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UAE’s Wait To Tap Into Expanded Capacity Goes On
...r its flagship Murban crude export grade. The last time that Murban averaged more than that was 2014’s $99.45/B, when production of 2.78mn b/d was 270,000 b/d less than last year’s figure. With Murban prices set to drop to around $83/B this year, a sharp fall in revenue is inevitable for 2023. ME...
Volume: 66Issue: 50Published at Fri, 15 Dec 2023 -
Iran-Aligned Militia Attacks Complicate Delicate Iraqi-US Relations
...w system to importers and banks as opposed to black market dollars. Mr Sudani’s decision in January to reinstate Ali al-‘Alak as CBI Governor proved useful, given his long working relationship with his US peers between 2014 and 2020. But the recovery remains erratic and suboptimal, with li...
Volume: 66Issue: 50Published at Fri, 15 Dec 2023 -
Libya’s Legal Battle To Recover Billions In Overseas Assets
...bya (MEES, 13 October). Since 2014, the country has had two administrations, each with its own legislative and executive bodies. One is the internationally recognized Government of National Unity (GNU), based in the western capital of Tripoli and led by Prime Minister Abdelhamid Dbeibeh (MEES, 12 Ma...
Volume: 66Issue: 50Published at Fri, 15 Dec 2023 -
Kuwait’s Cabinet Looks Ahead To A Troublesome 2024
...ght consecutive budget deficits between 2014/15 and 2021/22 (see chart), but since September 2017 the government has been unable to raise debt to finance these deficits as parliament has repeatedly blocked the passage of a debt law to allow state borrowing. In September, Fitch affirmed Kuwait’s ‘AA-’ ra...
Volume: 66Issue: 50Published at Fri, 15 Dec 2023 -
Iran Plans Major Gas Storage Expansion To Face Winter Shortages
...orasan Razavi. The latter province borders Turkmenistan and Afghanistan (see map). Fully commissioned in 2014, the two facilities receive gas via pipeline from processing plants in summer, when demand is relatively low, injecting volumes into their reservoirs. Gas is then withdrawn in winter and sent vi...
Volume: 66Issue: 49Published at Fri, 08 Dec 2023 -
Jordan Looks To Climb On The Green Hydrogen Bandwagon
...ovided 27% of Jordan’s 2022 power, up from just 1% in 2014. But the ambitious plans face many challenges, including a severe water shortage. A 2019 Jordanian-German Energy Partnership said that despite Jordan’s “promising” potential for green hydrogen, including a “mature chemical industry” and ex...
Volume: 66Issue: 49Published at Fri, 08 Dec 2023 -
Libya Exploration Picks Up Steam As NOC Reiterates Ambitions
...13). Only two wells, of what had originally been planned as an 11-well campaign, were ultimately drilled. But though both saw “gas discoveries … in Devonian horizons,” the firm pulled out its staff and wrote off its entire to-date Libya exploration spend of $137mn as security deteriorated in early 2014...
Volume: 66Issue: 48Published at Fri, 01 Dec 2023 -
Yemen’s Breakthrough Truce Threatened By Houthi Military Attacks
...mbined cycle power plant. Yemen’s oil and gas sector had been declining since long before the onset of civil war. Production peaked in 2002 at 457,000 b/d with exports remaining above 100,000 b/d until 2014 (MEES, 15 September 2017). However, since the start of the conflict and the Saudi-led in...
Volume: 66Issue: 48Published at Fri, 01 Dec 2023 -
Algeria-Turkey LNG Deal
...-year extension inked in 2014. With output from the country’s own Sarkaya field in the Black Sea ramping up and Russia offering Ankara cut-price supplies for want of alternate markets, Turkey is evidently reluctant to commit to a longer-term contract for potentially more expensive oil-price-linked Al...
Volume: 66Issue: 48Published at Fri, 01 Dec 2023 -
Oman’s Blocks 3&4: Output Rebound Hopes Recede
...%. Output is now at the lowest since Q4 2014 when production was just ramping up (see chart). At the start of 2023, Tethys’ annual output guidance was 30,000-33,000 b/d, a projection that was only just met by actual 1H production of 30,670 b/d (MEES, 21 July) but now looks beyond reach. Indeed, up...
