Middle East Oil & Gas News for the week of June 5, 2020
Here are 9 key Middle East Oil & Gas News snippets from stories we are following at MEES for the week of June 5, 2020:
Opec Output Collapses To 18-Year Low
Opec crude oil production dropped by a phenomenal 6.53mn b/d in May as producers slashed output during the first month of the new stringent production agreement reached in April. Iraq, again the laggard, faces the heat at Opec’s upcoming meeting.
Abu Dhabi Gas: 3rd Straight Year Of Decline?
Abu Dhabi gas output fell in 2019. Opec cuts suggest a further decline in 2020, given that much gas output is associated with oil production.
Mena Poor Relations Turn To IMF
Mena’s oil importers have seen the overall economic slump from Covid-19 far outweigh gains from lower oil prices. Can IMF cash help limit the damage?
Saudi Raids Reserves For PIF Spending
Saudi’s foreign reserves remain comfortable despite falling 10% in just two months to fund overseas investments. But the coming months will see further
drawdowns.
Algeria Looks To Cut Out Morocco
Morocco is taking ownership of part of the Algeria-to-Spain GME pipeline. Algiers has upped its stake in the rival direct Medgaz route and is boosting capacity.
Qatar In Record LNG Tanker Deal
Qatar is accompanying its huge LNG export capacity expansion with recordbreaking additions to its tanker fleet: over 100 new vessels by 2027.
Turkey: Less Piped Gas, More LNG Imports
The first months of 2020 saw a shakeup of Turkey’s gas imports. LNG overtook piped volumes for the first time with Russia and Iran the big losers.
Dubai Solar Capacity Tops 1GW
“Dubai’s powergen capacity is now 11.7GW, of which almost 9% is solar. But Dubai’s next power additions will be gas and coal-fired.”
Israel Producers Face LNG Competition
Israel gas producers Noble and Delek face a double whammy. LNG imports are set to undercut them on price whilst regulators have halted Leviathan expansion work.
