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Libya Crude Export Revenue Set For Six-Year High
...nuary-September is already well above the firm’s $13bn earnings for 2017 as a whole, when export volumes averaged 790,000 b/d (versus 914,000 b/d for 9M18) and Es Sider averaged $52.8/B (versus $70.6/B for 9M18). MEES calculations put nominal gross crude export revenues at $11.36bn for 1H 2018 ve...
Volume: 61Issue: 47Published at Fri, 23 Nov 2018 -
Iran’s Oil Export Prognosis: Is The Market Too Blasé?
...gardless, it is feasible, perhaps likely, that by mid-2019 Iranian exports will have fallen well below 1mn b/d. Already, in advance of the 5 November re-imposition of US sanctions, total imports of Iranian crude and condensate had fallen sharply. From 2.64mn b/d for 2017 and 2.47mn b/d for the first ei...
Volume: 61Issue: 46Published at Fri, 16 Nov 2018 -
KRG Tempts Baghdad With Pipeline Expansion
...ming to tempt Baghdad into resuming piped exports to Turkey via the KRG’s link for the first time since June 2017. Indeed, the MNR’s statement makes clear its intentions. “The extra capacity will accommodate future production growth from KRG producing fields, and can also be used by the federal go...
Volume: 61Issue: 45Published at Fri, 09 Nov 2018 -
Bleak Picture For Iran As US Reimposes Oil Sanctions
...Iran’s oil exports fell by over 1mn b/d from 2017 levels even prior to this week’s re-imposition of US sanctions. Issuing waivers to eight Iranian clients, US President Trump says he is going “easy” on Tehran for fear of higher oil prices. While plenty of governments have talked tough against th...
Volume: 61Issue: 45Published at Fri, 09 Nov 2018 -
Qatar Petroleum Chief Consolidates Energy Sector Grip With Cabinet Seat
...October) and last year ended the moratorium on development of the giant North Field from which Qatar derives its world-leading LNG position. He himself was a driving force behind the imposition of the moratorium in 2005 (MEES, 17 October 2005) which was only lifted last year (MEES, 7 April 2017), ea...
Volume: 61Issue: 45Published at Fri, 09 Nov 2018 -
Qatar’s Export Revenues Hit A Four-Year High Despite Ongoing Embargo
...onomic embargo on Qatar in June 2017 they may have expected the emirate to acquiesce swiftly (MEES, 9 June 2017). But as the world’s largest LNG supplier and a major condensate exporter, amongst other liquids, Qatar always looked capable of surviving the blockade with minimal disruption (MEES, 9 June 2017...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
Saudi Investment Summit Falls Short As Vision 2030 Stutters
...bn year-on-year from $166bn in 2Q 2017 to $195bn for the same period this year. But non-oil’s share of this fell below 70% as its $10bn gains were half that of oil-GDP’s $20bn increase (see chart 1). The hold oil has on the economy is even clearer to see when turning to export revenues. Oil re...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Pakistan Bags Saudi Economic Assistance
...nt 73,000 b/d in the 2016-17 financial year (to June 2017). However, Pakistan is also in the tricky spot of relying on Saudi rival Qatar for its growing LNG supplies (MEES, 31 August). Qatar supplied 84% of Pakistan’s 4.6mn tons in 2017 and of the 8 cargoes Pakistan has received so far this mo...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Syria: Gas Output At 75% Pre-War Levels, Oil Recovery Lags
...e third day to repair,”a senior manager at one of Syria’s state oil firms tells MEES. “So today, even with the damage suffered, I can assure you that our network is good and operating at full capacity.” Islamic State militants blew up the Hayan plant in early 2017. Repairs there are currently on...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
Iraqi Government Formation Gathers Pace
...om within the Kurdistan political establishment may be little more than tepid. His support for last year’s controversial independence referendum (MEES, 22 September 2017) was cool at most: the dominant Kurdistan Democratic Party (KDP) backed Mr Masum for the presidency. On the international stage it...
