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IEA Warns Of 3mn B/D Russian Supply Hit
...ys that OECD inventories dropped by 21.9mn barrels (707,000 b/d) in January to their lowest level since April 2014, and that “preliminary data for February show OECD inventories fell by an even steeper 1.06mn b/d.” If the IEA’s projections bear out, inventories will be drawn down much further ov...
Volume: 65Issue: 11Published at Fri, 18 Mar 2022 -
IEA Shoots Down Speculation Of Emerging Super-Cycle As Oil Price Rally Stalls
...0,000 b/d for the quartet, but that is nothing in comparison to the 2.7mn b/d drop-off since 2014. As such, while the Call on Opec may remain below 2017 levels for the next five years, Opec’s strongest members can look forward to their market share hitting new heights. IEA SUPPLY & DEMAND FO...
Volume: 64Issue: 11Published at Fri, 19 Mar 2021 -
US Shale In The Time Of Lower Prices
...e heir to former Saudi oil minister Ali Naimi’s 2014-16 strategy of focusing on market share at the expense of price (MEES, 19 December 2014) Having been abandoned in late 2016 (MEES, 2 December 2016) this strategy was subsequently branded a failure. But it certainly succeeded in keeping US ou...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
OPEC Faces Prospect Of Declining Global Clout
...e market to cut prices following the November 2014 meeting (MEES, 5 December 2014), Opec changed tack in November 2016 and agreed to cut output (MEES, 2 December 2016). The move initially paid dividends for Opec, which saw demand for its crude rise from 31.9mn b/d in 2016 to 32.6mn b/d in 2017 ac...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
Production Curbs Help Market Inch Towards Balance
...uld constitute the market once again being balanced. But there is a consensus that the buildup of global crude stocks to record highs since 2014 means a simple reversion to production equaling or outweighing demand isn’t going to cut it. Stocks are going to have to be worked down, but by how much? Mo...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
US Ramp-Up Lays Down The Gauntlet To Opec
...16 – just nine months ago. That said the latest rig count remains little more than half the November 2014 peak of 565 – an indication that there remain substantial numbers of idled rigs (albeit typically older and less efficient ones) and thus that whilst evidence is growing of nascent Permian cost in...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Will Oil Price Rebound Delay Market Balance?
...pidly: averaging 4.0mn b/d for 2015, up 670,000 b/d on 2014, recent major cuts to capex mean such gains will not be repeated this year. As if just to make sure its output would not be constrained by any Opec deal, Iraq’s Oil Minister ‘Adil ‘Abd al-Mahdi claimed on 17 March during the Sulaymaniyah Forum 4....
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
OPEC On Autopilot Till June
...at the increase was “tentative” and due to cold weather and incomplete 2014 data. The slightly higher demand outlook led to an upward revision to the call on OPEC oil in 2015 to 29.5mn b/d, below current production of above 30mn b/d. The revised forecast also raised the 2H15 call on OPEC to 30...
Volume: 58Issue: 11Published at Fri, 13 Mar 2015 -
Bullish OPEC Once Again Raises Oil Demand Forecasts
...OPEC Bullish OPEC Once Again Raises Oil Demand Forecasts OPEC this week raised its forecast for 2014 world oil demand growth for the second month running, on account of what it said were stronger than expected economic growth figures in North America and Europe. This is de...
Volume: 57Issue: 11Published at Fri, 14 Mar 2014