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Turkey Slashes Piped Gas Imports For Cheap LNG
...sentially similar to that of Qatar in East Asia. Russia has been reluctant to cut prices in its core markets but as a result has given up market share. Russia had a market share above 50% in Turkey for every year except one between the 2004 start-up of the Blue Stream sub-Black Sea pipeline and 2017. But 20...
Volume: 63Issue: 23Published at Fri, 05 Jun 2020 -
Opec Output Rises In May Ahead Of Latest Crunch Meeting
...entually forced Opec, Russia and their allies to implement supply cuts from January 2017 that have broadly been in force ever since (MEES, 10 December 2016). Demand growth meanwhile has been speeding along in excess of 1mn b/d each year, including around 1.9mn b/d over 2015, and has been projected at 1....
Volume: 62Issue: 23Published at Fri, 07 Jun 2019 -
Opec Eyes 25% Revenue Boost Ahead Of Vienna Meeting
...18 will hinge on the upcoming discussions. When the deal was initially struck in November 2016, uppermost among concerns were that as the market approached balance the incentive for members to cheat could grow too strong to resist (MEES, 26 May 2017). But the lean years of 2015-2016 when the group’s an...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
2017’s Biggest Opec Winners
...On a dollar basis, Saudi Arabia was the biggest Opec winner in 2017 with revenues up $23.5bn year-on-year. But as by far the biggest producer in the grouping, its annual revenue swings are typically the greatest. When looking at revenue changes on a percentage basis the clear winner was Li...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Libya, Nigeria Gains Expose Opec Deal’s Limitations
...d demand which will provide key indications as to whether the market is swinging into balance. If projected non-Opec growth is again revised upwards and global demand growth down, the next JMMC calls for deeper Opec cuts will grow louder. OPEC WELLHEAD PRODUCTION, MAY 2017 (MN B/D, MEES ES...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Will US Growth Stall At $45-50/B?
...mper 106,000 b/d on April, this is partly because the latter has been revised down by 40,000 b/d. Strong output growth is still projected for the remainder of 2017 and beyond. The EIA, taking into account the recent surge in investment and drilling (see p8), has hiked its output forecasts for the se...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
OPEC May Production Drops Despite Saudi And Iran Increases
...8.6mn b/d for 2016 and 8.2mn b/d for 2017. Meanwhile, in an indication that the global crude overhang is beginning to tighten amid falling non-Opec output in not only the US but in countries as diverse as Mexico and Ghana, US commercial crude stocks fell by 8mn barrels in May from April’s 54...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
OPEC’s Market Strategy Shrinks Spare Capacity
...immediate rise in production capacity. If anything, a dispute between Kuwait and Saudi Arabia over the Neutral Zone has taken more than 500,000 b/d of capacity off markets and volumes are not expected to be restored from the 300,000 b/d offshore Khafji oil field until 2017 at the earliest, MEES un...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
OPEC Output Edges Up In May
...oduction plateau from the previously agreed target of 12mn b/d by 2017 to 9mn b/d by 2018. And while talks continue on new lower plateau targets with ExxonMobil and BP on the 1.8mn b/d West Qurna-1 and 2.85mn b/d Rumaila field developments, negotiations with Shell over a new plateau target for the 1....
Volume: 56Issue: 23Published at Fri, 07 Jun 2013