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Distillate Supply Crunch Concerns Rise As Stocks Fall
...ler (see chart 1). The three-month rolling average of 74,000 b/d in February was the lowest in Kpler data stretching back to January 2017. Many in the market will be hoping that the imposition of fresh lockdowns in Chinese cities may curb domestic demand sufficiently in the short-term to provide some te...
Volume: 65Issue: 11Published at Fri, 18 Mar 2022 -
Opec Production Edges Higher: Just A Drop In The Stormy Ocean
...oduction gains remain uncertain. Venezuela produced more than 2mn b/d as recently as 2017 but will likely require years to return output close to this level. …AND IRAN?... What about talks with Iran on reviving the JCPOA nuclear agreement which have supposedly been on the cusp of co...
Volume: 65Issue: 10Published at Fri, 11 Mar 2022 -
IEA Shoots Down Speculation Of Emerging Super-Cycle As Oil Price Rally Stalls
...int. From 32.08mn b/d in 2017, the Call on Opec fell to just 28.7mn b/d in 2019. Even by the end of its outlook horizon in 2026 the IEA reckons the ‘call on Opec’ will only have recovered to 30.8mn b/d, still more than 1mn b/d below 2017 levels. OPEC DIVERGENCE: MIND THE GAP While th...
Volume: 64Issue: 11Published at Fri, 19 Mar 2021 -
Turkey Crude Imports: Iraq Soars Past Russia For 2020 Top Spot
...*Iraq was way out in front as top crude supplier to key Mediterranean importer Turkey for 2020. The 236,000 b/d Turkey took from Iraq was not only a record and up 24% on 2019, but the highest volume that Turkey has taken from any single supplier ever – beating 229,000 b/d from Iran in 2017 (se...
Volume: 64Issue: 10Published at Fri, 12 Mar 2021 -
Saudi Arabia’s Latest U-Turn Hits Opec Periphery Hardest
...reover, Ms Young says that some of the Abu Dhabi measures “actually backtrack on some subsidy reform.” Such measures also typically prove hard to reverse. OPEC’S 2019 OIL EXPORT REVENUES AT RISK OF FALLING BELOW 2017 LEVELS ($BN) *MEES CALCULATION BASED ON 2019 EXPORTS & PRICES. ** MEES PR...
Volume: 63Issue: 12Published at Fri, 20 Mar 2020 -
Global Inventories Set To Swell Amid Opec Showdown
...awdown of inventories that has taken place since 2017. The IEA and Opec released their monthly oil market reports this week, with both making sharp downgrades to demand growth expectations in light of the escalating Covid-19 pandemic (see tables). The IEA now sees demand contracting by 90,000 b/d th...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
US Shale In The Time Of Lower Prices
...97mn b/d in March 2015 by mid-2016 production was almost 15% lower. But lower prices spurred a wave of cost cutting, and higher oil prices since 2017 have provided an extra boost (to put it mildly). By late 2017 output had topped 2015 highs. And it hadn’t looked back since. Until now. Latest pr...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
Opec Gets No Cuts In The Time Of Coronavirus
...commendation for Opec+ to deepen cuts by 1.5mn b/d (1mn b/d to Opec and 500,000 b/d to non-Opec) for Q2, before returning to Q1 levels for the remainder of 2020, Brent settled below $50/B for the first time since July 2017. A matter of hours later, Opec released a fresh announcement that it recommended the 1....
Volume: 63Issue: 10Published at Fri, 06 Mar 2020 -
2018 US Crude Exports Double; New Monthly High In Jan
...e US, up more than fourfold on 2017 but still well behind China (249,000 b/d) as the US’ top Asian customer. *Korean buying from the US (and other long-haul sources such as the North Sea) has been boosted by a tax break on imports of non-Mideast cargoes in a bid to diversify the country’s import sl...
Volume: 62Issue: 13Published at Fri, 29 Mar 2019 -
Opec Slams US Sanctions For Heightened Instability
...Opec+ with the capacity to open the taps to do so. SAUDI AND RUSSIA ON THE SAME PAGE? Russia certainly appears to be more hesitant over the benefits of continuing the Opec+ agreement, but then that is largely in line with the past two and a bit years (MEES, 1 December 2017). Russia’s sl...
Volume: 62Issue: 12Published at Fri, 22 Mar 2019 -
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 -
Saudi Arabia Russia In Battle For Supremacy In China
...Saudi Arabia and Russia are increasingly cooperating in the energy sphere, having come together through the onset of Opec/Non-Opec production cuts since January 2017. But when it comes to the lucrative Chinese oil market, the two are engaged in a fierce battle for market share. China looks se...
Volume: 62Issue: 09Published at Fri, 01 Mar 2019 -
LNG: Mideast Producers Lose Share Amid Record Global Trade
...ough, with imports of 8.29mn tons for February. • LNG powerhouse Qatar supplied a record 3.85mn tons to the East Asian ‘big three’ in January, though this dipped to 2.99mn tons in February. But Austraila has become increasingly dominant as the top supplier to East Asia in recent years. In 2017 it su...
Volume: 61Issue: 13Published at Fri, 30 Mar 2018 -
Saudi Products Exports Smash Previous Records But Set For Dip
...ports as products are generally less scrutinized than crude. Saudi Arabia exported a record 1.91mn b/d of products in January smashing October 2017’s previous record of 1.59mn b/d. The products share of the kingdom’s total oil exports, at 21.1%, was also a record, whilst volumes of diesel (80...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018 -
Opec Struggling To Keep Up With Rival Producers
...A SUPPLY & DEMAND FORECASTS, MARCH 2018 (MN B/D) 2016 2017 vs 16 2018 vs 17...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Opec’s Falling Production Capacity Strengthens Saudi Control
...are Capacity IEA 2018 Capacity Jan18 Dec17 Feb17 2017 vs 16...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Global LNG Trade Hits New Records. More To Come?
...Not only did 2017 see global LNG trade hit new records, but January 2018 saw new monthly highs. Shell’s latest ‘LNG Outlook’ suggests that new records are in store. The three East Asian countries which are by far the top three global LNG importers – Japan, China and South Korea – im...
Volume: 61Issue: 09Published at Fri, 02 Mar 2018 -
Americas To Asia Crude: In It For The Long Haul
...at 2017 sees the acceleration of a trend already in effect in 2015 and 2016 of increasing Americas crude volumes washing up in Asia. China has been the key pioneer in this regard. Venezuelan crude long dominated regional supplies to China as the country sought to keep up with ‘repayments’ on ever-in...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Saudi Gets Creative To Maintain Crude Exports Despite Output Fall
...bruary 2016 – almost twice the January 2017 figure – and averaged 328,000 b/d for the rest of the year. The changing fortunes of diesel in Europe may lead Aramco to seek sales elsewhere, although many of world’s fastest developing countries already have major pollution problems to address. SAUDI CR...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Production Curbs Help Market Inch Towards Balance
...ude inventories hit a new all-time high of 528.4mn barrels on 3 March, before edging lower to 528.1mn barrels this week. This brought an end to a run of nine consecutive weekly builds caused by buoyant shale production as well as imports. 1: IEA FIGURES IMPLY MARKET REBALANCING* IN Q4 2017... (CU...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017