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Libyan Output Crashes As Fighting Escalates
...tions, production in the Sirte Basin slumped. Libyan production fell to as low as 150,000 b/d earlier this year when operations at the western fields of Sharara and El Feel where interrupted, a tenth of the 1.5mn b/d produced before the blockade. Prior to the 2011 revolution that disposed of Mu’ammar al-Qa...
Volume: 57Issue: 51/52Published at Fri, 19 Dec 2014 -
Yemen On Brink Of Collapse As Crisis Threatens To Submerge Oil Sector
...adership to acquiesce to their wishes. But while the feeder gas pipeline from Marib to the plant proved to be the target of choice in 2011 and 2013 – the focus has since shifted to Balhaf itself – which has been the subject of two mortar attacks in less than a year. The latest of these came this week, wi...
Volume: 57Issue: 51/52Published at Fri, 19 Dec 2014 -
Turkey Official Oil Data (‘000 B/D)
...13 2012 2011 2010 2009 Crude Production 49.9 -0.7 +3.2 50.6 47.8 47...
Volume: 57Issue: 51/52Published at Fri, 19 Dec 2014 -
EU Crude Import Evolution 2011-2014
... 2011 2012 2013 1H14 COUNTRY ‘00...
Volume: 57Issue: 51/52Published at Fri, 19 Dec 2014 -
Benchmark Crude Prices ($/B)
...12 2011 WTI 54.11 61.11 67.18 75.48 84.33 97.25 103.00 98.03 94...
Volume: 57Issue: 51/52Published at Fri, 19 Dec 2014 -
Kufpec China Blocks
...8mn, bringing its total stake to 49%. CNOOC owns the remaining 51% and operates. The field has been in decline for some time, yielding just 185mn cfd in 2012, down from 240mn cfd in 2011 and 325mn cfd in 2010 (MEES, 17 May 2013). The new blocks are adjacent to the pipeline linking Yacheng to shore. Ku...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
UAE, Kuwait Redefine Oil Marketing
...spectively, though the Middle East’s contribution has risen steadily and accounts for 77% of the total so far this year. South Korean imports have fallen sharply to 1.8mn b/d, of which 1.5mn b/d was supplied by Middle Eastern exporters, but it is down from a peak of 2.2mn b/d in 2011 and 2012, Mr Ketbi sa...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Israel-Cyprus-EU Gas Pipeline: Talk Hots Up, Action Unlikely
...ke it highly unlikely. A 1,500km sub-sea gas pipeline, which would link the 40 tcf-plus of gas discovered offshore Israel and Cyprus with European markets via Greece and Italy, has been mooted ever since key Israeli fields were discovered in 2010 and 2011. Plans got a boost when the 5 tcf Ap...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Price Rout Extended As Demand Falls Further Behind Supply
...mn b/d target in place since December 2011. To date, US oil production has not only been increasing, but has been doing so at an accelerating rate, prompting the Saudis to sit up and take notice. North American oil output hit 12mn b/d in September and October, close to 2mn b/d higher than its 2013 av...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
UK Restores Permanent Gulf Presence Amid Escalating ISIS Fight
...’s facilities after its withdrawal in 1971 – and therefore benefits from the United States’ security umbrella. Largely due to the presence of international security forces in Bahrain, including the US Navy as well as the GCC force that intervened to help quash unrest in 2011, Bahrain spent just $1....
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Libya: UN Efforts To Mediate Run Into Headwinds
...und of talks held in September did not yield any results. Libya’s latest political crisis in the aftermath of the 2011 revolution that swept Mu’ammar al-Qadhafi from power ignited when Islamist militia took control of Tripoli in July in response to parliamentary elections held a month earlier. The el...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Iran Cuts Spending Again For 2015-16, But Is It Enough?
...7mn b/d for 2013 and almost 2.5mn b/d in 2011, before sanctions started to bite (see graphs). That year Iran’s oil export earnings hit a record $255mn per day, that is to say $93bn for the year as a whole – the height of former president Ahmadinejad’s spending largesse, spending that with hindsight is se...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Iran: Planning A New Mirage
...ganization was divided into two newly created bureaus in the President’s office: “Planning and Guidance Supervision” and “Management and Human Capital Development.” The Fifth Plan: 2011-2015 After a long delay in its preparation, the text of the Fifth Plan was approved in January 2011 by the Majlis wi...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Benchmark Crude Prices ($/B)
...13 2012 2011 WTI 59.95 67.18 71.75 75.48 84.33 97.25 103.00 98...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Healed GCC Is To Meet In Doha, Discuss Stronger Military Ties
...gional security – including the expansionary Islamic State and the GCC’s rival across the Gulf, Iran – the group will likely only be capable of taking baby steps towards that goal. GCC defense spending has come off its early 2000s highs but outlays have spiked since unrest rocked the MENA region in 2011...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
Egypt Secures Funding For Further IOC Payments
...vember). Egypt first reduced a debt pile that had been growing steadily since the 2011 revolution with a $1.5bn tranche last December, and repaid a further $1.5bn in October. Throughout 2014, the government has also been able to promptly pay producers for current output, according to Petroleum Minister Sh...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
Dollar Strength Lessens Impact Of Oil Price Slide
...eir revenue since prices hit their peak in mid-June. The OPEC basket then briefly topped $110/B; since OPEC decided against cutting output on 28 November its value has fallen below $70/B. Current prices (OPEC Basket) of around $68/B are 37% down on the $107/B that they averaged between January 2011...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
Benchmark Crude Prices ($/B)
...13 2012 2011 WTI 66.81 71.75 75.44 75.48 84.33 97.25 103.00 98...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
Egypt Closing In On Debt Repayment And New Bid Round, Minister Says
...er the next five years. According to the government, it had released a second tranche worth $1.5bn to producers at the beginning of the month. Debts to IOCs that had accumulated in the aftermath of the 2011 revolution were first addressed with a $1.5bn payment in December 2013. Apart from ch...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
GCC Petchems Producers Need To Broaden Feedstock-Aramco
...07 2009 2011 2013 Saudi Arabia 36.1 44.1 54.4 73.0 83.1 91.5 Qa...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014