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OPEC Secretary General: ‘Data-Driven Messaging More Important Than Ever’
...it the data that led the IEA Executive Director to say in 2017, “We don’t see a peak in oil demand any time soon”? Or the data that led the Executive Director to say in 2022, “Global oil demand will peak before 2030.” Which IEA data has ‘won’ regarding peak gasoline consumption? The IEA stated in...
Volume: 68Issue: 15Published at Fri, 11 Apr 2025 -
Korea Crude Imports: UAE Volumes Surge For Q1
...*South Korea, the world’s number four crude importer, took 2.87mn b/d for Q1, up 3% on Q4 2023 but down fractionally year-on-year and well below the record 3mn b/d-plus quarterly levels hit on several occasions over 2017-19 (see chart & table). As such, notwithstanding the Covid-related de...
Volume: 67Issue: 16Published at Fri, 19 Apr 2024 -
Saudi Arabia Extracts Huge Cut Commitment From Russia
...als stretching back to January 2017, Saudi Arabia was cutting by an order of magnitude greater than Russia. This was exacerbated by last December’s deal under which Russia managed to get its condensate excluded – and subsequently increased output – while Saudi Arabia promised to cut an additional 40...
Volume: 63Issue: 15Published at Fri, 10 Apr 2020 -
Specter Of Overbrimming Stocks Threatens Vulnerable Producers
...cord levels. Absent huge production outages in excess of those arranged by Opec+ during January 2017-April 2020 these stockbuilds will take more than a year to unwind. This will exert severe downwards pressure on any price gains into at least 2021. ...
Volume: 63Issue: 14Published at Fri, 03 Apr 2020 -
Opec Output Slumps To 4-Year Low
...location. The two exceptions are the UAE and Nigeria. UAE output fell 30,000 b/d in March to 3.01mn b/d, putting it 60,000 b/d below its allocated figure – a notable reversal from the 2017-18 round of cuts when the UAE was a laggard. Meanwhile Nigerian output rose further to an 11-month high of 1....
Volume: 62Issue: 14Published at Fri, 05 Apr 2019 -
New ADNOC Trading Unit
...erations.” Adnoc plans to hike refining capacity by 60% to 1.44mn b/d by 2025, while in petrochemicals the aim is to more than triple capacity to 14.4mn tons/year by 2025 (MEES, 1 December 2017). “We aim to capture more value further along the value chain,” says Mr Jaber. “Our goal is to become a major gl...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
Abu Dhabi Banks On Booming Petchems Demand
...ES, 1 December 2017). Mr Sheikh highlights the centrality of Adnoc’s downstream facilities at Ruwais as a major strategic advantage. The official also flagged up Adnoc’s wealth of feedstock available for an expanded petrochemicals sector. The UAE regularly exports in excess of 400,000 b/d of NGLs – in...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
Opec Members Unrestrained In Condensate Growth
...oduces more condensate, around 750,000 b/d, than it does crude oil. Taking that into account, its agreed 30,000 b/d cut was actually just 2.1% of total wellhead oil output. Qatar’s condensate output is already the most in Opec, but its massive LNG expansion plans announced in 2017 and the eventual co...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
The USA’s Growing Role In Global LNG Trade - MEES Crunches The Numbers
...THE USA EXPORTED A RECORD 4.7MN T (2.64BN CFD) OF LNG IN 4Q 2017, WITH 70% HEADED FOR ASIA*, ALSO A RECORD ASIAN LNG IMPORTS FROM THE US HIT A RECORD 1.31MN TONS FOR JANUARY 18. A RECORD KOREAN^ FIGURE OF 532,000T FOR MARCH SUGGESTS THIS WILL BE BROKEN IN THE MONTHS TO CO...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Geopolitics Roils Oil Market as Opec seeks Balance
...ncerns. GLOBAL OIL* STOCKS: OPEC, IEA DATA IMPLIES MAJOR DRAWDOWNS IN 2H 2018 *CRUDE + NGLS. SOURCE: IEA, OPEC, MEES. OPEC SUPPLY & DEMAND FORECASTS, APRIL 2018 (MN B/D) 2016 2017 vs'16...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018 -
Opec Output At 11-Month Low, Overshadows Latest Russian Gains
...Opec production fell to an 11-month low in March as “involuntary cuts” from its weakest members continued to pile up. Output averaged 32.14mn b/d, down 230,000 b/d on January and the lowest since April 2017’s 32.09mn b/d. March was the third consecutive monthly decline and so unsurprisingly th...
