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Opec+ Considers Further Cuts Amid Softening Market
...ventories remain severely depleted. The IEA says that despite a 43.1mn barrel rise in July, OECD commercial oil inventories remained 274.9mn barrels below the 2017-21 five-year average which Opec+ long cited as the target range. A period of restocking would be welcomed by most observers. The IEA cu...
Volume: 65Issue: 39Published at Fri, 30 Sep 2022 -
US Shale Output Tops 8mn b/d, Are The Gains Sustainable?
...d of this month. The last time the Permian DUC count was at 2,000 was in December 2017 when Permian output was just 2.88mn b/d, almost 2mn b/d below current levels. Clearly there is a limit to how long this DUC drawdown can continue. Well drilling and completion (fracking) are carried out by se...
Volume: 64Issue: 37Published at Fri, 17 Sep 2021 -
India LNG Imports: Q2 Sees Record Volumes For UAE, Egypt & USA As Qatar Keeps Top Spot
...16 when the emirate regularly had an 80% market share is long gone. Qatar’ Q2 market share of 33.8% was the lowest on record (see chart 2). India was Qatar’s top LNG market for 2020, with 10mn tons versus 9.1mn tons for number two South Korea (MEES, 5 March). But Korea, which was number one for 2017...
Volume: 64Issue: 36Published at Fri, 10 Sep 2021 -
US Crude Output: The Only Way Is Up?
...*Latest official US crude output figures for June show output rebounding by 420,000 b/d to 10.436mn b/d from May’s 10.016mn b/d. The May figure was in turn the lowest since December 2017 and a whopping 2.84mn b/d down from last November’s peak of 12.860mn b/d. Indeed the 2.72mn b/d collapse be...
Volume: 63Issue: 36Published at Fri, 04 Sep 2020 -
New Saudi Energy Minister Faces Princely Task
...ngdom’s ministry of energy. For much of that time he has been intimately involved in Saudi Arabia’s work at Opec, forging relationships with counterparts across the globe. Most recently he has been Minister of State for Energy Affairs since 2017. EXPERIENCED HAND From that perspective this is an op...
Volume: 62Issue: 37Published at Fri, 13 Sep 2019 -
LNG Prices At Four-Year High Amid Soaring Demand
...Soaring demand for LNG, up a collective 14.5% from 2017’s record levels for the top five global buyers, has sent prices to the highest level since early 2015. With key new liquefaction plants delayed and booming Chinese demand showing no chance of slowing, are further rises in store? The wo...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
Saudi Oil Exports On Track For Record Year
...oducts exports are poised to top 2mn b/d for the first time this year, which would represent a massive 70% year-on-year increase on 2017’s record 1.44mn b/d. With crude exports relatively subdued, although still on course to bounce back above 7mn b/d, refined products are set to exceed 20% of total oil ex...
Volume: 61Issue: 38Published at Fri, 21 Sep 2018 -
Volatile Market Outlook Provides Opec With Challenges Ahead Of Algiers Meet
...rly 2017. Further significant falls in stocks could therefore result in substantial oil price gains and Brent is again testing near-four-year highs of $80/B. It broke the barrier during trading hours on 12 September before settling at $79.74/B. IEA SUPPLY & DEMAND FORECASTS, SEPTEMBER 20...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
US Oil Output Forecasts Revised Down, Energy Independence Postponed
...L FORECASTS (MN B/D) 2017 2018 vs 17 2019 vs 18 Crude Ou...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
Opec Output Jumps Ahead Of Crunch JMMC Meeting
...location ‘Allocation’ from Jan17 1H 2018 vs1H 2017 1H 2017 2017 20...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Global Supply: Brazil Undershoots
...Brazil has been touted by the IEA and other analysts as likely to provide a key boost to this year’s non-Opec crude output. But with data in for the first seven months of 2018, the country’s output, at 2.58mn b/d, is actually down on the 2017 average of 2.62mn b/d (and 2.63mn b/d for January-Ju...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Russia Extends Lead Over Saudi In China As Overall Imports Fall
...wn (see chart, p16). Total Chinese crude imports were 8.014mn b/d, the lowest figure this year, though still 5% up on the 2016 average of 7.61mn b/d. This magnitude of gains, as opposed to the 14% year-on-year growth implied by China’s 8.53mn b/d January-July 2017 imports, is much more in line wi...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Saudi: Opec Should Stick To Its Guns
...ojected at around 1.3mn b/d [for 2017: Mr Muhanna’s figures broadly tally with an average of the most recent forecasts from Opec and the IEA – MEES, 15 September]. When the demand is ahead of supply the market is on a strong footing.” Progress towards Opec’s stated goal of bringing OECD stocks down to fi...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Saudi Crude Exports At 3-Year Low: Oil Burn Peaks Amid Opec Curbs
...cord 1.02mn b/d for the year as a whole, up from MEES’ previous 991,000 b/d 2017 forecast (MEES, 18 August). Increased oil burn has directly hit the volume of crude available for export. Crude exports, at 6.693mn b/d in July, were down for the fourth straight month and at their lowest level since Au...
Volume: 60Issue: 38Published at Fri, 22 Sep 2017 -
Oil Market Surplus To 2019 Despite Strong Growth Projections
...erproduction, if the group’s output stays flat for the remainder of 2017, demand ought to slightly outstrip supply over the course of the year. The IEA pegs demand for Opec crude at 32.70mn b/d for 2017 as a whole, while Opec puts it slightly lower at 32.67mn b/d. MEES calculates this would result in supply sh...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
US Cuts Output Growth Forecasts On Harvey, Lower Prices
...mainder of 2017 is less than might have been expected as the organization had already factored in an expected hurricane-season-related dip to August and September output. The latest STEO has US crude output rebounding to 9.29mn b/d in September, the highest figure since October 2015, though Gulf of Me...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Libyan Output Fall Grants Opec Temporary Relief
...rget last month, with official figures showing production averaged 10.91mn b/d. Disruption from Hurricane Harvey caused US crude production to fall 750,000 b/d to 8.8mn b/d for the week ending 1 September (see p12). The US is not participating in output cuts, and its production has soared in 2017. Wh...
Volume: 60Issue: 36Published at Fri, 08 Sep 2017 -
China Crude Imports Grow At Record Rate: Can It Last?
...China has been the key driver of global oil demand this year. Consumption, as defined by output plus imports, rose by 7.8% (900,000 b/d) to 12.42mn b/d for the first seven months of 2017, around half of total global growth for the same period. Falling domestic output means the country’s cr...
Volume: 60Issue: 35Published at Fri, 01 Sep 2017 -
Storm Before The Storm: US Saudi Imports Plumb 29-Year Low
...Chinese market share, at 11.3%, was the lowest on record. Adding insult to injury, the three key countries to have gained at Saudi expense – Russia (now clear number one at 1.18mn b/d for January-July 2017), Angola (at 1.06mn b/d, a fraction ahead of Saudi), and Iraq, are all party to the Opec/non-Op...
Volume: 60Issue: 35Published at Fri, 01 Sep 2017 -
OPEC Agrees To Cut, Now The Hard Work Starts
...rst is now behind it, with the futures curve indicating a less painful 2017, with earnings rising back above the $500bn mark to within touching distance of last year’s figure (see table). As the largest producer, Saudi Arabia’s earnings have fallen the most, by an estimated $130bn this year alone, bu...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016