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Opec Signs Off 2015 With Record Output
...venue in 2015 would be down a hefty $47.4bn from 2014 (a drop of 43.9%), the UAE remains committed to increasing production capacity from around 3.2mn b/d to 3.5mn b/d in 2017. While this won’t necessitate additional production, it makes a reduction less likely. Iran also looks set to go head to he...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Saudi-Iran Fracas Ratchets Up Regional Tension, Oil Output Likely To Rise
...s on fire on 6 January. However, neither the protests nor security crack-down have as yet been on the same scale as in 2011. It was for his alleged role in orchestrating these 2011 Shia protests that Shaikh Nimr was arrested in 2012 and sentenced to death in 2014. REGIONAL SUPPORTERS WEIGH IN...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Libyan Security From Bad To Worse As IS Trashes Oil Facilities
...r the Es Sider terminal has shipped crude since force majeure was declared on the facilities in December 2014. Force majeure was briefly lifted on the Ras Lanuf terminal on 2 July 2015, but an attempt to lift crude by the Tripoli-based National Oil Corporation (NOC) was blocked by the PFG and the in...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Ninth-Time Lucky For Cyprus Gas Import Tender?
...illion BTU by 2025. According to the terms of the tender, first gas is to be delivered between 1 January 2016 and 30 June 2017, but that is looking increasingly unlikely and will most likely be revised if an agreement is reached with any of the bidders (MEES, 18 April 2014). ...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Total, Eni Stick With Cyprus Exploration
...to Israeli waters, but also declared the field a commercial (Israeli) discovery. Nicosia views the announcement as a strong-arm negotiating tactic on the part of the Israelis (MEES, 27 November 2015). Noble and BG are also reportedly close to finalizing a letter of intent signed in June 2014 to su...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Oman Slashes Subsidies In 2016 Budget, Announces Economic Reforms
...clude the impact of falling oil prices and the effect of regional and geopolitical conditions on the Oman economy, which would require suitable measures to sustain the financial situation and provide economic stability. OMAN'S 2014-2016 FINANCES (OR MN) *LATEST (JAN 16) FORECAST. SOURCE: OM...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Saudis Slash Subsidies As Oil Revenue Collapses
...FICIT Actual 2015 revenue is estimated by the ministry at SR607bn ($162bn), down 15% in nominal terms from the original budget projection, with oil revenue at SR445bn accounting to 73% of total revenue, a drop from the 87% share in 2014. Non-oil revenue however increased in 2015 by 29% to hit SR...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Iran’s Rohani: A Mid-Term Report
...veral months to materialize. And, finally, strong opposition by domestic hardliners to the agreement’s content in both Iran and the US, and the document’s initial uncertain fate in both the US Congress and the Iranian Majlis. To combat the lingering economic slack President Rohani, in August 2014, pr...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Algeria: Sonatrach Re-Engages With IOCs In Race Against Upstream Decline
...llapse, production problems and multi-year project delays. But new Sonatrach CEO Amine Mazouzi and his team have injected something of a sense of urgency with a more pragmatic approach. Algeria’s most recent bidround in late 2014 flopped with only four of 31 blocks awarded amid unattractive fiscal and in...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
What Does 2016 Hold For The Eastern Mediterranean?
...ich all parties hope will see the Leviathan field receive the go-ahead (MEES, 18 December). Israel’s gas sector was mired in stasis after the country’s antitrust chief in December 2014 labeled Noble and Delek a monopoly, essentially freezing both firms’ plans to develop Leviathan and further develop th...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
Petchems To Dominate MENA 2016 Downstream After 2013-14 CDU Boost
...0,000 b/d Satorp and Yasref joint venture refineries started up in 2013 and 2014, respectively, with both now at full capacity. Abu Dhabi’s Takreer has also reached full capacity at its 417,000 b/d Ruwais Expansion refinery. Much of their output is destined for export – and greater income than for heavily su...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
OPEC Taps To Stay Open In 2016
...tput in 2016, but there is considerably greater uncertainty over whether it can achieve this. The biggest loser over the past 12 months, the north African country has lost 340,000 b/d of output since November 2014, plummeting to 370,000 b/d as a result of conflict between two rival governments, co...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
Iraq’s Domestic, Regional Challenges Increase for 2016
...aq’s Sunni Arab region. Turkey’s most important proxy was the Nineveh-based faction led by Usama al-Nujaifi (parliamentary speaker 2010-2014 and vice-president 2014- August 2015) and his brother Uthil al-Nujaifi (Ninawa governor 2009-May 2015). Despite the former governor’s removal by parliament – in...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
The MENA Region’s Vulnerability: A Geo-Economic Outlook
...jority of countries worldwide continue to struggle with the consequences of 2008. Concurrently, the interaction of global oil supply and demand produced a continuous rise in the price of oil from less than $40/B in 2009 to a peak of $112/B in June 2014, before falling by the end of 2014 to $60/B. Co...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
Libya: No More Than A Glimmer Of Hope
...rward in the post-Qadhafi era. In all other respects, though, the situation in the country has either deteriorated, or at best failed to improve. In December 2014, force majeure was declared at two of the country’s main oil export terminals – Es Sider and Ras Lanuf. Both remain shut-in. In the first qu...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
NOCs To Drive Gulf 2016 Output Gains Despite Further Belt Tightening
...aching its target of 980,000 b/d average liquids production in 2015: January-November output averaged 978,000 b/d. Output averaged 943,000 b/d for 2014. With state-led Petroleum Development Oman (PDO) announcing plans in April to reach a sustainable production plateau of 600,000 b/d by 2019, up from 2014...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
Crunch Time For GCC Fiscal Reforms
...e fiscal balance swung into deficit of 2.3% of GDP in 2014 and is expected to worsen to an estimated 22.9% of GDP in 2015, piling extra pressure on the monetary authorities to curb future increases. KUWAIT The pressure on Kuwait’s fiscal and external positions remains contained and ma...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
Qatar 2016 Budget: $13bn Deficit, The First In 15 Years
...dget law on 16 December. It projects total revenue at QR156bn in 2016, compared to QR226bn in the previous budget, which was based on $65/B (the previous budget, which originally ran from 1 April 2014 to March 2015, was extended pro-rata to end-2015 as Qatar switched to using calendar years in bu...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
Can The KRG Keep Up Its Monthly Oil Payments?
...leased by the MNR on 1 December highlights the financial challenges facing the KRG. Oil export revenues averaged just $574mn/month for July-September, far below the $1bn monthly payments the KRG had been expecting to receive from the Iraqi federal government under a lapsed December 2014 agreement. Th...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Aramco Management Revamp
...ggaf is now Senior Vice President, Operations & Business Services. He had been acting service line head of operations and business services since 2014....
Volume: 58Issue: 51Published at Fri, 18 Dec 2015