Algeria: Could 2018 See An End To Deficits?

...nths of 2017, the first time this has happened for any two-month period since 2014. Algerian gas exports have rebounded strongly since September as domestic demand has eased whilst the country has looked to maximize gas output (MEES, 15 September). The start-up of new gas fields – output from the Re...

Qatar Maxes Condensate Splitters, Hits Fresh Products Records

...en the largest buyer of Qatari condensate. But after rising above 200,000 b/d in Q1 2014, imports fell to just over 125,000 b/d the following quarter and have been below 100,000 b/d since late-2014 (see chart). Much of this fall in shipments to Japan was caused by the neighboring UAE stepping up its im...

Iraq Boosts Export Capacity, Eyes Alternative Routes

...peline. The Iraqi section of Baghdad’s 1.6mn b/d Kirkuk-Ceyhan pipeline was damaged by IS in 2014 and requires extensive work to become operational (MEES, 13 October). As a result, Iraq is eyeing up alternative routes to offer improved flexibility and alternative outlets when adverse weather closes Ba...

Iraq Export Revenues Soar

...Baghdad has received a much-needed boost from the rebound in Brent to over $60/B. The Iraqi government took in $5.45bn in crude export revenues in October, the highest level since October 2014, when oil prices were only just beginning their slump from $100/B. Revenues crashed with the pr...

Kuwait Urges Gulf Unity as Qatar Exports Rise Despite Embargo

...August to 739,000 b/d it was still the second highest figure on record. Exports of key products are booming, with naphtha exports on track to average 150,000 b/d (see chart 3). This enabled Qatar to realize $1.2bn from products sales in Q3, the highest revenue figure since Q3 2014. CRUDE RE...

Asian LNG Buying Up 13% In 2017, Chinese Imports Soar 44%

...the largest since spot prices crashed with those of oil in Q3 2014 (the price of term cargoes did fall sharply but not until the first half of 2015 given the oil price linkage in long-term LNG contracts comes with a delay of around six months). WINTER REBOUND Though, long term, prices are se...

Mideast Drilling Stays Firm, Recovery Elsewhere Will Have To Wait

...illing at near-record levels in 2017, in stark contrast to the global trend of upstream underinvestment. The rig count for GCC countries was a collective 288 in September, just 17 off the all-time high of 305 set last October, and up 26% since the start of 2014 despite low oil prices and stretched bu...

Algeria: Prices Up, Volumes Down, Projects Delayed

...16 2015 2014 Export Revenue 23.51 +4.10 +21.1 19...

Egypt Outlines Suez Downstream Plan, Canal Expansion Begins To Pay Off

...re the highest income since the $482mn earned in October 2015, although still 8% short of the record $510mn revenues of August 2014. The earnings rally is largely attributable to increased crude and products volumes transiting the canal. Northwards products volumes in particular are being boosted by...

Turkey 1H17 Gas Imports (Bcm): Iran On Track To Top Record 2014 Supplies But Still Less Than 1/3 Russian Volumes

Algeria On Track For $11bn Deficit Despite Gas Export Boost

...e fall particularly marked in Q2 (see chart).  Revenues from number four customer the USA were up 22% in H1 2017. The US took 76,000 b/d of Algerian crude in Jan-May 2017, higher than any annual average since 2012 (though Q4 2016 saw 132,000 b/d). Volumes dwindled to near zero in 2014 and 2015 as...

Saudi Crude Exports At 33-Month Low As Refineries, Power Plants Take More Crude

...arply, to just 6.89mn b/d in June, their lowest level since September 2014, as refineries process just below record levels and direct crude burning in power plants rises seasonally (see charts and p8 for full data). The decline in Saudi crude exports is giving Iraq and Russia in particular a chance to...

Suez Canal Revenues Show Signs Of Recovery In 2017

...e October 2015 downing of a Russian charter jet over the Sinai peninsula (see chart). The fall in Suez Canal revenues has been more modest: 2016 revenues were down 3% on 2015 and 9% on 2014’s record takings (MEES, 20 January). Flows through the canal are seasonal, with Q3 typically the high po...

Qatar: Oil & Gas Revenues Edge Up But Hit By Ratings Downgrade

...phtha exports surged to a record high in Q1, while Jet-Kero exports hit their highest level since Q2 2014 and Qatar exported diesel for the first time since January 2015. All this happened despite major problems at the 140,000 b/d capacity Pearl gas-to-liquids (GTL) plant which saw operator Shell run it at...

Saudi Aramco’s Mu’ajjiz Port Development Enhances Flexibility

...ipped to the facility. The most economic option would likely be to pipe crude to the west coast and then ship it south to Jazan. This appears to be the strategy. Aramco’s 2014 annual review said that redevelopment of Mu’ajjiz will “accommodate the increased volumes of fuel oil and supplies of Ar...

Iraqi Coffers Reap Reward Of Higher Oil Prices

...low 2014’s $30.2bn. Revenues for April were up 37% year-on-year at $4.6bn and were higher than every month in 2016 except December. Although they slipped slightly from March’s $4.8bn, this was effectively due to the shorter month, as daily revenues averaged $154mn in both March and April. Oil re...

Oman LNG Records Rare Output Rise, But Revenue Falls Regardless

...ound 50% of its output most years. But prices of Omani LNG to South Korea fell some 37% last year to just $7.38/mn BTU, more than $10/mn BTU below 2014 levels. Little wonder that revenues fell nearly $700mn last year to its lowest level since 2004. The LNG revenue fall exacerbated the squeeze on go...

What’s Next For Sonatrach Sales Deals?

...rtfolio. The recent rebound in volumes comes after weaker demand in Italy following the 2008 financial crisis. Italian imports of Algerian gas fell from a peak of 25.2 bcm in 2010, to 11.9 bcm in 2013 and 6.8 bcm in 2014, following a ‘holiday deal’ between Sonatrach and Eni to reduce offtake due to lower It...

Algeria’s 2016 Gas Export & Output Records – Are They Believable?

...DICATED)                 2016 vs 2015   2010 2011 2012 2013 2014 20...

Iran LNG Plans Hamstrung By Domestic Demand, Lack Of Foreign Cash

...located 32bcm to reinjection in 2014. Of course in 2014 (and 2011, 2012 and 2015) demand for sanctions-hit Iran’s crude was low enough that Iran could afford to slash reinjection and still have enough oil to meet demand. The corollary is that last year as post-sanctions Iran sought to ramp up crude output to...