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Angola Quits Opec Over Quota Reform Process
...ll. Angola signed up to a 1.673mn b/d Opec+ allocation from January 2017, but even when production restrictions eased, it was unable to bring output back to anything approaching pre-2017 levels (see chart). Luanda will be hoping that free from the prospect of Opec+ production limitations, the country wi...
Volume: 66Issue: 51/52Published at Fri, 22 Dec 2023 -
Saudi Arabia Adds Record Volumes To Crude Stocks
...anwhile, refining runs fell to 2.20mn b/d, their lowest level since January 2017. At 21.3% of Saudi Arabia’s reported production, the proportion refined is the lowest since 2016. Run rates had been above 25% since 2017 as the kingdom ramped up throughput at its expanded refinery fleet. Rates may well rise fu...
Volume: 62Issue: 51-52Published at Fri, 20 Dec 2019 -
Opec Output On Track For Eight-Year Low
...ly mean one thing. The only question is: By how much will they fall? MEES calculates that this year’s export revenues are at risk of falling below 2017’s $556bn to around $550bn. Will this week’s outcome lift prices sufficiently for 2019 revenues to scrape ahead of 2017? OPEC WELLHEAD PR...
Volume: 62Issue: 49Published at Fri, 06 Dec 2019 -
Saudi Arabia: Cutting Its Way To A 2019 Production Increase?
...Saudi Arabia says that it will do the heavy lifting under the latest round of Opec cuts, cutting deeper than its commitment if necessary. Its willingness to do so is not in question, after all it did exactly this under the previous round of cuts in place since January 2017. Yet it can exceed it...
Volume: 61Issue: 51-52Published at Fri, 21 Dec 2018 -
Market Fundamentals Point To Choppy Outlook For Opec
...mestic challenges. Unlike in the previous round of cuts from January 2017 onwards, where exemptions for Libya and Nigeria were intended to allow them to increase production, this time the exempt members are more likely to add to the scale of the cuts. Iranian production is falling as renewed US sa...
Volume: 61Issue: 50Published at Fri, 14 Dec 2018 -
Iraq Pledges 139,000 B/D Cut
...hieves capacity gains. Despite signing up for production cuts in November 2016, Iraqi output hit an annual record 4.43mn b/d in 2017 and is on track for 4.51mn b/d this year. Is another record likely in 2019? Yes. For one thing, MEES estimates the KRG could add 80,000 b/d, including 25,000 b/d each fr...
Volume: 61Issue: 50Published at Fri, 14 Dec 2018 -
Asian LNG Imports Up 14% In 2018... With Qatar Sales Up 9%
...ASIAN* LNG IMPORTS ROSE 14% FOR 10M18 (MN T): CHINA UP A WHOPPING 43% TO ALREADY TOP 2017’S ANNUAL RECORD OF 38.3MN T; KOREA, INDIA AND TAIWAN ALL ALSO ON TRACK FOR ANNUAL RECORDS BUYING FROM QATAR IS UP 9% Y-O-Y BUT STILL WELL DOWN ON RECORD 2013 LEVELS CHINA LN...
Volume: 61Issue: 49Published at Fri, 07 Dec 2018 -
Opec In 2018: More Revenue Less Market Share?
...adual erosion of discipline from those members able to increase output which doesn’t reduce prices ought to see Opec’s revenues exceed this estimate next year. THIS YEAR’S WINNERS AND LOSERS Without a doubt Libya is the biggest winner revenue-wise within Opec in 2017. Its oil earnings are set to gr...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Can Opec Eliminate Stock Overhang In 2018?
...oup's estimated $570bn oil revenues in 2017. Opec and the IEA both raised their expectations for US output gains in 2017 and 2018, with both expecting more than 1mn b/d growth next year. But here the similarities end. While Opec expects continued momentum in the global economy to sustain strong oil de...
