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Opec Solidifies Gains In 2022 As Saudi Sets Output Record
...pacity dropped from 3.15mn b/d in 2017/18 to 2.63mn b/d in 2020/21 according to the latest KOC figures (MEES, 22 October 2021). Kuwait also suffered from the full shut-in of the Partitioned Neutral Zone (PNZ), from where oil output is split with Saudi Arabia, between May 2015 and February 2020 (ME...
Volume: 66Issue: 02Published at Fri, 13 Jan 2023 -
Saudi Crude Exports Rise To Five-Year High In 2022
...10.57mn b/d for 2022 (see p7) drove an 800,000 b/d year-on-year increase in the kingdom’s crude oil exports. Figures from data intelligence firm Kpler show that crude exports (excluding Saudi Arabia’s 50% share from the Partitioned Neutral Zone) exceeded 7mn b/d last year for the first time since 2017...
Volume: 66Issue: 02Published at Fri, 13 Jan 2023 -
South Korea Crude Imports: Mideast Volumes Slump To 25-Year Low For 2021
...ddle East suppliers. From a market share of over 80% to 2017, Gulf countries’ share fell to 69% for 2020 (MEES, 15 January 2021) and slumped again to a record low 60% for 2021. In absolute terms the 1.576mn b/d that Korea imported from the Gulf last year was the lowest since 1996 (see ch...
Volume: 65Issue: 02Published at Fri, 14 Jan 2022 -
Taiwan: 2021 Sees Mideast Imports Rebound From 2020’s Record Lows
...are a six-year high. Saudi Arabia supplied 282,500 b/d, up 38% year-on-year for the highest quarterly figure since Q1 2020, whilst number two Kuwait was up 66% at 202,500 b/d for the highest quarterly figure since 2017. *In contrast, whilst the USA retained number three spot for Q4, volumes of 10...
Volume: 65Issue: 02Published at Fri, 14 Jan 2022 -
Korea, Taiwan 2020 Crude Imports: Volumes Down, Mideast Down Further
...nual figure since 2011, with Q3’s 284,000 b/d the lowest quarterly figure since 2010. Number three Iraq saw volumes fall 34% to a six-year low 220,000 b/d, whilst number four the UAE saw a 15% fall to 206,000 b/d. *As recently as 2017, Iran was Korea’s number three supplier (behind Kuwait). Bu...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
Global LNG: China Challenges Japan As Top Importer
...certainties suggests that Japan is likely to retain top spot for 2020 at least. *China’s 2019 gains are well down on 2018’s whopping 40%. Indeed, the key winter for the coal-to-gas heating switch was 2017-18. Year-on-year gains in LNG imports peaked at 59% in Q1 2018 and have fallen in every quarter si...
Volume: 63Issue: 02Published at Fri, 10 Jan 2020 -
Opec December Output Tumbled Ahead Of Latest Round Of Cuts
...vember’s 33.13mn b/d (see table). This was the largest monthly fall since the previous round of cuts kicked in back in January 2017. That said, October and November output was at the highest level since late 2016 as countries sought to maximize revenue ahead of the cuts and also to ensure high baselines fo...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
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 -
US Oil Output Soars: Did Opec Create A Frankenstein’s Monster?
...The US government’s Energy Information Administration (EIA) this week came out with its most bullish 2018 output forecasts yet. Further massive gains are slated for 2019. Crude output will average 10.27mn b/d this year, the EIA says, a new record and up almost 1mn b/d on 2017. It will co...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
Saudi Cuts Deep To Boost Prices, But Will US Shale Pocket The Gains?
...der which its “allocation" was 10.06mn b/d for the first six months of 2017 (see table and MEES, 2 December 2016). Saudi crude production was 10.40mn b/d in December according to MEES estimates (MEES, 6 January), whilst the most recent official Saudi monthly figures had production at an all-time re...
Volume: 60Issue: 02Published at Fri, 13 Jan 2017 -
Saudi Hands Out New Drilling Contracts
...VIET UNION (EXCEPT SAKHALIN). HESS TO TRIPLE BAKKEN RIG COUNT US shale-focused independent Hess, in a 12 January update to its 2017 capex guidance, says that it plans to spend $2.25bn on E&P next year, up from $1.9bn in 2016. The key boost is slated for North Dakota’s Bakken shale fo...
Volume: 60Issue: 02Published at Fri, 13 Jan 2017 -
US Crude Defies Expectations, Thwarts Saudi Strategy
...wn to the higher baseline. Output will bottom out at about 8.5mn b/d in November 2016 and “stay near 8.5mn b/d for most of 2017.” This level of production is some 1.2 million b/d below the April 2015 level, which was the highest monthly production since April 1971. “Productivity im...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016