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Saudi 1h 2021 Oil Dynamics: Refining Prioritized Over Crude Exports
...ude oil being burned in power plants. Crude burn always rises seasonally, but June’s 586,000 b/d was up more than 100,000 b/d year-on-year, and was the highest June figure since 2017 (see chart 3). While the tapering of production cuts ought to have boosted associated gas production, the impact on cr...
Volume: 64Issue: 33Published at Fri, 20 Aug 2021 -
Japan Crude Imports: Q2 Sees Record Murban Buying
...ngdom on pace to beat the annual record of 40.1% set in 2017. *Japan is under renewed Covid restrictions with cases at their highest level since the start of the pandemic. With the country’s oil imports already on a long-term downward trend, this year is on track to see the lowest imports si...
Volume: 64Issue: 31Published at Fri, 06 Aug 2021 -
Saudi Bags Growing Share Of Key Chinese Market
...finers Sinopec and PetroChina shunning Iranian volumes, the bulk of recent arrivals, imported by state trader Zhuhai Zhenrong, appear to have gone into China’s strategic petroleum reserve (SPR), in particular the 19mn barrel site at Jinzhou northeast of Beijing which was completed in 2017. Data in...
Volume: 62Issue: 35Published at Fri, 30 Aug 2019 -
Saudi Oil Sector Creaking Amid Heavy Opec Cuts And Summer Demand
...nce 2017, according to the latest data released by Jodi covering the first half of the year. This is hardly a surprise considering that Saudi Arabia’s crude production has itself been cut to multi-year lows through Opec’s efforts to rebalance global markets. Saudi Arabia’s reported crude pr...
Volume: 62Issue: 34Published at Fri, 23 Aug 2019 -
Opec’s Market Management Dilemma: From Bad To Worse?
...e Permian Basin, making the region straddling western Texas and southeast New Mexico the centerpiece of not only their US, but their global output plans (MEES, 15 March). Exxon says it is on track to hit 1mn boe/d Permian output by 2024 after paying $6bn in 2017 to expand its regional acreage (ME...
Volume: 62Issue: 33Published at Fri, 16 Aug 2019 -
LNG Market Depressed, But For How Long?
...rsus a year earlier. Key Asian importers of LNG, China in particular, were left short of cargoes in the 2017-18 winter (MEES, 5 January 2018). Fearing a repeat, they took in a bumper 58.8mn tons in 4Q 2018, up 11% year-on-year, boosting average prices to over $11/mn BTU. But the winter turned out to...
Volume: 62Issue: 32Published at Fri, 09 Aug 2019 -
Turkey Mixes Business & Politics As Qatar LNG Surges
...re down 6.8% year-on-year in 1H 2018, though this year is still on track to be second only to 2017’s record volumes. Last year’s biggest winners were Russia and Iran, which saw volumes jump 20% to a record 9.25bcm (see table), but both are suffering in 2018. But Iranian volumes have slid since th...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
Opec: More Crude Needed, Now
...TPUT VS CALL ON OPEC CRUDE (MN B/D): BOTH OPEC AND IEA FORECASTS IMPLY* A SHORTFALL IN OUTPUT FOR 2017 TURNING INTO A SIZABLE SURPLUS FOR 2019. BUT FORECASTS FOR 2H 2018 DIFFER CONSIDERABLY: THE IEA HAS THE MARKET MORE OR LESS IN BALANCE, WHILST OPEC FIGURES IMPLY A 1.1MN B/D DEFICIT *OPEC OU...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
Opec Output Edges Up Despite Saudi Cut
...yers shun Iranian crude in advance of US ‘secondary’ sanctions (see p11). Exports also slid despite bumper buying from India and China. South Korea, the erstwhile number-three importer of Iranian crude, halted imports altogether in July (MEES, 3 August). In 2017 South Korea imported 360,000 b/d from Ir...