Volume: 66Issue: 44Published at Fri, 03 Nov 2023 -
Crude Trade: Gulf Suppliers Squeezed In India, Record Share In Japan
...west since 2014 (see chart and table). *With number three Mideast supplier UAE down 45% at 270,000 b/d and number four Kuwait down 25%, overall Mideast-to-India volumes were down 24% at 2.22mn b/d for 9M 2023. As such the region’s market share, at just 45.9% for 9M 2023 and 45.0% for Q3, is on...
Volume: 66Issue: 44Published at Fri, 03 Nov 2023 -
Iraq Eyes 2024 Refining Boost With 150,000 b/d Baiji CDU Re-Build
...rrorist group when it overran the refinery in 2014 (MEES, 26 September 2014). Now, Iraq’s Oil Minister Hayan Abdulghani has set an ambitious target for it “to begin operations” by 1Q 2024. If successful, this would bring back Baiji capacity to its original 290,000 b/d, after the 70,000 b/d Saladin 1 an...
Volume: 66Issue: 44Published at Fri, 03 Nov 2023 -
Yemen: New Import Hub Increases Houthi Economic Control
...port terminal. STRATEGIC LOCATION Ras Issa sits in a strategic bay on Yemen’s Red Sea coast. It has traditionally been the country’s primary export terminal, receiving crude oil from the Marib Basin via a 110,000 b/d pipeline. But with the onset of civil war in 2014, targeted sabotage of th...
Volume: 66Issue: 44Published at Fri, 03 Nov 2023 -
Saudi Oil Export Revenues On Course For 25% Annual Drop
...ole, MEES estimates that oil revenues are on course to total $245-250bn. Although this is down significantly from last year’s bumper $327bn, it remains a historically high figure. With the exception of 2022, this would be the highest annual figure since 2014 (see chart 2). 2024: SUBJECT TO MA...
Volume: 66Issue: 48Published at Wed, 01 Nov 2023 -
Egyptians Wary Rushed Elections Spell Tougher Times Ahead
...e National Elections Authority (NEA) is set to announce the results of the first – and likely only – round on 18 December, but Sisi is already widely expected to win, with virtually no real competition (MEES, 19 April 2019). The 68-year-old former general won both the 2014 and 2018 elections wi...
Volume: 66Issue: 43Published at Fri, 27 Oct 2023 -
Korea Crude Imports: Saudi Dominant With Mideast Share At 5-Year High
...pplier spot behind the USA (down 1% at 336,000 b/d). This puts the UAE on track for the highest annual figure since 2014’s 299,000 b/d. *Number five Iraq was up fractionally at 251,000 b/d for 9M 2023. The other big gainer was Qatar, up 56% at 215,000 b/d, albeit versus 2022’s 20-year lo...
Volume: 66Issue: 42Published at Fri, 20 Oct 2023 -
Libya: Equinor Offshore Mou
...0,000 b/d capacity, with Equinor netting a princely 6,600 b/d. Mabruk has a nominal 30,000 b/d capacity but has been shut in since IS-affiliated militants overran the facilities in 2014 though Total says it is hopeful of a restart before the end of 2023 (MEES, 31 March). LIBYA: OFFSHORE OIL & GAS ASSETS...
Volume: 66Issue: 42Published at Fri, 20 Oct 2023 -
Kuwait & Saudi Target Dorra Gas Start-Up By 2029
...ich all volumes would be piped onshore for processing is in line with the plan previously-favored by Saudi Arabia. Under these plans all gas was to be piped onshore to Ras al-Khafji, with Kuwait’s share then piped up the coast to its facilities (MEES, 4 July 2014). Failure to agree on a development pl...
Volume: 66Issue: 41Published at Fri, 13 Oct 2023 -
Shell Discovery Offers Hope As Egypt Gas Output Slide Continues
...August) has yet to result in a substantial output hike. The region’s output was flat month on month at 285,000 b/d for August despite rig count figures showing that drilling in the Western Desert is at the highest level since December 2014 (see chart 2). In addition to Apache, which says its ou...
Volume: 66Issue: 41Published at Fri, 13 Oct 2023 -
Israel Halts Tamar & EMG Flows As Fight With Hamas Continues
...wer in 2014, the pipeline has remained intact. REVERBERATING RAMIFICATIONS The ongoing war is also likely to impact future energy-related decisions, not only related to Israel but also Lebanon, as well Gaza itself: development of its 1tcf Gaza Marine field is sure to be kicked into the long gr...
Volume: 66Issue: 41Published at Fri, 13 Oct 2023