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OPEC Secretary General: ‘Data-Driven Messaging More Important Than Ever’
...wever, the IEA’s subsequent Oil 2024 report (analysis and forecasts to 2030) sees gasoline demand exceed 2019 levels in the years 2023, 2024, 2025 and 2026 (MEES, 14 June 2024). There are also examples for other energies, such as coal, with past IEA talk of global peaks in 2014, and then in 2024 st...
Volume: 68Issue: 15Published at Fri, 11 Apr 2025 -
Asian LNG Importers See Record Import Bill For Q1 Despite Slump In Volumes
...2014, and then number two behind Australia for 2015-2020, suffer the ignominy of being overtaken by the USA for number three spot despite notching up a modest rise in absolute volumes (MEES, 21 January). What a difference three months makes. With the start up of key Qatar-China term deals at th...
Volume: 65Issue: 17Published at Fri, 29 Apr 2022 -
China Q1 Crude Imports: Iran Volumes Hiding In Plain Sight?
...me 840,000 b/d to discharge in April, potentially topping China’s highest ever ‘official’ Iran import figure of 798,000 b/d set in April 2014. Of the March volumes, Kpler recorded some 264,000 b/d as having arrived “relatively directly from Iran,” albeit after ship-to-ship transfers in the Gulf re...
Volume: 64Issue: 16Published at Fri, 23 Apr 2021 -
Korea Crude Imports: Mideast Volumes Tumble To Multi-Year Lows
...*South Korean crude imports continue to tumble, slumping to 2.475mn b/d for 1Q 2021, the lowest quarterly total since 2Q 2014 as March imports also fell 14% month on month to 2.299mn b/d, marginally above November 2020’s seven-year low 2.294mn b/d. *Prospects for a swift rebound are lo...
Volume: 64Issue: 15Published at Fri, 16 Apr 2021 -
Korea Q1 Oil Imports: Iraq Up, Saudi Down, Russia & US Records
...west quarterly share on record after the 69% figure in Q4 last year (MEES, 11 January). *Opec volumes were down even further: Q1’s 2.163mn b/d was the lowest quarterly figure since 2014, whilst Opec’s 70.5% Q1 market share was the lowest on record. Both figures would have been up, however, were it no...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Opec Crude Risks Being Squeezed From The Market
...tput could fall further still. Opec output hasn’t fallen below 30mn b/d since June 2014, but it wouldn’t take much for it to fall below this threshold for April. Should the US opt against renewing waivers that permit certain countries to import Iranian oil once they expire on 2 May then it seems in...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Opec Members Unrestrained In Condensate Growth
...ude production restrictions highlights the issue. Of course Opec is not the only entity to have employed condensate loopholes, as the US permitted seaborne exports of condensate prior to ending the crude export ban in late 2015 (MEES, 19 September 2014). Iran too benefited from the gray areas su...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Geopolitics Roils Oil Market as Opec seeks Balance
...oducers, especially in the US, to lock in prices through hedging and invest in boosting output. Brent settled at $72.06/B on 12 April, the highest level since 1 December 2014’s $72.54/B. Mounting geopolitical concerns appear to be contributing as expectations grow that the US will pull out of the Iran nu...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018 -
Services Firms See US Activity Boost, But Profits Remain Elusive
...venue. The three largest listed oilfield services firms have struggled to turn a profit since the beginning of 2015. They managed a collective profit of $190mn in Q1 2017, but this compares to a whopping $3.53bn in Q3 2014 just before oil prices tanked. The key ‘good news’ in the first three months of...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Record US Oil Trade Belies Protectionist Rhetoric
...cord levels (see chart). Saudi volumes did dip in late March with ship trackers estimating a further fall to come. But then this needs to be put in perspective: March volumes were only low compared to January’s three-year-high levels; Q1 as a whole saw the highest volumes since early 2014. Ot...
