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Opec+ Resists Pressure To Release More Oil Amid Ukraine War
...ssage to global oil markets that there will be no shortfall in supplies as a result of Russia’s invasion of Ukraine.” This is only the fourth such coordinated drawdown, and the first since 2011 when the Libyan revolution disrupted production there (MEES, 27 June 2011). Following its meeting, Opec+ st...
Volume: 65Issue: 09Published at Fri, 04 Mar 2022 -
Opec Output At 17-Year Low Amid Libya Collapse
...pact of port shut-ins was felt. This was partially offset by a 120,000 b/d increase from Iraq to 4.51mn b/d which put Opec’s No.3 producer some 50,000 b/d above its Q1 production allocation. Libyan output has crashed to just 120,000 b/d (see p16), its lowest level since September 2011 in the last da...
Volume: 63Issue: 10Published at Fri, 06 Mar 2020 -
Production Curbs Help Market Inch Towards Balance
...ply some 160,000 b/d stockbuild last month (4.48mn barrels). Saudi crude stocks fell 52.9mn barrels last year, from a record 325.5mn to 272.6mn, the lowest since 2011. 3: BRAZIL CRUDE OUTPUT (MN B/D): JANUARY WAS SECOND ONLY TO DECEMBER AS THE HIGHEST ON RECORD 4: OMAN OIL* OUTPUT (‘00...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
IEA Warns Of Capacity Squeeze Unless Investment ‘Rebounds Sharply’
...8% a year in the five years to 2016 and 5.5% a year in the five-year period ending in 2011. A net 1.8mn b/d of Chinese oil demand is forecast to be added to the end of 2022, underpinned by “supportive economic conditions, big increases in petrochemical activity and a voracious appetite to increase ve...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
Iran, Iraq & Saudi Step Up Battle For Market Share In Asia And Europe
...ked imports from Iran in February. Korean imports of 267,000 b/d were the highest since 2011. For March, the key increment is the 6mn barrels of Iranian crude (just under 200,000 b/d) which has arrived, or is set to arrive in EU ports (see graph p9). 4: EU IMPORTS OF KRG CRUDE* RISE EIGHTFOLD IN 20...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Iraq, Nigeria Outages Lead Opec Production Fall
...0 B/D): VOLUMES EDGE UP IN JAN BUT STILL 1.3MN B/D DOWN ON 2011 LEVELS *CRUDE & CONDENSATE SOURCE: OFFICIAL IMPORT STATISTICS, OIL MOVEMENTS, MEES ESTIMATES. NIGERIAN VOLUMES SET TO STAY LOWER While Iranian production is set to rise further in March, Nigerian output looks set to fa...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
Naimi: Please Don’t Let Me Be Misunderstood
...owth of 820,000 b/d – down from 1.61mn b/d growth in 2014. This would represent the first fall in US output growth year on year since 2011. Saudi Arabia has held its oil output steady at around 9.6-9.7mn b/d and may have increased production to 9.9mn b/d recently, a GCC source says. It was not cl...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
OPEC, IEA Diverge On US Supply Growth
...west since March 2011, and down 42% from the start of the year. US oil output is projected to average 13.65mn b/d in 2015, according to OPEC, indicating growth of 820,000 b/d – down from 1.61mn b/d growth in 2014. “Typical oil wells in shale plays decline 60% annually, and…losses can only be re...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Iran Blasts OPEC’s No-Quota Policy, Vows Return To Markets
...OPEC/IRAN Iran’s Petroleum Minister Bijan Zanganeh this week slammed OPEC’s December 2011 decision to scrap individual production quotas in favor of an overall output ceiling, arguing that it has only encouraged some members to raise output, and ultimately eat into the market share of ot...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
OPEC On Autopilot Till June
...tiyah, who served from 1992 to 2011, says there is a solution so long as non-OPEC producers do not just sit back and allow OPEC members to take on the full load of a cut. They must not only join in a production cut, but also comply with any such pledge, he adds. Mr Naimi and the UAE Energy Minister Su...
Volume: 58Issue: 11Published at Fri, 13 Mar 2015 -
Saudi King Springs Surprise On Eve Of Obama Visit
...fluence and is able to sway decisions on output ceilings. However, it has acted unilaterally on several occasions to balance markets, in 2011 to make up for the loss of 1.5mn b/d of Libyan crude oil and then again in 2012, to replace the 1mn b/d decline in Iranian export volumes due to sanctions. Sa...
Volume: 57Issue: 13Published at Fri, 28 Mar 2014 -
OPEC Annual Data Special
...06 2007 2008 2009 2010 2011 2012 2013 Saudi Arabia 8.49 8.62 9....
Volume: 57Issue: 12Published at Fri, 21 Mar 2014 -
Oil Price Assumptions Jump In 2013 Budgets
...crease their prices by jumps in expenditure due to the stimulus programs put in place to appease Arab Spring protestors. Higher market prices are also spurring on the tendency to adopt higher budgeted prices. The OPEC basket was at a yearly average of $109.45/B last year, compared to 2011’s $107.46/B and pr...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
Naimi Hails Asia Relationship
...tal exports in 2002 to 62% in 2011 (MEES, 2 November 2012). Asia’s growing oil demand was built on the foundations of sound economic policy, Mr Naimi argued. “Advanced Western economies could learn many lessons from Asia’s economic prudence and fiscal management, particularly when it comes to debt ac...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
OPEC, IEA Ball-Park Projections Mask Regional Disparities
...B/D) 1Q12 2Q12 3Q12 4Q12 2011 2012 OPEC IEA OPEC IEA OP...
Volume: 56Issue: 11Published at Fri, 15 Mar 2013 -
OPEC Holds Steady, Amid Renewed Focus On Output Sustainability
...bya and Iraq all had a strong first eight months of 2012, before faltering. Libya, recovering from the 2011 civil war, posted strong gains in early 2012, and managed to produce four straight months at 1.5mn-plus b/d by last October. Then a series of strikes and militia unrest began to erode oil in...
Volume: 56Issue: 10Published at Fri, 08 Mar 2013