Volume: 61Issue: 32Published at Fri, 10 Aug 2018 -
Iran Suffers Korea Export Blow Ahead Of Sanctions
...d been an increasingly important customer for Iran and took record volumes in 2017. The 361,000 b/d that South Korea imported from Iran over the course of 2017 was more than any country bar China and India. This marked the third consecutive year in which the country has held the number three sp...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
GCC Currencies: To Peg Or Not To Peg?
...untries’ currencies are pegged to the dollar (in Kuwait’s case as part of a currency basket in which the US currency is the key component), whilst all except Oman and Bahrain are members of Opec. SAUDI STRETCHED Saudi’s budget deficit of $19.4bn in H1 2017 was covered from a financing package of SR...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
US Shale Output – Gains Continue Despite Cost-Cutting, Fewer New Rigs
...528 set in October 2014. July’s month-on-month gains, at 14, are the lowest since June last year: December 2016 to April 2017 saw an average of 50 rigs a month added. MORE WITH LESS? These figures so far chime with the ‘more for less’ mantra of US shale-focused companies in their recent Q2 ea...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
Opec Banks On Oil Demand Boost From Stronger Economic Growth
...Waning compliance with the Opec/non-Opec “declaration of cooperation” to curb crude output is severely hampering efforts to rebalance the crude market. Allied with strong production gains elsewhere, this poor compliance has helped keep global stock levels high, putting a lid on prices in 2017...
Volume: 60Issue: 32Published at Fri, 11 Aug 2017 -
Opec Seeks To Bolster Flagging Cohesion
...ssia – chair and alternating-chair of the JTC respectively – “in the presence of representatives from the Kingdom of Saudi Arabia, which is serving as President of Opec in 2017.” The remaining JTC members – Algeria, Venezuela and Oman – will not be attending. As for which of the participating pr...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
US Drilling: Schlumberger Chief Calls For Caution - Has He Got His Wish?
...ll on 21 July. “The pursuit of equity appreciation outweighs the lack of free cash flow, net income and return on capital employed.” In marked contrast to the larger independents and majors who remain more focused on cost-cutting than raising output – BP this week cut its planned 2017 capex from $17...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
Oil Market Bulls & Bears In Pre-Algiers Stand-Off
...ec figures. Most analysts now see the global surplus of supply over demand continuing well into 2017. And of course inventories are already at record levels. Having fallen by 20mn barrels from May’s record of 540mn bl, US crude stocks unexpectedly rose again last week to stand at 524mn barrels on 19 Au...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
US Data: Reading The Runes
...ilst output from US shale formations is still falling, September’s projected fall of 85,000 b/d (to 4.47mn b/d) is the lowest this year. Meanwhile, the EIA’s forecasts for 2016 and 2017 in its latest Short Term Energy Outlook are up by 120,000 b/d and 110,000 b/d on those made the previous month (see ch...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
Temporary Oil Market Balancing Offset by Record Stocks
...mporary. Not just is supply set to overtake demand again in Q4 as refinery maintenance steps up, but the IEA has revised down its expected demand growth rate for 2017 on the back of weakening global economic growth forecasts. The IEA’s July Oil Market Report (OMR) expects demand growth of 1.42mn b/d this ye...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016 -
Saudi Arabia Taps Service Companies for Oil Capacity Upgrades
...cline further by 2017. Iraq, which had been expected to be the single largest contributor of additional supply during the current decade, has recently lost large tracts of territory in the north and northwest to Islamist jihadists. And although output in the south has so far been unaffected by th...
Volume: 57Issue: 34Published at Fri, 22 Aug 2014 -
Twilight Looms For OPEC’s Golden Age
...ll narrow dangerously; the country could slip into a budget deficit by 2017, according to the latest IMF projections (see graph 3). Saudi officials argue that trends will not continue. New efficiency standards are being rolled out and Riyadh is actively pursuing solar development. A National Energy Ef...
Volume: 56Issue: 31Published at Fri, 02 Aug 2013