Middle East Oil & Gas News for the week of June 12, 2020
Here are 9 key Middle East Oil & Gas News snippets from stories we are following at MEES for the week of June 12, 2020:
Iraq Fights For Survival Amid Opec Cuts Pressure
With Opec+ cracking down on under-compliance, Iraq’s new government is in a dangerous position. Fully meeting its output pledges would mean giving up valuable crude exports in a time of nearunprecedented economic crisis. Cuts also complicate efforts to increase sales gas output.
Opec+ Extends Cuts, Iraq To Comply?
Opec+ has agreed to extend deep cuts by one month to end-July, but pressure is mounting on non-compliant countries.
Libya’s On/Off Restart: Can It Stick?
MEES examines the factors behind the latest attempts to re-start Libya output, moves that could be crucial to 2H 2020 oil market balance.
Saudi Arabia Exports Overtake US
Saudi Arabia reclaimed top oil exporter spot from the US after the kingdom opened the taps in April. China, Korea and Spain have seen record Saudi arrivals.
Saudi Oil Burn To Rise As Gas Output Falls
Increased electricity demand will account for a ‘good chunk’ of oil production gains as Saudi Arabia eases output cuts from July.
Saudi Utility SWPC Plans Desal Expansion
SWPC is leading a surge in desalination capacity to 12mn m3/d by end-2023. The inexorable growth of consumption has left the kingdom with little margin
for error.
Kuwait Ramps Up CFP Commissioning
Kuwait’s delayed clean fuels upgrading project is set for completion before year-end, providing a sizeable boost to the emirate’s refining sector.
Mena Economies Set for 2020 GDP Collapse
The World Bank predicts Saudi Arabia’s economy will contract by 3.8% in 2020. But that’s nothing compared to Algeria (-6.4), Iraq (-9.7) and Lebanon (-10.9).
Key Mena Producers See Drilling Slump
Gulf upstream spending has been relatively resilient among global cutbacks. But the region has still seen upstream activity slump, with Algeria and Iraq worst hit.
