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Libya Oil Output Breaches 1mn B/D
...2017 were 454mn cfd, close to the 464mn cfd average exported in 2016, but down 34% compared to the 2015 average, and barely half of average annual exports between 2008-10 before Libya’s 2011 revolution (see charts). Within these headline figures, monthly volumes have fluctuated significantly. Th...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Morocco Faces Socioeconomic Headwinds As Deficit Overshoots, Growth Slows
...-Hoceima and Imzouren. Over 100 were arrested. Such instability brings into question Moroccan King Mohammed VI’s response to the Arab Spring protests which shook the region in 2011. A constitutional referendum later that year increased the powers of the elected parliament, though the country re...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Iran Expands Crude Export Infrastructure
...dicate bumper volumes. Crude exports to Europe rose to 850,000 b/d according to the IEA. This would be the highest level since sanctions were tightened in 2011. Pirouz Mousavi, Managing Director of IOTC, tells the oil ministry’s Shana news agency that 95% of crude exports are shipped from Kharg. Sm...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Gulf Crude Shipments Fall In Q2, But From Record Levels
...rch-May, the lowest three-month-average figure in records going back 12 years. The Saudi share of the Chinese market averaged 20% as recently as 2011 and 2012. Other Opec producers have put in stronger performances. Angola’s 1.100mn b/d January-May average was over 230,000 b/d (27%) up on 2016’s re...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Kuwait Trade Surplus Falls In Q1
...16 1Q16 2016 vs 15 2015 2014 2013 2012 2011...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Saudi Crude Exports Down, Refining Runs Up, More Products Exports
...rkedly each year since 2014 and as a result gasoline and diesel output in particular have soared. The kingdom last year became a net gasoline exporter for the first time since 2011 (see chart 5). Net gasoline exports were just 5,000 b/d in 2016, but are on track to exceed 30,000 b/d this year. Me...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Tunisia: Oil Blockades Ease But Costs Keep Rising
...MBERS 2010 2011 2012 2013 2014 2015 2016 Ja...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Egypt Ends Forex Controls
...ntrols placed by the CBE on the movement of foreign currency after the 2011 revolution in order to limit the flight of capital. An acute shortage of foreign exchange strangled the economy in recent years and sharply reduced international reserves which fell from $36bn in 2010 to $15.5bn at end-July 20...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
US-Listed Oil Firms* Saw 7bn Barrels Of 2016 Reserves Write-Downs With Lower Prices
...2011-2016 PROVED LIQUIDS RESERVES^ (BN barrels) 2016 CHANGES VS 2015 *67 US-LISTED OIL COMPANIES. ^PROVED RESERVES ARE THOSE THAT, WITH REASONABLE CERTAINTY, ARE RECOVERABLE UNDER EXISTING ECONOMIC AND OPERATING CONDITIONS. SOURCE: EIA....
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Algeria Holds IOC Partners Close
...ale resources. Eni was among the companies to sign provisional deals with Sonatrach in 2011 and 2012 to explore for shale gas. However there has been vociferous local opposition, and the economics do not make sense at current oil prices. Mr Descalzi says Eni has “great ambitions to intensify its pa...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
Troubled Waters: GCC Internal Schisms In The Spotlight Again
...fers of assistance from other quarters. Turkey has pursued similar objectives to Qatar since the “Arab Spring” began in 2011, with both supporting Islamist groups across the region. It has moved rapidly to back Qatar, passing legislation on 7 June to permit the deployment of troops to the emirate in...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Algeria: Government Reshuffled But Course Unchanged
...rengthened its grip on the much-feared state security service. When the tremors of the Arab Spring reached Algeria in early 2011, demonstrations of a few dozen people in Algiers were met with more than 30,000 security personnel. BOUTEFLIKA: NOT MOVING That is not to say there are not risks to st...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Egypt Seeks Virtuous Output Circle: Reserves Up, Dues Down, More Output
...proved its external financial position. The country’s foreign reserves hit $31.1bn at end-May (see chart 1), the highest level since 2011 when investment collapsed in the wake of the revolution overthrowing Husni Mubarak. Reserves rapidly halved from the $36bn end-2010 level and struggled to break above $20...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Sanctions: Tehran Tries To Come In From Cold As US Threatens To Turn Up Heat
...ough there remains some way to go. Crude exports to the EU were worth $4.57bn in 2016 according to figures from the European Commission compared to $23.5bn in 2011, when oil prices were of course substantially higher (MEES, 7 April). …BUT INVESTMENT STALLED… The biggest Iranian energy de...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Tunisia Output Collapses: Southern Fields Shut In, No End In Sight To Protests
...in the wake of Tunisia's 2011 uprising. The lack of perceived benefits to locals from oil and gas output has been a recurrent theme. The Nawara project, previously known as the ‘South Tunisia Gas Project’ gave rise to protests in the south of the country even before it was sanctioned in 20...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Saudi Looks To Pop Deficit With Fizzy Drinks Tax
...anwhile latest statistics from the Saudi Arabian Monetary Agency (SAMA) show that the kingdom’s foreign reserve assets have shrunk to $500bn at end-April from $508.7bn at end-March, the lowest since May 2011 (see charts). Reserves have continued to fall despite the raising of $9bn in Islamic sukuk by the ki...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Libya Oil Output Set For Three Year High
...output cut of 1.2mn b/d agreed in Algiers in November 2016 (along with a 558,000 b/d production cut by non-Opec oil producers), which began on 1 January and was due to run until 30 June. Given that Libya’s output is still barely half the 1.6mn b/d it was producing prior to the 2011 revolution, it...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Opec Output Cuts Extended But Market Relevance Wanes
...ters. Its production of around 280,000 b/d, minus some 10,000 b/d of cuts brings the implied Opec target to 32.05mn b/d. OPEC^ 2017 OIL EXPORT REVENUES SET TO FALL SHORT OF 2015 LEVELS ($BN) 2011 20...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Tunisia: Key Gas Project Faces Further Delays As Unrest Grows
...ndane – a lack of investment. This has been due both to instability since the January 2011 revolution – instability in terms of uncertain terms and conditions as well as physical unrest – and, since mid-2014, lower oil and gas prices. Precisely zero new exploration permits have been awarded since the start of...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Egypt Gas Boost Cuts Import Needs, But Self-Reliance Still A Distant Goal
...covery, with BP’s 1.5 tcf Atoll set to add a further 300mn cfd from mid 2018. But even with the Nooros and WND boost, Egyptian output is only back to early 2014 levels: it is still some 1bn cfd short of the near-6bn cfd average of 2011 and 2012 (see chart – the Nooros field which is in shallow water but dr...
Volume: 60Issue: 20Published at Fri, 19 May 2017