Issue 05

Oil & Gas

• KRG Revises IOC Payments Process As Internal Political Strains Grow

Transportation

• East Asian Importers Take Less LNG In 2015; Little Sign Of An Upturn In 2016

Refining & Petrochemicals

• Kuwait Refining Earnings Undermined By Weak Product Export Prices

Power & Water

• Dubai Plans $27bn Green Power Fund, But Considering Expanded Coal Program

OPEC

• Iran And Saudi Arabia Drive Opec Output Rise As Indonesia Returns
• Iraq Oil Revenue Falls To Seven-Year Low

Geopolitical Risk

• More Trouble For Algeria As Hess Walks Away

Corporate

• Oxy Sees Yemen Exit Looming, Continues To Streamline MENA Operations
• DEA Appoints New Egypt Chief

Economics & Finance

• Kuwait’s Budget Deficit Set To Soar As Spending Continues Despite Subsidy Cuts
• Kuwait Delays Implementation On Planned 22% Subsidy Cuts
• Iran: $100bn Frozen Funds, Inflation Fears Slow Access
• GCC: More Debt Planned

Selected Data

• Chinese Crude Imports (‘000 B/D)
• Japanese Crude Oil & Condensate Imports 2015(‘000 B/D)
• Japanese LNG Imports 2015
• Crude Official Selling Prices ($/B)
• Benchmark Crude Prices ($/B)
• Though US Crude Output Has Peaked, NGLs Output Is Still Rising (MN B/D, EIA*)