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Syria: Trauma To Last For Years Even If A ‘Deal’ Is Struck
...sewhere, the Kurds hold about 5% of the territory in the north while the government retains possession of most of the west and some parts of the south, where large parts are also held by anti-regime forces. 4.7MN REFUGEES, 7.6MN MORE DISPLACED Since March 2011, the population of Syria, estimated at 22...
Volume: 59Issue: 28Published at Fri, 15 Jul 2016 -
Saudi Electricity Taps China For $1.5bn, Takes Expansion Funding To $33bn
...shore up its finances is also growing, and quickly. SEC’s outstanding government loans increased by 112% from SR18.15bn ($5.03bn) in 2011 to SR39.99bn ($10.66bn) in 2015. SEC is owned 74% by the Saudi government, 7% by state petroleum firm Saudi Aramco, and 19% by private investors. Given the gr...
Volume: 59Issue: 27Published at Fri, 08 Jul 2016 -
Egypt Finally Pays Off $7bn Debt To Qatar, Backer Of Previous Islamist Government
...ections that followed the February 2011 ‘revolution’ that overthrew longtime dictator Husni Mubarak. Almost from the start – through a combination of economic incompetence and a lack of support from the financial establishment – Mr Mursi’s government presided over an economy on life support. The country on...
Volume: 59Issue: 27Published at Fri, 08 Jul 2016 -
Abu Dhabi Streamlining Creates $135bn Energy Fund With Global Reach
...rgest investments is Spanish firm CEPSA, which it has wholly owned since 2011. Primarily a refining company with three refineries totaling 528,000 b/d of capacity (and actual 2015 throughputs of 434,000 b/d)it lurched to a $1.15bn loss in 2015, more than twice the $465mn loss the previous year. Of 2015 ne...
Volume: 59Issue: 27Published at Fri, 08 Jul 2016 -
Iran: Payments Start Flowing But Fear Factor Remains
...ese were tightened further in 2011 which led its roughly $420bn economy to shrink by about 9% in the two-year period that ended in March 2014, according to the IMF. From then until January 2016, when sanctions were broadly lifted in return for nuclear curbs, Iran’s ability to continue trading oil pr...
Volume: 59Issue: 27Published at Fri, 08 Jul 2016 -
QP Ousts Maersk At Key Qatari Oil Field Amid Sectoral Revamp
...e dominance of LNG revenues in comparison, oil is set to become a more important player in Qatar’s economic mix. But not through increased oil output, which has now stabilized after falling 130,000 b/d since 2011 (see p14), rather because LNG revenues look liable to fall further. Most analysts be...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Iran Hits The Med As Market Share Battle With Saudi Intensifies
...EPS Latest Spanish import data shows arrivals of Iranian crude tripled to 102,000 b/d in April (three 1mn barrel cargoes) following March’s initial 1mn barrel post-sanctions cargo. All volumes so far have been taken by Cepsa which has been wholly-owned by Abu Dhabi state investment firm IPIC since 2011...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Opec Revenues Set To Fall Further In 2016
...gnificant damage has already been done. Libya’s chaos predates the oil price slump, with the country nowhere near to stabilizing since the ouster of former leader Mu’ammar al-Qadhafi in 2011. But oil price falls have contributed to the maelstrom. Kuwait is also having a year to forget, with revenues on...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Will The ‘Golden Age Of Gas’ Ever Arrive?
...The International Energy Agency in 2011 asked the question whether the world was entering a ‘golden age of gas’. It continues to flag up gas as the key “transition fuel” between a coal and oil-fuelled present and a low-carbon future, notably ahead of last December’s climate conference in Pa...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
LNG Supply Glut To Depress Prices For Years To Come
...Global LNG export capacity rose by 45% between 2011 and 2015 with 90% of this coming from the US and Australia. The “massive expansion” of Australian and latterly US export capacity, particularly since 2014 “just as demand slows” means “global gas prices are set to stay under pressure” for th...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Iran: New NIOC Chief Tasked With Securing Foreign Investment
...sed in January, but is struggling to put in place a framework that will entice IOCs back into its upstream sector. Without international firms’ technical expertise and financing, Iran will struggle to push beyond pre-sanctions output of 3.58mn b/d in 2011. Prior to resigning, Mr Javadi was coming un...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Egypt Gas: ‘Remarkable Turnaround,’But Not Quite Yet
...rrent 32GW capacity includes 46% gas-fired and 43% gas or oil) – though the share of both renewables and coal has been increasing as the country’s chronic gas shortage since 2011-12 has forced it to seek alternatives. Massive power cuts in 2012 and 2013 helped catalyse protests that led to the ov...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Egypt Revisits IMF Loan As Gulf Aid Slows
...Egypt has resumed “preliminary” loan negotiations with the IMF, local daily Al-Masry Al-Youm says, citing government sources. The amount has yet to be determined but Cairo conducted drawn-out discussions with the IMF with a view to finalizing a $4.8bn loan in the aftermath of the country’s 2011...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Bahrain: New Minister Challenged By Oxy/Mubadala Withdrawal
...cording to our agreement, in 2010 production will rise to 35,000 b/d, and then to 47,500 b/d in 2011. By 2016, it should grow to 102,300 b/d, before reaching a peak of 112,600 b/d in 2019” (MEES, 16 November 2009). The venture has had greater success in its plans to increase gas production capacity fr...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
OPEC May Production Drops Despite Saudi And Iran Increases
...vels of 3.58mn b/d (2011). May’s 3.42mn b/d is the highest output figure since February 2012’s 3.46mn b/d, just after the announcement of tighter EU sanctions but before they took their full toll on production. Both countries remain intent on securing their “rightful” market share, following the 2 June Op...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
US Imports More Gulf Opec Crude As Production Continues To Fall
...y (see p24) “the highest monthly level recorded since EIA started tracking global disruptions in January 2011.” US crude production of 8.75mn b/d in May was the lowest since June 2014 and down some 950,000 b/d from the April 2015 peak, recording the biggest month on month fall since September 20...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
Libya: Joint Action Pushes Back IS, But Unity Far From Complete
...ke Sirte without significant Western support,” says Mr Pusztai. “In 2011 it took them almost two months to take the city from the remaining Qadhafi loyalists, and that was with air support from the West. Now they are facing battle hardened jihadists who are well trained and experienced in operating in...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
Iran Struggles To Attract Investment Amid Continued Sanctions, Both Real & Perceived
...clear capability, has had a crippling impact on its economy. After these sanctions were tightened further in 2011, Iran’s roughly $420bn economy shrank by about 9% in the following two-year period that ended in March 2014, according to the IMF. Crude oil exports fell from 2.48mn b/d in 2011 to ju...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
Crude Official Selling Prices ($/B)
... SAUDI ARABIA CUTS PRICE FOR NW EUROPE SALES OF ARAB MEDIUM TO 5-YEAR HIGH DISCOUNT* OF $6.45/B FOR JULY... ...THIS PUTS THE GRADE AT A $1.60/B DISCOUNT TO COMPETING BASRA LIGHT**, THE HIGHEST LEVEL SINCE FEB 2011 *FOB RAS TANURA, VS...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
Jordan Looks To Join Underused GCC Power Grid
...gas from Egypt until Egypt halted exports in 2011 forcing a shift to liquid fuels, though Jordan began importing LNG last year. Jordan is looking to diversify further and is currently developing renewables and oil-shale fired capacity in a bid to reduce this reliance (MEES, 15 April). The GC...
Volume: 59Issue: 22Published at Fri, 03 Jun 2016