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India 1h 2020 Crude Imports: A Tale Of Two Quarters
...test provisional data from the country’s Petroleum Planning and Analysis Cell shows imports of just 2.91mn b/d in July, only just above May’s 10-year low of 2.82mn b/d. June was almost 800,000 b/d higher at 3.59mn b/d, though this is still the third lowest figure since 2014 (see chart and p7 for full da...
Volume: 63Issue: 35Published at Fri, 28 Aug 2020 -
Saudi Bags Growing Share Of Key Chinese Market
...November 2018). China’s overall crude exports have risen 9.7% to 9.85mn b/d for the first seven months of 2019, but the Saudi gains are such that its market share has leapt from 11.7% for the first seven months of 2018 to 15.7% for Jan-July 2019. The latter is the highest share since 2014 when ov...
Volume: 62Issue: 35Published at Fri, 30 Aug 2019 -
Saudi Oil Sector Creaking Amid Heavy Opec Cuts And Summer Demand
...06 to 2016” (MEES, 30 November 2018). Volumes are on track to increase some 34% to more than 1.5mn b/d over the course of the year and MEES estimates that the kingdom shipped more than 1.6mn b/d to China last month. Meanwhile the US, which was the largest importer of Saudi crude as recently as 2014...
Volume: 62Issue: 34Published at Fri, 23 Aug 2019 -
Opec Output Sinks To Five Year Low
...Opec output fell to its lowest level in more than five years in July despite Iraq posting record high production. The group’s output last month averaged 29.78mn b/d, down 140,000 b/d from the previous month, and the lowest figure since April 2014. Nevertheless, oil prices plummeted this week, wi...
Volume: 62Issue: 32Published at Fri, 09 Aug 2019 -
LNG Market Depressed, But For How Long?
...ere imports rose 19% to 28.5mn tons for 1H 2019, are volumes up year-on-year. And even here growth is well down on the stellar 50% year-ago figure. Japan, whose LNG buying peaked in 2014, saw volumes fall 8.2% to 38.6mn tons for 1H 2019. For number three South Korea, 1H 2019 volumes of 20.0mn tons we...
Volume: 62Issue: 32Published at Fri, 09 Aug 2019 -
China Takes Record Saudi Crude As Iran Volumes Fall To 9-Year Low
...cord 5.61mn b/d from Opec and a record 4.27mn b/d from the Middle East. That said the Mideast share, at 43.2% of total 1H 2019 imports, is well down on the annual peak of 52% hit in 2014. China remains vulnerable to any disruption in the Straits of Hormuz, but much less so than Japan which sourced a wh...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
Turkey Mixes Business & Politics As Qatar LNG Surges
...13 2014 2015 2016 2017 Russia (P) 12.57 -1.71 -12.0 14.27 19.47 17.58 25.41 26.49 26.21 26.98 26.78 24...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
GCC Currencies: To Peg Or Not To Peg?
...Opec’s core GCC countries peg their currencies to the US dollar, an anchor that has served them well given that it is the currency in which their key export is denominated. But as the third anniversary of the late 2014 collapse in oil prices approaches, debate is becoming more lively as to wh...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
US Shale Output – Gains Continue Despite Cost-Cutting, Fewer New Rigs
...ministration indicates expected average June-September monthly gains for seven key US shale formations of 124,000 b/d, a level of growth in line with levels seen in the boom year of 2014. The latest projections have September output up 980,000 b/d year-on-year. Given that December last year was only up fr...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
US Drilling: Schlumberger Chief Calls For Caution - Has He Got His Wish?
...the 40% upstream cost reductions achieved since 2013 to ‘stick’. But others are more skeptical. The IEA estimates that global upstream costs were 35% lower in 2016 than 2014 and that around half of these savings (50-55%) are “structural” rather than “cyclical” (45-50%). Of the 45% fall in US shale co...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
US Data: Reading The Runes
...oks very modest when set aside the peak rig count of 1,609 hit in October 2014 (see chart 1). On the back of this increased drilling there are initial indications that US crude output may finally be close to bottoming out. Latest provisional US production data show crude output falling by a fu...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
Opec Output Hits New Record In July As Prices Tumble
...y16 Jul16 v15 YTD 16 v YTD 15 YTD 15 2015 2014 S Ar...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Saudi Shrugs Off Calls For Action Over Oil Price, Revenue Collapse
...eir lowest oil revenue in at least a decade (see table). Presuming that prices and output remain at levels seen in first seven months of 2015, this implies that revenue for the year as a whole will be just over $560bn, 42% down on 2014, and less than half 2012’s record level. And even this makes se...
Volume: 58Issue: 35Published at Fri, 28 Aug 2015 -
Saudi Refinery Output, Stocks Hit All-Time Highs
....40mn b/d for July according to revised MEES estimates. Saudi Arabia has now notched up five straight months of 10mn b/d-plus crude output, the longest ever such period. Average output for the second quarter was 10.4mn b/d, up almost 700,000 b/d on Q2 2014. > Bumper volumes of crude also continue to en...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
IEA Sees Oil Market Oversupply Through 2016
...mmer has seen demand react more swiftly than supply, the IEA says, and as a result global oil demand this year is projected to be up 1.6mn b/d on 2014 levels as economic growth consolidates, and consumers burn more oil. This represents “the biggest growth spurt in five years, and a dramatic uptick on a de...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
OMV And Eni Recognize Risk Of Ongoing Instability In Libya
...eady in recent months, at around 700-800mn cfd. Eni’s gas sales to importers in Italy in the first half of the year amounted to 1.11 bcm, up 73.4% compared to the corresponding period of 2014 due to a “higher availability” of Libyan output, said the report. The company is also responsible for gas fe...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Oil Prices Suffer As Opec Output Rises Again In July
...nce the middle of last year. Brent crude futures, which have been trading at between $55-65/B for much of the year – down from a 2014 peak of $115/B in late-June – fell further to a near five-month low this week on a combination of weaker demand data from China, the world’s second largest co...
Volume: 58Issue: 32Published at Fri, 07 Aug 2015 -
Supply/Demand: ‘Eerie’ Calm As Uncertainties Mount
...gh of 2.14mn b/d in May and has likely increased since. With a second 400,000 b/d refinery (Yasref) set to start up by end 2014, the decline in the OPEC kingpin’s crude exports is structural. Libya: Potential Upside For Libya, despite continued fighting, there appears to be a significant ch...
Volume: 57Issue: 33Published at Fri, 15 Aug 2014 -
OPEC Output Surges In July On Saudi, Libya Additions
...public. Since the start of 2014, Iranian oil exports have consistently breached the (understood) 1mn b/d limit agreed as part of the interim deal. Yet, they have faced little scrutiny from the US and its allies involved in the nuclear negotiations on the basis that Iranian oil exports have been cushioned in...
Volume: 57Issue: 33Published at Fri, 15 Aug 2014 -
Iraq: Exports Hold Up As ISIS Advances On Oilfields
...ound Mosul in mid-March. Northern exports averaged just 85,000 b/d for the first half of 2014, a mere 30% of year-ago levels (see table). Iraq’s key southern fields appear under little immediate threat from IS advances, but the jihadists have in the past week had several clashed with KRG fighters. IS ha...
Volume: 57Issue: 32Published at Fri, 08 Aug 2014