Covid To Cost Opec $250bn In Lost Revenues

...at would be bad enough, but it will merely be the low point of a lackluster run of earnings in recent years (see chart). Oil prices dropped below $100/B back in late 2014 and over the subsequent six-year period of 2015-2020, Opec’s export revenues are on course to come in at a combined $3.0 tr...

China Takes Record Saudi Crude, Iran At Record Low

...spite diversification efforts that had seen the region’s Middle Kingdom market share fall from a 2014 peak of 52% (MEES, 27 September).   *In a 26 November research note, Michal Meidan of the Oxford Institute for Energy Studies reckons that this year’s setback to China’s diversification efforts ha...

OPEC Faces $200bn+ Question Next Week In Vienna

...nual revenues by around $210bn to $790bn this year. This would be the highest since 2014’s $964bn. But prospects for a further increase next year are slim, especially as Iranian exports will fall year-on-year. Setting out two simple scenarios for 2019 helps clarify what is at stake for the or...

Opec Agrees To Cut, But Questions Remain Over Implementation

...at Opec revenues are set to fall below $430bn this year, less than half of 2014 levels (see table). Oil prices reacted positively to the agreement and have risen around $7/B since the day before the meeting. As MEES went to press, Brent was just over $54/B, its highest level this year. Of course, fa...

The World’s Top Oil* Producer (Mn B/D): Saudi Output Recently Edged Past The US For The First Time Since Early 2014. But The US Is Set To Regain Top Spot Next Year And Keep It Until Shale Output Declines In The 2030s

Opec’s 4 December Meeting: Can Output Policy Deal Be Preserved?

...VEMBER 2014 (MN B/D)  ...

Venezuelan Oil In Four Charts

...CREASE SHARE BUT US STILL DOMINANT   VENEZUELA 2014 CRUDE EXPORT SPLIT (‘000 B/D)...

Iran Prepares For Full Return To Oil Markets But Will Saudi Make Way?

...-nation group meets to determine output policy for the first quarter of 2014, it will have to contend not only with the faster-than-expected rise in US shale oil production, but also prepare the ground for the eventual rise in Iranian oil output if the sanctions are scrapped. Back home, Iran has been bu...