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OPEC Output At Highest Level Since Late-2012
...nds yet another signal that Riyadh – and by association Opec – is sticking firmly to what many saw as a controversial November 2014 decision not to cut production, even though global oil prices were on a sharp downward trajectory. Just weeks after the decision, Saudi Oil Minister Ali Naimi told ME...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Zanganeh: six months for full Iran return to markets
...vels at the start of 2015, before recovering somewhat in recent weeks. Front month Brent futures were trading at around $66/B, down over 40% on their June 2014 peak of $115/B, as MEES went to press. With Saudi Arabia currently showing little willingness to reduce output, and Iraq forging ahead with it...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Iran 1Q15 Oil Shipments Take India Hit
...ld intakes from Iran to approximately 2013 levels, 2014 saw Indian imports increase a massive 45% year-on-year, theoretically making it the biggest ‘violator’ of US sanctions among Iran’s remaining five regular customers: China, India, Japan, South Korea and Turkey. This move saw Indian imports fr...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Iraq, KRG Oil Export Deal Holds Despite Discrepancies
...tential earnings from oil exports that generate nearly all of the state’s revenues. The Iraqi oil ministry has admitted to difficulties in paying the companies, which it says were owed $9bn in arrears for 2014. It owes an additional $18bn this year to pay the international oil companies (IOCs), of which it...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Saudi Top Oil Brass On China Charm Offensive
...inese imports have continued to rise, meaning that the Saudi market share has fallen from a peak of 21% in 2009 to 16% for 2014 and Q1 2015. China is Saudi Arabia’s second largest customer, after Japan which took 1.22mn b/d in Q1 (see table p18 and graph p19). The US, in top position until mid-2014, ha...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
OPEC Takes Revenue Hits But Stays Course On Output
...iefing in Washington DC. Prices averaged $100-110/B between January 2011 and August 2014 but have averaged around $55/B for Brent since the start of 2015. “The $380bn is almost a little short of a fifth of the size of their economies, a substantial amount for those countries. And similarly, for their bu...
Volume: 58Issue: 17Published at Fri, 24 Apr 2015 -
US OUTPUT RISE TO CONTINUE TO 2020-EIA
....6mn b/d in 2020, up from 8.7mn b/d for 2014 and some 1mn b/d higher than the 9.6 mn b/d (for 2019) prediction in the 2014 AEO. This 1mn b/d hike in the EIA’s forecast in peak US output is a clear reminder that whatever impact lower oil prices may now be having on US output – and the evidence for this is...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Zanganeh: OPEC Should Cut Output ‘At Least 5%’
...wn on 2014 – and early indications suggest this fell in March owing to a complete halt in Indian intakes, following a government directive sent to Indian refiners to reduce imports from the sanctions-hit nation until the end of the Indian fiscal year (MEES, 23 January). South Korea, the only one of...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
OPEC March Output Tops 31mn B/D With Saudi, Iraq Near Record Levels
...14 vs 1Q14 2014 S Arabia* 10.10 ^9.72 +0.38 +0.51 9.69 9.84 +0.24 +0....
Volume: 58Issue: 15Published at Fri, 10 Apr 2015 -
OPEC Revenues Take A Beating-EIA
...OPEC *The US government’s EIA says that Opec net oil export revenues (excluding Iran) fell to $730bn in 2014 and will fall by a further 48% to $380bn this year. *Extrapolating the EIA’s Jan-Feb ’15 number gives an even lower 2015 figure: $355bn. *For 2016, the EIA expects OPEC re...
Volume: 58Issue: 15Published at Fri, 10 Apr 2015 -
Iran And World Powers Strike Initial Nuke Deal But Oil Markets Unfazed
.../B on 2 April, on the back of the recent slowdown in US production growth. Latest data from the US government’s Energy Information Administration (EIA) put US oil output at 13.51mn b/d in February, which is up on 13.21mn b/d in January, but down from 13.58mn b/d in December 2014 (see p15). US ou...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
US Petroleum Imports, Exports, Demand (‘000 B/D)
...14 3Q14 2014 2013 2012 2011 2010 CRUDE OIL IMPORTS 7,274 7,242 7,150 7,...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
Naimi: Please Don’t Let Me Be Misunderstood
...oducers in the US, he added. “These false reports contributed largely to the rapid and precipitous fall in oil prices during the second half of 2014,” Dr Muhanna said, referring to the more than 50% slump in oil prices since June, when Brent Blend crude traded at over $110/B. Mr Naimi again harked ba...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
OPEC, IEA Diverge On US Supply Growth
...creasingly clear that this latest oil price debate – stoked by OPEC’s November 2014 decision to hold production steady despite rapidly falling oil prices – is set to rumble on for some time yet. “Output for the non-OPEC marginal barrel this year, particularly for US tight oil and Canadian oil sands ou...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Iran Blasts OPEC’s No-Quota Policy, Vows Return To Markets
...l prices since June 2014, but has so far stopped short of calling for an extraordinary OPEC meeting ahead of the next scheduled meeting in Vienna in June. The minister did however call on non-OPEC producers to cooperate with their OPEC counterparts over the coming weeks and months to work to...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
OPEC On Autopilot Till June
...at the increase was “tentative” and due to cold weather and incomplete 2014 data. The slightly higher demand outlook led to an upward revision to the call on OPEC oil in 2015 to 29.5mn b/d, below current production of above 30mn b/d. The revised forecast also raised the 2H15 call on OPEC to 30...
Volume: 58Issue: 11Published at Fri, 13 Mar 2015 -
Saudi Arabia Takes Lesson From History
...tures prices, which traded at a 2014 high of $115/B in June, had shed 30% when OPEC met in November. The market took a further dive after the shock OPEC decision to maintain its output ceiling at 30mn b/d, despite forecasts of a sharply lower demand for its oil in 2015. Brent fell below $50/B in Ja...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
Saudi Arabia’s Naimi Sees Market Calm
...0,000 b/d increase in oil output from Arab Gulf heavyweights Saudi Arabia, Kuwait and the UAE, in yet another sign that they will not cut back production to prop up oil markets. The latest data from the Riyadh-based Joint Data Initiative JODI shows that Saudi output edged up to 9.71mn b/d in 2014, the se...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
BP Predicts OPEC’s Second Coming
...rket commentaries over the past 12 to 18 months, have regularly warned that non-OPEC producers were on course to keep chipping away at OPEC’s market share. The oil major sees OPEC’s market share recovering to 40% by 2035 – from around 33% in 2014, according to latest IEA data – following a slump ov...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
IEA Slashes Non-OPEC Supply Growth projections
...ually sharp corrections” that have rocked the market every 10 years or so – this time, the circumstances are different, the Agency argues, as “US light tight oil has changed the rules of the game.” The Paris-based IEA now sees oil supply from countries outside OPEC growing by 3.4mn b/d from 2014 le...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015