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Spain 2017 Crude Imports ('000 B/D): Strong Iran And Libya Recovery Raises Mideast Volumes To 6-Year High
...*CHANGE EXPRESSED IN PERCENTAGE POINT TERMS. SPAIN CRUDE IMPORTS FROM MENA COUNTRIES: LIBYA VOLUMES HIT 14-YEAR HIGH IN Q4, OVERTAKING SAUDI FOR TOP SPOT; IRAN HIGHEST SINCE 2011 ('000 B/D) SOURCE: CORES, MEES....
Volume: 61Issue: 07Published at Fri, 16 Feb 2018 -
Iranian Oil Exports Hit Pre-Sanctions Levels As European Share Grows
...Iran produced an average of 3.79mn b/d of crude in 2017, up 10.5% on 2016, with output reaching 3.83mn b/d last month. Not surprisingly export volumes are also up. Buyers of Iranian crude and condensate took just over 2.50mn b/d last year, edging above 2.47mn b/d for 2011, the year before US-le...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Egypt: Increased Gas Availability Boosts Petchems Producers
...eat.” GEOPOLITICAL RISK Methanex faced a baptism of fire in Egypt. On 26 January 2011 it announced the plant’s start up: four days later it withdrew staff as protests against President Mubarak escalated. Mubarak was overthrown the following month but instability continued. Whilst oil and gas in...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Eni Discovery Doubles Cyprus Reserves; Is It Enough To Make It A Gas Producer?
...antities – rumored at 6-8tcf, which would put it ahead of the 2011 Aphrodite discovery – will prove commercially viable. In favor of the latest discovery, dubbed Calypso after the nymph who enchanted Odysseus, is its operator and location. Whilst almost 180km southwest of Cyprus and in 1,000ms water de...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Qatar Sidesteps Trade Embargo With 20% Export Revenue Gain In 2017
...r 2018-22). Though the strategy has not been published the IMF says it has an “enhanced focus on economic diversification.” But given that the 2011-16 plan said “Nonhydrocarbon exports are expected to show strong gains,” it’s fair to say diversification is often planned but rarely implemented – in th...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Japan Big Winner As Saudi Arabia Cuts Crude Exports
...panese imports has also risen strongly, topping 40% for the first time in 2017, up from 30.5% in 2011. Not only is Japan importing more Saudi crude but the slate is becoming more tilted towards lighter, and more expensive grades. The key Saudi grade Japan took in 2017 was Arab Extra Light, which in...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Corruption Destroying Libya’s Future, Says Oil Chief
...ney are bad ones.” A team sent by NOC to the west of the country in late 2017 to investigate oil smuggling found that more than 80% of filling stations were not operational. “We suspect they are being used by smugglers as a front,” said Mr Sanalla. Most of the facilities had been built since 2011. NO...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Sabic Profits Boost From Rising Oil Prices As Horizons Expand With Clariant Buy
...ofits to the company’s “successful implementation of its transformation program.” The 28.5% increase in crude prices (to $52.68/B for 2017 for Saudi Arab Light) is a more obvious explanation (see chart). Sabic’s net profit remains well down on the 2011 peak of SR29bn, when Arab Light crude oil av...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Saudi Electricity Borrows $2.6bn To Fund Capital Projects As Debts Soar
...nance is rising, more than doubling from just over $5bn in 2011 to over $11bn at the end of 2016 (see charts). As a well-capitalized state firm from a country with a high investment-grade credit rating, SEC’s debt continues to have no shortage of takers. Speaking of the latest loan, SEC chief ex...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
Saudi Arabia’s Shift Up The Value Chain Offsets 7-Year Crude Export Low
...udi’s share fell from 13.4% to 12.5% (see chart, p20 and p19 for full data). It was as high as 20% in 2011 but is set to fall further this year: both the IEA and Opec expect Chinese demand growth to rise a further 400,000 b/d, whilst Saudi crude exports are more likely to fall than rise. South Korea to...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
Algeria Notches Up $11bn 2017 Trade Deficit; Total Since 2015 Hits $45bn
...ve since become entrenched – the three deficits since have totaled $45.2bn. For 2017 MEES calculations indicate that it would have taken an oil price of $76/B to break even on trade. Spending on imports jumped in 2011 and rose strongly in each of the three subsequent years on the back of in...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
Suez Canal Boosted By Oil Trade Records
...re substantial than those in the opposite direction. But, as the surge in exports of crude, NGLs and oil products from the US (MEES, 5 January) boosts Atlantic Basin supplies, the gap is closing. • Northbound shipments accounted for 65% of gross Suez Canal oil transit volumes as recently as 2011...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
Libya Refinery ‘Resolution’ Fails To Hide Need For Multi-$bn Investment
...bear equally the cost of arbitration in the absence of a “clear prevailing party.” The tribunal dismissed a $4.4bn claim by NOC against Lerco for an alleged refusal to take-or-pay crude deliveries and another claim for payment for oil allegedly delivered to the refinery during the 2011 uprising, Le...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
‘The New Tunisia’: A Work In Progress
...uzid on 17 December 2010. Snowballing protests ultimately ended the 23-year rule of strongman ruler Zine El Abidine Ben Ali on 14 January 2011. Seven years on, Tunisia is one of the ‘freest’ countries in the Arab world. But you can’t eat freedom. Lack of progress on the key socio-economic factors th...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
Tunisia’s Loss, Algeria’s Gain
...% of its gas demand, up from 40% as recently as 2011. ‘Import reliance’ hit a record 73% in August. Tunisia’s spending on oil imports is not surprisingly up by even more than spending on gas: not only has output collapsed but international oil prices are around 20% higher year-on-year. The co...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
The Plan: Boost SMEs; The Reality: Boost The State Payroll
...ound 50% of government spending, the figure is only topped by the Palestinian Authority in the Mena region (a region which in turn spends way above the global average). Since 2011, collective bargaining by public sector unions “has led to several exceptional pay increases to respond to social te...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
Has Egypt’s Economy Turned The Corner? Time Will Tell
...sition but with very few good news stories coming out of North Africa of late, the recent positivity is a welcome change for Cairo which has had to endure many difficulties since 2011’s Arab Spring. SUEZ CANAL 2017 TRAFFIC (MN TONS): CARGO INCREASES BUT REVENUE STILL BELOW 2014 LEVELS *EX...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
Key Middle East Producers Ease Off Drilling Going Into 2018
...00 2005 2010 2011 2012 2013 2014 2015 20...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
US Oil Output Soars: Did Opec Create A Frankenstein’s Monster?
...a share of demand rising from an annual average of 71.5% in 2017 to 77.1% in 2018 and 80.4% in 2019, and this despite demand continuing to rise over the forecast period. The US was reliant on imports to meet well over 50% of demand as recently as 2011. But a sub-plot is that the mismatch of bo...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
Iraq: Record Exports, But Contract Reform Hangs In The Balance
...e firm has Iraqi experience as a partner at the Ahdab field (CNPC 37.5% operator, Zhenhua 37.5%, North Oil Company 25%) in Wasit province. Output began in 2011 and is currently around 140,000 b/d. Zhenhua also has 35% in Syria’s Gbeibe gas field on the frontline between the Islamic State and Ku...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018