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Kuwait Mulls Subsidy Reforms As Oil Price Collapse Hurts
...ll require legal changes, would be tackled at a later date. Subsidies cost Kuwait about KD3.7bn ($12.2bn), or 7.6% of GDP in 2014, of which petroleum product subsidies account for 35% (see table). Kuwaiti pre-tax gasoline and diesel prices are respectively 66% and 41% below US prices. They are al...
Volume: 58Issue: 50Published at Fri, 11 Dec 2015 -
Opec Opens Its Arms To A Net Importer
...Indonesia will be formally welcomed back into Opec on 1 January, having suspended its membership in 2009. Crude production is currently around 800,000 b/d, but with domestic consumption at 1.6mn b/d according to BP figures in 2014, it is a net importer of around 800,000 b/d. Plans for the Ba...
Volume: 58Issue: 50Published at Fri, 11 Dec 2015 -
Kuwait: Does Ministerial Shake-Up Indicate A Firm Stance?
...nuary 2014. He becomes Kuwait’s fourth oil minister in less than three years. However, the revolving door at the ministry has little impact on policy, which is set by the Supreme Petroleum Council (SPC). It does however underline Kuwait’s continued political volatility – a deterrent for IOCs. That said, th...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Iran Launches New Contracts Ahead Of Opec Meet
...ximize recovery rates at fields (MEES, 13 November). The much-delayed launch of the IPC finally materialized on 28-29 November in Tehran. Initially planned to be launched in London in April 2014, the process has been inextricably linked to the nuclear negotiations with the P5+1, which were extended on...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
KRG: More Payments Needed To Unlock Investment
...4mn/month for July-September, far below the $1bn monthly payments the KRG had been expecting to receive from the Iraqi federal government under a December 2014 agreement. Federal payments peaked at $432mn in March. So far this year the KRG has received a total of $1.987bn from Baghdad for oil exports ac...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Iraq Chalks Up Record Exports But Revenue Less Than Half Mid-2014 Level
...e KRG, were boosted from a backlog in loading from a storm-hit October schedule (MEES, 6 November). But, despite this, the month’s export revenue of $3.67bn is just 47.5% of the $7.74bn that Iraq’s oil exports brought in in July 2014 before oil prices collapsed. Average November takings were ju...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Rabigh 2 Joins Petchems Start-Up Queue, Saudi Capacity Surge Nears
...dara said the unit would need rebuilding, although a SR113.4mn ($30.2mn) insurance claim will cover the rebuilding cost. UAE’s Borouge 3 polyolefins plant started up in 2014, but has still not reached full capacity because of ethane feedstock constraints (MEES, 5 June). The company now expects to re...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Paris Climate Talks: How To Measure Success?
...e globe. Market-related mechanisms would give visibility to investors and private businesses, but there remain strong disparities partly due to fossil fuel subsidies. The IEA estimates global fossil fuels subsidies at around $490bn in 2014, five times the amount that would need to be raised to ad...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Shell Egypt Output At 15-Year High Ahead Of BG Takeover
...e Western Desert’s Northeast Abu al-Gharadig block located within Bapetco’s main license area (MEES, 19 December 2014). The gas price agreed with both firms is $5.45/mn BTU, but Shell is now believed to be asking for more. State firm EGAS pays a maximum of $5.88mn BTU for gas output but has so far on...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Oman’s 2015 Budget Deficit Soars
...rther – to around $40/B for Oman crude – in recent weeks (see p18). Taking these factors into account the deficit for 2015 as a whole could well top OR5bn (see graphs). Oman had a small surplus of OR136mn ($354bn) in the first nine months of 2014 but this fell to a deficit of OR360 for the year as a wh...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
GCC Countries Set For Record Bond Issues To Plug Funding Gap
...With oil prices 60% down on their 2014 peak, GCC member countries are increasingly turning to borrowing to make up for their revenue loss. Bahrain and Qatar are now launching new bonds, and Oman is considering following suit, all three following Saudi Arabia’s lead in July to resort to bo...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Algeria Ratifies 2016 Budget Despite Opposition
...s export earnings are set to bring in just $35bn this year, down from $60bn for 2014 and $70bn in 2012 (MEES, 27 November). Finance Minister ‘Abd al-Rahman Benkhalfa says the fuel price increase is inevitable as Algiers needs to take an axe to subsidies – which cover everything from energy and ga...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
US Oil Output, Imports, Exports, Demand: Q3 Oct & Nov 2015 (‘000 B/D)
...15 1Q15 4Q14 2014 2013 2012 2011 CRUDE OIL IMPORTS 7,355 7,188 7,222 -41...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Crude Official Selling Prices ($/B)
...15 1Q15 4Q14 2014 2013 2012 2011 CRUDE OIL IMPORTS 7,355 7,188 7,222 -41...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Benchmark Crude Prices ($/B)
... 3-Dec 23-27 Nov 16-20 Nov 15-Nov 15-Oct Q3 2015 Q2 2015 YTD 2015 2014...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Saudi Stance Wins Out At Opec Meeting
...ying to secretly broker an output cut. In truth any ‘deal’ that would rest on cuts from not only Iran but also other, non-Opec, countries like Russia was never going to fly. Unlike in November 2014, no non-Opec countries were even present, although Saudi Oil Minister Ali Naimi says he is “always ready to...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Kuwait Seeks Silver Lining In Price Downturn
...oviders – in order to ensure that “when this recovery does happen, and it takes time but it will happen, that we are in a position to supply.” Indeed, Kuwait posted its first budget deficit since 1999-2000 for 2014-2015. The deficit was KD2.31bn ($8.0bn) for the year that ended in March 2015, whilst the bu...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Kufpec Charged With Bringing Technology Back Home
...rget, Kufpec has been expanding aggressively under the auspices of Shaikh Nawaf, following former CEO Nizar al-‘Adsani’s appointment as KPC chief in 2013. Although there was no production increase in 2014, Shaikh Nawaf attributes this to a focus on buying assets in the development stage. Some of Ku...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Libya: Could ‘Peace Deal’ Double Oil Output To 800,000 B/D?
...cent years, which culminated in an armed incursion into the Sharara field in November 2014. Unlike several fields in the Sirte basin, no major damage has been reported to field infrastructure at Sharara and El Feel. Field managers at Sharara said in December 2014 that the field was being kept ready to...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Repsol On Libya: Bad News Only
...erating income and €42mn off adjusted net income in the third quarter. The company operates the Sharara field, which has been shut in since November 2014 (see main story). The lack of exports from Libya cost the company $0.3bn year on year during the first nine months of the year, it said. Adjusted ne...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015