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Egypt Continues Subsidy Reform, Hikes Fuel Prices
...nference Mr Molla says the recent fuel price rise will not be the last. "According to a five-year plan adopted by the government in 2014, we are still subsidizing 25% of fuel prices." Mediterranean prices for 95 Ron gasoline averaged around $87/B for May. This equates to $0.55/liter, around 20% more th...
Volume: 61Issue: 25Published at Fri, 22 Jun 2018 -
IOC Reserves Growth Mantra: Is Repsol Move The Beginning Of The End?
...e previous 100 years. There were also issues linked to ‘unburnable carbon’ coupled with the ‘divest campaign’. The final nail in the coffin was the much lower oil prices after 2014. The IOCs, who were well aware of these growing problems, began to seek solutions. Mega-mergers, which had been th...
Volume: 61Issue: 25Published at Fri, 22 Jun 2018 -
Iraq Crude Output Gets Pipeline Repair Boost
...om the current 200,000 b/d. Daura is the second largest operational Iraqi refinery after the 210,000 b/d Basra refinery – following the destruction of the 310,000 b/d Baiji plant by the Islamic State (IS) in 2014. The government is working on rehabilitating Baiji, but progress is slow. The re...
Volume: 61Issue: 24Published at Fri, 15 Jun 2018 -
Algeria: Total, Repsol Recommit But More Investment Needed
...e Algerian upstream to be attractive to IOCs, it is probably about right – Algeria spectacularly failed to attract investors in its last bid round in mid-2014 when prices were $100/B (MEES, 3 October 2014) Just four of 31 blocks were awarded. Boughezoul, in the north of the country, went to Re...
Volume: 61Issue: 24Published at Fri, 15 Jun 2018 -
Aramco Downstream Strategy: Plastic Fantastic As Sadara Park Ramps Up
...luria to realize the value of these processes.” Siluria is part-owned by Aramco after a $30mn 2014 investment by Saudi Aramco Energy Ventures (29 August 2014)....
Volume: 61Issue: 24Published at Fri, 15 Jun 2018 -
Markets Face Precarious 2019 Amid Supply Uncertainty
...The IEAs’ first oil market outlook for 2019 highlights both the uncertainties surrounding next week’s Opec meeting in Vienna and the toll that the 2014 oil price slump has taken on the group. Although the largest producers in the Opec+ agreement want to boost output, the need for unanimity wi...
Volume: 61Issue: 24Published at Fri, 15 Jun 2018 -
US Output Set For Record 2mn B/D 2018 Growth; 2019 Forecasts Trimmed On Pipeline Constraints
...ble). • NGLs output is also slated to grow by almost 600,000 b/d to 4.33mn b/d for 2018, taking total 2018 oil output to a whopping 15.12mn b/d. This smashes 2017’s previous annual record of 13.09mn b/d, whilst forecast year-on-year gains of 2.03mn b/d top 2014’s previous record of 1.75mn b/d. • But, wh...
Volume: 61Issue: 24Published at Fri, 15 Jun 2018 -
Gulf Countries Throw Jordan A $2.5bn Lifeline Amid Unrest
...financial and development aid over a five-year period (MEES, 25 January 2013). Agreements to disburse some of this aid were signed in early 2013, and some funds were actually allocated to specific development projects. But the flow of GCC aid slowed with the 2014 crash in oil prices. With the re...
Volume: 61Issue: 24Published at Fri, 15 Jun 2018 -
Qatar Embargo One Year On: Anatomy Of Resistance
...NDENSATE HAVE REBOUNDED FROM 2Q 2017 LOWS (‘000 B/D) *ESTIMATE BASED ON ANNUAL IMPORTS FOR CHINA 1Q 2013 - 2Q 2014. SOURCE: IMPORT STATS, MEES....
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
ExxonMobil’s Rapidly-Expanding Mediterranean Presence
...erica, and shale in particular, the key focus of its spending since oil prices tanked in the second half of 2014, the same year that it opted against renewing its stake in the UAE’s Adco concession. The MENA share of its oil output has fallen from 25% in 2013 (545,000 b/d, all from Abu Dhabi and Iraq) to 37...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Opec Eyes 25% Revenue Boost Ahead Of Vienna Meeting
...t at the highest levels since at least 2014 versus the Oman/Dubai average, with Arab Light raised by 20 cents to a $2.10/B premium (see p15). While the kingdom may be opting to shift oil exports into more visible markets, overall volumes have been rising for some time. After bottoming out at 8....
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
2017’s Biggest Opec Winners
...) 2013 2014 2015 2016 2017 vs 2016 20...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Iran: Growing Capital Outflow Threatens Economy Ahead Of Sanctions
...timates Iran’s forex reserves fell $16.3bn between March 2016 and December 2017, compared to increases of $2.2bn in the year starting March 2015, $8.6bn in 2014 and $13.2bn in 2013. The decline in Iran’s reserves is primarily attributed to capital flight. This in turn has led to a steep depreciation in th...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Crude Official Selling Prices ($/B)
...*VS ICE BRENT FROM JULY 2017 PREVIOUSLY VS BWAVE. SAUDI ARABIA RAISES ASIA OSPs FOR JUNE 2018, KEY ARAB LIGHT TO HIGHEST SINCE JULY 2014 VERSUS OMAN/DUBAI BENCHMARK ($/B) OMAN/DUBAI=ZERO...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Bahrain Takes $300mn Oil Revenue Hit From Abu Safah Outage
...oduction edged up to a record 2.08bn cfd in 2017, beating 2015’s previous high of 2.06bn cfd. However, gas re-injection rose 6% to a new high of 600mn cfd, reducing the volumes of sales gas to 1.47bn cfd – below 2014’s 1.50bn cfd record. That gas reinjection levels rose to a new high despite a no...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Egypt Inches Towards Paying Off Receivables Bill
...ll in late 2014 when it halved dues to $3.1bn on the back of borrowed cash (MEES, 5 December 2014). EGPC has pledged to pay off receivables by mid-2019. VICIOUS CIRCLE EGPC can point to the sums it is owed by other ministries as a reason it has fallen so far behind with payments. As of late 20...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Mena Remittances Up 10% In 2017
...Remittances are a crucial lifeline to the region’s cash-strapped oil importing economies. Thanks largely to Cairo’s floatation of the Egyptian Pound in late 2016, Mena remittance inflows topped $56bn in 2017 after having fallen year-on-year since 2014. Egyptian inflows hit $20bn ac...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Tunisia Looks To The Sun To Cut Dependence On Algerian Gas
...ongside seven straight years of falling output since the 2010 peak of 310mn cfd. Initially this fall was due to instability and bureaucratic inertia in the wake of the country’s 2011 revolution, with the slump in oil prices since late 2014 providing a second blow to investment as IOCs slashed capex (MEES, 23...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Iran’s Banking Sector: Dark Days Loom
...sperately trying to repair their books after offering deposit rates as high as 22% back in 2014 before the oil price crashed later that year. (A substantial premium over inflation which was around 15%.) Oil revenue collapsed from $57.3bn in 2014 to $27.3bn in 2015. But the real damage was done after the ti...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Sama Net Foreign Assets ($Bn)
...SAUDI FOREIGN RESERVES ROSE ABOVE $500BN FOR FIRST TIME IN A YEAR AT END OF APRIL... ...WITH THE RECENT REBOUND COMING AS PRiCES FOR ARAB LIGHT HIT $69/B, the HIGHEST SINCE 2014 SOURCE: SAMA, MEES....
Volume: 61Issue: 22Published at Fri, 01 Jun 2018