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IEA Calls On Opec+ To Open The Taps In 2022
...tention turns to ending the production cuts. If they are unwound entirely then the market will be oversupplied, but with Opec+ having had some form of cuts in place for most of the period since January 2017, “cuts fatigue” will play a major role. 1: WHICH OPEC MEMBERS HAVE THE CAPACITY TO REGAIN BA...
Volume: 64Issue: 24Published at Fri, 18 Jun 2021 -
US Shale: Record Fall In May, Is This The Bottom?
...003mn b/d is down just 33,000 b/d from May. July is forecast fractionally lower, at 998,000 b/d which would be the first time below 1mn b/d for Bakken output since January 2017. These figures are substantially higher than those given by state energy regulator Lynn Helms. Speaking on 12 June Mr Helms sa...
Volume: 63Issue: 25Published at Fri, 19 Jun 2020 -
China Bags Record Imports With Saudi Surge
...raight months of zero loadings, some 340,000 tons (five cargoes) sailed for China in March, rising to 472,000 tons (seven cargoes) in April, with the latter level with the previous record set in October 2017. Indeed, China was the top overall destination for US LNG exports in April for the first time si...
Volume: 63Issue: 24Published at Fri, 12 Jun 2020 -
Saudi Oil Exports Back On Top
...opping to 7.29mn b/d, the lowest since 2017. It seems likely that the deep June production cuts Saudi Arabia is implementing will push the kingdom’s exports below the US this month, but over the course of Q2 as a whole Saudi Arabia ought to easily stay ahead of the chasing pack. SAUDI ARABIA OV...
Volume: 63Issue: 24Published at Fri, 12 Jun 2020 -
Turkey Slashes Piped Gas Imports For Cheap LNG
...sentially similar to that of Qatar in East Asia. Russia has been reluctant to cut prices in its core markets but as a result has given up market share. Russia had a market share above 50% in Turkey for every year except one between the 2004 start-up of the Blue Stream sub-Black Sea pipeline and 2017. But 20...
Volume: 63Issue: 23Published at Fri, 05 Jun 2020 -
LNG Prices Remain Under Pressure Amid Buoyant Supply, Lackluster Demand
...cond half of 2017. However it is not inconceivable that monthly takings could overtake number one Japan at some stage later this year: they came close in a pre-winter buying spurt last November, and lagged Japanese takings by just over 1mn tons for both April and May. Projections in the IEA’s latest ‘Ga...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
Saudi Fuel Oil Consumption Soars
...e latest Jodi data to April shows that combined crude and fuel burn has averaged 772,000 b/d so far in 2019 (up 6% year-on-year), crude oil burn is down 16% year-on-year to 297,000 b/d. Based on seasonal trends, this implies that liquids burn could eclipse 2017’s record 974,000 b/d and push towards 1m...
Volume: 62Issue: 25Published at Fri, 21 Jun 2019 -
Opec Faces Extended Demand Slump
...mand for Opec crude peaked at 32.55mn b/d in 2017, more than 3mn b/d above the 2020 forecast. Will this peak ever be regained? *The bright side for Opec is that the IEA projects that global demand growth will accelerate in 2020 to its highest level since 2017. The IEA sees demand growth ri...
Volume: 62Issue: 24Published at Fri, 14 Jun 2019 -
Opec Output Rises In May Ahead Of Latest Crunch Meeting
...entually forced Opec, Russia and their allies to implement supply cuts from January 2017 that have broadly been in force ever since (MEES, 10 December 2016). Demand growth meanwhile has been speeding along in excess of 1mn b/d each year, including around 1.9mn b/d over 2015, and has been projected at 1....
Volume: 62Issue: 23Published at Fri, 07 Jun 2019 -
Opec’s Monitoring Committee Takeover, Instability Promote Supply Concerns
...s expanded in November 2017 to officially include Saudi Arabia, which also shares chairmanship with Russia. The other members are Venezuela, Algeria, Kuwait and the UAE alongside non-Opec member Oman. As Saudi Energy Minister Khalid al-Falih said following the 23 June non-Opec meeting, “it just so ha...
Volume: 61Issue: 26Published at Fri, 29 Jun 2018 -
Saudi Wins Out, Opec Switches To Group Ceiling
...r18 Mar18 YTD vs2017 2017 2016 Algeria 1....
Volume: 61Issue: 25Published at Fri, 22 Jun 2018 -
US Shale: Reading The Runes On Future Supply Growth
...illing & Projects Al Hirschberg told the firm’s Q1 earnings call. BAKKEN BUSINESS Perhaps the greatest success of recent months has been North Dakota’s Bakken. As recently as early 2017, the start of the latest US shale boom, many of the sector’s leading lights were skeptical that Bakken output wo...
Volume: 61Issue: 25Published at Fri, 22 Jun 2018 -
Markets Face Precarious 2019 Amid Supply Uncertainty
...ne. It’s difficult to see the common ground that unites Opec’s 14 members. OPEC SUPPLY & DEMAND FORECASTS, JUNE 2018 (MN B/D) 2016 2017 vs’16...
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
...18 will hinge on the upcoming discussions. When the deal was initially struck in November 2016, uppermost among concerns were that as the market approached balance the incentive for members to cheat could grow too strong to resist (MEES, 26 May 2017). But the lean years of 2015-2016 when the group’s an...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
2017’s Biggest Opec Winners
...On a dollar basis, Saudi Arabia was the biggest Opec winner in 2017 with revenues up $23.5bn year-on-year. But as by far the biggest producer in the grouping, its annual revenue swings are typically the greatest. When looking at revenue changes on a percentage basis the clear winner was Li...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Iran The Wild Card Amid Opec Pre-Vienna Posturing
...quiring a unanimous decision for production increases there is plenty of room for any prospective agreement to collapse. The current production restrictions have been in place since January 2017 and were extended to end-2018 during the last Opec+ meeting on 30 November (MEES, 1 December 2017). But the ex...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Gulf Crude Shipments Fall In Q2, But From Record Levels
...54mn b/d for January-May 2017 were up by a whopping 13.8% on the same period a year earlier (in the process leaving the US, at 8.15mn b/d for January-May, well behind as the world’s top importer). This massive overall growth means that though volumes from Opec countries rose by 10.9%, and those from the Mi...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Saudi Crude Exports Down, Refining Runs Up, More Products Exports
...rrels (130,900 b/d) in April, the first fall since January. This boosted the total amount of crude Saudi Arabia supplied to the market to 10.077mn b/d, the first time it has exceeded 10mn b/d since December. 1: SAUDI ARABIA MONTHLY CRUDE BURN (‘000 B/D): 2017 CONSISTENTLY LOWER THAN 2016 SO...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Opec Revenue Purgatory Stretches On
...rong non-Opec growth of 660,000 b/d for 2017, global stocks are on track to fall by 260mn barrels by the end of the year unless Opec output falls (see table and chart). It’s a sizeable amount, but insufficient to bring stocks down to their five-year average, which Opec says would constitute “re...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017