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Iraq Awards Contract For 70k B/D Basra Refinery Expansion
...maged refineries operate at only 60-75% capacity, leading to a gasoline shortfall of 40,000 b/d (MEES, 1 May). Iraq’s refineries processed an average 600,000 b/d of crude oil in 2013, but this fell to 493,000 b/d in 2014. Islamic State jihadists overran the 310,000 b/d Baiji refinery, Iraq’s la...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Saudi Petchems Profits Fall 21% In Q3 Due To Weaker Sales Prices
...SAUDI ARABIA Saudi Petchems Profits Fall 21% In Q3 Due To Weaker Sales Prices Saudi Arabia’s petrochemical producers reported total net profits of SR6.63bn ($1.77bn) for the third quarter of 2015, which was 21% lower than for the second quarter and 30% down on the same quarter in 2014...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Aramco Vows $100Bn Spend To Phase Out Crude-Burn, Targets Self-Sufficiency
...amco plans to spend $100bn over the next 10 years in boosting natural gas production capacity with a view to eradicating the kingdom’s direct burning of crude oil in power plants. In July 2014 Saudi crude burning reached a new peak of 899,000 b/d and during June-August this year the average burn was 86...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Saudi Product Exports At Record High; Crude Volumes Crimped
...stained high figures of recent months mean 2015 as a whole will almost certainly surpass 2014’s record. Domestic consumption of fuel oil and diesel – much of which is burnt – has risen even more (see graphs 3 & 4). Other Mideast countries are also burning crude at near-record levels. Iraq’s 22...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
SAUDI OFFICIAL CRUDE & OIL PRODUCTS OUTPUT, TRADE & BALANCE (‘000 B/D)
...YTD14 vsYTD13 YTD14 2014 2013 2012 2011 2010 2009 Crude Production 10,265 -96...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Mideast Revenues Prop Up Oilfield Services Giants
...s seen its revenue drop every quarter since the turn of the year. But the Middle East, where investment by state oil firms has largely held up, has been one bright spot. The four firms overall saw the share of their revenue coming from the Middle East and Asia rise from around 20% in Q4 2014 to ar...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Oil & Gas Subsidies Costing Saudi 11% Of GDP, Says IMF
...SAUDI ARABIA Oil & Gas Subsidies Costing Saudi 11% Of GDP, Says IMF The implicit cost of subsidized petroleum products and natural gas prices in Saudi Arabia was $83bn or 11.1% of GDP in 2014, the IMF says in a recent paper setting out its arguments for the need for energy price re...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Iran Unveils Stimulus Package To Boost Growth
...a mere 0.8% for 2015 down from 4.3% for 2014, Mr Rohani’s first full year in office. The country will this year record a fiscal deficit equivalent to 2.9% of GDP, the IMF projects. To be fair to Mr Rohani, the more than halving of oil prices over the last 15 months is largely to blame. The IMF pr...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Egypt: New Central Bank Chief Faces Foreign Currency Crisis
...e end of 2014-15 by $2bn to $48.1bn. The cost of servicing the external debt – medium and long-term – stood at $5.6bn, of which $4.9bn represents instalment payments and $700mn interest charges. The debt/GDP ratio at the end of 2014-15 fell to 15% from 16.4% the previous year. Domestic debt stood at...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
China Crude Imports 3q15 (‘000 B/D)
...15vs2Q15 15-Sep 15-Aug 15-Jul 3Q15 000 b/d % 2Q15 1Q15 4Q14 3Q14 2014...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Benchmark Crude Prices ($/B)
...15 2014 2013 2012 WTI 45.38 46.81 48.33 45.44 42.9 46.62 58...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Zueitina Restart Small Sign Of Hope For Libya’s Oil Prospects
...rkers demanding jobs from NOC brought the pipeline supplying crude to the facility to a halt (MEES, 8 May). The dispute has now been brought to a close with the promise of jobs for the protestors, Mr Lefkaih says. The terminal had only restarted on 22 February, having been out of action since April 2014...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
Iran Targeting $150Bn Oil & Gas Investment By 2020
...ojects, as well as export facilities boosts this figure to “over $150bn,” he says. COOPERATION WITH IOCs Though yet to be officially unveiled, details of the new IPCs have trickled out since its soft-launch in February 2014. These suggest foreign and local company cooperation will be a main theme in...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
Egypt Keeps-Up LNG Import Momentum With 55-Cargo Award
...llowing the arrival of Norwegian firm Höegh’s 550mn cfd Höegh Gallant floating storage and regasification unit (FSRU) at Ain Sukhna on the Red Sea. The vessel has been leased to EGAS for five years under a deal signed in November last year (MEES, 7 November 2014). Cairo says it expects four cargoes to ar...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
Suez Canal: Saudi Diesel Boosts Northbound Volumes
...oduce transport fuels to Euro specifications. The 400,000 b/d Satorp refinery in Jubail was brought online in late 2013 and reached full capacity in mid-2014, while the 400,000 b/d Yasref refinery in Yanbu’ was started up in 2014 and is scheduled to reach full capacity this month. Cairo hopes to do...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
Qatar Power Demand Tops 7GW; QEWC Advances 2.5GW Plant
...hind this summer’s consumption peak. Kahramaa says the new peak is almost 5% higher than the 2014 high of 6.74GW, and was achieved without an increase in electricity network faults. The state utility says that Qatar’s peak electricity load has increased by 8.5% a year during 2010-14. Qatar can cu...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
Global Supply Overhang May Last Till 2017; OPEC Output Largely To Blame
...mber of active rigs offshore Brazil has fallen from 40 to 21 over the last two years (see p10). Though the IEA projects overall non-Opec output of 58.3mn b/d for 2015, up 1.3mn b/d on 2014, output will finally begin to fall this quarter with the predicted 2016 figure of 57.8mn b/d down 500,000 b/d on 20...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
No End In Sight To Record Saudi Drilling
...eting, Mr Naimi told energy ministers that the Opec kingpin would be pressing on with its investments in all phases of the oil and gas sector, despite the plunge in oil prices (MEES, 9 October). Since steering Opec toward its November 2014 decision to pursue market share over oil prices, Mr Naimi has al...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
Iraq Progresses With Giant Gas-Fired Plant, But Where’s The Fuel?
...r the current shortfall of available gas, Iraq is instead burning liquids to minimize power blackouts, including direct burn crude which averaged 223,000 b/d in July and August, a substantial hike over the average 136,000 b/d burned in 2014. Iraqi Minister of Electricity Qasim al-Fahwadi told pa...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
Keystone Keeps Wolf From The Door With New KRG Payment
...rway’s DNO and its partners in the 150,000 b/d Tawke field, and London-listed Genel and its partners at 130,000 b/d Taq Taq (MEES, 11 September). Previous similar payments were in December 2014. GKP, under pressure from the KRG, from mid-September agreed to export all of its 40,000 b/d production via th...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015