MEES - Weekly Oil & Gas News Analysis

Economics & Finance

Egypt Plans Further Cuts To Energy Subsidies

20 Apr, 2018

Egypt has returned to the IMF’s good books, for now at least. Energy subsidies are falli...

Oil & Gas

OMV Restarts Yemen Output

20 Apr, 2018

Undeterred by the ongoing conflict, OMV has restarted production at its Habban field in th...

THIS WEEK’S NEWS AND ANALYSIS

NEWS
DATA

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Kuwait Crude Exports Topped 75% Of Output In 2017 Following Shuaiba Shutdown (Mn B/D)
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Zohr Field Stakes (%)
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Sarab & Umm Lulu (%)
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Condensate Production ('000 b/d And % Of Oil Output) In Selected Opec States
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The USA Exported A Record 4.7mn T (2.64bn Cfd) Of LNG In 4Q 2017, With 70% Headed For Asia*, Also A Record
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Asian LNG Imports From The US Hit A Record 1.31mn Tons For Jan18. A Record Korean^ Figure Of 532,000t For March Suggests This Will Be Broken In The Months To Come
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Suez Canal Data Also Suggest More LNG Records To Come. A Record 3.1mn Tons Transited Southbound In 1Q18 With February (1.44mn T, 21 Tankers) And March (1.00mn T) The Two Biggest Months On Record...
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...But, Northbound (And Overall) LNG Volumes Are Well Down From 2011’s Record Highs As Sales Of Qatari LNG To Atlantic Basin Buyers Have Slumped (Mn T)
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US Exports Of LNG To Mena Countries ('000 T)
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2017 Total Of 1.475mn Tons Was 11% Of Total US LNG Exports…
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...And More Than Three Times 2016's 460,000T
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Suez Canal 1Q18 Oil Trade ('000 B/D): Northbound Oil Shipments Down On Record Q4 Volumes But Up Almost 10% Year-On-Year
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Saudi Aramco Petrochemicals Joint Ventures Net Aramco
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1: Suez Canal Sees Record Northbound Oil Products Shipments ('000 B/D), The Result Of Saudi Refineries Exporting Record Diesel & Gasoline Volumes ('000 B/D)
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2: Saudi Fuel Oil Burn Soared In 2017 But Has Started 2018 More Modestly (‘000 B/D)…
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3: ...Saudi Direct Crude Burn: Early 2018 Sees Reversal Of Recent Declines In Volumes
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Saudi February 2018 Official Oil Data (‘000 B/D): Products Exports Rise To Record 2mn B/D As Demand Falls To 5-Year Low
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GCC 2018 International Bond Issues
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GCC International Bonds ($BN): 2018 Well On Track To Top 2017's Record $50.5bn
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Crude Official Selling Prices ($/B): Saudi Arabia Raises Key Arab Light To Asia Prices
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Saudi Arabia LPG ($/T)
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Benchmark Crude Prices ($/B)
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Egypt Crude Exports ('000 B/D): More Volumes Heading To Asia At The Expense Of Europe, China Volumes More Than Triple In 2017

OPEC STORIES

Opec Members Unrestrained In Condensate Growth

Opec’s blind spot when it comes to counting its members’ output of condensate and other NGLs – 7mn b/d...

The USA’s Growing Role In Global LNG Trade - MEES Crunches The Numbers

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Global Drilling Returns To 3-Year High In 2018, Mideast Activity Strong

The rising tide of high oil prices is spurring upstream activity in the Middle East. The region’s rig count...

See more

MEES MONTHLY OPEC PRODUCTION ESTIMATES (MN B/D)

COUNTRY	Feb18	v Jan18	v Feb17	Jan18	Dec17	Nov17	2017	v 2016	2016	2015
Algeria	MEES Monthly OPEC Production Data Available To Subscribers Only					1.00	1.06	-0.05	1.11	1.10
Angola						1.63	1.65	-0.08	1.73	1.74
Ecuador						0.53	0.53	-0.01	0.54	0.55
Equatorial Guinea						0.14	0.15	-0.01	0.16	0.17
Gabon						0.20	0.20	-0.03	0.23	0.24
Iran						3.83	3.79	+0.36	3.43	2.85
Iraq						4.36	4.43	+0.00	4.42	3.98
Kuwait						2.73	2.71	-0.08	2.79	2.76
Libya						1.00	0.82	+0.44	0.38	0.39
Nigeria						1.69	1.72	+0.09	1.63	1.90
Qatar						0.61	0.61	-0.03	0.64	0.66
Saudi Arabia						9.93	9.97	-0.39	10.36	10.20
UAE						2.87	2.90	-0.04	2.93	2.88
Venezuela						1.83	1.95	-0.32	2.27	2.41
TOTAL						32.35	32.48	-0.13	32.62	31.83

EDITOR'S PICK

Total Reasserts Position As Dominant IOC In Mena On Back Of Abu Dhabi Deal

Total this week consolidated its position as the dominant IOC in the UAE and is set to emerge as the largest in the Mena region. The firm parted with $1.45bn for stakes in two of the three successors to Abu Dhabi’s Adma offshore concession.

Total’s latest Abu Dhabi deals (MEES, 23 March) reinforce the centrality of the emirate and the wider Mena region to its strategy. Mena is on track to provide more than 30% of Total’s liquids output for the second consecutive year in 2018. Only Italy’s Eni, with its traditional North African heartland, has a comparable share at around 32%, but its output is some 150,000 b/d less (MEES, 16 March).

Abu Dhabi is the single largest source of oil in Total’s portfolio, so walking away from the Adma concession after its 8 March expiry would have been a major blow. At 278,000 b/d...

Total Set To Become The Largest Mena Liquids Producer In 2018 Thanks To Qatar Boost And Abu Dhabi Offshore Restructuring ('000 B/D, Net)

23 Mar, 2018

Kuwait Presses Ahead With Development Plans, Eyes New Contract Model

Economics & Finance

Lebanon: Can Donor Conference Success Right The Ship?

Bahrain Eyes Unconventional Oil For Economic Reboot

Oman: Struggling To Cope With Too Much Gas?

FEATURED MAP

Yemen

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Anti-Government Forces Control Strategic Cities Aden & San'a

Egypt, Cyprus, Lebanon, Israel

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East Mediterranean Gas Exploration & Maritime Claims

EVENTS

7th OPEC International Seminar

Vienna, Austria