Volume: 60Issue: 15Published at Fri, 14 Apr 2017 -
Upstream Investment Slump Presages Output Crunch, Oil Chiefs Warn
...A lack of investment in energy projects due to the sustained drop in oil prices since 2014 means the market is storing up an oil price shock for the future, according to speakers at the 17th International Oil summit in Paris on 21 April. The natural decline in oil reserves and the drop in in...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Crude Price Gains Further Reduce Incentive For Output Freeze
...rticipated in the November 2014 meeting when the market-share strategy was adopted - Indonesia is therefore excluded as it only rejoined in 2016. Based on average Q1 2016 prices and production, the group’s export earnings slump by 36% on 2015, which itself was down an eye watering 49% on the previous ye...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Oil Market Inches Towards Balance, With Or Without Deal
...0,000 b/d on a year earlier (April 2015 marked the peak at 9.69), and the lowest since September 2014 (see p18). IEA SUPPLY & DEMAND FORECASTS, APRIL 2016 (MN B/D) OPEC SUPPLY & DEMAND FORECASTS, APRIL 2016 (MN B/D) NEGATIVE NUMBER INDICATES THAT OUTPUT IS MORE THAN THE CALL IM...
Volume: 59Issue: 15Published at Fri, 15 Apr 2016 -
Iraqi Downstream Data Highlights Deep Baiji Impact
...Iraqi refinery throughputs have been stuck at just over 400,000 b/d since the 310,000 b/d Baiji plant, the country’s largest, was overrun by Islamic State (IS) jihadists in June 2014. Though the plant was retaken by government forces in October it was badly damaged (MEES, 13 November 2015). No...
Volume: 59Issue: 13Published at Fri, 01 Apr 2016 -
OPEC Takes Revenue Hits But Stays Course On Output
...iefing in Washington DC. Prices averaged $100-110/B between January 2011 and August 2014 but have averaged around $55/B for Brent since the start of 2015. “The $380bn is almost a little short of a fifth of the size of their economies, a substantial amount for those countries. And similarly, for their bu...
Volume: 58Issue: 17Published at Fri, 24 Apr 2015 -
US OUTPUT RISE TO CONTINUE TO 2020-EIA
....6mn b/d in 2020, up from 8.7mn b/d for 2014 and some 1mn b/d higher than the 9.6 mn b/d (for 2019) prediction in the 2014 AEO. This 1mn b/d hike in the EIA’s forecast in peak US output is a clear reminder that whatever impact lower oil prices may now be having on US output – and the evidence for this is...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Zanganeh: OPEC Should Cut Output ‘At Least 5%’
...wn on 2014 – and early indications suggest this fell in March owing to a complete halt in Indian intakes, following a government directive sent to Indian refiners to reduce imports from the sanctions-hit nation until the end of the Indian fiscal year (MEES, 23 January). South Korea, the only one of...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
OPEC March Output Tops 31mn B/D With Saudi, Iraq Near Record Levels
...14 vs 1Q14 2014 S Arabia* 10.10 ^9.72 +0.38 +0.51 9.69 9.84 +0.24 +0....
Volume: 58Issue: 15Published at Fri, 10 Apr 2015 -
OPEC Revenues Take A Beating-EIA
...OPEC *The US government’s EIA says that Opec net oil export revenues (excluding Iran) fell to $730bn in 2014 and will fall by a further 48% to $380bn this year. *Extrapolating the EIA’s Jan-Feb ’15 number gives an even lower 2015 figure: $355bn. *For 2016, the EIA expects OPEC re...
Volume: 58Issue: 15Published at Fri, 10 Apr 2015 -
Iran And World Powers Strike Initial Nuke Deal But Oil Markets Unfazed
.../B on 2 April, on the back of the recent slowdown in US production growth. Latest data from the US government’s Energy Information Administration (EIA) put US oil output at 13.51mn b/d in February, which is up on 13.21mn b/d in January, but down from 13.58mn b/d in December 2014 (see p15). US ou...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015