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Kuwait 2019-20 Budget Envisages Bumper Deficit Amid Faltering Oil Prices
...vestment the key culprit. Mr Hajraf says Kuwait will maintain development spending at 17% of the total for 2019-20, some $12.4bn. An admirable aim, but one that ignores reality. 2017-18 was the closest Kuwait got to achieving this with 13%: for 2018-19 Kuwait is on track to invest just $5.5bn in in...
Volume: 62Issue: 04Published at Fri, 25 Jan 2019 -
Pakistan Gulf Diplomacy Picks Up Further
...% in 2017), but Islamabad is seeking to secure lower prices (MEES, 31 August 2018). So far, Mr Khan has worked on balancing relations with its critical Gulf trade partners and investors in the face of the GCC rift. Pakistan has already bagged critical aid from Saudi Arabia and the UAE, and is ba...
Volume: 62Issue: 04Published at Fri, 25 Jan 2019 -
Global LNG Trade Soars To Record 2018
...EAST ASIA’S ‘BIG 3’ LNG IMPORTERS* COLLECTIVELY TOOK A RECORD 181MN TONS IN 2018, UP OVER 13% ON 2017. CHINA SAW IMPORTS RISE A WHOPPING 41%... SOURCE: NATIONAL IMPORT STATISTICS, MEES CALCULATIONS. SEE BELOW FOR FULL CHINA DATA. ...TO CEMENT ITS GLOBAL #2 POSITION BEHIND JA...
Volume: 62Issue: 04Published at Fri, 25 Jan 2019 -
Saudi Arabia November 2018 Oil Data ('000 B/D): Crude Exports Rise To 2-Year High As Record 11.398mn B/D Of Crude Is Supplied To The Market
...CHANGES EXPRESSED IN PERCENTAGE POINT TERMS WHERE ORIGINAL FIGURES ARE PERCENTAGES. *EXCLUDES FIELD LPG (650-700,000 B/D). **NAPHTHA REFINERY OUTPUT INCLUDED IN 'OTHER PRODUCTS TO DEC-2017 (479,000 B/D FOR 2017). ^PRESUMES ALL FUEL OIL CONSUMPTION IS BURNT IN POWER PLANTS. SOURCE: JO...
Volume: 62Issue: 04Published at Fri, 25 Jan 2019 -
Oman: Oil Revenues Rebound Despite Slide In Exports
...*Latest official data from Oman’s Ministry of Oil and Gas show that the sultanate produced 992,000 b/d of crude and condensate in December. This pegs average 2018 output at 978,000 b/d, up a fraction on 2017 but almost 3% down on 2016’s record 1.004mn b/d – the only time Oman’s output has ev...
Volume: 62Issue: 03Published at Fri, 18 Jan 2019 -
Eni Completes Middle East Tour De Force
...arjah and Bahrain as it looks to diversify its portfolio. Net liquids output from the region – all from Iraq’s Zubair – averaged 40,000 b/d in 2017 out of a global 852,000 b/d (4.7%). Add in gas, and the net regional share was 43,000 boe/d out of 1.82mn boe/d (2.4%). By way of comparison North Af...
Volume: 62Issue: 03Published at Fri, 18 Jan 2019 -
Qatar Cements Korea LNG Top Spot
...ter taking zero for October. Conversely, Korean LNG imports from the US hit a quarterly record of 1.48mn tons in Q4 and a monthly record of 610,000 tons in October. Not only is Qatar Korea’s top supplier but the feeling is mutual. Korea, having overtaken Japan to become Qatar’s top customer in 2017...
Volume: 62Issue: 03Published at Fri, 18 Jan 2019 -
Oman: Bp & Eni Look To Repeat Khazzan Success
...tcome. BP upstream chief Bernard Looney says the firm aims to “further deepen its important position in Oman, building on the successful delivery of Khazzan in 2017 and its second phase of development that is currently under construction.” BP entered the Khazzan project in 2013 (MEES, 7 June 2013), an...
Volume: 62Issue: 03Published at Fri, 18 Jan 2019 -
IEA Points To Marathon Task Of Rebalancing Market
...growing rapidly, but Opec’s share of it is declining even more quickly. Opec’s own numbers show that the group is slated to supply just 30.8% of global demand in 2019 down sharply from 33.8% in 2017. Opec expects non-Opec production to grow by a massive 2.1mn b/d in 2019 – still less than 20...
