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Distillate Supply Crunch Concerns Rise As Stocks Fall
...ler (see chart 1). The three-month rolling average of 74,000 b/d in February was the lowest in Kpler data stretching back to January 2017. Many in the market will be hoping that the imposition of fresh lockdowns in Chinese cities may curb domestic demand sufficiently in the short-term to provide some te...
Volume: 65Issue: 11Published at Fri, 18 Mar 2022 -
IEA Shoots Down Speculation Of Emerging Super-Cycle As Oil Price Rally Stalls
...int. From 32.08mn b/d in 2017, the Call on Opec fell to just 28.7mn b/d in 2019. Even by the end of its outlook horizon in 2026 the IEA reckons the ‘call on Opec’ will only have recovered to 30.8mn b/d, still more than 1mn b/d below 2017 levels. OPEC DIVERGENCE: MIND THE GAP While th...
Volume: 64Issue: 11Published at Fri, 19 Mar 2021 -
Global Inventories Set To Swell Amid Opec Showdown
...awdown of inventories that has taken place since 2017. The IEA and Opec released their monthly oil market reports this week, with both making sharp downgrades to demand growth expectations in light of the escalating Covid-19 pandemic (see tables). The IEA now sees demand contracting by 90,000 b/d th...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
US Shale In The Time Of Lower Prices
...97mn b/d in March 2015 by mid-2016 production was almost 15% lower. But lower prices spurred a wave of cost cutting, and higher oil prices since 2017 have provided an extra boost (to put it mildly). By late 2017 output had topped 2015 highs. And it hadn’t looked back since. Until now. Latest pr...
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 -
Opec Struggling To Keep Up With Rival Producers
...A SUPPLY & DEMAND FORECASTS, MARCH 2018 (MN B/D) 2016 2017 vs 16 2018 vs 17...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Production Curbs Help Market Inch Towards Balance
...ude inventories hit a new all-time high of 528.4mn barrels on 3 March, before edging lower to 528.1mn barrels this week. This brought an end to a run of nine consecutive weekly builds caused by buoyant shale production as well as imports. 1: IEA FIGURES IMPLY MARKET REBALANCING* IN Q4 2017... (CU...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
US Ramp-Up Lays Down The Gauntlet To Opec
...a whopping 180,000 b/d upward revision on the number in last month’s report and the first time in a year that US crude output has topped 9mn b/d. The latest STEO revises up projected output for the remainder of 2017 even further, by an average of 270,000 b/d for April-December. Production is now set to...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Will Oil Price Rebound Delay Market Balance?
...non-Opec output projections in general and those for the US in particular (see graph, MEES, 11 March). The US government’s Energy Information Administration’s latest Short Term Energy Outlook, released last week, revised down its projections of 2016 and 2017 crude output for the fifth month ru...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016