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Korea Crude Imports: Saudi Dominant With Mideast Share At 5-Year High
...pplier spot behind the USA (down 1% at 336,000 b/d). This puts the UAE on track for the highest annual figure since 2014’s 299,000 b/d. *Number five Iraq was up fractionally at 251,000 b/d for 9M 2023. The other big gainer was Qatar, up 56% at 215,000 b/d, albeit versus 2022’s 20-year lo...
Volume: 66Issue: 42Published at Fri, 20 Oct 2023 -
Services Firms Eye ‘Exceptional’ 2022 Upstream Growth With Gulf NOCs In The Vanguard
...s the highest since Q1 2020, but for all three, revenue remains well down on 2018 and 2019, never mind the boom years to 2014 (see charts) Cost-cutting efforts mean that profits have rebounded by more than revenue. Whilst collective ‘big 3’ revenues of $12.1bn (OFS only for Baker Hughes) are so...
Volume: 64Issue: 43Published at Fri, 29 Oct 2021 -
China Crude Imports: Mideast Volumes Hit Record Highs
...r full data). CHINA CRUDE IMPORTS ('000 B/D): MIDEAST VOLUMES AT RECORD HIGH FOR 9M21 SOURCE: CHINA CUSTOMS, MEES CALCULATIONS. The Middle East’s share of the China market peaked at 52% in 2014 but slid in the following years amid record volumes from the likes of Br...
Volume: 64Issue: 42Published at Fri, 22 Oct 2021 -
World Faces Oil & Gas Investment Chasm
...ice collapses in 2014-15 and again in 2020. As a result, it is geared towards a world of stagnant or even falling demand…We are not investing enough to meet for future energy needs.” But whilst even a year ago the IEA viewed the collapse in energy investment as clearly unsustainable, it is now ca...
Volume: 64Issue: 41Published at Fri, 15 Oct 2021 -
South Korea Crude Imports: Mideast Share At Record Low
...*South Korea’s crude imports, at 2.58mn b/d for 9M 2021 are down 4% year-on-year putting this year on track for the lowest imports since 2014. *And volumes from Middle East and Opec countries are down much further as Korea continues a drive to diversify supplies. *Mideast vo...
Volume: 64Issue: 41Published at Fri, 15 Oct 2021 -
Korea Crude Imports 6-Year Low, Taiwan Lowest In Decades
...e lowest annual figure since 2014. MIDEAST SLUMP Not only are Korean imports down but Middle East volumes are down further, by 10% for the first nine months of 2020 with Korea taking an 11-year low of just 1.68mn b/d from the Middle East in September. The region’s share of th...
Volume: 63Issue: 42Published at Fri, 16 Oct 2020 -
Suez Canal Trade Hits Records But Trade War Threatens
...uthbound shipments of both crude and LNG. Revenues, up 10% year-on-year, are on track to smash 2014’s record $5.465bn. But a dip in container shipments hints at the global trade headwinds. The Suez Canal saw oil shipments of 4.70mn b/d in the first nine months of 2018, up over 9% year-on-year and on tr...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
US Permian Shale: Can It Maintain The Gains?
...ALE RIG COUNT: PERMIAN RIGS ROSE TO 485 IN SEPTEMBER, HIGHEST LEVEL SINCE 2014; PERMIAN SHARE OF TOTAL ‘SHALE’ RIGS HIT RECORD 52%, REVERSING Q2 DIP WHEN OPERATORS MOVED RIGS TO BAKKEN, EAGLE FORD US ‘DUC’ COUNT SOARS PAST 8,000: WHILST OPERATORS CONTINUE TO DRILL WELLS, COMPLETIONS HA...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
Saudi ‘Demonstrates Leadership’ by Keeping Crude Exports Low
...most three years ago (MEES, 22 December 2014). Supplies to the closely-watched US market are at 30-year lows and Saudi Arabia has confirmed there will be no easing up in November. In a first statement of its kind the Saudi energy ministry said on 9 October that the kingdom will export 7.15mn b/d in No...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Does Opec Have A Strategy For ‘Lower For Ever’?
...rket share based strategy chimes with that enunciated by former Saudi Oil Minister Ali Naimi in late 2014 (MEES, 22 December 2014) but now abandoned. This requires a price low enough to drive competitors out of the market. But the strategy of foregoing short-term revenue for long-term gain was ab...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Iraq Invites Bids for 12 Fields in First Offering Since 2012
...AQ ANNUAL CRUDE EXPORTS BY REGION ('000 B/D) 2011 2012 2013 2014 2015 Eu...
Volume: 59Issue: 43Published at Fri, 28 Oct 2016 -
Saudi Oil Exports Fall Amid Record Products Demand & Oil Burn
...el oil consumption to 624,000 b/d, its highest level since the 635,000 b/d record fuel oil consumption for December 2014. Fuel oil imports also rose to 204,000 b/d for August – another record. While monthly crude oil burn continues to be lower year-on-year, the new total oil burn record calls into qu...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Opec Cut Plans: Will They Happen? Will They Work?
...proach, Mr Falih said that the divergence that existed between supply and demand in 2014 when prices began to slump was now being reversed. “Opec made its decision not to intervene because it was a long term strategy of divergence. And in June I said that the divergence is being reversed and now we are se...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016 -
Record Opec Output Puts Onus On Saudi To Cut
...TD15 YTD15 2015 2014 S Arabia* 10.53 -0.04 10.57 10...
Volume: 59Issue: 40Published at Fri, 07 Oct 2016 -
Saudi Fights To Keep Asian Market Share
...pected to cut the prices of crude it sells to Asia in November,” Jadwa says. “Maintaining market share is even more of a priority now for Saudi Arabia than when prices began to fall in the second half of 2014. Global oil markets are more competitive and the Kingdom faces competition from both within Opec an...
Volume: 58Issue: 44Published at Fri, 30 Oct 2015 -
Saudi Product Exports At Record High; Crude Volumes Crimped
...stained high figures of recent months mean 2015 as a whole will almost certainly surpass 2014’s record. Domestic consumption of fuel oil and diesel – much of which is burnt – has risen even more (see graphs 3 & 4). Other Mideast countries are also burning crude at near-record levels. Iraq’s 22...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Global Supply Overhang May Last Till 2017; OPEC Output Largely To Blame
...mber of active rigs offshore Brazil has fallen from 40 to 21 over the last two years (see p10). Though the IEA projects overall non-Opec output of 58.3mn b/d for 2015, up 1.3mn b/d on 2014, output will finally begin to fall this quarter with the predicted 2016 figure of 57.8mn b/d down 500,000 b/d on 20...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
No End In Sight To Record Saudi Drilling
...eting, Mr Naimi told energy ministers that the Opec kingpin would be pressing on with its investments in all phases of the oil and gas sector, despite the plunge in oil prices (MEES, 9 October). Since steering Opec toward its November 2014 decision to pursue market share over oil prices, Mr Naimi has al...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
Russia Ready To Talk… But Opec, Shell Issue Oil Price Warning
...heduled to meet for their next ordinary meeting in Vienna in early December, where they will ultimately review the outcome of their Saudi-led policy of non-intervention adopted two meetings ago in November 2014, and rubber stamped at the latest meeting in June. MOSCOW’S U-TURN? To ma...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
US Year-On-Year Oil Output Growth To Turn Negative As Of January 2016
...96mn b/d in September 2014. But, the decline could be more dramatic than some expect, Mr Papa warns. “It is happening literally as we speak,” he said. Production growth year-on-year has fallen to around 600,000 b/d very recently, he said, compared to a constant growth of about 1.1mn b/d since June 20...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015