Middle East Oil Supply in March 2014

Source: OPEC 3/21/2014, Location: Middle East

Middle East oil supply is estimated to decrease by 0.12 mb/d in 2013 from a year earlier to average 1.35 mb/d, with a downward revision by 10 tb/d from the previous MOMR. The regionís total supply was revised down by 0.31 mb/d in 2013 due to the downward revision in Syriaís output, which carried over all quarters in 2013 and 2012 as well. On a quarterly basis, the regionís production in 2013 registered an average of 1.40 mb/d, 1.32 mb/d, 1.35 mb/d and 1.33 mb/d, respectively.

The Middle Eastís oil supply forecast is generally associated with a very high level of risk ó mainly due to political factors ó which could dramatically change the outlook in either direction. Middle East oil output is forecast to increase by 20 tb/d to average 1.37 mb/d in 2014 compared with the previous year. The numbers have also seen an upward revision of 20 tb/d since the previous MOMR.

On a quarterly basis, Middle East supply in 2014 is seen to average 1.34 mb/d, 1.38 mb/d, 1.38 mb/d and 1.39 mb/d, respectively.

Omanís supply is estimated to increase by 20 tb/d in 2013 to average 0.94 mb/d, unchanged compared with the previous estimation. Omanís output is also expected to increase by 30 tb/d to average 0.97 mb/d in 2014, if mature field production declines as before.

Syriaís production is expected to drop by 0.12 mb/d in 2013 to average 60 tb/d. This downward movement is due to the countryís current political situation, which is associated with a high level of risk. Syria's oil fields remain relatively unaffected in terms of damage from fighting and sabotage, but limited opportunities exist to export crude and other liquids, and limited domestic refining capacity has resulted in shut-in production. Prolonged shut-ins can reduce the effective capacity of some fields, and a new assessment estimates that Syria's production capacity ó the level of production that could return within one year ó has dropped by nearly 100 tb/d since the start of the conflict for this reason. Nevertheless, at a meeting with oil company chiefs on 15 February, the Syrian Minister of Petroleum and Minerals disclosed that the countryís crude oil production had fallen by 96% from levels seen before the crisis of 385 tb/d. Syrian oil production is expected to drop by another 30 tb/d on annual basis to average 30 tb/d in 2014.

Yemenís production is expected to average 0.14 mb/d in 2013, a decrease of 40 tb/d from a year earlier, but output is expected to increase by 10 tb/d to average 0.15 mb/d in 2014. Due to continued attacks on infrastructure, the supply forecast is at a high risk.


United States >>  12/4/2023 - Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, today announced that Enterprise...
Oman >>  11/30/2023 - Under the patronage of H.E. Salim Bin Nasser Al-Aufi, Minister of Energy and Minerals, the celebration of the fifth anniversary of the commercial part...

Iraq >>  11/16/2023 - The Deputy Prime Minister for Energy Affairs and Minister of Oil, Mr. Hayan Abdul Ghani, received in his office this morning the Ambassador of the Rep...
United States >>  11/16/2023 - Energy Transfer LP (ET) announced it has entered into a non-binding Heads of Agreement (HOA) with TotalEnergies related to term crude oil offtake from...

Iraq >>  11/13/2023 - The Deputy Prime Minister for Energy Affairs and Minister of Oil, Mr. Hayan Abdul Ghani, met with the President of the Kurdistan Region, Mr. Nechirvan...
Uganda >>  11/10/2023 - Oil marketing companies (OMCs) under their umbrella body, Sustainable Energies and Petroleum Association (SEPA) want the amendment of the Petroleum Su...

Related Categories: Coal  Electricity  General  Natural Gas  Oil 

Related Articles: Coal  Electricity  General  Natural Gas  Oil 


Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.