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Algeria’s Trade Balance Worsens As Government Ponders Austerity Policy
...ocess looks set to be lengthy. The value of Algerian exports fell by 33% to $12.68bn in the first half of 2016 from $18.93bn in the corresponding period of 2015. This equates to $25.36bn on an annualized basis, down by 33% on 2015 and 60% of 2014 (see table). Oil and gas export earnings in the first si...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016 -
Algeria: In Amenas Gas Boost But Oil Set For Further Slide
...atoil, BG and Total respectively. All were handed back to Sonatrach during 2014 and 2015 after a failure to agree terms. Sonatrach indicated that it intended to press on with all three projects by including them in its 2015-19 development plan (MEES, 29 May 2015). Though its latest five-year plan se...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Egypt Puts New Acreage On Offer
...rapped Ukrainian state firm Naftogaz are among those active. The closing date is 30 November and Ganope will be hoping to mirror the success of its previous 2014 bid round with five of the 10 blocks awarded last August (MEES, 7 August 2015). Of those five blocks, last week, the Egyptian Oil Ministry fi...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Aussie LNG Boom Squeezes Qatar In Core Asian Markets Amid Lackluster Demand
...ar (from around 5% last year) and against around 5% for Qatar. The growth in Chinese LNG imports slowed down over the past couple of years, settling at around 19.60mn tons in 2015, following the dramatic increases in recent years and compared with 19.85mn tons in 2014. Qatari sales to China, at 2....
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Algeria Brings Combined Capacity To 17.68GW Despite $10bn Funding Deficit
...dustry. State petroleum firm Sonatrach has seen its five-year investment budget cut to $73bn for 2016-20, from $90bn for 2015-19 and $100bn for 2014-18. And it is not only cashflow that may be a problem for Sonelgaz beyond 2018. At the end of 2015, Algeria’s 17.24GW of generating capacity comprised ro...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Opec Output Hits New Record In July As Prices Tumble
...y16 Jul16 v15 YTD 16 v YTD 15 YTD 15 2015 2014 S Ar...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Iraq Crude Revenues Head For 10-Year Low
...vember 2015 and April this year – the average of 3.25mn b/d for the first seven months of 2016 is up 300,000 b/d on the same period a year earlier, and almost 800,000 b/d on January-July 2014. But monthly revenues have averaged $3.16bn so far this year, the lowest since 2006, and if replicated over th...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Saudi Reserves Down Again But Deficit Narrows
...Saudi foreign exchange reserves fell to $570bn in June, down 22% from their peak level of $732bn at the end of 2014, as the kingdom continues to raid its savings to maintain investment in its oil and non-oil economies, along with the expense of military operations in neighboring Yemen and in Sy...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
IMF Approves Morocco PLL
...ternal conditions. Morocco’s first PLL arrangement for about $6.21bn was approved in August 2012, while the second one for about $5bn was passed in July 2014 (MEES, 1 August 2014). Commenting on the latest facility, the IMF Deputy Managing Director Mitsuhiro Furusawa said that despite the di...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Oman’s Million Barrel First Half Can’t Prevent Revenue Decline
...lf of 2016 totaled $5.74bn, down from $9.04bn in the same period last year, and from $15.14bn in the first half of 2014 when Omani oil averaged $105/B. Although the average price of DME Oman has slipped by around $2/B in July from June’s $46.62/B, there is typically a lag before this is felt in th...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Sabic & ExxonMobil Evaluating 1.8mn Tons/Year Record Cracker
...tput estimated at 64mn tons in 2014, it is currently facing competition from two large joint ventures involving state-owned petroleum giant Saudi Aramco. The 3.2mn t/y Sadara joint venture between Aramco and US chemicals firm Dow has completed two 375,000 t/y linear low density polyethylene units an...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Petro Rabigh Cracker Outage
...bigh threatened to terminate Rawec’s supply agreement. However, the dispute was resolved after Rawec paid Petro Rabigh SR750mn ($200mn) in compensation, along with a SR188mn ($50mn) reduction in tariffs and a SR188mn investment in improving the reliability of its supply systems (MEES, 6 June 2014). ...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
UAE Completes Nuclear Reactor Vessel
...ec says that overall construction of the four plants is more than 65% complete. Reactor vessels for the Barakah-1 and Barakah-2 reactor were completed in 2014 and 2015, respectively. Enec recently completed structural integrity and leak rate tests on the Barakah-1 reactor containment building. Al...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Opec Winning Back Market Share in Key Asian Markets
...16. However, while the importance of the Asian market for Opec has been growing, Opec’s importance to the region has been falling. IGA and Opec data shows that in 2011, 65.5% of Asia’s oil imports came from Opec, but this fell to 61.2% in 2014 and just 60.1% last year. But Opec’s Saudi-driven strategy to...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Dubai In Unwelcome Headwinds
...ported this week that property prices in Dubai have fallen by around 25% since their most recent peak in 2014, but remain above their 2011 trough. However, the IMF reports that the quality of the real estate loan portfolio is significantly better than prior to the 2009 crash. Overall, Dubai, in...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Oilfield Services Firms Forecast Upturn As Industry Looks To Overcome Crisis
...low levels (MEES, 8 July). Middle East resilience – and deep pockets – has seen the region’s share of each company’s revenue grow since the third quarter of 2014. Schlumberger’s Middle East share of revenue has risen to 33.6% in Q2 16 compared to 23.5% in Q3 14, while Halliburton’s has risen to...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Iraq: Record Products Imports Eat Into Crude Export Earnings
...maximize the proportion of their crude output refined domestically in order to maximize revenue, Iraq saw a mere 8% of its crude output refined domestically in April and May, the lowest figure on record. Refinery output nosedived in June 2014 when Islamic State (IS) captured the 310,000 b/d Ba...
Volume: 59Issue: 29Published at Fri, 22 Jul 2016 -
Moroccan Refiner Samir Fails To Clinch Crude Deal
...mains in doubt. Although an expansion of the plant’s capacity from 120,000 b/d was completed in 2012, it has reached a peak throughput of only 167,000 b/d in March 2014, before stuttering to a halt in August 2015. The last recorded Mohammedia throughput on the Jodi database is 113,000 b/d for July 2015....
Volume: 59Issue: 29Published at Fri, 22 Jul 2016 -
Oman To Add 4.8GW To Grid By 2022 As Electricity Demand Forecast To Rise 74%
...ports – although trading is possible by 2022. OPWP joined the GCCIA in December 2014 and envisages “tangible benefits to Oman both for planning and operations.” The company hopes to pilot electricity trading with other GCC states this year and to begin spot market trading in the MIS system in 20...
Volume: 59Issue: 29Published at Fri, 22 Jul 2016 -
Iraqi Political Deadlock Exacerbated Following Ministerial Resignations
...vel by Kurds both for cutting off the region’s budget payments in January 2014 and his repeated claims that Kurdistan sponsors Sunni Arab terrorist groups. The fact that the Kurdish parties closest to Baghdad are willing to reach out to him reflects poorly on their view of Mr ‘Abadi’s prospects. Ku...
Volume: 59Issue: 29Published at Fri, 22 Jul 2016