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Opec Keeps Demand Forecast Stable Amid Cloudy Outlook
...ventories in OECD countries. Saudi Energy Minister Prince Abdulaziz bin Salman announced after last week’s Opec+ ministerial meeting that inventories will be judged against the 2014-2019 five-year average, rather than 2015-2020 so as to not be affected by last year’s bloating of global stocks. The la...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
Korea, Taiwan 2020 Crude Imports: Volumes Down, Mideast Down Further
...port volumes in the more recent monthly data. The last three quarters of 2020 were the three lowest quarterly figures since 2014, with Q4 2020 at 2.54mn b/d the lowest of the lot. 1: KOREA CRUDE IMPORTS ('000 B/D): OVERALL VOLUMES SLUMP BUT MIDEAST DOWN MUCH FURTHER.... 2: ...TO...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
Opec’s 2017 Output The Second Highest On Record; What Does 2018 Hold?
...another “full year” of cuts in accordance with November’s agreement (MEES, 1 December 2017). For sure, Opec last year secured its first annual output fall since 2014: production averaged 32.49mn b/d. However, the big caveat is that this was just 130,000 b/d shy of 2016’s record 32.62mn b/d and th...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
Saudi Cuts Deep To Boost Prices, But Will US Shale Pocket The Gains?
...is has supported crude prices, with Brent trading at around $56/B as MEES went to press. With their revenue streams in tatters and mounting budget deficits – MEES calculations show that 2016 Opec oil export revenues were less than half 2014 levels and down 17% on 2015 (MEES, 6 January) – the cl...
Volume: 60Issue: 02Published at Fri, 13 Jan 2017 -
US Crude Defies Expectations, Thwarts Saudi Strategy
...d the country’s 16-year low rig count numbers (see p19), posting an average of 9.4mn b/d in 2015 – up a further 100,000 b/d on the figure the US government’s Energy Information Administration (EIA) was predicting even a month ago – versus 8.7mn b/d in 2014. It does however estimate a larger fall in cr...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
OPEC Maintains Output In December; Riyadh Maintains Hardball Stance
...e $50/B mark as MEES went to press – a massive 56% down from the 2014 peak of $115.06/B on 19 June (see p20). With oil prices slipping to their lowest level in more than five years, this showdown between the producer group and non-OPEC producers is fast turning into a game of chicken, leaving ma...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
OPEC Output Recovers In December On Gulf Boosts
...wait’s Governor to OPEC Muhammad al-Shatti said in state-owned Kuwait Petroleum Corporation’s latest newsletter. “OPEC is expected to produce at below the group’s agreed ceiling of 30mn b/d in the first quarter of 2014, and that is a major supporter for the stability of current price levels,” he sa...
Volume: 57Issue: 02Published at Fri, 10 Jan 2014 -
Higher Oil Prices Adopted In 2013 Budgets
...ojections. Unsurprisingly, it has not disclosed an oil price. Iran is increasingly isolated by US and EU sanctions, and its oil exports have tumbled which will make for fraught 2013 budget deliberations – its 2013 budget will run from 21 March 2013 to 20 March 2014. While the outlook for GCC pr...
Volume: 56Issue: 02Published at Fri, 11 Jan 2013