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Opec Keeps Output Steady In June
...jors’ relationship with the Nigerian authorities. As IOCs continue to exit from onshore and shallow blocks, NNPC has declared ‘a state of emergency’ in the industry, pleading for more collaboration to bring output to 2mn b/d – something that hasn’t been achieved since 2014. VENEZUELA EYES 90...
Volume: 67Issue: 27Published at Fri, 05 Jul 2024 -
China Deals Push Qatar LNG Back To Top Spot
...uivalent to China’s total spot purchases from Qatar over the 2014-2021 period. This was enough to lift spot sales to Asia by nearly 2mn tons to a six-year high 8.5mn tons, with modest gains also registered for spot sales to India and even Japan. Meanwhile, spot sales to Europe edged up by just 35...
Volume: 66Issue: 30Published at Fri, 28 Jul 2023 -
Qatar & Oman Cash In As Asian LNG Buyers See Record Import Bill Even As Volumes Slump
...gures set in 2013 and 2014 when both Korea and Japan took far higher volumes than for 1H 2022 (see chart 2). *One interesting feature of Qatar’s exports to Asia is the sharply different average prices paid for Qatari volumes – both a feature of whether key long-term contracts were struck in a bu...
Volume: 65Issue: 30Published at Fri, 29 Jul 2022 -
China 1h Crude Imports: Bumper Mideast Share Under Threat From Russia
...years – beating 2014’s 52.2% (see chart 2). In reality, this now looks unlikely: the recent increase in Russian volumes saw the Mideast market share slump to 46% for June. This came as China’s overall import volumes fell to a four-year low of 8.76mn b/d for June. Perhaps not surprisingly Saudi Ar...
Volume: 65Issue: 29Published at Fri, 22 Jul 2022 -
Opec Oil Revenues Set For 17-Year Low In 2020
...8% annual increase, but also the highest figure since 2014. This was thanks to a 19% increase to 207,000 b/d in crude export volumes as Gabon paid little, if any, heed to its Opec commitments. Gabon is also one of the very few Opec members to have shown little sign of improving compliance during the cu...
Volume: 63Issue: 29Published at Fri, 17 Jul 2020 -
Korea Crude Imports Fall 9% In 1h 2020 Despite Saudi June Boost
...*Global number five crude importer South Korea has been hit less hard by Covid-19 than several key western economies. But its crude imports still fell 9% to 2.72mn b/d for 1H20. As yet there is no sign of a rebound, June imports at 2.47mn b/d were the lowest monthly figure since 2014, whilst Q2...
Volume: 63Issue: 29Published at Fri, 17 Jul 2020 -
US Output Bottoms Out As Exports Target China
...e result of the kingdom’s decision to hike output to record levels in April, saw arrivals in the US average 1.5mn b/d for the five weeks to 19 June – substantially higher than any monthly figure since 2014 – before dipping to 826,000 b/d for the week ending 26 June (see chart). ARMADA RECEDES: US...
Volume: 63Issue: 27Published at Fri, 03 Jul 2020 -
Italy Crude Imports: Record Saudi Volumes, Overall Collapse
...2,000 b/d the highest monthly figure since 2014. Given the collapse in overall volumes, this was also enough to see Saudi surge past the top three 2019 suppliers Iraq, Russia and Azerbaijan (MEES, 6 March) to take the top supplier spot for the first time in at least six years. Iraq volumes slumped to 10...
Volume: 63Issue: 27Published at Fri, 03 Jul 2020 -
LNG Start-Ups To Peak, Then Slump
...ne 2016). • Liquefaction investment peaked at $37bn in 2014 according to stats contained in the IEA’s freshly-released World Energy Investment 2018 report. Though long project lead-times mean that investment levels did not fall off a cliff with FIDs, they have been in inexorable decline si...
