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Opec+ In 2025: Navigating A Year Of Turbulence And Growth
...AR? Venezuela and Iran are not the only Opec members dealing with significant risks. Libya has struggled with huge political instability in the decade and a half following its 2011 civil war. With the country divided between two governments in the West and East, tensions between warring factions has of...
Volume: 69Issue: 02Published at Fri, 09 Jan 2026 -
2021 LNG Imports: Qatar Extends Lead In Korea But Edged Out In Taiwan
...erage price for December suggests a greater reliance on term cargoes. For 2021 as a whole average prices were well within the bounds of historical norms, however. Korea paid an average of $11.17/mn BTU, up almost $3.50/mn BTU on 2020 but below the average price each year for 2011-15. Taiwan paid an av...
Volume: 65Issue: 02Published at Fri, 14 Jan 2022 -
Korea, Taiwan 2020 Crude Imports: Volumes Down, Mideast Down Further
...nual figure since 2011, with Q3’s 284,000 b/d the lowest quarterly figure since 2010. Number three Iraq saw volumes fall 34% to a six-year low 220,000 b/d, whilst number four the UAE saw a 15% fall to 206,000 b/d. *As recently as 2017, Iran was Korea’s number three supplier (behind Kuwait). Bu...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
Thailand Crude Imports Slump, Mideast Share Down
...*Thailand’s crude imports slumped to 938,000 b/d in 2019, down 16% (183,000 b/d) from 2018’s record 1.12mn b/d and the lowest since 2011 (see table & chart). *The country’s oil output and demand are steady at around 500,000 b/d (half crude, half NGLs) and 1.5mn b/d respectively. The sl...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
Korea LNG Imports: Australia Threatens Qatar For Top Spot
...6mn t as a result. In Q4 2019 Australia with 2.12mn tons only just failed to pip Qatar (2.22mn tons) for top spot. Australia supplied a record 1.26mn tons (17 cargoes) in December, two more than Qatar. The last time a country other than Qatar was top on a quarterly basis was Indonesia back in 2011; on an...
Volume: 63Issue: 03Published at Fri, 17 Jan 2020 -
Opec Responds To Turbulent Start To 2020
...s, Opec exited 2019 with average production of 29.38mn b/d in December. This represented a massive 2.40mn b/d year-on-year decline. Over 2019 as a whole Opec production averaged 29.86mn b/d, down 2.18mn b/d on the 2018 average of 32.03mn b/d and the first time since 2011 that production has av...
Volume: 63Issue: 02Published at Fri, 10 Jan 2020 -
Taiwan Makes Slow Progress In Cutting Gulf Crude Dependence
...nce 2011 whilst the 72.3% 4Q19 Gulf share was the lowest since 2010 and December’s 68.2% the lowest monthly figure since 2011. A TALE OF TWO REFINERS Taiwan’s 1.14mn b/d of crude distillation capacity is split between two refiners. And the two have markedly differing records in diversifying su...
Volume: 63Issue: 02Published at Fri, 10 Jan 2020 -
Global LNG: China Challenges Japan As Top Importer
...ough here price will be a key factor. *As for Japanese LNG demand, the key variable has been the status of the country’s nuclear power fleet. Japan’s LNG imports peaked at 87-88mn t/y in 2012-14 in the wake of the 2011 Fukushima nuclear disaster which led to all of the country’s then-op...
Volume: 63Issue: 02Published at Fri, 10 Jan 2020 -
Saudi Asian Supplies Surged To Record High In November Amid Bumper Exports
...d well down on the 20.3% from ten years’ previous. Market share was 15.3% in November, however, holding out hope for Riyadh that 2019 could witness the first market share gain in China since 2011. One cloud on the horizon is the growing concern over a possible Chinese economic slowdown this ye...
Volume: 62Issue: 01Published at Fri, 04 Jan 2019 -
Iran Exports Slump To 5-Year Low
...PACITY). **BONDED STORAGE IN DALIAN, CHINA. ^^FRANCE, AUSTRIA INCLUDED IN 'OTHER EU' FOR 2011, 2012. SOURCE: NATIONAL IMPORT STATISTICS, REUTERS, BLOOMBERG, MEES....
Volume: 62Issue: 01Published at Fri, 04 Jan 2019 -
Saudi Arabia’s Shift Up The Value Chain Offsets 7-Year Crude Export Low
...udi’s share fell from 13.4% to 12.5% (see chart, p20 and p19 for full data). It was as high as 20% in 2011 but is set to fall further this year: both the IEA and Opec expect Chinese demand growth to rise a further 400,000 b/d, whilst Saudi crude exports are more likely to fall than rise. South Korea to...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
US Oil Output Soars: Did Opec Create A Frankenstein’s Monster?
...a share of demand rising from an annual average of 71.5% in 2017 to 77.1% in 2018 and 80.4% in 2019, and this despite demand continuing to rise over the forecast period. The US was reliant on imports to meet well over 50% of demand as recently as 2011. But a sub-plot is that the mismatch of bo...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
GCC Drilling Remains Strong Despite Upstream Capex Cuts
...TRENCHMENT 2016 vs'15 vs'14 2000 2005 2010 2011 20...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
OPEC Risks Becoming An Irrelevance As Revenue Again Tanks
...gularly called $100/B-plus a ‘fair price.’ Even this week the same senior figure declined to resile from this. As Chatham House’s Glada Lahn notes, only 10 years ago Opec considered $30/B a fair price. But as prices rose, Opec members’ spending rose; and it ballooned in early 2011 amid the threat of co...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
OPEC Revenue Lowest For 11 Years; Markets Indicate Further Slide In 2016
...y from Egypt’s 2011 uprising, the economic factors that fed into Arab spring have mostly only got worse,” Ms Kinninmont says. This particularly applies to poorer oil-dependent economies such as Algeria. In Algeria and elsewhere the 2011 spending boost to provide insulation against Arab Spring co...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Iran Return Sends Prices, Revenue Into The Deep Freeze
...mped up estimates of by how much and how quickly Iran can ramp up production and exports. MEES estimates that Iran produced 2.89mn b/d in December, little changed from average 2014 and 2015 levels but 700,000 b/d down on 3.6mn b/d 2011 volumes. Exports last year remained rangebound at 1....
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Chinese Import Slowdown Sets Alarm Bells Ringing For OPEC
...nce mid-2012 been required to dramatically reduce its imports of Iranian crude oil so as to stay in line with US sanctions placed on Iran’s key oil and banking sectors. Washington in late 2011 passed a law cutting off access to the US financial system for entities involved in oil trade with Iran and it...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
OPEC Raises Up World Oil Demand Forecasts
....46mn b/d in November. This compares with a MEES estimate of 29.82mn b/d. World Oil Demand & Call On OPEC OPEC Projections Of Global Supply-Demand Balance (Mn B/D) Annual 2008 2009 2010 2011...
Volume: 57Issue: 03Published at Fri, 17 Jan 2014 -
OPEC Output Recovers In December On Gulf Boosts
...nce September 2011 – when the country was still wracked by post-revolutionary turmoil. Protests at a number of Libya’s main oil fields and terminals continued throughout last month, severely disrupting supplies and keeping production at well below the near the 1.5mn b/d Libya was pumping earlier this ye...
Volume: 57Issue: 02Published at Fri, 10 Jan 2014 -
IEA Sees Chinese Demand Strength Driving Call On OPEC
...12 2Q12 3Q12 4Q12 2011 2012 OPEC IEA OPEC IEA OPEC IE...
Volume: 56Issue: 04Published at Fri, 25 Jan 2013