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China: Could Record Russian Crude Imports See Saudi Squeezed?
...creased market share. MIDEAST BUYING FIRM FOR NOW… Chinese imports from other Middle East suppliers also remained firm through May: at 54.1% the Mideast market share for the first five months of 2022 is on track to top the previous annual record of 52.2% set in 2014. Number three ov...
Volume: 65Issue: 25Published at Fri, 24 Jun 2022 -
China LNG Buying Subdued But Qatar Volumes Surge & Revenues Triple
...lumes. The import bill for Qatar volumes was up almost threefold at $4.30bn versus $1.52bn for the year-ago period. Qatar’s overall export revenues of $28.6bn for Q1 were the highest since 2014 (MEES, 29 April) *Whilst China’s fall in year-on-year import s is down to Covid-related lockdowns as we...
Volume: 65Issue: 25Published at Fri, 24 Jun 2022 -
IEA Calls On Opec+ To Open The Taps In 2022
...clines. Between them, combined capacity of the trio now stands 830,000 b/d below their 2014 production. It goes without saying that the situation is even worse for Venezuela, which produced 2.36mn b/d in 2014, but now has capacity to produce just 580,000 b/d according to the IEA. With that in mind, th...
Volume: 64Issue: 24Published at Fri, 18 Jun 2021 -
Saudi Oil Exports Back On Top
...udi figure was the lowest since 4Q 2014, and was primarily due to a steep drop in exports of refined products (MEES, 22 May). But Saudi Arabia surged back ahead of the US in April as it ramped up crude output to record levels amid its short-lived price war with Russia. Official data is not yet av...
Volume: 63Issue: 24Published at Fri, 12 Jun 2020 -
US Data: Record Stocks, Record Cuts, Which Way From Here?
...om services firm Baker Hughes (see chart 1). The overall US oil rig count of 222 is the lowest since 2009 with the 72.3% year-on-year collapse the highest on record. *Indicative of leaner drilling operations in the latest boom versus the years to 2014 is that March’s record 4.80mn b/d Pe...
Volume: 63Issue: 23Published at Fri, 05 Jun 2020 -
Italy Imports At Record Low As Covid Hits But Iraq Bucks The Trend
...Italy’s crude imports fell to just 1.05mn b/d for February, the lowest figure since 2014 as the country became the first European nation to get battered by the Covid-19 pandemic. Italy is not only an important oil consumer in its own right, it is but also the location of several key re...
Volume: 63Issue: 23Published at Fri, 05 Jun 2020 -
Opec Output Rises In May Ahead Of Latest Crunch Meeting
...2014’s $914bn (see chart). The Opec Basket aggregate of prices rose by 33% for 2018 to $69.78/B, while the group’s crude oil exports edged up from 24.66mn b/d to 24.67mn b/d. Products exports also rose, from 3.92mn b/d in 2017 to 4.71mn b/d last year. It is therefore something of a mystery ho...
Volume: 62Issue: 23Published at Fri, 07 Jun 2019 -
Venezuela’s Extraordinary Drilling Exploits
...st 32 rigs, down from 49 the previous year. That number was 74 as recently as 2014. Yet Opec’s ASB shows that Venezuela led Opec in the number of wells completed last year. The South American country completed a massive 710 over the course of 2018, up from 478 the previous year, and well clear of No...
Volume: 62Issue: 23Published at Fri, 07 Jun 2019 -
Saudi Wins Out, Opec Switches To Group Ceiling
...VENUES ROSE A MASSIVE $125BN, 2018’S GAINS COULD BE GREATER ($BN) 2013 2014 2015 20...
Volume: 61Issue: 25Published at Fri, 22 Jun 2018 -
US Shale: Reading The Runes On Future Supply Growth
...rmian, is clouding the outlook. Collective US shale oil output topped 7mn b/d for the first time in May. At 7.07mn b/d, it’s up a massive 1.47mn b/d year-on-year, topping the previous record annual gain of 1.37mn b/d set in 2014. For the key Permian shale basin of west Texas, May’s 3.208mn b/d is not on...
Volume: 61Issue: 25Published at Fri, 22 Jun 2018 -
Markets Face Precarious 2019 Amid Supply Uncertainty
...The IEAs’ first oil market outlook for 2019 highlights both the uncertainties surrounding next week’s Opec meeting in Vienna and the toll that the 2014 oil price slump has taken on the group. Although the largest producers in the Opec+ agreement want to boost output, the need for unanimity wi...
Volume: 61Issue: 24Published at Fri, 15 Jun 2018 -
US Output Set For Record 2mn B/D 2018 Growth; 2019 Forecasts Trimmed On Pipeline Constraints
...ble). • NGLs output is also slated to grow by almost 600,000 b/d to 4.33mn b/d for 2018, taking total 2018 oil output to a whopping 15.12mn b/d. This smashes 2017’s previous annual record of 13.09mn b/d, whilst forecast year-on-year gains of 2.03mn b/d top 2014’s previous record of 1.75mn b/d. • But, wh...
Volume: 61Issue: 24Published at Fri, 15 Jun 2018 -
Opec Eyes 25% Revenue Boost Ahead Of Vienna Meeting
...t at the highest levels since at least 2014 versus the Oman/Dubai average, with Arab Light raised by 20 cents to a $2.10/B premium (see p15). While the kingdom may be opting to shift oil exports into more visible markets, overall volumes have been rising for some time. After bottoming out at 8....
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
2017’s Biggest Opec Winners
...) 2013 2014 2015 2016 2017 vs 2016 20...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Gulf Crude Shipments Fall In Q2, But From Record Levels
...May. Collectively, based on the April-May stats, Q2 is on track for the third highest quarterly volumes since the start of 2014. That said, volumes likely dipped in June as Saudi Arabia ramped up crude burning in its power plants leaving less crude for exports. MEES estimates that Saudi crude ex...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Saudi Crude Exports Down, Refining Runs Up, More Products Exports
...e kingdom so far having prioritized its core buyers in Asia and the US. The big four Asian buyers – China, Japan, South Korea and India – took a record 4.216mn b/d in Q1, while the 1.285mn b/d purchased by the US was the highest since Q1 2014. The implication is that supplies to Europe are being sq...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Opec Confirms 13% 2016 Revenue Fall: Iran The One Winner
...12 2013 2014 2015 2016 vs'15% vs '12% 2017* vs'16...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
Libya, Nigeria Gains Expose Opec Deal’s Limitations
...nce November 2016, while Libya’s 770,000 b/d was its highest monthly output since October 2014. Both countries have flattered to deceive in the recent past, securing production gains that they have been unable to maintain and this may again be the case. This has especially been the case in Libya wh...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Gulf Opec Maintains Asia Volumes But Loses Market Share
...r the first four months of 2017, down from 48.0% a year earlier and over 52% for 2013 and 2014. Opec’s core Gulf members are increasingly coming up against an upstart newcomer in the lucrative Asian markets – the US. The growing volumes of US liquids turning up in Asia are indicative of the on...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Will Venezuela Join Libya & Nigeria In OPEC's ‘Long-Term Outage’ Club?
...ES, 10 June). Baker Hughes’ latest US rig count offers signs of hope. At 337, the number of active oil rigs remains almost 80% down on its October 2014 peak, but the number has risen in each of the past three weeks (see chart p16). Schlumberger’s Mr Schorn is cautiously optimistic. “Rig count le...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016