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IEA Points To Lower Forever Oil Markets
...ve fallen to their lowest levels since at least 2017, it adds that “global refined product stocks have swelled to three-year highs, pressuring margins across key refining hubs.” IEA SUPPLY & DEMAND FORECASTS, OCTOBER 2024 (MN B/D) OPEC SUPPLY & DEMAND FORECASTS, OC...
Volume: 67Issue: 42Published at Fri, 18 Oct 2024 -
DME Looks To Build On Momentum Into 2024
...utinely exported to China (see chart 1). Despite China’s dominance as an end-destination, trading on the exchange is conducted by a broad range of global participants. BACK TO THE FUTURE For DME Oman, the period 2017-18 was its heyday, during which all records for activity were set. Ho...
Volume: 66Issue: 43Published at Fri, 27 Oct 2023 -
Europe Turns To Middle East For Replacement Gasoil Supplies
...rope’s imports from the region (including re-exports from Egypt’s Sidi Kerir) jumped by 131,000 b/d to 559,000 b/d in September. This is the highest figure in Kpler data stretching back to January 2017, topping the previous record of 541,000 b/d set in October 2021. But it is still far from su...
Volume: 65Issue: 42Published at Fri, 21 Oct 2022 -
Can Opec+ Really Unwind Its Cuts Fully In 2022?
...January 2022 will mark the five-year anniversary of the implementation of Opec+ output cuts. This deal, which came into force back in January 2017, saw the newly-formed alliance agree to cut for a six-month period that could be extended for another six-months (MEES, 2 December 2016). Nearly fi...
Volume: 64Issue: 39Published at Fri, 01 Oct 2021 -
US Challenging Saudi As World’s Top Oil Exporter
...eraging 6.96mn b/d, which is slightly less than 2017’s 6.97mn b/d. 2017 was the first year of the Opec+ production agreement which was temporarily eased in the second half of 2018. Crude oil exports may be down this year, but Saudi Arabia is sending record breaking volumes to the world’s number one im...
Volume: 62Issue: 43Published at Fri, 25 Oct 2019 -
Saudi Crude Exports Rebound Following Abqaiq Attack
...2,000 b/d in August. But this was dwarfed by a spike in reported fuel oil consumption – primarily consumed for electricity generation including powering water desalination – to a record 800,000 b/d that month. This drove overall oil burn up to a new monthly record of 1.44mn b/d, surpassing July 2017’s pr...
Volume: 62Issue: 42Published at Fri, 18 Oct 2019 -
Opec Faces Up To Global Demand Slowdown
...awdown in September. Overall, the IEA put August OECD inventories at 2,974mn barrels, which was “the highest level since September 2017 and were 43.1mn barrels above the five-year average.” Meanwhile, Opec put inventories somewhat lower at 2,937mn barrels, and just 11mn barrels above the five-ye...
Volume: 62Issue: 41Published at Fri, 11 Oct 2019 -
Japan: UAE Overtakes Saudi As Number One Supplier
...*For well over a decade Saudi Arabia had been the unrivalled number one crude and condensate supplier to Japan. Saudi market share climbed above 30% in 2011 and rose steadily to hit 40% in 2017, dipping only modestly to 38.1% for 2018. The UAE (almost all Abu Dhabi) was a distant number two fo...
Volume: 62Issue: 40Published at Fri, 04 Oct 2019 -
Opec Output Slumps As Ecuador Quits
...at wish to cheat typically pay lip service to production obligations, Ecuador’s outspokenness has been refreshing. As far back as July 2017 Ecuador said “there’s a need for funds for the fiscal treasury, hence we’ve taken the decision to gradually increase output” (MEES, 4 August 2017). Its su...
