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Italy Crude Imports: Q3 Bounceback, Libya Volumes Set To Soar In Q4
...rong rebound in Q3 volumes to leave 9M 2020 imports down just 3% year-on-year (MEES, 4 December). *With little sign of a buying upturn in Q4, 2020’s Italian imports are set to come in below 2014’s 1.09mn b/d as the lowest this century. *Imports from key supplier Saudi Arabia almost halved in Q3 to...
Volume: 63Issue: 50Published at Fri, 11 Dec 2020 -
Economic Uncertainty Clouds Opec’s 2020 Vision
...dicate an additional 144mn barrels of crude will enter global stockpiles, while Opec’s numbers point to a more modest 39mn barrels. As for current inventories, the latest IEA numbers peg OECD stocks exiting October at 2.9bn barrels, fractionally (2.9mn barrels) below the 2014-18 five-year average, while Op...
Volume: 62Issue: 50Published at Fri, 13 Dec 2019 -
Market Fundamentals Point To Choppy Outlook For Opec
...16’s 10.36mn b/d. In other words, since prices crashed in late 2014 amid the US Shale Revolution, the kingdom has actually been producing at record levels. LIGHT, TIGHT GLUT? The other key planned cuts will come from UAE, Kuwait and Iraq, and all four of these, like neighboring Ir...
Volume: 61Issue: 50Published at Fri, 14 Dec 2018 -
Libya: Output Boost Imminent?
...the Murzuq basin in the southwest, operated more-or-less consistently from late-2011 to November 2014 but since then have been shut in by protestors blocking the pipeline at Rayayina in Zintan region, the site of a pumping station en route to Zawiya port. The fields are operated by Spain’s Repsol, wh...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
OPEC’S $570 Billion Non-Decision
...an, which is more typical of Opec’s core Gulf members’ crude exports, fell to just $35/B on 10 December. Opec members can now expect to take in a mere $514bn in collective revenue for 2015, down by a whopping 47% or $451bn on 2014 (see tables). This is despite output having risen in the meantime (se...
Volume: 58Issue: 50Published at Fri, 11 Dec 2015 -
Opec Production Rises Further As Opposing Camps Go Their Own Way
...Opec production edged upwards in November, reaching an average of 31.82mn b/d, up 30,000 b/d from October. While this is more than was averaged in any month in 2014, it barely sneaks into the top four for 2015, underlining the extent to which Opec producers continue to pump as quickly as they ca...
Volume: 58Issue: 50Published at Fri, 11 Dec 2015 -
Opec Opens Its Arms To A Net Importer
...Indonesia will be formally welcomed back into Opec on 1 January, having suspended its membership in 2009. Crude production is currently around 800,000 b/d, but with domestic consumption at 1.6mn b/d according to BP figures in 2014, it is a net importer of around 800,000 b/d. Plans for the Ba...
Volume: 58Issue: 50Published at Fri, 11 Dec 2015 -
Price Rout Extended As Demand Falls Further Behind Supply
...ll on OPEC was revised down “due to a lower demand forecast, and upward revisions to historical estimates and projections of North American and biofuels supply,” the IEA said in its latest oil market report (OMR). For 2014, OPEC did the same, revising downward its previous forecast for the call on...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
US Lowers 2015 Output Forecasts, But OPEC Needs More
...l is forecast by both the IEA and OPEC itself at around 28.4mn b/d for the first half of 2015, some 2mn b/d below current OPEC output. The EIA’s December Short-Term Energy Outlook forecasts that US crude production will hit 9.32mn b/d in 2015, up 720,000 b/d on 2014 output of 8.6mn b/d, and on...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
OPEC Gets Through The Year But Oversupply Threat Looms
...rsus 4Q13. The latest OPEC Monthly Oil Market Report (MOMR) says that demand for OPEC crude is set to contract by 310,000 b/d to 29.57mn b/d in 2014 from estimated 2013 demand of 29.88mn b/d. Yet when OPEC ministers met in Vienna on 4 December, they decided to maintain the 30mn b/d target for the next si...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013