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IEA Calls On Opec+ To Open The Taps In 2022
...tention turns to ending the production cuts. If they are unwound entirely then the market will be oversupplied, but with Opec+ having had some form of cuts in place for most of the period since January 2017, “cuts fatigue” will play a major role. 1: WHICH OPEC MEMBERS HAVE THE CAPACITY TO REGAIN BA...
Volume: 64Issue: 24Published at Fri, 18 Jun 2021 -
China Bags Record Imports With Saudi Surge
...raight months of zero loadings, some 340,000 tons (five cargoes) sailed for China in March, rising to 472,000 tons (seven cargoes) in April, with the latter level with the previous record set in October 2017. Indeed, China was the top overall destination for US LNG exports in April for the first time si...
Volume: 63Issue: 24Published at Fri, 12 Jun 2020 -
Saudi Oil Exports Back On Top
...opping to 7.29mn b/d, the lowest since 2017. It seems likely that the deep June production cuts Saudi Arabia is implementing will push the kingdom’s exports below the US this month, but over the course of Q2 as a whole Saudi Arabia ought to easily stay ahead of the chasing pack. SAUDI ARABIA OV...
Volume: 63Issue: 24Published at Fri, 12 Jun 2020 -
Opec Faces Extended Demand Slump
...mand for Opec crude peaked at 32.55mn b/d in 2017, more than 3mn b/d above the 2020 forecast. Will this peak ever be regained? *The bright side for Opec is that the IEA projects that global demand growth will accelerate in 2020 to its highest level since 2017. The IEA sees demand growth ri...
Volume: 62Issue: 24Published at Fri, 14 Jun 2019 -
Markets Face Precarious 2019 Amid Supply Uncertainty
...ne. It’s difficult to see the common ground that unites Opec’s 14 members. OPEC SUPPLY & DEMAND FORECASTS, JUNE 2018 (MN B/D) 2016 2017 vs’16...
Volume: 61Issue: 24Published at Fri, 15 Jun 2018 -
US Output Set For Record 2mn B/D 2018 Growth; 2019 Forecasts Trimmed On Pipeline Constraints
...ble). • NGLs output is also slated to grow by almost 600,000 b/d to 4.33mn b/d for 2018, taking total 2018 oil output to a whopping 15.12mn b/d. This smashes 2017’s previous annual record of 13.09mn b/d, whilst forecast year-on-year gains of 2.03mn b/d top 2014’s previous record of 1.75mn b/d. • But, wh...
Volume: 61Issue: 24Published at Fri, 15 Jun 2018 -
Opec Revenue Purgatory Stretches On
...rong non-Opec growth of 660,000 b/d for 2017, global stocks are on track to fall by 260mn barrels by the end of the year unless Opec output falls (see table and chart). It’s a sizeable amount, but insufficient to bring stocks down to their five-year average, which Opec says would constitute “re...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
Opec Confirms 13% 2016 Revenue Fall: Iran The One Winner
...Opec released its Annual Statistical Bulletin (ASB) this week, which detailed its members’ oil export revenues. The group’s overall takings fell 13.2% from 2015, which itself was the lowest since 2004, to $445.7bn (see table). Revenues are on track to post a moderate 14% gain in 2017, la...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
IEA: Oil Market To Rebalance In Second Half Of 2016, But Only Temporarily
...ain in the first half of 2017. Its latest monthly Oil Market Report, released 14 June, the IEA raises its 2016 global demand growth estimate from 1.22mn b/d to 1.33mn b/d largely due to a 172,000 b/d upward revision to demand in the first half of the year. Opec’s decision (or non-decision) earlier th...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016