Volume: 60Issue: 50Published at Fri, 15 Dec 2017 -
EIA Hikes 2018 Us Output Growth Forecast To 1.24mn B/D
...rmation alone rose by 500,000 b/d between January and November. With September through December 2017 figures revised up from those in last month’s report, the EIA is now projecting 2017 average crude output of 9.24mn b/d, up 380,000 b/d on 2016, but some 170,000 b/d shy of the post-1970 annual high of 9....
Volume: 60Issue: 50Published at Fri, 15 Dec 2017 -
Saudi, Algerian Cuts Lead Opec to Six-Month Production Low in November
...ter starting 2017 with strong compliance, Kuwait is struggling to adhere to its production allocation. The planned start-up of 120,000 b/d light crude in Q1 2018 will pose serious questions about its commitment. OPEC WELLHEAD PRODUCTION, NOVEMBER 2017 (MN B/D, MEES ES...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
Opec/Russia ‘Historic’ Strategic Alignment: Can It Hold?
...rward, Mr Falih says that Nigeria and Libya have pledged that 2018 production will not exceed this year’s levels. They will not “surprise on the upside” he says. Given the volatility of their output, this presumably means their maximum output in 2017 – some 1mn b/d for Libya and 1.84mn b/d for Nigeria – ra...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
Saudi Arabia Boosts Products Exports To Minimise Impact Of Crude Cuts
...Saudi Arabia is set to cut production by 500,000 b/d from October levels in January under the recent Opec/non-Opec output deal. Crude and refined product exports are both on track for record annual highs in 2016, but lower production will mean one, or both, will have to fall in 2017. But hy...
Volume: 59Issue: 51/52Published at Fri, 23 Dec 2016 -
Non-Opec Production Agreement Raises As Many Questions As Answers
...The 10 December finalization of an agreement between key non-Opec producers and Opec to cut production by almost 1.8mn b/d is set to hasten the market’s rebalancing, the IEA and Opec both agree. Both have also revised upwards their forecasts for global demand in 2017 in their monthly oil ma...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Opec Hits New Record Output as Attention Switches to Non-Opec
...d preliminary data indicates November output including NGLs reached 12.3mn b/d (see p6). Brazil is also set to ramp up production further and hit a quarterly record of 2.63mn b/d in Q3, although output slipped slightly in October. The IEA projects liquids output growth to continue in 2017, ri...
Volume: 59Issue: 49Published at Fri, 09 Dec 2016 -
Opec Agrees To Cut, But Questions Remain Over Implementation
...tential 1.8mn b/d cut – with the ‘non-Opec’ portion slated to be finalized at a 9 December meeting – is due to come into force on 1 January 2017, but is far from a done deal, and implementation will likely be problematic. The meeting is tentatively slated for Doha, but this has yet to be finalized. Th...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
OPEC Taps To Stay Open In 2016
...likely to realize considerable gains in 2016, as it prioritizes development of non-associated gas fields, and negating natural decline at existing oil fields. Meanwhile, the UAE will press ahead with plans to increase production capacity from current levels of around 3.2mn b/d to 3.5mn b/d by 2017, which co...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
Iran Seeks To Reclaim Former Markets In 2016
...16, or a supply glut extending into 2017 (MEES, 18 December). Given Iran’s high natural decline rates of 8-10% per year and low recovery rates of 20-24%, any significant sustainable increase in crude production will require the investment and technical expertise of IOCs. Cognisant of this, Iran ha...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
Prices Hit 11-Year Lows With No Sign Of A Reprieve
...Oil prices are testing lows not hit since early 2004. Amid increasingly bullish signs that Iranian output will ramp up sooner rather than later, a market rebalance may have to wait to 2017. The IEA, in its 11 December oil market report, revises down its ‘call on Opec’ forecast for the fo...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Saudi Stance Wins Out At Opec Meeting
...ndensate and NGLs) to its output by the end of next year then any market rebalance gets pushed back to 2017 (see graphs). If this analysis was repeated based on the Opec, rather than the IEA, demand forecasts the market would not even be close to balance. QUOTA CALL In the run up to the Opec me...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015