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US Surges Past Saudi As World’s Top Oil Exporter
...reducing demand: down 10% from its 2017 peak to average 550,000 b/d for 2019. Fuel oil dynamics on the other hand have been trending in the opposite direction, and the kingdom became a net importer of the fuel in 2019 for the first time since Jodi stats began in 2002. After recording net-ex...
Volume: 63Issue: 08Published at Fri, 21 Feb 2020 -
India Crude Imports: Iraq, Saudi Dominant Despite Looming Long-Haul Challenge
...*India imported a record 4.51mn b/d of crude in 2018, up 4.5% on 2017. At 2.94mn b/d, volumes from the Middle East for 2018 were also a record, though the Gulf’s market share, at around 64% has remained static for the past three years (see Chart 1 and table, p20). *The second half of...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
Taiwan Crude Imports Hit 8-Year High, Opec Share At Record Low
...re stagnant last year, those from key African Opec producer Angola collapsed from 70,100 b/d in 2017 when Angola was the fourth largest supplier, to just 10,700 b/d for 2018. *Among Gulf suppliers, Saudi Arabia remains Taiwan’s top supplier, with 270,000 b/d for 2018, 30% of total imports. Vo...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
Australia Challenges Qatar For Taiwan LNG Top Spot: Just The Prelude?
....4% on 2017’s previous record. But Taiwan had a bumper December, with its 2018 total of 16.9mn tons, up slightly on 2017’s previous high. Coupled with monthly record imports from China and Korea, December saw the highest ever monthly LNG trade volumes (see chart, p24). In Taiwan, Qatar remained we...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
US Poised To Compete With Saudi Arabia As World’s Largest Oil Exporter
...Full year 2017 figures from Jodi highlight the extent of the increasing importance Saudi Arabia places on its products exports. As it cut back on its heavily-monitored crude exports as part of the Opec+ production agreement since January 2017, it simultaneously ramped up refining runs, re...
Volume: 61Issue: 08Published at Fri, 23 Feb 2018 -
Saudi Arabia Reaps Benefits Of Downstream Investment
...the ramp up of output from two new 400,000 b/d refineries during 2013-15. This brought Aramco’s total domestic refining capacity up to 2.90mn b/d. With last year’s record intake hit despite a run rate of just 75%, new refining records are very possible in 2017, although planned maintenance and up...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017 -
IEA Warns Of Future Price Spike As Opec Divisions Deepen
...The supply glut of crude oil is set to extend into 2017 due to the resilience of non-Opec production, according to the IEA’s 2016 Medium Term Oil Market Report (MTOMR), released 22 February. But with global production capacity growth slowing over the report’s 2015-21 timeframe due to in...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Middle East Refiners To Add 2.3mn B/D Capacity By 2022-IEA
...pected to complete its 146,000 b/d Ras Laffan 2 condensate splitter, while the 81,000 b/d expansion of Oman’s Sohar refinery – officially due for 2016 start-up – is expected “around 2017.” Saudi Arabia’s next big refinery, a 400,000 b/d plant at Jazan, is still slated for 2018 but “could well be delayed” as...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
BP Predicts OPEC’s Second Coming
...0,000 b/d to 750,000 b/d. The $10bn ExxonMobil-led project is now scheduled for completion by 2017, having already been pushed back from 2015. “While the oil price crash has made the low-cost reserves in the UAE look even more attractive, it has also led to corporate belt tightening that may make it di...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
Saudi Arabia Increases Asian Focus With Japan Oil Storage Deal
...ntractors to secure the contract to build the UAE’s first nuclear power plant, the first unit of which will be operational by 2017 with completion of all three units by 2020. Down Under Investment Creation of an energy distribution hub in the Asia-Pacific rim might explain Abu Dhabi’s decision to en...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Vive La Difference! IEA, OPEC Split On Supply, Price Views
...the medium-term, some $10/B higher than last year. While for its medium-term update the IEA has lowered its oil price assumption for 2017 by some $11/B compared to June 2011 (based on the prevailing oil futures prices). Longer-term, the discrepancies are still more marked. According to th...
Volume: 56Issue: 08Published at Fri, 22 Feb 2013