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Majors Capex Down Again To Lowest In Over A Decade, 2022 To Remain Restrained
...ropean firms’ 2021 spending was disciplined, their US counterparts’ outlay was positively anemic. ExxonMobil’s spending fell by 22% to just $16.6bn, falling below that of Shell to make 2021 the first year since 2017 that Exxon has not been the top spending major. But Exxon is also penciling in the la...
Volume: 65Issue: 06Published at Fri, 11 Feb 2022 -
Opec Production Falls Sharply, More Cuts On The Way?
...blicly debate cutting deeper still. Given that the Opec+ alliance has been enforcing cuts almost continuously since January 2017, dividing up deeper cuts will be no easy task. But as oil prices have slumped amid concerns over dramatic falls in China’s demand, deeper cuts look increasingly ne...
Volume: 63Issue: 06Published at Fri, 07 Feb 2020 -
OPEC Production Dives Amid Venezuela Instability
...elds (see p5). Nigerian output has only just recovered from the conflict-induced outages that crippled production in 2016 and led it to be exempted from the 2017-18 round of cuts. Meanwhile, Iraq is a perennial flouter of Opec commitments and needs every dollar it can get to rebuild the country. Th...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Opec Steadies Production In January
...yadh is set to grow in 2018. January’s collective output was 560,000 b/d above the grouping’s nominal 31.92mn b/d production target – based on the agreed upon 32.5mn b/d plus Equatorial Guinea which joined in 2017, less Indonesia, which suspended membership in November 2016. Opec has never hit the ta...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Opec Cuts 860,000 B/D Output, More Work Required
...Opec cut crude production by 860,000 b/d in January, the largest monthly fall in nearly three years, but remains 570,000 b/d above its H1 2017 output target. Oil prices have dropped around $1/B since the start of February but remain comfortably above $50/B, suggesting that the markets are co...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Middle East Drilling Remains Strong Despite Low Oil Prices
...The boom in US shale drilling in recent months has seen the country move to center stage in 2017 upstream spending plans (MEES, 3 February). But activity in the Middle East, the one region not to have seen a downturn over the past two years, remains robust. Since the mid-2014 oil price co...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Global Oil Overhang To Persist Throughout 2016
...A faltering global economy, dampening oil demand growth and the return of Iran to international markets ensure that oversupply in global oil markets will persist into 2017. Disarray within Opec means that a unified decision to reduce output remains as distant as ever. Moreover, both Opec an...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016