Volume: 61Issue: 40Published at Fri, 05 Oct 2018 -
KRG Vote: No Change
...aq’s May elections and September 2017’s controversial independence referendum) and concerns over corruption. Indeed, allegations of election fraud since the polls are rife. The duopoly of the dominant Kurdistan Democratic Party (KDP) and the Patriotic Union of Kurdistan (PUK) was further entrenched as...
Volume: 61Issue: 40Published at Fri, 05 Oct 2018 -
Iran Awards Key Contract For Strategic Hormuz Bypass Project
...ports – overwhelmingly from Kharg Island, with small volumes from nearby Soroosh – averaged 2.1mn b/d in 2017, alongside a further 490,000 b/d condensate from Assaluyeh, for a combined 2.6mn b/d. But with the imminent return of US oil-sector sanctions after 4 November, Iran’s oil exports have already be...
Volume: 61Issue: 40Published at Fri, 05 Oct 2018 -
Iran Oil Exports Go Dark As Sanctions Loom
...VE SINCE DROPPED BELOW 2MN B/D* (‘000 B/D) *AUGUST FIGURES ARE MEES ESTIMATES EXCEPT FOR JAPAN & SOUTH KOREA. SOURCE: IMPORT STATS, MEES. EUROPE STRUGGLING TO REPAIR IRAN DEAL After averaging 570,000 b/d over the course of 2017, EU imports from Iran have now fallen be...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
Egypt Sees End To Water Tension With Ethiopia: Is It In Denial?
...sastrous. A 2017 study from the Geological Society of America (GSA) estimates that during the GERD fill period, Nile flows could fall by 25%, reducing the electricity generated by Egypt’s own 2GW capacity Aswan Dam by 33%. The GSA sees Egypt facing “serious country-wide freshwater and energy shortage by 20...
Volume: 61Issue: 38Published at Fri, 21 Sep 2018 -
Iraq’s Baiji Refinery Restarts Amid Security Concerns
...lahuddin-1 restart would be just a few months after Salahuddin-2. But rehab efforts at Salahuddin-2 required scavenging parts from Salahuddin-1, likely extending the timeline. And these efforts were already significantly delayed. In December 2017 he estimated both units would be online in around six months (ME...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
Libya: Exports Up But Loading Uncertainty Means More Goes Long-Haul
...ditional four 1mn barrel cargoes headed for China, it also saw the first ever Libyan cargo sail for Taiwan (Sharara crude from Zawiya port) and 1mn barrels from Zueitina headed for Malaysia. China rose to become Libya’s fifth largest crude customer for 2017 with 65,000 b/d (MEES, 6 April) – behind the Me...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Libya Oil Revenue: Up 80%
...Libya’s oil output and exports remain anything but stable. But output, at 920,000 b/d for the first seven months of 2017, was up 24% on the same period a year earlier whilst oil prices, at just shy of $70/B for Libya’s Es Sider crude, were up 40% over the same period. Added together this ha...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Saudi Woos Pakistan’s New PM But Qatar To Remain Key LNG Supplier
...participate in the economic embargo imposed against Qatar since June 2017 (MEES, 9 June 2017). That Pakistan may now be prepared to tack towards Saudi Arabia’s Qatar policy was indicated by Pakistan’s newly-appointed Minister for Petroleum Ghulam Sarwar Khan (no relation to the PM) who this we...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
Oman’s Duqm Development: Dustbowl Or ‘Dubai’?
...erambition. But after five years of mostly bluster, developments are finally picking up. Chinese consortium Oman Wanfang announced in April 2017 the construction of a $10.7bn industrial park – the Sino-Oman Industrial City (see map): preliminary work has begun. Duqm’s airport is also set to see the 17 Se...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
Syria: Upcoming Idlib Campaign Disturbs Power Balance
...vements on the front suggest the campaign could commence any day. But unlike Mr Assad’s other gains, which involved battering increasingly stretched and isolated rebel factions, regional player Turkey has a keen interest in Idlib. Under a 2017 Astana agreement between Moscow, Tehran and Ankara, Turkey wa...
Volume: 61Issue: 34Published at Fri, 24 Aug 2018