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Pressure Mounts For Deeper Cuts As IEA, Opec Warn Of Demand Concerns
...owth rate since 2011. Opec is pushing for the wider Opec+ alliance to extend the existing production cuts beyond their current end-March expiry to end-2020. It is also advising that Opec+ deepen those cuts by 600,000 b/d in Q2. The IEA’s latest figures certainly strengthen the position of those ca...
Volume: 63Issue: 07Published at Fri, 14 Feb 2020 -
Global LNG: Asian Demand In The Balance As Prices Fall To Record Low
...12-14 in the aftermath of the 2011 Fukushima nuclear disaster. The default presumption of most forecasters has been that this trend will continue (MEES, 10 January). That said, the prospect of depressed LNG prices for years to come – and the prospect that sellers such as Qatar may be prepared to agree to...
Volume: 63Issue: 07Published at Fri, 14 Feb 2020 -
Taiwan Crude Imports Hit 8-Year High, Opec Share At Record Low
...*Taiwan imported 892,500 b/d of crude in 2018, the highest figure since 2010. Imports peaked at 1.046mn b/d in 2006. *Gulf suppliers have not been the beneficiaries of this rise in volumes; the Mideast share of the Taiwan market fell to 77.6%, the lowest level since 2011 (see chart). Vo...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
Australia Challenges Qatar For Taiwan LNG Top Spot: Just The Prelude?
...ll ahead for 2018 as a whole, a seemingly-comfortable 2.1mn tons ahead of number two Malaysia with Australia a further 230,000mn tons behind in third place (see data, p22). That said Qatar’s 4.89mn tons for 2018 was down almost 8% on 2017 and the lowest annual figure since 2011. Qatar’s 29% market sh...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
US Poised To Compete With Saudi Arabia As World’s Largest Oil Exporter
...0,000 b/d (9%) year-on-year (see table for full data). This was largely driven by major export cuts in Q3, when volumes of 6.65mn b/d were the lowest since Q1 2011. Crude exports bottomed out at 6.55mn b/d in September (the lowest since March 2011) but exited the year at 7.05mn b/d in December. MEES es...
Volume: 61Issue: 08Published at Fri, 23 Feb 2018 -
Opec Cuts 860,000 B/D Output, More Work Required
...35mn b/d, this would imply Iraq plans to cut to 4.57mn b/d – a figure MEES calculates it is currently producing below. OPEC^ 2016 OIL EXPORT REVENUES FALL $760BN FROM 2012 PEAK ($BN) 2010 2011...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Asian Buyers Influence Key Oil Benchmarks
...ft a glut of west African crude begging for a home, a situation which would have been exacerbated had fellow light sweet oil producer Libya been producing at normal levels. For South Korea, Forties became attractive after it concluded a Free Trade Agreement with the European Union in 2011, as the grade re...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Saudi Arabia Increases Asian Focus With Japan Oil Storage Deal
...iority claim on crude in tanks in the event of a supply emergency. The volume of crude to be stored has also been raised to 6.3mn barrels from 1.3mn barrels under the original 2011 deal. The expansion of storage capacity will make the Okinawa storage site larger than Saudi Aramco’s facility in Rotterdam, wh...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Vive La Difference! IEA, OPEC Split On Supply, Price Views
...d oil price assumptions, as a recent study comparing their respective scenarios reveals. Differences become more acute through to 2035. Medium-term, 2011-16, the IEA sees oil demand growth as 400,000 b/d higher than OPEC. Given 2016 demand will be 93mn-94.5mn b/d, this reflects “roughly th...
Volume: 56Issue: 08Published at Fri, 22 Feb 2013 -
Tokyo Visits Top Two Suppliers
...NA Breakdown By Grade, 2011 & 2012 2012 2011 2012 2011 '000 b/d % of total '00...
Volume: 56Issue: 07Published at Fri, 15 Feb 2013 -
Production Rise Fails To Dent Prices
...rch 2011-March 2012 Iranian year, and a 12-well drilling drive on the offshore Kish gas field. But it is clear Tehran is worried. President Mahmoud Ahmadinejad, speaking on 7 February during the first visit of an Iranian President to Egypt since the 1979 Islamic revolution, responded positively to a US...
Volume: 56Issue: 06Published at Fri, 08 Feb 2013 -
Badri Sends Soothing Message
...mp are high, but OPEC is not to blame, Mr Badri argued. OPEC may have made $1.1 trillion in 2011 from oil sales and $4.2 trillion in 2007-11. But in the same period OECD countries have earned $5.5 trillion from petroleum taxes. “In recent years we have also seen the budgetary requirements of many oil pr...
Volume: 56Issue: 05Published at Fri, 01 Feb 2013