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Confusion Reigns As Iran Denies Russia Oil Deal Reports
...anian oil exports are down by more than 1mn b/d on average over the past 12 to 16 months, relative to 2011 levels, on the back of international sanctions placed on it on account of its nuclear program (MEES, 1 August). Given Russia’s place among the P5+1 group of world powers currently in ne...
Volume: 56Issue: 32Published at Fri, 08 Aug 2014 -
Sonatrach Slammed
...inted Sonatrach in recent years. The court, in its freshly-released review of Algeria’s 2011 budget, says that Algeria’s tax authorities “lack the appropriate means to verify the tax declarations of Sonatrach and its affiliates.” The court recommends the adoption of a standardized system of ac...
Volume: 56Issue: 51/52Published at Fri, 20 Dec 2013 -
Suez Canal Traffic, 3Q 2013
...en the key source of southbound shipments. In 2011 southbound crude shipments fell sharply as Libyan exports slowed to a trickle due to the country’s civil war. However volumes sharply rebounded in 2012 and the first half of 2013 as Libya cultivated China in particular as a key market. •Ch...
Volume: 56Issue: 51/52Published at Fri, 20 Dec 2013 -
GPCA Urges Petchems Firms To Save Water
...ange their procedures overnight.” Some producers are already improving their water usage, says GPCA. Abu Dhabi’s Borouge requires more than 1 bcm/year of water to make plastics, but during 2011-12 it saved 24mn cu ms of fresh water by using cold sea water in its manufacturing processes. Meanwhile, GP...
Volume: 56Issue: 51/52Published at Fri, 20 Dec 2013 -
US Hikes Mid-Decade Output Estimates By 2mn B/D
...yond domestic demand and maximise product exports. Net US products exports shot up from 250,000 b/d in 2011 to over 900,000 b/d for 2012 and an EIA forecast of 1mn b/d for this year. Net products exports are set to hit 1.3mn b/d by 2030 and 1.8mn b/d by 2040, the EIA predicts. Of course, a revoking of th...
Volume: 56Issue: 51/52Published at Fri, 20 Dec 2013 -
US And Saudis At Odds Over Syria
...War in Syria,” says it expects Syria’s GDP in 2015 to be 57% smaller than that at the start of the conflict in 2011. The country’s poverty rate will soar to 44.5% over the same period, ESCWA says. ESCWA says that losses to the country are equivalent to “three decades of economic growth and two de...
Volume: 56Issue: 51/52Published at Fri, 20 Dec 2013 -
South Sudan Fighting Spreads To Oil Fields
...ate. Hundreds have already been killed in the conflict which started on 15 December. This has put the international community on alert; US President Barak Obama has called on the clashing factions to stop fighting. “In 2011, millions of South Sudanese voted to forge a new nation, founded on the pr...
Volume: 56Issue: 51/52Published at Fri, 20 Dec 2013 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices 19 Dec 9-13 Dec 2-6 Dec Nov-13 Oct-13 Q3 2013 Q2 2013 2012 2011...
Volume: 56Issue: 51/52Published at Fri, 20 Dec 2013 -
Libya: Another False Dawn?
...termittent disruptions occur in the west.” Should the eastern blockades be largely removed, the bank sees next year’s production at 1.2mn b/d. In Morgan Stanley’s worst case scenario, output will languish at 200,000-300,000 b/d. Libyan Comeback: Part 2? In the aftermath of the 2011 revolution, Li...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
KRG: Oryx Hits Big In KRG, Plans Wasit Development
...G) in 2011 that became public when the company issued an IPO ahead of its listing on the Toronto Stock Exchange in March this year. Not much has been reported on the controversial contracts since they came to light (MEES, 29 March). However, in its latest update on operations in Iraq, Oryx gave de...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
Oman Upstream Survey: Indies Boost Output To New Highs
...ke good on a 2011 pledge to boost production from its Mukhaizna heavy oil field in Block 53 to 150,000 b/d. “Mukhaizna is now [producing at] around 122,000 b/d on average,” Mr Jashmi said in Muscat, conceding that the original 150,000 b/d goal may be a step too far. This is up from an average of 11...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
Egypt: Styrene Plant Go-Ahead
...ant will feed an existing on-site polystyrene plant which currently imports feedstock. Construction is expected to take 30 months. E-Styrenics licensed the ethylbenzene and styrene process technologies from US firm Badger Licensing in 2011. Ethylene and benzene feedstocks will be combined to form et...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
OPEC Gets Through The Year But Oversupply Threat Looms
...wn by 490,000 b/d from October and the lowest figure since June 2011. Saudi Arabia cut output by 200,000 b/d whilst Libyan outages deepened (see p2) and Nigerian output also fell. There were also slight declines from Kuwait and the UAE due to field maintenance. Excluding Iraq, which saw a 70...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
Al-Qa’ida And The Syrian War: More Than Just The Overthrow Of Asad
...ve issued a charter - “Mashru’ Umma,” or an [Islamic] Nation’s Agenda - proposing a unified “military, political, social and Islamic” agenda which includes the imposition of Shari’a law after the overthrow of the Asad regime. The Syrian uprising started in the spring of 2011 with weekly de...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
Iran Slashes Budget; $100/B Crude, 1.1Mn b/d Exports
...lumes were over 2.5mn b/d as recently as 2011. This suggests Tehran is not banking on dramatic near-term easing of sanctions following the landmark interim deal reached on 24 November between Iran and the P5+1. Mr Rohani’s relatively conservative oil export figure seems to be at odds with the pr...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
GCC Union Postponed
...REGIONAL GCC Union Postponed Leaders of the six Gulf Cooperation Council (GCC) states have postponed a decision on a proposal submitted by Saudi Arabia two years ago to move from the stage of “cooperation” to full “union” (MEES, 26 December 2011). GCC Secretary Ge...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
Falling Commodity Prices Won’t Mean Fewer Company-Government Disputes
...mining, at least 25 governments announced tax increases between 2010 and 2011 alone. Companies are left with the choice to acquiesce or seek legal redress, often in countries where the legal system is influenced by national politics and political elites. In May, Barrick Gold and Antofagasta we...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices 12 Dec 2-6 Dec 25-29 Nov Nov-13 Oct-13 Q3 2013 Q2 2013 2012 2011...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
Egypt Promises $1.5Bn Receivables Payout
...eviously touted by Oil Minister Sharif Isma’il. Foreign energy companies have been reluctant to invest into expanding production in Egypt without some cash flow from government coffers. Egypt has a history of late payments, but receivables ballooned during the political turmoil of the Arab Spring in 2011...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Bullish Iran Meets With Majors As It Gears Up For ‘Big Return’
...arved it of much-needed investment, and more recently resulted in a slashing of the country’s crude output by 1mn b/d since late 2011. Under the existing sanctions regime imposed by the US and EU, Western oil companies are effectively barred from investing in Iran. But sensing a possible opportunity fo...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013