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Opec: Another Month, Another Missed Target
...rget. With oil prices more than $100/B, the country has every reason to maximize output if possible. But gone are the days when the country was able to produce more than 1.7mn b/d – a level it last reached in October 2017. Even with efforts to boost effective capacity over the past few mo...
Volume: 65Issue: 27Published at Fri, 08 Jul 2022 -
GCC Rig Count Stuck At 10-Year Low Levels For 1H 2021
...e first half of the last decade Kuwait consistently had a higher rig count than the UAE. For 2017 and 1H 2018 the two were neck and neck. But the UAE has been more than 10 ahead for every quarter since Q4 2018, save Q2 and Q3 2020 when the UAE was more dynamic than Kuwait in cutting rigs and the gap fe...
Volume: 64Issue: 27Published at Fri, 09 Jul 2021 -
Opec Production Purgatory: Cuts And More Cuts With No End In Sight
...nister Suhail al-Mazrouei warned in 2017 that there “is too much fluctuation within one year. It is not healthy for producers, and it is definitely not healthy for consumers. We need some sort of stability” (MEES, 17 November 2017). He reiterated the message this week in Vienna, saying “once we are cl...
Volume: 62Issue: 27Published at Fri, 05 Jul 2019 -
Opec+ Leaders Make Head Start In Boosting Production
...ound 300,000 b/d from June levels. At 11.06mn b/d, Russian output was the most since March 2017 and 130,000 b/d above its previously allocated 10.93mn b/d (see chart). OPEC WELLHEAD PRODUCTION, June 2018 (MN B/D, MEES ESTIMATES) CONGO JOINED EFFECTIVE 22 JUNE, WILL BE INCLUDED IN TABLE FR...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Opec Crude Production Hits 2017 High
...d Nigeria drove a huge 270,000 b/d growth in Opec production last month, and the group’s 32.63mn b/d output was the highest yet this year. This is 710,000 b/d above the group’s target production Output in the first half of 2017 has averaged 32.36mn b/d. While this is 670,000 b/d below the six-mo...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017