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US Output Leaps 1.5mn B/D For 2023, Topping 20mn B/D For The First Time In Q4. Is Peak Output Near?
....93mn b/d and NGLs up 530,000 b/d at 6.43mn b/d, also a record (see chart 1 & p19 for full data). Last year’s gains were the fourth highest ever behind 2.2mn b/d for 2018, 1.8mn b/d for 2019 and 2014’s 1.7mn b/d. Of course, ‘boom’ in those previous cycles rapidly turned to bust as oil prices collapsed: ou...
Volume: 67Issue: 06Published at Fri, 09 Feb 2024 -
Qatar’s 2022 Asian LNG Sales: Focus On Key New Term Market China Limits Revenue Gains From Record Spot Prices
...22 this remains well down on the record $44.0bn sales to the same five buyers back in 2014 (see chart 3). Back then Japan was the key buyer and paid an average of almost $18/mn BTU for its 16.1mn tons of Qatari LNG. 1: QATAR’S TOP ASIAN* LNG CUSTOMERS (MN TONS): CHINA SURGED AHEAD FOR 2022 WI...
Volume: 66Issue: 07Published at Fri, 17 Feb 2023 -
Heavy Outages Weigh On Seemingly Well-Supplied Market
...kely fall below Algeria at some point in the coming months. Prior to the oil price collapse in late 2014 Venezuela was producing around 2.4mn b/d, but now even positive scenarios have output of its heavy crudes falling below 1mn b/d during 2019. Not only is the US, increasingly strident in seeking to ov...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
OPEC Production Dives Amid Venezuela Instability
...0,000 b/d. Luanda has struggled to prevent declines from its aging reservoirs since oil prices fell during late 2014. DECISION TIME APPROACHING Given the collapsing output from the exempted triumvirate, the Opec 11 countries must decide whether to keep cutting in order to eliminate their 28...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
LNG: A Record Year As Qatar & Oman Both Hike Sales
...nthly basis for the first time in October, may well snatch the overall spot for 2019. *The one key market which is stagnant is the world’s largest, Japan. Japan imported a total of 82.9mn tons in 2018, down 0.9% on 2017 and over 6% lower than the record of 88.5mn tons set in 2014. Here Australia is th...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Russia, Saudi Arabia Commit To Enforcing Production Discipline
...cember’s inventory levels stand in terms of forward cover? Using their respective 2018 average OECD demand figures, the IEA data shows 60.1 days coverage and Opec 60.5 days, and December’s stocks represented 62-63 days cover at 2014 demand levels. HOW CAN I RESIST YOU? Abu Dhabi newspaper The Na...
Volume: 61Issue: 07Published at Fri, 16 Feb 2018 -
Opec Steadies Production In January
...cember 2017), especially when pointing to the instability that has plagued output in recent years. Should either be accused of producing too much, they could argue that this would be to offset the risk of near-term drop-offs. January’s combined output of 2.82mn b/d was the highest since September 2014...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Saudi-Russia Relations Mean Opec+ ‘Deal’ Will Continue. At What Price?
...al. Crude prices at their highest level since late 2014 also point in this direction. But the interests of both core participants, Saudi Arabia and Russia, make a formal wind-down unlikely. Venezuela’s output collapse enabled Opec and the 10 non-Opec countries party to the December 2016 output de...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Opec Cuts 860,000 B/D Output, More Work Required
...ude is currently around $55.63/B, largely on a par with January’s $55.45/B and $10/B above where it stood on 29 November. Certainly, January’s cumulative cut was the largest fall since March 2014, when violence knocked off production in Iraq, Libya, Nigeria and Angola, and Saudi Arabia also cut back (ME...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Opec Cuts: US Shale The Early Winner
...erators were looking to $60/B before they envisaged a major uptick in activity, Exxon is now far from the only firm to project that it could grow output at $40/B. It says it is getting more bang for the buck. “In the Permian Basin… our average drilling footage per day has increased about 85% since 2014,” Mr...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Algerian Oil Output Gets Berkine Boost
...• Opec member Algeria has been struggling to maintain its oil output levels. Average crude production of 1.11mn b/d for 2016 was down 40,000 b/d on 2014 (though up a touch on 2015 - MEES, 6 January). • The country’s upstream oil projects pipeline is almost bare: the 40,000 b/d oil ph...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
IEA Warns Of Future Price Spike As Opec Divisions Deepen
...ALED BACK (MN B/D) *ADJUSTED TO INCLUDE INDONESIA. ...AS SUPPLY GROWTH STUTTERS Despite revising up global demand figures, the IEA still sees little prospect of crude markets balancing until 2017. The IEA says supply exceeded demand by 900,000 b/d and 2mn b/d in 2014 and 2015 re...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Middle East Refiners To Add 2.3mn B/D Capacity By 2022-IEA
...true of some Middle East refiners. Saudi Arabia started up 400,000 b/d of refineries in 2013 and 2014 and UAE started up a 417,000 b/d plant in 2015, all aimed at exports. The IEA says the pace of Middle East refining capacity expansion in the medium term will slow and also depend to a large ex...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Global Oil Overhang To Persist Throughout 2016
...17, down 1.17mn b/d from the Q2 2015 peak of 9.50mn b/d, but still level with 1H 2014 volumes. Opec has left its global demand projections unchanged in its latest monthly oil market report (10 February) and has revised up its forecast for the fall in non-Opec supply in 2016 by 50,000 b/d to 71...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Iran And Saudi Arabia Drive Opec Output Rise As Indonesia Returns
...2mn b/d to 3.5mn b/d by 2017, Iran looks set to pull away. Kuwait has fallen behind since October 2014, when a dispute with Saudi Arabia over management of the Partitioned Neutral Zone (PNZ) led to production falling there, and halting altogether in 2015. Chevron said in its Q4 2015 conference call on 29 Ja...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016 -
Saudi Arabia’s Naimi Sees Market Calm
...0,000 b/d increase in oil output from Arab Gulf heavyweights Saudi Arabia, Kuwait and the UAE, in yet another sign that they will not cut back production to prop up oil markets. The latest data from the Riyadh-based Joint Data Initiative JODI shows that Saudi output edged up to 9.71mn b/d in 2014, the se...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
BP Predicts OPEC’s Second Coming
...rket commentaries over the past 12 to 18 months, have regularly warned that non-OPEC producers were on course to keep chipping away at OPEC’s market share. The oil major sees OPEC’s market share recovering to 40% by 2035 – from around 33% in 2014, according to latest IEA data – following a slump ov...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
IEA Slashes Non-OPEC Supply Growth projections
...ually sharp corrections” that have rocked the market every 10 years or so – this time, the circumstances are different, the Agency argues, as “US light tight oil has changed the rules of the game.” The Paris-based IEA now sees oil supply from countries outside OPEC growing by 3.4mn b/d from 2014 le...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
OPEC Output Slides In January Despite Gulf Increments
...west level since June 2014. In Libya, oil output fell for the third month running to average 350,000 b/d in January, as armed factions allied to two rival governments continue their fight for control of the country, four years after the ouster of former leader Mu’ammar al-Qadhafi. Despite co...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
Saudi Arabia Increases Asian Focus With Japan Oil Storage Deal
...bsidiary, for the sale of shares in the companies containing the retail, supply and distribution logistics and aviation businesses in Italy. The sale, the commercial terms of which remain confidential, is subject to regulatory approval and is expected to be completed by 2014, Shell said. Under the ag...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014