Volume: 62Issue: 03Published at Fri, 18 Jan 2019 -
KRG Poised For Another Bumper Oil Year In 2019
...Iraqi Kurdistan’s oil sector overcame immense challenges in 2018. It countered expectations to boost production by some 90,000 b/d, ending the year at around 420,000 b/d. Despite the loss of around 280,000 b/d production from the Bai Hassan and Avana Dome to federal forces in October 2017 (ME...
Volume: 62Issue: 03Published at Fri, 18 Jan 2019 -
Aramco’s Sabic Takeover: Are Assets Compatible?
...pacity of 10.2mn t/y of end products. While Sabic’s 66.9mn tons of chemicals output in 2017 included intermediate products (see chart), even assuming two thirds of this total was intermediates suggests its end-products capacity is more than double Aramco’s. Sabic is one of the world’s largest pe...
Volume: 62Issue: 03Published at Fri, 18 Jan 2019 -
UAE Plans 7GW Power Tenders
...wain (MEES, 30 November 2018). The 7GW of planned additional powergen capacity will be equivalent to 40% of the combined 17.4GW of current capacity in the Ewec (16.7GW) and Fewa (700MW) operating areas. Fewa is increasingly reliant on imports from Abu Dhabi, taking an average 1.59GW from Abu Dhabi in 2017...
Volume: 62Issue: 03Published at Fri, 18 Jan 2019 -
Tunisia: 120MW Wind awards
...rm Steg, at a price of TD0.10-0.135/kWh ($0.034-0.046/KWh) for 20-years. The 130MW tender, initially launched in May 2017, went through a number of deadline extensions, finally ending in December 2018. 10MW of capacity reserves for smaller projects received no bids. Delays are becoming the no...
Volume: 62Issue: 03Published at Fri, 18 Jan 2019 -
Iran Gives State Firm Slice Of Kish
...om foreign firms. MoUs were signed with Shell, Eni and Gazprom in 2016 and 2017 to study the field. ...
Volume: 62Issue: 03Published at Fri, 18 Jan 2019 -
Saudi, UAE Tighten Pakistan Links With Downstream Dollar Diplomacy
...tar, which supplied 84% of Pakistan’s 4.6mn tons 2017 LNG imports. Qatari exports to Pakistan are booming and hit an all time high of $640mn in 3Q 2018, up $240mn year-on-year. There is no sign of any slowdown either with vessel tracking showing that Qatar remains the dominant supplier as of early Ja...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Iraq Nears 5mn b/d Production Capacity Ahead Of Schedule
...its parts. Iraq’s oil sector rounded off months of record form in December, with wellhead production at an all-time high of 4.70mn b/d (see p6). For 2018 as a whole, output averaged 4.53mn b/d, up 100,000 b/d year-on-year from 2017, which itself was a record year. That Baghdad has managed to gr...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Libya Revenues At 5-Year High But Remain Unstable As Noc Eyes Gas Boost
...venues for 2018, a figure that could have been substantially higher if it wasn’t for intermittent outages at key fields and export terminals, mainly due to civil strife, storage capacity woes and bad weather. 2018’s 78% hike in revenues comes thanks to average oil prices almost $20/B higher than 2017...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Aramco Readies For Sabic Acquisition, IPO With Reserves Upgrade, Bond Plans
...nds have exactly matched output of 10mn b/d or so. DeGolyer & MacNaughton assessed Aramco’s crude and condensate reserves – essentially the entirety of Saudi Arabia except for the Neutral Zone shared with Kuwait – as of 31 December 2017 at 268.5bn barrels. Gas reserves were placed at 325.1 tr...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Saudi Kicks Off 2019 Fundraising With $7.5bn Bond Issue
...gan in 2016 to tap the international debt market to cover its fiscal deficit. Saudi Arabia raised $17.5bn worth of bonds in 2016, a record $21.5bn in 2017. Issuance dipped to $13bn for 2018 as oil prices hit a four-year high, erasing the strain on Riyadh’s finances (MEES, 21 December 2018). But, with oi...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Opec December Output Tumbled Ahead Of Latest Round Of Cuts
...vember’s 33.13mn b/d (see table). This was the largest monthly fall since the previous round of cuts kicked in back in January 2017. That said, October and November output was at the highest level since late 2016 as countries sought to maximize revenue ahead of the cuts and also to ensure high baselines fo...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019