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Opec Output On Track For Eight-Year Low
...Opec output fell 140,000 b/d to 29.59mn b/d last month despite perennial quota-busters Iraq and Nigeria continuing to flout their commitments. For 2019 Opec output is on track to fall below 30mn b/d for the first time since 2011. After having promised Saudi Energy Minister Prince Ab...
Volume: 62Issue: 49Published at Fri, 06 Dec 2019 -
Opec Agrees To Cut, But Questions Remain Over Implementation
...) 2010 2011 2012 2013 2014 2015 2016* vs...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Iran Seeks To Reclaim Former Markets In 2016
...mpeting directly for buyers with their medium and heavy sour crude grades in Europe, which imported 595,000 b/d of Iranian crude on average in 2011, the last full year before the European embargo was implemented. In Asia, Iran’s largest market even before sanctions (see chart, p16), the impact of this ti...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
Prices Hit 11-Year Lows With No Sign Of A Reprieve
...erage imports from Iran of 120,000b/d for the first 11 months of 2015, this year is on target to be the lowest for at least a decade: last year South Korea imported 125,000 b/d from Iran; volumes were twice as much (248,000 b/d) in 2011 before sanctions intensified (see graph). The IEA’s latest mo...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Price Rout Extended As Demand Falls Further Behind Supply
...mn b/d target in place since December 2011. To date, US oil production has not only been increasing, but has been doing so at an accelerating rate, prompting the Saudis to sit up and take notice. North American oil output hit 12mn b/d in September and October, close to 2mn b/d higher than its 2013 av...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
US Hikes Mid-Decade Output Estimates By 2mn B/D
...yond domestic demand and maximise product exports. Net US products exports shot up from 250,000 b/d in 2011 to over 900,000 b/d for 2012 and an EIA forecast of 1mn b/d for this year. Net products exports are set to hit 1.3mn b/d by 2030 and 1.8mn b/d by 2040, the EIA predicts. Of course, a revoking of th...
Volume: 56Issue: 51/52Published at Fri, 20 Dec 2013 -
OPEC Gets Through The Year But Oversupply Threat Looms
...wn by 490,000 b/d from October and the lowest figure since June 2011. Saudi Arabia cut output by 200,000 b/d whilst Libyan outages deepened (see p2) and Nigerian output also fell. There were also slight declines from Kuwait and the UAE due to field maintenance. Excluding Iraq, which saw a 70...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
Gathering Storm For OPEC As Iran Lays Down The Gauntlet
...epticism on the part of the Saudis over the Islamic Republic’s ability to make good on its pledge. Saudi Arabia, Iran: Crude Output Change Since Jan 2011* (Mn B/d)...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
‘Every Time We Go To Quotas, Who Bears The Brunt? Us’
...how does an organization impose discipline in the absence of production quotas, previously calculated on a pro-rata basis and now replaced with informal targets that have not been made public. The only guidance issued by OPEC since December 2011 has been an overall production target of 30mn b/d th...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Badri Urges Straight Course
...ssible emergency meeting ahead of May (MEES, 14 December). Just why such high supply has not had a bigger impact on prices was somewhat of a mystery. OPEC basket prices have been above $100/B for all but three months since January 2011. OPEC output, according to the OPEC’s own Monthly Oil Ma...
Volume: 55Issue: 52Published at Fri, 21 Dec 2012 -
Ministers Roll Over Ceiling Again, Badri Gets Seventh Year
...asonable price levels for producers and consumers.” OPEC would “swiftly respond to developments that might have a detrimental impact on an orderly oil market,” it vowed. Basket prices have remained over $100/B for all but three months since January 2011 delivering a revenue bonanza, pr...
Volume: 55Issue: 51Published at Fri, 14 Dec 2012 -
Output Ratchets Up Ahead Of Vienna Meeting
...mpares with 9.3mn b/d in 2011, when Riyadh stepped in to compensate for lost Libyan production, and 8.5mn b/d in 2010. But Iraq has been the biggest beneficiary of lost Iranian market share on the back of US and EU sanctions (MEES, 30 November). Iraqi output in November notched up an eighth successive mo...
Volume: 55Issue: 50Published at Fri, 07 Dec 2012