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Saudi Aramco Starts Marketing Crude For Bahrain
...mand began to exit its Covid-induced slump (see p15 for full data). Indeed, excluding 2020 and 2021’s ‘Covid’ nadir, Saudi crude output, which fell again to 8.97mn b/d for August according to MEES estimates (MEES, 8 September), is running at the lowest level since early 2011, whilst crude exports of...
Volume: 66Issue: 38Published at Fri, 22 Sep 2023 -
India Steps Up Crude Buying Diversification
...test export data suggest higher volumes to come (see p2). Number two Saudi Arabia is down 23% at 596,000 b/d, the lowest half-year figure since 1H 2011. Saudi Arabia’s market share of just 14.7% for 1H 2021 is the lowest in well over a decade (see chart and table for full data). IN...
Volume: 64Issue: 35Published at Fri, 03 Sep 2021 -
LNG Prices At Four-Year High Amid Soaring Demand
...port record of 88.45mn tons set in 2014 will ever be surpassed. Japan’s record years for LNG imports came in the wake of the 2011 Fukushima nuclear disaster. The continued, albeit extremely gradual, restart of the country’s nuclear fleet combined with overall stagnant-to-falling Japanese energy de...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
OPEC Agrees To Cut, Now The Hard Work Starts
...EC^ 2016 OIL EXPORT REVENUES ON COURSE FOR $750BN FALL FROM 2012 PEAK ($BN) 2010 2011 2012 2013 20...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016 -
Saudi ‘Low Cost’ Market Share Policy Remains Unfinished Business
...llapsed from 1.54mn b/d in 2010 following the 2011 revolution. It was just 260,000 b/d last month, although recent developments have enabled it to climb back up to 390,000 b/d (MEES, 16 September). Nigeria’s output has fallen 460,000 b/d since January due to attacks from the Delta Avengers group. The la...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Aramco Output Policy Under Scrutiny Ahead Of Algiers
...rst time the kingdom has managed this since 2011, after the 400,000 b/d Petro Rabigh refinery reached full capacity in October 2010. Saudi Arabia’s newest refineries have been configured to maximize gasoline and diesel output with an eye to exporting to Europe. IEA figures show Saudi products exports to...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Venezuela Steps Up Campaign To ‘Stabilize’ Oil Prices
...ed to be a regular buyer of Iranian crude before sanctions were ratcheted up on Iran in mid-2012. Iran was in fact Pretoria’s largest oil supplier pre-2012, exporting 85,000 b/d to the African state in 2011 on average, according to MEES estimates. OPEC VS IEA SUPPLY-DEMAND BALANCE,SEPTEMBER 20...
Volume: 58Issue: 38Published at Fri, 18 Sep 2015 -
August OPEC Production: Output Falls For First Time In Six Months
...n b/d above the 30mn b/d output ceiling in place since December 2011, and close to 2.4mn b/d above what the IEA has estimated as global demand for Opec crude in 2015. The biggest individual decrease in August came in Iraq, which along with Saudi Arabia has been one of the main drivers of Opec’s pr...
Volume: 58Issue: 36Published at Fri, 04 Sep 2015 -
Saudi Arabia Defends Market Share With Asian Price Cut
...tween 2011 and 2013, they made up for the 1.6mn b/d supply shortfall, he adds, apparently referring to the loss of production from Libya and the continued absence from markets of Iranian crude, which is down by 1mn b/d from pre-sanctions level. But the situation has changed since then. Libyan oil pr...
Volume: 57Issue: 39Published at Fri, 26 Sep 2014 -
OPEC To Bring Down The Ceiling?
...nth total production held above the mutually-agreed 30mn b/d nominal output target, in place since December 2011. “No, I don’t think so,” Mr Badri said, on being asked if he felt the 30mn b/d production target would still be appropriate next year. “I think our production will be maybe 29.5[mn b/d] in...
Volume: 57Issue: 38Published at Fri, 19 Sep 2014 -
OPEC Output Continues Rise As African Volumes Recover
...mn b/d target, which has been in place since December 2011. MEES estimates put total OPEC output at 30.68mn b/d for August, up 260,000 b/d from a downwardly revised 30.42mn b/d in July (see table), despite production slowdowns in the group’s two biggest producers, Saudi Arabia and Iraq. OPEC ou...
Volume: 57Issue: 36Published at Fri, 05 Sep 2014 -
Turkey Turns To Iraq To Replace Iranian Barrels
...der 105,000 b/d for May-July. Turkish crude imports from Iran averaged 112,000 b/d in the first seven months of the year, down around 25% and 40% on 2012 and 2011 figures respectively. Waiver Review Coming Up Turkey is one of nine countries still importing Iranian crude that in Ju...
Volume: 56Issue: 38Published at Fri, 20 Sep 2013 -
OPEC Holds Steady Despite Libya Nightmare
...e worst disruption to the country’s oil industry since the 2011 civil war. Libyan output continued its slide last month, as armed groups, security guards and oil workers with tribal loyalties worked together to shut down a host of key pipelines and oil ports across the country. Production av...
Volume: 56Issue: 36Published at Fri, 06 Sep 2013 -
Iraq Proposes 2013 Budget Oil Price Increase
...gust, which was up from July’s 3.231mn b/d and August 2011’s 2.854mn b/d. Iraqi officials said that $13bn deficit projected for the 2012 budget is unlikely to materialize, because like previous years the government was unable to spend full allocations. Nevertheless, in July the Iraqi ca...
Volume: 55Issue: 40Published at Fri, 28 Sep 2012 -
High Prices Alarm Gulf Members
...pply. In fact, Riyadh reported its production as falling from July’s 9.8mn b/d to a 9.75mn b/d in August, – MEES and tanker tracker assessments broadly back this trajectory. The August production level is the lowest reported since October 2011, and a Saudi uptick in September would be entirely expected gi...
Volume: 55Issue: 39Published at Fri, 21 Sep 2012 -
OPEC Sees Fundamentals Steady Amid Market Turbulence
...EC IEA OPEC IEA OPEC IEA OPEC IEA 2012 2011 2011...
Volume: 55Issue: 38Published at Fri, 14 Sep 2012 -
Crude Oil Formulas/Posted Prices ($/B)
...L PRICES Crude Oil Formulas/Posted Prices ($/B) Iran (+ / - Adjustment Factor; $/B) 2012 2011 Oct Se...
Volume: 55Issue: 38Published at Fri, 14 Sep 2012 -
OPEC Output Surge Fails To Rein In Prices
...me Japanese buying and a 150,000-200,000 b/d reported rise in Turkish purchases ended Iran’s output rout, although analyst consensus was that the majority of these new exports came from oil in storage rather than new production. OPEC Crude Oil Production August 2011 – August 2012 (MEES Es...
Volume: 55Issue: 37Published at Fri, 07 Sep 2012