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China Crude Imports: Russia Well Ahead
...E was down 4% at 808,000 b/d for Jan-Feb for number five, whilst Oman was up 6% at 791,000 b/d for sixth spot. Further down the list of suppliers, volumes from Kuwait were down 34% at 307,000 b/d for the first two months of 2024, with February’s 165,000 b/d the lowest monthly figure since 2014. Th...
Volume: 67Issue: 12Published at Fri, 22 Mar 2024 -
Saudi Oil Revenues Stabilize As USA Extends Lead As World’s Top Exporter
...cade. US shale has proven extremely resilient, with a breakeven price comfortably below $50/B, leaving Opec+ producers with the invidious choice of either cutting production or risking a renewed price war such as in 2014-16 when Brent prices dropped below $40/B. If US production growth does indeed sl...
Volume: 67Issue: 10Published at Fri, 08 Mar 2024 -
China Imports Record Russian Crude With Xi In Moscow
...the original Power of Siberia route in the statements following bilateral China-Russia meetings at the start of last decade. The original Power of Siberia negotiations lasted well over a decade before a deal was finally struck in 2014 as the West ramped up sanctions on Russia in the wake of Mo...
Volume: 66Issue: 12Published at Fri, 24 Mar 2023 -
IEA Warns Of 3mn B/D Russian Supply Hit
...ys that OECD inventories dropped by 21.9mn barrels (707,000 b/d) in January to their lowest level since April 2014, and that “preliminary data for February show OECD inventories fell by an even steeper 1.06mn b/d.” If the IEA’s projections bear out, inventories will be drawn down much further ov...
Volume: 65Issue: 11Published at Fri, 18 Mar 2022 -
IEA Shoots Down Speculation Of Emerging Super-Cycle As Oil Price Rally Stalls
...0,000 b/d for the quartet, but that is nothing in comparison to the 2.7mn b/d drop-off since 2014. As such, while the Call on Opec may remain below 2017 levels for the next five years, Opec’s strongest members can look forward to their market share hitting new heights. IEA SUPPLY & DEMAND FO...
Volume: 64Issue: 11Published at Fri, 19 Mar 2021 -
US Shale In The Time Of Lower Prices
...e heir to former Saudi oil minister Ali Naimi’s 2014-16 strategy of focusing on market share at the expense of price (MEES, 19 December 2014) Having been abandoned in late 2016 (MEES, 2 December 2016) this strategy was subsequently branded a failure. But it certainly succeeded in keeping US ou...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
US Output:2019 Sees Slew Of Records But 2020 Forecasts Scaled Back
....23mn b/d for 2019, some 1mn b/d ahead of number two Russia (MEES, 3 January), with Saudi Arabia on 9.75mn b/d in distant third spot. The 1.24mn b/d (11.3%) of output gains that US producers notched up in 2019 were the third highest on record, behind 2018’s phenomenal 1.64mn b/d rise and 2014’s 1....
Volume: 63Issue: 10Published at Fri, 06 Mar 2020 -
OPEC Faces Prospect Of Declining Global Clout
...e market to cut prices following the November 2014 meeting (MEES, 5 December 2014), Opec changed tack in November 2016 and agreed to cut output (MEES, 2 December 2016). The move initially paid dividends for Opec, which saw demand for its crude rise from 31.9mn b/d in 2016 to 32.6mn b/d in 2017 ac...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
OPEC Output Slumps To Four Year Low
...ghes show that the number of active oil rigs in Iraq jumped to 67 in February, its highest level since August 2014. Of the non-Opec portion of participants, the picture is decidedly mixed. While Oman swiftly moved to hit its target in January, the largest participant, Russia, is lagging behind. Ru...
Volume: 62Issue: 10Published at Fri, 08 Mar 2019 -
LNG: Mideast Producers Lose Share Amid Record Global Trade
...om 84% in 2014 to 51% for 2017. • Australia is on the point of overtaking Qatar for the title of ‘world’s top LNG supplier’. The (delayed) Q2 start up of the 8.9mn t/y Icthyus liquefaction plant off Australia’s northern coast should be enough to make Australia top, though Qatar’s plans to add th...
Volume: 61Issue: 13Published at Fri, 30 Mar 2018 -
Opec’s Falling Production Capacity Strengthens Saudi Control
....49 32.47 32.48 -0.13 32.62 *INCLUDES SHARE OF NEUTRAL ZONE. SOURCE: IEA, MEES. PRODUCTION: LOWER FOR LONGER The decline in oil prices since late 2014 has taken it...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Global LNG Trade Hits New Records. More To Come?
...ated to enter service. This reflects the lagged impact of a collapse in investment in liquefaction capacity from a peak of $30bn in 2014 to a mere $3bn for 2017. Shell sees a “potential… supply shortage developing in mid-2020s, unless new LNG production project commitments are made soon…Without new in...
Volume: 61Issue: 09Published at Fri, 02 Mar 2018 -
Production Curbs Help Market Inch Towards Balance
...uld constitute the market once again being balanced. But there is a consensus that the buildup of global crude stocks to record highs since 2014 means a simple reversion to production equaling or outweighing demand isn’t going to cut it. Stocks are going to have to be worked down, but by how much? Mo...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
US Ramp-Up Lays Down The Gauntlet To Opec
...16 – just nine months ago. That said the latest rig count remains little more than half the November 2014 peak of 565 – an indication that there remain substantial numbers of idled rigs (albeit typically older and less efficient ones) and thus that whilst evidence is growing of nascent Permian cost in...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Opec Output Edges Down But Saudi Wary Of ‘Free Riders’
...c16 Jan17 Dec16 2016 vs 2015 2015 2014 S Arabia* 9....
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
IEA Warns Of Capacity Squeeze Unless Investment ‘Rebounds Sharply’
...% cut in upstream investment over 2014-16 will have to be rapidly reversed if the world is not to face a supply crunch and a spike in prices towards the end of its forecast period. As such the IEA essentially repeats warnings in its inaugural World Energy Investment Report, released last Se...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
Asian Importers’ Opec Crude Addiction Grows
...ars, Saudi Arabian crude burn has dropped by more than 22% from Q4 to Q1 the following year – the exception was from Q4 2013 to Q1 2014 when it posted a lackluster 5% drop. The largest fall was posted in Q1 2016, when crude burn fell 37%. Saudi Arabia burned an average 497,000 b/d of crude last year, 60...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
Iran, Iraq & Saudi Step Up Battle For Market Share In Asia And Europe
...2015, up 854,000 b/d on 2014, whilst November and December 2015 and January 2016 were the three highest months on record with average volumes just shy of 3.9mn b/d (MEES, 11 March). With the key gains coming from the south of the country (see graph 1) it should be no surprise that the bulk of the ex...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Will Oil Price Rebound Delay Market Balance?
...pidly: averaging 4.0mn b/d for 2015, up 670,000 b/d on 2014, recent major cuts to capex mean such gains will not be repeated this year. As if just to make sure its output would not be constrained by any Opec deal, Iraq’s Oil Minister ‘Adil ‘Abd al-Mahdi claimed on 17 March during the Sulaymaniyah Forum 4....
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Iraq, Nigeria Outages Lead Opec Production Fall
...minently. OPEC WELLHEAD PRODUCTION, FEBRUARY 2016 (MN B/D, MEES ESTIMATES) Feb '16 Jan '16 Feb v Jan vs Feb '15 2015 2014 S Ar...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016