Volume: 61Issue: 30Published at Fri, 27 Jul 2018 -
US Firms Scale Back Investment, Claim Output Unaffected
...twithstanding, the lack of major project sanctions will hit firms’ revenue stream early next decade. “It remains to be seen whether [this] strategy… is sustainable given that their finances still largely benefit from cash flow generated by projects sanctioned before 2014,” the IEA says, noting that those firms to...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
Opec Revenue: Sour Crude Shortfall Mitigates Price Crunch
...own no sign of halting so far, with the differential narrowing for the past five consecutive months to $1.21/B in June. This is not just the smallest differential since August 2014, but also the most consistent narrowing since early 2010 (see chart). Although Brent crude prices have weakened to be...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Opec Winning Back Market Share in Key Asian Markets
...16. However, while the importance of the Asian market for Opec has been growing, Opec’s importance to the region has been falling. IGA and Opec data shows that in 2011, 65.5% of Asia’s oil imports came from Opec, but this fell to 61.2% in 2014 and just 60.1% last year. But Opec’s Saudi-driven strategy to...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
A Tale Of Two OPECs: GCC Drills For The Future, Periphery Slashes Spending
...nths since then Saudi oil minister Ali Naimi told MEES that his country was committed to a policy of maximizing market share for “highly-efficient…low-cost” producers, however long this took – “two years, three years, God knows” – and whatever the effect on oil prices (MEES, 18 December 2014). De...
Volume: 59Issue: 28Published at Fri, 15 Jul 2016 -
OPEC Drilling By The Numbers: ‘Annual Wells Drilled’ From OPEC’S 2016 Statistical Bulletin
...lls % 2014 2013 S. Arabia 616 +78 +14.5 538 42...
Volume: 59Issue: 28Published at Fri, 15 Jul 2016 -
Opec On Track For Record Annual Output Despite Unplanned Outages
...eaking lows (MEES, 1 July). OPEC WELLHEAD PRODUCTION, June 2016 (MN B/D, MEES ESTIMATES) June '16 vs May'16 vs Jun '15 May '16 Apr '16 1H16 vs 1H15 1H15 2015 2014 S Ar...
Volume: 59Issue: 27Published at Fri, 08 Jul 2016 -
Opec Revenues Set To Fall Further In 2016
...PORT REVENUES AT 10-MonTH HIGH DESPITE LOWER VOLUMES AS PRICES EDGE ABOVE $40/B FEDERALLY-CONTROLLED EXPORTS ONLY. SOURCE: IRAQ OIL MINISTRY, MEES EST. BAD TIMES TAKE THEIR TOLL The end of high prices in 2014 has exposed divisions within Opec with its weaker members in...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
OPEC Holds Ground After Russia Talks
...ergy demand growth, according to data supplied by BP. This makes markets sensitive to any sign of a slowdown in consumption in the Asian powerhouse. Growth in China has been slowing. BP says energy consumption grew by 2.6% in 2014. This, it says, was less than half the 10-year average growth rate of...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015 -
Saudi Refining Runs And Product Exports Hit Record Levels
...OPEC Saudi Refining Runs And Product Exports Hit Record Levels > Saudi refineries’ CDU capacity has in theory been 2.9mn b/d since September 2014 when the 400,000 b/d Yasref plant in Yanbu’ on the Red Sea coast started up. The similar-sized Satorp plant in Jubail began operations a ye...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015 -
Iran Deal To Pressure Prices Through 2016
...end that is especially likely on the back of this week’s Iran nuclear deal - this will serve only to maintain the downward pressure on world oil prices, and further delay any potential rebalancing of the market. After growing by a massive 2.4mn b/d in 2014, production growth from outside Opec lo...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
US Petroleum 2Q 2015 Imports, Exports, Demand (‘000 B/D)
...15 4Q14 3Q14 2Q14 2014 2013 2012 2011 2010 CRUDE OIL IMPORTS 7,020 6,...
Volume: 58Issue: 27Published at Fri, 03 Jul 2015