Volume: 61Issue: 14Published at Fri, 06 Apr 2018 -
Algerian Crude Output: Temporary Dip, Long-Term Decline
...ll over 200,000 b/d. But output last topped this level in 2008. Output fell below 100,000 b/d for 2017, and was just 94,000 b/d in Q4 (see chart). Anadarko also operates the processing facilities for the nearby El Merk and Cepsa-operated Ourhoud fields. Collective output from these fields fell to 33...
Volume: 61Issue: 14Published at Fri, 06 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 -
Opec’s Balancing Act Becoming Increasingly Precarious
...COURSE FOR Q4 2017... (CUMULATIVE 2017 STOCK DRAWDOWN MN BARRELS) ...BUT OPEC’S LATEST NUMBERS SHOW THE FINISH LINE GETTING FURTHER AWAY *BASED ON OPEC SEC-GEN STATEMENT THAT REBALANCING REQUIRES 270MN BARREL STOCKDRAW. SOURCE: OPEC, IEA, MEES. IEA SUPPLY & DE...
Volume: 60Issue: 16Published at Fri, 21 Apr 2017 -
Record US Oil Trade Belies Protectionist Rhetoric
....30mn b/d were only just below the four-year high of 10.34mn b/d set in Q3 last year. All this means that gross US oil trade – imports plus exports – hit a massive record of 16.24mn b/d. The equivalent a full 17% of the world’s oil output in the first three months of 2017 was either imported to or exported fr...
Volume: 60Issue: 15Published at Fri, 14 Apr 2017 -
Temporary Outages Help Opec Inch Closer To Target
...TPUT STILL 190,000 B/D ABOVE TARGET* (MN B/D) *TARGET OF 31.78MN B/D BASED ON DECEMBER AGREEMENT OF 32.5MN B/D MINUS INDONESIA, WHICH HAS SUSPENDED ITS MEMBERSHIP. SOURCE: MEES. OPEC WELLHEAD PRODUCTION, MARCH 2017 (MN B/D, MEES ESTIMATES) *INCLUDES SHARE OF NEUTRAL ZO...
Volume: 60Issue: 14Published at Fri, 07 Apr 2017 -
Upstream Investment Slump Presages Output Crunch, Oil Chiefs Warn
...ffontaines. RECOVERY IMMINENT According to the IEA, supply and demand in the oil market will rebalance by 2017. “In 2016 we should see a surplus of about 1mn b/d following a 2mn b/d surplus in 2015; in 2017 there will be a balancing, with demand higher than supply going forward over the rest of the next 5 ye...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Crude Price Gains Further Reduce Incentive For Output Freeze
...at low prices are taking a toll on US shale output, moving the market back towards balance. The US government’s Energy Information Administration now estimates that the country’s output will fall by 830,000 b/d this year and a further 560,000 b/d in 2017 (see p24). The risk is that recent price ri...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Oil Market Inches Towards Balance, With Or Without Deal
...imb until they begin to be worked off in 2017. And the IEA acknowledges that its Q2-Q4 2016 numbers for Opec output are “conservative,” factoring in only relatively modest gains for Iran as financial sanctions continue to stymie its marketing efforts. Libya could also surprise on the upside for 20...
Volume: 59Issue: 15Published at Fri, 15 Apr 2016 -
OPEC Output Falls Ahead Of Meeting As UAE Outage Outweighs Iran Gains
...proaching balance is the director general of the Abu Dhabi National Oil Company (Adnoc) Sultan al-Jaber. He said this week that he expects prices to rise gradually and for the market to rebalance in 2016 and 2017 (see p2). However, there remain multiple variables that impact on this supply-demand dy...
Volume: 59Issue: 14Published at Fri, 08 Apr 2016