at the end of September, down from $36bn at the beginning of the Egyptian revolution in January 2011 (see graph). After managing to hold the official va...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
China Crude Imports 3q15 (‘000 B/D)
...14 2013 2012 2011 MIDDLE EAST 3,462 3,137 3,479 3,358 -50 -1 3,...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Zueitina Restart Small Sign Of Hope For Libya’s Oil Prospects
...e terminal also provides a route to market for crude from the Nafoora field in the Sirte basin, operated by Libyan state firm Agoco in partnership with the Zueitina consortium. The field, which was producing about 60,000 b/d prior to the outbreak of conflict in 2011, has usually exported via the Ras La...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
Morocco’s LNG Plans Pose More Questions Than Answers
...nvention signed with Sonatrach in 2011, Morocco will become the full owner of its section of the GME pipeline in 2021, which is hoped will give it leverage when renegotiating the contract with the Algerian supplier. “We want to diversify our sources,” Mr Gamah says, adding that future LNG supplies, and an on...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
Iraq Progresses With Giant Gas-Fired Plant, But Where’s The Fuel?
...ptember). IRAQ CRUDE BURN TOPS 220,000 B/D AS GAS INFRASTRUCTURE FAILS TO KEEP PACE WITH POWER DEMAND IRAQ GAS PRODUCTION (MN CFD) 2009 2010 2011 2012 20...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
Egypt: Desperately Seeking Finance
...serves. These reserves, which stood at some $36bn before the 2011 revolution, have fallen to $16.3bn at the end of September, down $1.8bn from the previous month. Egypt needs $10bn for both 2016 and 2017 to meet its “financing needs”, according to IMF regional director Masood Ahmed. He says that th...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
Suez Canal Traffic (‘000t)
...13 2012 2011 2010 Petroleum (Crude & Products) 10,541 9,448 8,427 63,079 -6286 -9 +54...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
South Korean Crude Oil & Condensate Imports, ‘000 B/D
...14 2013 2012 2011 2010 Sep-15 Aug-15 Jul-15 MIDDLE EAST 2,229 -51 +10...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
OPEC Production Slips In September Despite Iraqi, Gulf Increments
...iling, in place since December 2011. Production from the group’s top producer Saudi Arabia stayed high at 10.24mn b/d in September, though this was down from 10.31mn b/d in August, as domestic demand continues to weaken from its summer peak. Saudi output has fallen month-on-month since June, when it hi...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
IMF: Reforms Key If Iran To Benefit From Nuclear Deal
...pital could result in upward pressure on the real exchange rate, Mr Cerisola says. Iranian crude oil production is holding at around 2.9mn b/d, down from around 3.6mn b/d in 2011, before US and EU sanctions on the sale of its oil were introduced. But, the IMF warns that “risks to the outlook are si...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
Iran: The Subsidies Dilemma
...rty wanted the other to be identified with the action. Sizable declines in annual receipt from oil exports – from $118bn in 2011 to an estimated $24bn in 2015 – due to drastic declines in oil export volumes (from 2.5mn b/d to 1mn b/d) and oil prices falling (from $108/B to less than $40/B) – ha...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
Egypt Awards Four Offshore Gas Blocks Following August 30tcf Discovery
...ypt, accounting for roughly one third of Egypt’s 4.24bn cfd of gas output. But output has been on the decline, falling to just 1.53mn cfd last year, with output from the BP/Eni fields down by a total of 524mn cfd since 2011. Of the four producing Eni/BP offshore Nile Delta concessions, only North Po...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
Libya: Peace Elusive After A Year Of UN Talks
...unch military offensives to coincide with UN peace talks. There are similarly militant groups within Libya Dawn that (as at almost any point since 2011) see little incentive to lay down their arms. OIL SECTOR STILL STRUGGLING Politically too, engagement with UN plans for a national unity go...
Volume: 58Issue: 40Published at Fri, 02 Oct 2015 -
LNG Shipping Business Sailing Choppy Waters
...ant Prelude floating project. Ship orders rose significantly in the aftermath of the 2011 Great East Japan Earthquake and Fukushima nuclear accident – only 22 ships (excluding small-scale ships) were on order at the start of 2011. With Japan’s increased need for LNG to fill the gap in power ge...
Volume: 58Issue: 40Published at Fri, 02 Oct 2015 -
Despite Record Gasoline Imports, Egypt’s Retail Pumps Run Dry
...14 2014 2013 2012 2011 CRUDE OIL: Production* 692 +4 688 676 68...
Volume: 58Issue: 40Published at Fri, 02 Oct 2015 -
Egypt Official Crude & Oil Products Output & Demand (‘000 B/D)
...2Q14 1Q15 4Q14 3Q14 2Q14 2014 2013 2012 2011 CRUDE OIL: Production* 69...
Volume: 58Issue: 40Published at Fri, 02 Oct 2015 -
Oil Exporters To Feel Impact Of Lower Prices For Years To Come: Imf
...gher productivity growth.” The unpredictable and volatile nature of commodity prices has been well documented. And the last 15 years has been no exception: The first 10 years of the 2000s saw a gradual increase in commodity prices from record lows in the mid-1990s to record highs by 2011, only to fa...
Volume: 58Issue: 40Published at Fri, 02 Oct 2015 -
Iran, Oman Sign Gas Export Pipeline Contracts, Eye 2018 Start-Up
...owing to Oman by 2018 at the latest, Mr Zanganeh said. But that will be wholly contingent on Muscat and Tehran’s ability to successfully navigate the often muddy waters of price negotiations. The two countries came agonizingly close to signing a gas supply deal in 2011, only for talks to break down at...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
Urgency Of Peace In South Sudan Undermined By Persistent Divisions
...vernment is due to a combination of factors. In recent months, Juba has fallen behind with payments of $24.1/B due to Sudan in return for the use of its oil export infrastructure and in compensation for the loss of Sudanese oil resources, when South Sudan became independent in July 2011. In an effort to...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
Middle East LNG Demand Impetus Takes Market By Surprise
...ay small compared with the global balance, but the niche markets in the Middle East and are absorbing the amount of incremental LNG going to Europe, which usually acts as a balancing market. Middle East imports – led by Kuwait and Dubai (and Israel to some extent) – grew from 1mn tons in 2011 to 1....
Volume: 58Issue: 39Published at Fri, 25 Sep 2015