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Saudi 1h 2021 Oil Dynamics: Refining Prioritized Over Crude Exports
...ude oil being burned in power plants. Crude burn always rises seasonally, but June’s 586,000 b/d was up more than 100,000 b/d year-on-year, and was the highest June figure since 2017 (see chart 3). While the tapering of production cuts ought to have boosted associated gas production, the impact on cr...
Volume: 64Issue: 33Published at Fri, 20 Aug 2021 -
Opec’s Market Management Dilemma: From Bad To Worse?
...e Permian Basin, making the region straddling western Texas and southeast New Mexico the centerpiece of not only their US, but their global output plans (MEES, 15 March). Exxon says it is on track to hit 1mn boe/d Permian output by 2024 after paying $6bn in 2017 to expand its regional acreage (ME...
Volume: 62Issue: 33Published at Fri, 16 Aug 2019 -
Opec: More Crude Needed, Now
...TPUT VS CALL ON OPEC CRUDE (MN B/D): BOTH OPEC AND IEA FORECASTS IMPLY* A SHORTFALL IN OUTPUT FOR 2017 TURNING INTO A SIZABLE SURPLUS FOR 2019. BUT FORECASTS FOR 2H 2018 DIFFER CONSIDERABLY: THE IEA HAS THE MARKET MORE OR LESS IN BALANCE, WHILST OPEC FIGURES IMPLY A 1.1MN B/D DEFICIT *OPEC OU...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
US Shale Output – Gains Continue Despite Cost-Cutting, Fewer New Rigs
...528 set in October 2014. July’s month-on-month gains, at 14, are the lowest since June last year: December 2016 to April 2017 saw an average of 50 rigs a month added. MORE WITH LESS? These figures so far chime with the ‘more for less’ mantra of US shale-focused companies in their recent Q2 ea...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017