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US Oil Output Hits Record 14mn B/D In April
...mains well up on that seen in 2015 and earlier years, up 70,000 b/d on April 2015 to be precise. All this implies that US overall oil output likely topped 14mn b/d for only the second time ever in April 2017. The provisional data indicates a total of 14.015mn b/d, up from the previous record of 14...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Services Firms See US Activity Boost, But Profits Remain Elusive
...venue. The three largest listed oilfield services firms have struggled to turn a profit since the beginning of 2015. They managed a collective profit of $190mn in Q1 2017, but this compares to a whopping $3.53bn in Q3 2014 just before oil prices tanked. The key ‘good news’ in the first three months of...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Opec’s Balancing Act Becoming Increasingly Precarious
...COURSE FOR Q4 2017... (CUMULATIVE 2017 STOCK DRAWDOWN MN BARRELS) ...BUT OPEC’S LATEST NUMBERS SHOW THE FINISH LINE GETTING FURTHER AWAY *BASED ON OPEC SEC-GEN STATEMENT THAT REBALANCING REQUIRES 270MN BARREL STOCKDRAW. SOURCE: OPEC, IEA, MEES. IEA SUPPLY & DE...
Volume: 60Issue: 16Published at Fri, 21 Apr 2017 -
Record US Oil Trade Belies Protectionist Rhetoric
....30mn b/d were only just below the four-year high of 10.34mn b/d set in Q3 last year. All this means that gross US oil trade – imports plus exports – hit a massive record of 16.24mn b/d. The equivalent a full 17% of the world’s oil output in the first three months of 2017 was either imported to or exported fr...
Volume: 60Issue: 15Published at Fri, 14 Apr 2017 -
Temporary Outages Help Opec Inch Closer To Target
...TPUT STILL 190,000 B/D ABOVE TARGET* (MN B/D) *TARGET OF 31.78MN B/D BASED ON DECEMBER AGREEMENT OF 32.5MN B/D MINUS INDONESIA, WHICH HAS SUSPENDED ITS MEMBERSHIP. SOURCE: MEES. OPEC WELLHEAD PRODUCTION, MARCH 2017 (MN B/D, MEES ESTIMATES) *INCLUDES SHARE OF NEUTRAL ZO...
Volume: 60Issue: 14Published at Fri, 07 Apr 2017 -
Americas To Asia Crude: In It For The Long Haul
...at 2017 sees the acceleration of a trend already in effect in 2015 and 2016 of increasing Americas crude volumes washing up in Asia. China has been the key pioneer in this regard. Venezuelan crude long dominated regional supplies to China as the country sought to keep up with ‘repayments’ on ever-in...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Saudi Gets Creative To Maintain Crude Exports Despite Output Fall
...bruary 2016 – almost twice the January 2017 figure – and averaged 328,000 b/d for the rest of the year. The changing fortunes of diesel in Europe may lead Aramco to seek sales elsewhere, although many of world’s fastest developing countries already have major pollution problems to address. SAUDI CR...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Production Curbs Help Market Inch Towards Balance
...ude inventories hit a new all-time high of 528.4mn barrels on 3 March, before edging lower to 528.1mn barrels this week. This brought an end to a run of nine consecutive weekly builds caused by buoyant shale production as well as imports. 1: IEA FIGURES IMPLY MARKET REBALANCING* IN Q4 2017... (CU...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
US Ramp-Up Lays Down The Gauntlet To Opec
...a whopping 180,000 b/d upward revision on the number in last month’s report and the first time in a year that US crude output has topped 9mn b/d. The latest STEO revises up projected output for the remainder of 2017 even further, by an average of 270,000 b/d for April-December. Production is now set to...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Opec Output Edges Down But Saudi Wary Of ‘Free Riders’
...e to resurgent US shale production: the EIA this week revised up its forecast of US 2017 crude output by 230,000 b/d to 9.21mn b/d. Opec Secretary General Mohammad Barkindo has previously said he thinks a 270mn barrel fall in OECD stocks is required. But, whilst overall OECD stocks are falling, ME...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
IEA Warns Of Capacity Squeeze Unless Investment ‘Rebounds Sharply’
...The IEA’s latest medium term oil report repeats the organization’s siren calls that a supply crunch is in the pipeline. But it may be underestimating the scale of the US shale rebound already underway. The IEA’s ‘Oil 2017’ report, which covers medium term forecasts to 2022, warns that the 45...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
Asian Importers’ Opec Crude Addiction Grows
...rket share in Asia’s largest buyer, China, as Russian imports surged (see chart 1). Indications are that a concerted effort is being made to rectify this in 2017. Asia’s big four buyers increased their crude imports by 1.09mn b/d in 2016, 930,000 b/d of which came from Opec. The upshot was that Op...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
US Exporting Record Volumes Of Crude And Products In 2017
...Preliminary data for the first two months of 2017 show US crude exports this year could well eclipse last year’s record of 520,000 b/d (MEES, 23 December 2016). According to weekly data from the US government’s Energy Information Administration (EIA) the US exported 632,000 b/d in January and 93...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
Saudi Arabia Reaps Benefits Of Downstream Investment
...the ramp up of output from two new 400,000 b/d refineries during 2013-15. This brought Aramco’s total domestic refining capacity up to 2.90mn b/d. With last year’s record intake hit despite a run rate of just 75%, new refining records are very possible in 2017, although planned maintenance and up...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017 -
Opec: Can It Cut More And Cut Longer?
...rong, soaring supplies in countries not party to the deal, in particular the US and Brazil, have left Opec with an uphill task. Opec’s job has been helped by growing oil demand: whilst both the IEA and Opec revise up 2017 non-Opec supply in their latest monthly market reports, they revise up demand by...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Opec Cuts 860,000 B/D Output, More Work Required
...Opec cut crude production by 860,000 b/d in January, the largest monthly fall in nearly three years, but remains 570,000 b/d above its H1 2017 output target. Oil prices have dropped around $1/B since the start of February but remain comfortably above $50/B, suggesting that the markets are co...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Middle East Drilling Remains Strong Despite Low Oil Prices
...The boom in US shale drilling in recent months has seen the country move to center stage in 2017 upstream spending plans (MEES, 3 February). But activity in the Middle East, the one region not to have seen a downturn over the past two years, remains robust. Since the mid-2014 oil price co...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Opec Cuts: US Shale The Early Winner
...ot in the arm as majors and US-focussed independents begin to announce their 2017 spending plans. As recently as September, the IEA was flagging up the potential for a third straight year of capex cutbacks in 2017 (MEES, 16 September). But the mood has shifted markedly, partly due to the jump in pr...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
GCC Drilling Remains Strong Despite Upstream Capex Cuts
...ng for their buck with extra savings coming from squeezing contractors. With oil prices stabilizing in the mid-$50/B range since the November Opec agreement to cut output (MEES, 2 December 2016) upstream spending could rebound somewhat in 2017. Conversely, as Mideast spending fell less than el...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
IEA, Opec Bring Forward Projected Market Rebalancing
...The IEA and Opec are both confident that the oil production curbs agreed upon at the end of last year are hastening the rebalancing of supply and demand. In their latest monthly reports, both organizations see sizeable stock drawdowns in 2017, although they differ considerably on the extent an...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017