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China Crude Imports: Mideast & Russia Both ‘Winners’ For Now
...are of 53.3% for 8M 2022 puts this year on track to top the previous record high of 52.2% set back in 2014 (see chart 1), especially as a 55.5% share for August shows there is no sign of the region losing ground. So if the Middle East is up, and Russia is up, whilst overall volumes are falling, th...
Volume: 65Issue: 38Published at Fri, 23 Sep 2022 -
Aramco CEO: Flawed Assumptions Promise A Hard Winter For Europe
...spite oil prices spending months well above $100/B. “Oil and gas investments crashed by more than 50% between 2014 and last year, from $700bn to a little over $300bn. The increases this year are too little, too late, too short-term,” bemoaned Mr Nasser at the Schlumberger Digital Forum 2022. Co...
Volume: 65Issue: 38Published at Fri, 23 Sep 2022 -
Opec Secretary General Mohammad Sanusi Barkindo Speaks With MEES On The Occasion Of The Organization’s 60th Anniversary
...ving the way for a future supply crunch? A: To put the investment conundrum in some perspective, our projections show capital expenditure in non-OPEC countries plummeting by 23% in 2020, to about half the $741 billion record set in 2014. And as we all know from the oil market’s sharp downturn in 2014...
Volume: 63Issue: 38Published at Fri, 18 Sep 2020 -
Saudi Oil Exports On Track For Record Year
...l revenues will hit a three-year high in 2018 and it is conceivable that they could rise above $250bn, although 2014’s $285bn looks out of reach. ...
Volume: 61Issue: 38Published at Fri, 21 Sep 2018 -
Saudi Crude Exports At 3-Year Low: Oil Burn Peaks Amid Opec Curbs
...Saudi Arabia’s crude exports are at their lowest level since August 2014 as the kingdom deals with the double-whammy of increased summer demand and reduced output in accordance with last November’s Opec agreement. Saudi Arabia’s oil burn hit 1.39mn b/d in July, the highest figure on re...
Volume: 60Issue: 38Published at Fri, 22 Sep 2017 -
Saudi ‘Low Cost’ Market Share Policy Remains Unfinished Business
...ile its foreign reserves were down 16% year-on-year in July, the rate at which it’s drawing on them is falling (MEES, 2 September). The kingdom knew it was likely to face such a period of economic pain when it embarked on its market share over price strategy in 2014 and shows no sign of changing tack no...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Libya Output Jump On Export Restart
...oducing. But Hamada is in the west of the country. Output is normally blended with much larger volumes of crude from the Repsol-operated Murzuq fields for export as Sharara crude from the port of Zawiya west of Tripoli. No crude has been exported from Zawiya since late 2014. However the port is open in th...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Aramco Output Policy Under Scrutiny Ahead Of Algiers
...ne 2014, when the Opec basket crude price was still comfortably above $100/B: it averaged just $38/B in the first eight months of the year. Saudi refiners have been pushing their plants slightly harder than the industry norm this year – averaging 86.4% capacity utilization, compared with the gl...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Venezuela Steps Up Campaign To ‘Stabilize’ Oil Prices
...ading at around $49/B as MEES went to press, down from around $65/B three months ago, $99/B 12 months ago, and above $110/B in late-June 2014 (see p20). And Venezuela’s mostly heavy crude typically trades at a big discount to Brent – for August the country’s Opec basket component Merey averaged $35...
Volume: 58Issue: 38Published at Fri, 18 Sep 2015 -
OPEC To Bring Down The Ceiling?
....45mn b/d in 2014 (MEES, 12 September). Who Cuts? Mr Badri was speaking at the conclusion of talks with Russian Energy Minister Alexander Novak on 16 September, held amid a continuing slide in global oil prices, which saw the value of the OPEC basket fall from $110.48/B in mid-June to below $95/B on th...
Volume: 57Issue: 38Published at Fri, 19 Sep 2014