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Opec Seeks To Bolster Flagging Cohesion
...ssia – chair and alternating-chair of the JTC respectively – “in the presence of representatives from the Kingdom of Saudi Arabia, which is serving as President of Opec in 2017.” The remaining JTC members – Algeria, Venezuela and Oman – will not be attending. As for which of the participating pr...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
US Drilling: Schlumberger Chief Calls For Caution - Has He Got His Wish?
...ll on 21 July. “The pursuit of equity appreciation outweighs the lack of free cash flow, net income and return on capital employed.” In marked contrast to the larger independents and majors who remain more focused on cost-cutting than raising output – BP this week cut its planned 2017 capex from $17...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
US Firms Scale Back Investment, Claim Output Unaffected
...With WTI stuck below $50/B almost continuously since late-April, US-focused majors and large independents have dialed back on 2017 capex. They claim output will rise nonetheless. Achieving this in the short term looks feasible. Longer-term will be more tricky. US-focused E&Ps responded to th...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
Opec Revenue: Sour Crude Shortfall Mitigates Price Crunch
...ghtened considerably. The predominance of sour grades within Opec is therefore somewhat mitigating the impact of price falls on the group’s revenues. The Opec basket averaged $3/B less than Brent in 2016, but this discount more than halved to just $1.48/B in the first half of 2017. And the trend has sh...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
US Shale: No Sign Yet Of A Slowdown
...ghest since June 2015. If the August output figure (based on the latest drilling data) proves correct, this would be a rise of 757,000 b/d since the start of 2017. Gains to US shale production are slightly outstripping overall US crude production gains: overall output was 9.224mn b/d in June, ac...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Oil Market Imbalance Set To Stretch Into 2019
....1mn b/d by the end of the year, the EIA still forecasts record output (see p14). While the EIA has left its 2017 forecast steady, Opec has cut its 2017 forecast for US output by 100,000 b/d from last month. The IEA is more cautious, saying that while “recent price weakness may lead the US shale patch to...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
US Output Growth: Records Tumble But Is A Slowdown On The Way?
...ergy Outlook (STEO), released 11 July. However, whilst the EIA leaves its forecast for 2017 output as a whole unchanged from last month’s report at 9.33mn b/d, it revises down its output projections for every month from December 2017 to the end-2018 limit of its forecast period. For 2018 as a wh...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Opec Crude Production Hits 2017 High
...d Nigeria drove a huge 270,000 b/d growth in Opec production last month, and the group’s 32.63mn b/d output was the highest yet this year. This is 710,000 b/d above the group’s target production Output in the first half of 2017 has averaged 32.36mn b/d. While this is 670,000 b/d below the six-mo...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Gulf Crude Shipments Fall In Q2, But From Record Levels
...54mn b/d for January-May 2017 were up by a whopping 13.8% on the same period a year earlier (in the process leaving the US, at 8.15mn b/d for January-May, well behind as the world’s top importer). This massive overall growth means that though volumes from Opec countries rose by 10.9%, and those from the Mi...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Saudi Crude Exports Down, Refining Runs Up, More Products Exports
...rrels (130,900 b/d) in April, the first fall since January. This boosted the total amount of crude Saudi Arabia supplied to the market to 10.077mn b/d, the first time it has exceeded 10mn b/d since December. 1: SAUDI ARABIA MONTHLY CRUDE BURN (‘000 B/D): 2017 CONSISTENTLY LOWER THAN 2016 SO...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Opec Revenue Purgatory Stretches On
...rong non-Opec growth of 660,000 b/d for 2017, global stocks are on track to fall by 260mn barrels by the end of the year unless Opec output falls (see table and chart). It’s a sizeable amount, but insufficient to bring stocks down to their five-year average, which Opec says would constitute “re...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
Opec Confirms 13% 2016 Revenue Fall: Iran The One Winner
...Opec released its Annual Statistical Bulletin (ASB) this week, which detailed its members’ oil export revenues. The group’s overall takings fell 13.2% from 2015, which itself was the lowest since 2004, to $445.7bn (see table). Revenues are on track to post a moderate 14% gain in 2017, la...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
Libya, Nigeria Gains Expose Opec Deal’s Limitations
...d demand which will provide key indications as to whether the market is swinging into balance. If projected non-Opec growth is again revised upwards and global demand growth down, the next JMMC calls for deeper Opec cuts will grow louder. OPEC WELLHEAD PRODUCTION, MAY 2017 (MN B/D, MEES ES...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Will US Growth Stall At $45-50/B?
...mper 106,000 b/d on April, this is partly because the latter has been revised down by 40,000 b/d. Strong output growth is still projected for the remainder of 2017 and beyond. The EIA, taking into account the recent surge in investment and drilling (see p8), has hiked its output forecasts for the se...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Gulf Opec Maintains Asia Volumes But Loses Market Share
...Despite output cuts, Opec’s core Gulf producers actually sent slightly more crude to their core East Asian customers in the first four months of 2017 versus both the same period last year and 2016 as a whole. But this has not been enough to maintain their share of the key Chinese market where th...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Opec Output Cuts Extended But Market Relevance Wanes
...tension. US crude production is surging and is rapidly approaching record heights, while there is a strong likelihood that Opec output itself will grow this month thanks to strong gains in Libya. IEA FIGURES IMPLY MARKET REBALANCING* REMAINS ON COURSE FOR Q4 2017... (CUMULATIVE 2017 STOCK DRAWDOWN MN BA...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Opec Facing Tough Choices Ahead Of Vienna Meeting
...RKET REBALANCING* REMAINS ON COURSE FOR Q4 2017... (CUMULATIVE 2017 STOCK DRAWDOWN MN BARRELS) ...BUT OPEC’S LATEST NUMBERS SHOW THE FINISH LINE GETTING EVER FURTHER AWAY *BASED ON OPEC SEC-GEN STATEMENT THAT REBALANCING REQUIRES 270MN BARREL STOCKDRAW. SOURCE: OPEC, IEA, MEES. BU...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
US Forecasts Up Again But Firms Wary Of Rising Costs
...ntinues to raise its crude output forecasts for this and next year. Its latest Short Term Energy Outlook, released 9 May, forecasts that output will hit 9.685mn b/d, a new record, in November this year and top 10mn b/d in October 2018 (see chart). For 2017 as a whole, the EIA’s latest overall average fo...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
April Rig Count: Algeria Drilling Hits 34-Year High, Qatar Equals Record
... April 2017 Breakdown Ap...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
OPEC, Will It Have To Cut Deeper For Longer?
...DONESIA, WHICH HAS SUSPENDED ITS MEMBERSHIP. SOURCE: MEES. OPEC WELLHEAD PRODUCTION, APRIL 2017 (MN B/D. MEES ESTIMATES) Apr17 v Alloc. ‘Allocation’ from Ja...
Volume: 60Issue: 18Published at Fri, 05 May 2017