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Opec+ Considers Further Cuts Amid Softening Market
...ventories remain severely depleted. The IEA says that despite a 43.1mn barrel rise in July, OECD commercial oil inventories remained 274.9mn barrels below the 2017-21 five-year average which Opec+ long cited as the target range. A period of restocking would be welcomed by most observers. The IEA cu...
Volume: 65Issue: 39Published at Fri, 30 Sep 2022 -
Can Opec+ Really Unwind Its Cuts Fully In 2022?
...January 2022 will mark the five-year anniversary of the implementation of Opec+ output cuts. This deal, which came into force back in January 2017, saw the newly-formed alliance agree to cut for a six-month period that could be extended for another six-months (MEES, 2 December 2016). Nearly fi...
Volume: 64Issue: 39Published at Fri, 01 Oct 2021 -
LNG Prices At Four-Year High Amid Soaring Demand
...Soaring demand for LNG, up a collective 14.5% from 2017’s record levels for the top five global buyers, has sent prices to the highest level since early 2015. With key new liquefaction plants delayed and booming Chinese demand showing no chance of slowing, are further rises in store? The wo...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
Russia Extends Lead Over Saudi In China As Overall Imports Fall
...wn (see chart, p16). Total Chinese crude imports were 8.014mn b/d, the lowest figure this year, though still 5% up on the 2016 average of 7.61mn b/d. This magnitude of gains, as opposed to the 14% year-on-year growth implied by China’s 8.53mn b/d January-July 2017 imports, is much more in line wi...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Saudi: Opec Should Stick To Its Guns
...ojected at around 1.3mn b/d [for 2017: Mr Muhanna’s figures broadly tally with an average of the most recent forecasts from Opec and the IEA – MEES, 15 September]. When the demand is ahead of supply the market is on a strong footing.” Progress towards Opec’s stated goal of bringing OECD stocks down to fi...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
OPEC Agrees To Cut, Now The Hard Work Starts
...rst is now behind it, with the futures curve indicating a less painful 2017, with earnings rising back above the $500bn mark to within touching distance of last year’s figure (see table). As the largest producer, Saudi Arabia’s earnings have fallen the most, by an estimated $130bn this year alone, bu...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016