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Saudi Arabia: How Long Will Its Buffers Last If Oil Prices Stay Low?
...at comes at the expense of oil prices – the policy which won out at OPEC’s November meeting (MEES, 28 November 2014). In this context, Saudi Arabia’s high reliance on petroleum for export earnings and budget revenues has brought the sustainability of its external and fiscal positions under the sp...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 26-Feb 16-20 Feb 9-13 Feb Jan-15 Dec-14 Q4 2014 Q3 2014 2014...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Iraq Considers Production-Sharing For New Acreage
...at the state cannot take on at this time. Foreign investors need incentives to enter into exploration contracts that offer higher rewards, he says. Iraq, which according to BP’s 2014 Statistical Review of Energy has the world’s fifth largest oil reserves –some 150bn barrels – has since the fall of...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
KRG Slams Agreement With ‘Bankrupt’ Iraq
...d the Bai Hasan field, within what is disputed territory. Mr Barzani says the Iraqi side had told him they could spare $300mn at the present time, which he said was half of the amount agreed. The collapse in oil prices since June 2014 and the additional cost of the battle against Islamic St...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
Algeria: Mixed Shale Signals Highlight Deeper Economic, Political Disarray
...licy reversal came in response to public protests which started in In Salah province, site of the shale drilling program, in December 2014 before spreading to other cities in the Sahara and in the north, including Algiers, Oran and Bejaia. ENVIRONMENTAL RISKS? Campaigners are calling for a mo...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
ENI Sanguine On Libya
...LIBYA Claudio Descalzi, CEO of Italy’s Eni says the company’s Libya output has not been affected by the massive and growing instability affecting the country. Speaking on an 18 February conference call marking the company’s 2014 results he said that though “the environment [in Libya] is...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
Cash Crunch Suffocates Iran’s Oil Sector
...salaries to its staff. The front month Brent crude contract fell to $47/B in mid-January, from a 2014 peak of $115/B in mid-June, though this has since rebounded by more than $10/B to just shy of $60/B, as MEES went to press. MINISTRY REVENUES SLASHED “When the oil price was at $100/B and we...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
New Marine Bunker Rules To ‘Significantly Lighten The Demand Barrel’-IEA
...dergo a step change, rising to 31.5mn b/d by 2020, up 2.4mn b/d from 2019 and 4.5mn b/d above 2014 levels.” With fuel oil bunker demand falling by 2.2mn b/d, total fuel oil demand will fall to 5.3mn b/d in 2020. By this time the shipping industry’s share of total residual fuel oil demand is projected to...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
Oman Ramps Up Scope Of Sohar Plans
...ile the expansion, due for completion in 2016, will provide additional clean fuels for local consumption, the new units will also feed existing aromatics and polypropylene units alongside the refinery, reducing the need for imports (MEES, 6 June 2014). The expanded refinery will provide 36,000 b/d of...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
Turkey Plans To Double Renewables Capacity By 2023
...omoting clean coal technology. However, Turkey currently has 12.5GW of coal-fired capacity and is developing a 510MW coal-fired plant at Soma. Ankara also has two preliminary agreements for a further 8.32GW of coal-fired capacity (MEES, 19 December 2014). TURKISH POWER GENERATION OUTLOOK BY TE...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
BP Predicts OPEC’s Second Coming
...rket commentaries over the past 12 to 18 months, have regularly warned that non-OPEC producers were on course to keep chipping away at OPEC’s market share. The oil major sees OPEC’s market share recovering to 40% by 2035 – from around 33% in 2014, according to latest IEA data – following a slump ov...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
Gulf States Consider Yemen Options As Houthis Consolidate
...the Asian and US markets. OIL SUPPLY DISRUPTIONS The decline in Yemen’s oil production has contributed to supply disruptions estimated by UK oil major BP in its latest medium-term outlook at 3mn b/d in 2014. BP notes that Libyan production had fluctuated throughout the year, while civil wa...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
Egypt Eyes Listing State Firms, Seeks Outside Investment
...ptember 2014). Echem is currently building 460,000 t/y ethylene, 400,000 t/y polyethylene and 300,000 t/y styrene plants at Alexandria and a 1.35mn t/y polyolefins complex at Ain Sukhna. ...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
Oman: Musandam IPP Bids Sought
...velop 90MW of renewables capacity by 2020. Raeco recently awarded UAE renewables firm Masdar a contract to build Oman’s first wind farm. This will comprise around 20 wind turbines with 50MW capacity to be built at Harweel in the southernmost Dhofar governorate for start-up in 2017 (MEES, 17 October 2014...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
Kuwait Parliament Ratifies $116Bn Development Plan
...wait’s chronically poor project implementation means that only three months from the end of the period covered by the previous plan (for 2010-11 to 2014-15) a mere 41% of the budgeted $110bn has been spent. The latest plan is part of Kuwait’s long-term vision of becoming a regional trade and fi...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
Taiwan Crude Imports, 2014: Saudi, Kuwait Keep Top Spots But Opec Share Lowest In 10 Years
... 2014 vs 20...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
Benchmark Crude Prices ($/B)
...OIL PRICES 19-Feb 9-13 Feb 2-6 Feb Jan-15 Dec-14 Q4 2014 Q3 2014 2014 20...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
Baghdad, Erbil Face IOC Revolt As Cash-Crunch Stalls Payments
...sources and severe budgetary pressure to maximize production,” it says. Since the Jihadists swept through northern Iraq in June 2014 and the start of the price plunge, Iraqi output has shown impressive growth, the IEA says. Iraq’s oil output, including production from the KRG, surged to a 34-year high of...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Libya Peace Talks Begin But Economy Slides Towards Ruin
...llen to $100bn in August 2014, 20% lower than at the beginning of the year, according to the World Bank. The fall in oil prices is accelerating the erosion of these reserves. The country is now running a budget deficit of $3bn a month, according to the analyst. At that rate, foreign currency reserves wo...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Egypt: Apache Hopes Major Finds Will Stem Falling Output
...EGYPT Egypt: Apache Hopes Major Finds Will Stem Falling Output Apache, Egypt’s largest oil producer, says output will fall this year, but hopes major recent finds mean better times ahead. Egypt’s 2014 gas output was the lowest since 2005. US-firm Apache forecasts that the firm’s gr...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015