Iraqi Provinces Push Local Oil Agenda

...e same pressures that led to the collapse of the December 2014 agreement. ‘Ammar al-Hakim, head of the Islamic Supreme Council of Iraq (ISCI), to which Mr ‘Abd al-Mahdi also belongs, visited Erbil on 3 November, for talks with the KRG. However, this was arguably about portraying ISCI as a party th...

DNO: KRG Payments Not Enough

...so prompted protests over the summer in KRG’s second city of Sulaimaniyah, which is controlled by the rival PUK. Moreover, the December 2014 revenue sharing agreement with Baghdad under which the KRG received 17% of the budget in return for exporting 555,000 b/d through the federal export system (25...

Netanyahu Bends The Law In Bid To Advance Leviathan

...viathan gas field. Mr Netanyahu stepped in, in seeming exasperation after former Economy Minister Aryeh Deri’s proved unwilling to reverse former Antitrust Commissioner David Gilo’s December 2014 ruling that US firm Noble and its partner offshore Israel, Tel-Aviv based Delek Group, formed a monopoly wh...

Saudi Talks Up Ccs Ahead Of Paris Meet, Other Opec Members Lag

...O Carbon Tracker notes. Three other Opec members – Algeria, Ecuador and the UAE – have also submitted INDCs. The UAE committed to “limit” emissions and increase the share of “clean energy” in its primary energy mix to 24% by 2021, from just 0.2% in 2014. Saudi Arabia is likely to come up with eq...

Total Eyes Return To Iran’s Pars LNG, Hopeful On Yemen

...ss than three weeks to restart operation and load tankers.” However, with the war in Yemen showing little sign of abating, a rapid restart appears highly unlikely. Yemen LNG shipped 6.78mn tons of LNG in 2014, but no cargoes since April (see chart). YEMEN LNG* OUTPUT/EXPORTS (MN TONS/YE...

Italy’s Gas Imports From Algeria: Up On Late 2014 But Less Than Half Pre-2013 Volumes (Mn Cfd)

South Korean 3Q15 LNG Imports

...-Jun 15-May 15-Apr 2014 2013 2012 2011 2010 2009 Qatar 2.93 0....

Algeria’s Peak Power Demand Soars, New Capacity Starting Up

...ALGERIA Algeria’s 2015 peak power demand was almost 1.5GW up on 2014. Algiers has an ambitious program to expand capacity. But, amid growing fuel shortages and a cash crunch, curbing subsidies is a better bet. Algeria’s Electricity Ministry says that the country’s electricity demand re...

OPEC Production Falls Ahead Of December Meeting

...OPEC Opec crude oil production fell to 31.40mn b/d in October, down by 450,000 b/d from 31.86mn b/d in September according to MEES estimates. The fall, the largest since October 2014, was largely driven by Saudi Arabia and Iraq, with production in the latter dropping by 390,000 b/d. Al...

Militia Shuts Key Libyan Terminal, Deepening Rift Between Rival Regimes

...0,000 b/d. Output is well down on early 2015 when it reached about 550,000 b/d (MEES, 3 April), and is significantly less than in October 2014, when production was 860,000 b/d. ZUEITINA SHUT DOWN            Local forces around the Zueitina terminal forced Tripoli-based NOC to declare force majeure at...

Chevron Optimistic On Neutral Zone, But Not Till 2017

...oduction elsewhere to fully makeup for the PNZ outages (see graphs). As well as the Wafra shut-in, offshore production in the PNZ was halted in October 2014, denying the neighbouring states a combined production capacity of 500,000 b/d. Combined with the fall in oil prices since the second half of mi...

BG’s Egypt Decline Expected To Continue As Shell Takeover Nears

...6 barrels of oil equivalent (boe) per day. This came despite a fall to 43,000 boe/d in Egyptian output. Although the firm does not give a quarterly gas/oil breakdown, for 2014 its Egyptian output was 95% gas from the West Delta Deep Marine (WDDM) and Rosetta fields. This split implies Egyptian gas ou...

Libya: Little Sign Of Optimism In Operators’ Q3 Results

...October). The company reported overall Q3 losses of $2.6bn, compared to profits of $1.2bn for the equivalent period of 2014, while revenues dropped from $3.6bn to $2.1bn. The US firm has 25% of the 60,000 b/d capacity Zueitina fields, as well as sizeable Libyan exploration acreage (see map, ME...

S&P Downgrades Saudi, Riyadh Rejects Assessment

...SAUDI ARABIA Ratings agency S&P on 30 October lowered its foreign and local currency sovereign credit ratings on Saudi Arabia one notch to A+/A-1 from AA-/A-1 and kept the outlook negative. S&P says it expects Riyadh’s fiscal deficit to soar from 1.5% of GDP in 2014 to 16% in 2015, “pr...

Saudi Economy Will Remain Coupled To Oil Prices

...2014-2015^       mn b/d 0.6 0.8 1.4 115 to 47...

Lebanon Bags Good Terms For $1.6bn Eurobond Despite Geopolitical Headwinds

...stability. Lebanon’s power vacuum has brought the decision making process in the government to a virtual standstill with no measures to deal with key economic decisions. The country has been without a head of state since President Michel Sulaiman’s term expired in May 2014, and parliament has been unable to ag...

Japanese Crude Oil & Condensate Imports 3Q15 (‘000 B/D)

...-Jul 2014 rank 2013 2012 2011 Middle East 2,829.30   246.6 29.1 2,...

United States: Key Oil Figures (‘000 B/D)

...3Q14 2Q15 1Q15 4Q14 2014 2013 2012 CRUDE OIL IMPORTS 7,182 7,287 7,638 7,...

Benchmark Crude Prices ($/B)

...    5-Nov 26-30 Oct 19-23 Oct 15-Oct 15-Sep Q3 2015 Q2 2015 YTD 2015 2014...

IEA Chief Warns Against Aggressive Capex Cuts

...essure since 2014, amid growing LNG supplies, slower economic growth and competition with cheaper coal, causing the differential between regional gas prices to narrow sharply. Just this week, the US’ Henry Hub gas benchmark fell below $2/mn BTU for the first time in three years.   “One should think ab...