MENA oil investments to slow in next 5 years as gas ‘seems to be plateauing’: APICORP
Natural gas and oil will miss out on increased investments set to pour into petrochemicals and power plants in the Middle East and North Africa region over the next five years as decision-makers become “more cautious to new project commitments in an era of gas overcapacity”, Arab Petroleum Investments Corp. said May 4.
Oil investments will total $226 billion in 2021-2025, down from $235 billion projected in last year’s five-year outlook, while the gas total will drop to $208 billion, from $211 billion, APICORP said in its latest annual outlook.
MENA oil investments to slow in next 5 years as gas seems to be plateauing : APICORP
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Fuel oil premium hits record high in Fujairah ahead of big A/C power demand season
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Source: APICORP s MENA Energy Investment Outlook 2021-2025
Iran has been able to export crude and other products even as the US tightened sanctions targeting its oil sector sometimes in Iraqi waters, and marketed as Iraqi-origin, which led to Iraq s State Organization for the Marketing of Oil to issue at least three clarifications over the past six months on the specific floating storage vessels the company uses for its crude and fuel oil sales.
At an oil storage company in Fujairah, which typically sells an average of 30,000-40,000 mt of HSFO per month, sales have picked up to 40,000-50,000 mt/month in the past two months, a source said.