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Opec’s Funky Baseline Aims To Maximize Claimed Cuts
...uld be the lowest combined annual production figure for this grouping since 2011’s 22.88mn b/d. Looking in closer detail at Opec’s four largest Gulf producers (excluding sanctions-hit Iran), combined output this year and next will be at its lowest level since 2013 (see chart). OPEC OUPUT: WH...
Volume: 63Issue: 16Published at Fri, 17 Apr 2020 -
Korea LNG Imports: Strong Q1 But Downturn Coming?
....3% market share the second lowest quarterly figure since it moved clear of Indonesia as top supplier in 2011. *Whilst Indonesia is no longer a threat, Australia is. Australia overtook Qatar on a quarterly basis for the first time in Q4 2019 (MEES, 17 January). Qatar did edge back ahead of Au...
Volume: 63Issue: 16Published at Fri, 17 Apr 2020 -
Neutral Zone Restart: 2mn Barrels Exported
...nopec has a 400,000 b/d refinery. Sinopec also has substantial crude storage facilities at Maoming, having completed a 12mn barrel facility there in 2011. After Dar Salwa had left, the Monte Toledo Suezmax tanker then loaded another 1mn barrel cargo of Khafji crude and departed on 8 April. Monte To...
Volume: 63Issue: 15Published at Fri, 10 Apr 2020 -
Saudi Arabia Extracts Huge Cut Commitment From Russia
...its lowest level since 2015, the UAE would be the lowest since 2013, Saudi Arabia since 2011 and Kuwait would be producing at its lowest level since 2010. GULF GIANTS SHOWCASE STRENGTH If there is a clear winner from the planned agreement, it is Saudi Arabia. While the bulk of th...
Volume: 63Issue: 15Published at Fri, 10 Apr 2020 -
Syria Emerges As Iran’s Top Crude ‘Customer’
...TTER OF SURVIVAL Iran’s Syria crude trade was never supposed to be about economics – rather it was about keeping key ally President Bashar al-Assad in power. And for Mr Assad, the Iranian credit line to import free crude was a matter of survival. Prior to the outbreak of war in 2011, Sy...
Volume: 63Issue: 15Published at Fri, 10 Apr 2020 -
Egypt Looks To Cut Deficit Amid Uncertainty
...me 80% of tourists have cancelled their planned holidays to Egypt this year. Tourism contributes around 12% of Egypt’s GDP and last year posted a record $13.03bn in revenues. The tourism sector had only just recovered from the aftermath of the Arab Spring in 2011 and a spate of terrorist attacks in...
Volume: 63Issue: 14Published at Fri, 03 Apr 2020 -
Coronavirus Set To Crush North Africa’s Tourism Sector
...direct effects on supply chains and investment are factored in (see table). Egypt’s tourism sector was already struggling to recover from the chaos of the 2011 ‘Arab Spring’ when in 2015 disaster struck. Islamic State terrorists blew up a Russian passenger jet over the Sinai, killing all 224 on bo...
Volume: 63Issue: 12Published at Fri, 20 Mar 2020 -
Egypt Refiners Hit New Highs
...tput (MEES, 24 January). Jet-kero output was a record 68,000 b/d in January, while at 173,000 b/d diesel was the highest since July 2011. Gasoline output was 98,000 b/d, down from December’s all-time high 103,000 b/d, while 87,000 b/d of naphtha was the highest monthly level since August 2017 (see ch...
Volume: 63Issue: 12Published at Fri, 20 Mar 2020 -
Egypt Upstream Spending Slashed With Oil Price ‘Disaster’
...,700 b/d for 2020, the lowest since 2011. And, with a total halt to drilling, a further sharp fall in 2021 is all but inevitable. Plans for 16 wells in Egypt in 2020 have been slashed to just one development well which had “already spudded prior to the price disruption.” Exploration spending, including the fo...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
Libya’s Oil Continues Its Fall
...west since the 2011 revolution (MEES, 6 March). Mr Haftar is attempting to starve the Tripoli-based government of vital oil revenues in support of his war to take over the capital (MEES, 14 February). The blockade of five eastern oil terminals has brought production from the key Sirte basin fields do...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
Opec Output At 17-Year Low Amid Libya Collapse
...pact of port shut-ins was felt. This was partially offset by a 120,000 b/d increase from Iraq to 4.51mn b/d which put Opec’s No.3 producer some 50,000 b/d above its Q1 production allocation. Libyan output has crashed to just 120,000 b/d (see p16), its lowest level since September 2011 in the last da...
Volume: 63Issue: 10Published at Fri, 06 Mar 2020 -
Libya Output Lowest Since 2011
...Libya Output Lowest Since 2011 Amid ongoing oil blockades imposed by eastern-based General Khalifa Haftar, Libya’s February crude output at 120,000 b/d came in at its lowest level since the 2011 revolution that overthrew long-time leader Muammar Gaddafi (see chart). The blockades have re...
Volume: 63Issue: 10Published at Fri, 06 Mar 2020 -
Mubarak Dies
...Former Egyptian President Hosni Mubarak, who ruled for thirty years but was ousted during the Arab Spring in 2011, passed away on 25 February at the age of 91. Egypt’s longest-serving modern-day president, he spent the following six years between prison and military hospitals as he faced ch...
Volume: 63Issue: 09Published at Fri, 28 Feb 2020 -
Qatar 2019 Trade: Europe No Panacea As Revenues Fall Despite LNG Volume Surge
...ipments of condensate are also imported from Qatar for instance – it is the key one. The biggest increase in volumes appears to have been to the UK. Imports of LNG from Qatar peaked at 21.6mn tons in 2011, but steadily dropped in the ensuing years and reached a 10-year low of 2.9mn tons in 2018. Pr...
Volume: 63Issue: 08Published at Fri, 21 Feb 2020 -
Stars Align As Exxon Hikes Egypt Commitment
...ock where the major drilled nine wells – and discovered gas in sub-commercial quantities (MEES, 5 May 2008) – before quitting in 2011. Before 2016 Exxon held no upstream stakes in the East Mediterranean but now it holds four blocks; three in Egypt and one in Cyprus. Exxon also, along with French ma...
Volume: 63Issue: 07Published at Fri, 14 Feb 2020 -
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