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Issue Contents


Volume 15, Issue 2
Published: April 11, 2019
Middle Eastern oil & gas growth on the horizon

Despite global trade uncertainties fuelled by feuding trading countries & stricter emissions regulations, the outlook for growth in the Middle East remains strong. Amy McLellan reports

Nothing is normal anymore. Once the loss of supply from two of the world’s largest oil producers, Venezuela and Iran, would have triggered a surge in oil prices. Once a decision by OPEC to sustain production cuts of 1.2 million barrels per day in co-operation with Russia, the world’s second largest oil producer, would have added to supply-side fears and boosted that rally.
But nothing is normal anymore. Oil prices may have added almost ten dollars since the start of the year, with benchmark Brent up 25% at $68 a barrel since January, but you are as likely to hear analysts bearishly debating high inventories, surging North American production and slowing global demand as you are to hear bulls forecasting a price spike.
Indeed, despite all the geopolitics of sanctions and trade wars, it seems the fundamentals are little changed for the next 24 months. ‘Wood Mackenzie has adjusted our annual average price forecast for Brent by just one dollar – from $66/barrel for 2019 to $65/b per barrel,’ says Ann-Louise Hittle, vice president, macro oils at Wood Mackenzie.
‘Our forecast of $68/b for 2020 remains unchanged.’

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Leveraging storage market opportunities
As the storage market shows signs of improvement, GP Global explains how it plans to further strengthen its storage terminal business by leveraging emerging market opportunities Despite weak market sentiment in the storage market the future is starting to look brighter with notable signs of improvement emerging...
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Iranian oil production trajectory faces key deadline in May
With the May 4 deadline fast approaching for Iran sanction waiver extensions, a thick layer of uncertainty continues to surround the US administration’s policy towards Tehran...
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Growing a storage concept
The second phase of BPGIC’s storage terminal in Fujairah will elevate the facility to become one of the largest terminalsby storage capacity in the Port of Fujairah Boasting one of the fastest flow rates in the Port of Fujairah, Brooge Petroleum and Gas Investment Company’s(BPGIC) second construction phase will result in the terminal having one of the largest storage capacities in the port...
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The future of oil demand in a decarbonised society
Abrial Gilbert-d’Halluin from the European Climate Foundation examines how tackling climate change in transportation could substantially shrink oil demand As governments start implementing the Paris Agreement, they will increasingly need to cut carbon emissions from transport by curbing the combustion of petroleum fuels...
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NOCs unite amid winds of change
The growth of NOC-NOC alliances could help hedge against future political, financial and environmental hurdles...
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Middle Eastern oil & gas growth on the horizon
Despite global trade uncertainties fuelled by feuding trading countries & stricter emissions regulations, the outlook for growth in the Middle East remains strong...
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Middle East 'big oil' to boost global petrochemicals footprint
While the US cracker wave on the back of the shale gas boom is getting much of the attention, big oil and gas players in the Middle East are lining up mega projects that could shift the landscape of global petrochemicals from 2025 and beyond...
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Two stage vapour control systems for ultra-low VOCs emission
By John Zink International LuxembourgCurrent environmental concern is leading to more stringent legislation on Volatile Organic Compounds (VOCs) emissions, which may cause a traditional single stage vapour control system to no longer be compliant...
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Leak measurement system allows better operator decision-making
Some may think that a leak in an aboveground tank would be easy to detect, however, small leaks in large tanks are in fact very difficult to detect...
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Water jet cutting technique saved refinery time & money
A UK water jet cutting company achieved a first after completing a water jet cutting service in Nigeria...
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Novel thermal oxidiser delivers outstanding energy efficiency
ITC Rubis is a state-of-the-art terminal for the storage of liquefied petroleum gas (LPG) and chemical products...
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Lowtank: A transition to safer methods
While the top loading of road tankers has served us well, the risks to operators when accessing the tanker top have become more apparent and the safety of workers is too important not to look for safer alternatives...
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The terminal of tomorrow
This year’s StocExpo Europe took place against more challenging conditions for the storage sector, highlighting the importance of operators to adapt as the market enters a new energy era...
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