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US Data: Record Stocks, Record Cuts, Which Way From Here?
...om services firm Baker Hughes (see chart 1). The overall US oil rig count of 222 is the lowest since 2009 with the 72.3% year-on-year collapse the highest on record. *Indicative of leaner drilling operations in the latest boom versus the years to 2014 is that March’s record 4.80mn b/d Pe...
Volume: 63Issue: 23Published at Fri, 05 Jun 2020 -
Italy Imports At Record Low As Covid Hits But Iraq Bucks The Trend
...Italy’s crude imports fell to just 1.05mn b/d for February, the lowest figure since 2014 as the country became the first European nation to get battered by the Covid-19 pandemic. Italy is not only an important oil consumer in its own right, it is but also the location of several key re...
Volume: 63Issue: 23Published at Fri, 05 Jun 2020 -
Opec Output Rises In May Ahead Of Latest Crunch Meeting
...2014’s $914bn (see chart). The Opec Basket aggregate of prices rose by 33% for 2018 to $69.78/B, while the group’s crude oil exports edged up from 24.66mn b/d to 24.67mn b/d. Products exports also rose, from 3.92mn b/d in 2017 to 4.71mn b/d last year. It is therefore something of a mystery ho...
Volume: 62Issue: 23Published at Fri, 07 Jun 2019 -
Venezuela’s Extraordinary Drilling Exploits
...st 32 rigs, down from 49 the previous year. That number was 74 as recently as 2014. Yet Opec’s ASB shows that Venezuela led Opec in the number of wells completed last year. The South American country completed a massive 710 over the course of 2018, up from 478 the previous year, and well clear of No...
Volume: 62Issue: 23Published at Fri, 07 Jun 2019 -
Opec Eyes 25% Revenue Boost Ahead Of Vienna Meeting
...t at the highest levels since at least 2014 versus the Oman/Dubai average, with Arab Light raised by 20 cents to a $2.10/B premium (see p15). While the kingdom may be opting to shift oil exports into more visible markets, overall volumes have been rising for some time. After bottoming out at 8....
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
2017’s Biggest Opec Winners
...) 2013 2014 2015 2016 2017 vs 2016 20...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Libya, Nigeria Gains Expose Opec Deal’s Limitations
...nce November 2016, while Libya’s 770,000 b/d was its highest monthly output since October 2014. Both countries have flattered to deceive in the recent past, securing production gains that they have been unable to maintain and this may again be the case. This has especially been the case in Libya wh...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
OPEC May Production Drops Despite Saudi And Iran Increases
...rt. OPEC WELLHEAD PRODUCTION, May 2016 (MN B/D, MEES ESTIMATES) May '16 chg Apr '16 Mar '16 May 16 v 15 Jan-May'16 v J-M15 Jan-May'15 2015 2014 S Arabia* 10.2 0....
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
US Imports More Gulf Opec Crude As Production Continues To Fall
...lumes from Iraq in May. Iraq supplied the US with 506,000 b/d of crude according to weekly data from the US government’s Energy Information Administration (EIA), the highest amount since August 2014. Iraq exported a record-equaling 3.36mn b/d of Basra Light crude in April with not just the US, but also In...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
Bijan Namdar Zanganeh: A Star Is Born At OPEC
...untries. “On the supply side, non-OPEC growth in 2015 is expected to be just below 700,000 b/d, which is only around one-third of the growth witnessed in 2014,” it said. IRAN PREPARES ITS RETURN For Iran, boosting production post-sanctions – and in turn reclaiming the market share it lost as a re...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
OPEC’s Market Strategy Shrinks Spare Capacity
....71mn b/d in March, with NGLs output hitting an all-time high of 3.18mn b/d). Brent crude oil futures softened in response to the US data, trading at just under $64/B on 4 June, more than $50/B below the 2014 high of $115/B. GULF DRILLING UP In contrast to the slowdown in US drilling activity, Sa...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
IEA: OPEC To Gain Market Share From 2020s, But Timely Investment Needed
...er the 2014-35 period (that is to say $1.5-1.6 trillion each), the Middle East will get much more bang for its buck; with 29% of new global production for this period compared to a mere 6% for North American tight oil (see graph below). (All numbers are based on projections contained in the IEA’s ‘Ne...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
IEA Calls For $48 Trn Energy Spend To 2035
...at the vast bulk of investment here is swallowed up in maintaining current production levels. Globally a whopping 80% of the $17.4 trillion of expected 2014-35 upstream investment will go simply to offset decline in existing fields, the IEA predicts. More broadly, of the $40.2 trillion to be invested in...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014