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US Consolidates Position As World’s Top Oil Exporter
...December 2015 (MEES, 18 December 2015). Over the past decade, liquids exports (crude, NGLs, refined products and biofuels) have more than doubled from just 4.14mn b/d in 2014 to last year’s 10.20mn b/d (see chart 1). With production remaining on its upwards trajectory, exports could rise above 10...
Volume: 67Issue: 01Published at Fri, 05 Jan 2024 -
Opec 2021 Revenues Rise At Highest Rate Since 1973-74 Oil Crisis
...llowing the 1973 Arab oil embargo. Despite last year’s extraordinary growth, revenues effectively just recovered to pre-Covid levels. And those are barely 50% of pre-2014 revenues of more than $1tn. But with Brent breaking above $90/B during intraday trading for the first time since 2014 on 26 Ja...
Volume: 65Issue: 04Published at Fri, 28 Jan 2022 -
Opec Keeps Demand Forecast Stable Amid Cloudy Outlook
...ventories in OECD countries. Saudi Energy Minister Prince Abdulaziz bin Salman announced after last week’s Opec+ ministerial meeting that inventories will be judged against the 2014-2019 five-year average, rather than 2015-2020 so as to not be affected by last year’s bloating of global stocks. The la...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
Korea, Taiwan 2020 Crude Imports: Volumes Down, Mideast Down Further
...port volumes in the more recent monthly data. The last three quarters of 2020 were the three lowest quarterly figures since 2014, with Q4 2020 at 2.54mn b/d the lowest of the lot. 1: KOREA CRUDE IMPORTS ('000 B/D): OVERALL VOLUMES SLUMP BUT MIDEAST DOWN MUCH FURTHER.... 2: ...TO...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
Saudi Surprises Market With 1mn B/D Production Cut
...tput to barely 3mn b/d in the 1980s while other producers simply filled the void. As then-oil minister Ali Naimi told MEES in 2014 as Saudi Arabia was withstanding pressure to cut unless Russia participated, “If I reduce, what happens to my market share? The price will go up and the Russians, the Br...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Suez Canal Rides Us Shale Boom With 2019 Traffic & Revenue Records
...crementally risen from $5.5bn in 2014. Suez Canal revenues are one of Egypt’s key foreign exchange earners. The $5.7bn they brought in for the 2018-19 financial year was second only to tourism ($12.6bn) as the key elements of a $13bn surplus on the services element of Egypt’s balance of payments (MEES, 6 De...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
Thailand Crude Imports: Abu Dhabi Cements Top Spot
...lumes were their highest since 2014. An indication that Thailand is casting its net wider for crude is that both supplies from North Africa as a whole and from Libya in particular (15,900 b/d) hit record highs in 2018. There are ‘push’ as well as ‘pull’ factors at play here. One particular to Libya is th...
Volume: 62Issue: 04Published at Fri, 25 Jan 2019 -
Saudi Asian Supplies Surged To Record High In November Amid Bumper Exports
...th Arab Light averaging $82.02/B, the highest since October 2014. November’s bumper volumes may not be sufficient to offset November’s oil price fall, when Arab Light averaged $66.36/B. The impact of Saudi’s export surge can clearly be seen in Asian import stats, with key buyers from China, Ja...
Volume: 62Issue: 01Published at Fri, 04 Jan 2019 -
Opec’s 2017 Output The Second Highest On Record; What Does 2018 Hold?
...another “full year” of cuts in accordance with November’s agreement (MEES, 1 December 2017). For sure, Opec last year secured its first annual output fall since 2014: production averaged 32.49mn b/d. However, the big caveat is that this was just 130,000 b/d shy of 2016’s record 32.62mn b/d and th...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
The USA: The Global Oil Trade Titan
...e charts, p16). The provisional December crude output figure of 9.77mn b/d is up almost exactly 1mn b/d year-on-year; add in NGLs and output gains during calendar 2017 are 1.4mn b/d, second only to 2014’s record 2mn b/d growth. The vast bulk of these gains are light oil: of course NGLs, largely th...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
GCC Drilling Remains Strong Despite Upstream Capex Cuts
...d 48 respectively, according to Baker Hughes figures. The national oil companies (NOCs) in the GCC have capitalized on costs plunging alongside oil prices since the second half of 2014. Contracts have been signed at well below the previous market rate. According to the IEA’s World Energy In...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Saudi Cuts Deep To Boost Prices, But Will US Shale Pocket The Gains?
...is has supported crude prices, with Brent trading at around $56/B as MEES went to press. With their revenue streams in tatters and mounting budget deficits – MEES calculations show that 2016 Opec oil export revenues were less than half 2014 levels and down 17% on 2015 (MEES, 6 January) – the cl...
Volume: 60Issue: 02Published at Fri, 13 Jan 2017 -
Opec Starts Cutting From Record Annual High
...$430bn, less than half the 2014 level. Apart from the Middle East’s Gulf states, most Opec members cut oil investment and the impact on production was clear (see chart). Post-sanctions Iran posted the largest annual production gain of nearly 600,000 b/d, and 2015’s champion Iraq also posted a st...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
OPEC Risks Becoming An Irrelevance As Revenue Again Tanks
...at Opec says would require a massive $10 trillion in investment. PROBLEM, WHOSE PROBLEM? Mr Badri pulled out a slide showing that all of the net global supply growth – some 6mn b/d of it – between 2008 and 2014 came from non-Opec countries. The inference is: ‘They caused the problem, it’s th...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
OPEC Revenue Lowest For 11 Years; Markets Indicate Further Slide In 2016
...alyst notes. They can’t afford to maintain social spending. But they can’t afford not to. OPEC 2016 OIL EXPORT REVENUE WOULD BE 70% DOWN ON 2014 BASED ON CURRENT FUTURES PRICES ($BN) SOURCE: OPEC, DME, *MEES CALCULATIONS. FOR 2016 'A' USES AVERAGE BRENT FUTURES FOR 1-21 JAN; 'B' USES AV...
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 -
US Crude Defies Expectations, Thwarts Saudi Strategy
...d the country’s 16-year low rig count numbers (see p19), posting an average of 9.4mn b/d in 2015 – up a further 100,000 b/d on the figure the US government’s Energy Information Administration (EIA) was predicting even a month ago – versus 8.7mn b/d in 2014. It does however estimate a larger fall in cr...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Opec Signs Off 2015 With Record Output
...venue in 2015 would be down a hefty $47.4bn from 2014 (a drop of 43.9%), the UAE remains committed to increasing production capacity from around 3.2mn b/d to 3.5mn b/d in 2017. While this won’t necessitate additional production, it makes a reduction less likely. Iran also looks set to go head to he...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
No Shift In Saudi Oil Policy, But A Slight Change In Tone
...mp up to full capacity of the Satorp and Yasref refineries, which together have a combined capacity of 800,000 b/d. At the same time, non-OPEC supply, which grew by 1.5mn b/d on an annualized basis in the fourth quarter of 2014, will continue to rise, Jadwa says, with an expected year-on-year in...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Aramco Doubles S-Oil Equity As Part of Asian Push
...trochemicals capacity – 1.7mn ton/year of paraxylene and 450,000 t/y of benzene produced from naphtha feedstock – matches Aramco’s increasing overlapping of refining and petrochemicals business (MEES, 4 July 2014). The Saudi state energy giant is developing 6mn t/y of specialty petrochemicals capacity at tw...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015