Volume: 62Issue: 40Published at Fri, 04 Oct 2019 -
Suez Canal Trade Hits Records But Trade War Threatens
...7bn for 2018 as a whole, comfortably ahead of the previous annual record of $5.465bn set in 2014. The Suez Canal is a key revenue stream for Egypt: the record $5.71bn takings for the 2017/18 financial year equated to 12.4% of $45.9bn in state revenue, up from 11.1% in the previous financial year. Ca...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
US Permian Shale: Can It Maintain The Gains?
...om a stellar 150,000 b/d for February and March, monthly gains since have still averaged 50,000 b/d. Overall US ‘shale oil’ output which only topped 7mn b/d for the first time in May (and 6mn b/d eight months earlier in September 2017), is now well above 7.5mn b/d. Output of 7.53mn b/d for Se...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
2019 Global Oil Demand Projections Revised Down On Economic Headwinds
...IEA SUPPLY & DEMAND FORECASTS, OCTOBER 2018 (MN B/D) 2017 2018 vs 17 2019 vs 18 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
Oil Markets Enter The ‘Red Zone’
...iversally bullish on the future of Brazil’s deepwater ‘pre salt’ output, delays and a heavy maintenance schedule mean this year’s output has been down on 2017 (MEES, 7 September). August’s output, at 2.52mn b/d was the lowest in more than two years. However the continued ramp-up at new pre salt FPSOs ma...
Volume: 61Issue: 41Published at Fri, 12 Oct 2018 -
Libya Looks To BP/Eni Deal To Unlock Upstream Investment
...nditions allowed. But as a company with no production or other assets in Libya it had never judged the timing opportune. How to square the circle? …BUT ENI EYES BIG REWARD Enter Italy’s Eni, Libya’s biggest producer with 384,000 boe/d of output for 2017 (mostly gas) and a proud record of...
Volume: 61Issue: 41Published at Fri, 12 Oct 2018 -
OPEC Production Up As Saudis Tout More In The Pipeline
...oduction rose just 100,000 b/d in September as the group struggled to offset ongoing declines in Iran and Venezuela. The 33.01mn b/d that it posted was a 14-month high, and was 110,000 b/d more than in September 2017. Opec output has averaged 32.60mn b/d over the first nine months of the year, 16...
Volume: 61Issue: 40Published at Fri, 05 Oct 2018 -
Opec Members Maneuvering For Advantage In Key Asian Export Markets
...eas. Exports to the US initially held up in 2017, but the intense scrutiny afforded to US figures has seen Opec increasingly cut there, to boost oil prices. Saudi Arabia and Iraq are the two largest Opec suppliers of crude oil to the US. Provisional weekly figures from the US government’s EIA shows cr...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Saudi ‘Demonstrates Leadership’ by Keeping Crude Exports Low
...FINING MOMENTUM Much of the crude export drop-off is a result of lowering crude production, but not all. Saudi Arabia’s strategy at the beginning of 2017 was to prioritize exporting crude over refining it, but this has now firmly switched. Refining runs are now being boosted at the ex...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Does Opec Have A Strategy For ‘Lower For Ever’?
...rrels for products – as of end-September, Mr Barkindo says. This is less than half of the 338mn-barrel figure at the start of 2017 when the output cut deal went into effect and down by a further 11mn barrels from the end-August figure (MEES, 13 October). However more than half of the ‘gains’ in re...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Opec Members Set For Major Revenue Boost Despite Slow Rebalancing
...Opec-led production curbs since the start of 2017 have so far failed to bring about the planned market rebalancing. They look likely to be extended to at least the end of 2018. But while global oil inventories remain well oversupplied, this year’s price gains are set to boost Opec revenues by ar...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Opec Focuses On Exports As Compliance Slips Further
...dress its compliance with existing commitments. OPEC COMPLIANCE WANES After a strong start to 2017, output has been on a steady upwards trend since April. Opec production has grown for each of the last two quarters, and all three quarters so far in 2017 have posted year-on-year gains (see ch...
Volume: 60Issue: 40Published at Fri, 06 Oct 2017