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OPEC Output Slides In January Despite Gulf Increments
...west level since June 2014. In Libya, oil output fell for the third month running to average 350,000 b/d in January, as armed factions allied to two rival governments continue their fight for control of the country, four years after the ouster of former leader Mu’ammar al-Qadhafi. Despite co...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
No Shift In Saudi Oil Policy, But A Slight Change In Tone
...mp up to full capacity of the Satorp and Yasref refineries, which together have a combined capacity of 800,000 b/d. At the same time, non-OPEC supply, which grew by 1.5mn b/d on an annualized basis in the fourth quarter of 2014, will continue to rise, Jadwa says, with an expected year-on-year in...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Aramco Doubles S-Oil Equity As Part of Asian Push
...trochemicals capacity – 1.7mn ton/year of paraxylene and 450,000 t/y of benzene produced from naphtha feedstock – matches Aramco’s increasing overlapping of refining and petrochemicals business (MEES, 4 July 2014). The Saudi state energy giant is developing 6mn t/y of specialty petrochemicals capacity at tw...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
OPEC Puts Russia On The Spot, Again
...ntribution, OPEC is unlikely to act alone. Saudi Arabia and Russia are the top two producers of oil and liquids in the world after the US, which has now overtaken the two oil giants as the world’s leading oil producer. Not only did US crude output soar by 1.2mn b/d to 8.66mn b/d for 2014, but NGLs output ro...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
US, Saudi In Energy Talks As Oil Prices Plunge
...cluding around 3mn b/d of NGLs, US output, at 11.6mn b/d for 2014 and 12.3mn b/d for December is already well in excess of Saudi production even if the kingdom’s 1.25mn b/d of condensate output is factored in (see p21). Mr Naimi’s decision to engineer a rollover of OPEC’s production at the group’s la...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
US Posts Record Year In 2014 - Data Special*
...OPEC US OIL OUTPUT GROWS BY RECORD 1.58MN B/D IN 2014 BUT GROWTH SLOWS IN SECOND HALF (mn B/D YEAR-ON-YEAR GROWTH)* US CRUDE IMPORTS (mn B/D): OPEC VOLUMES FALL TO LOWEST LEVEL SINCE 1988 US CRUDE OIL IMPORTS FROM SAUDI ARABIA (MN B/D) ...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
OPEC Maintains Output In December; Riyadh Maintains Hardball Stance
...e $50/B mark as MEES went to press – a massive 56% down from the 2014 peak of $115.06/B on 19 June (see p20). With oil prices slipping to their lowest level in more than five years, this showdown between the producer group and non-OPEC producers is fast turning into a game of chicken, leaving ma...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Saudi Oil Policy In Spotlight As King Admitted To Hospital
...ergy policy, which took a dramatic turn in 2014, would survive the king’s departure. Mr Naimi, who is serving his fifth term in office, is known to be close to the present king and enjoys his unwavering support and trust. The king has reportedly refused to allow the veteran minister, who will turn 80...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
OPEC’S Choice: Low Prices Now, Or Low Prices & Low Output Later-Naimi
...st month to 31 rigs, the lowest activity level in tight oil regions since end-July 2014, it says. “Were the tight oil rig count to lose another 300 rigs by the end of Q1, then in our view y/y US supply growth should reach zero at some point during Q2,” it adds. The US government’s energy in...
Volume: 57Issue: 51/52Published at Fri, 19 Dec 2014 -
Abu Dhabi Advances Upstream Projects Despite Mounting Cost Pressure
...completed according to schedule, with combined capacity at Rumaitha and Shanayel set to expand to 85,000 b/d from 46,000 b/d in 2014. Adco plans to boost total NEB capacity by 110,000 b/d once all three fields are fully developed. But the Rumaitha and Shanayel contracts were issued before the 75...
Volume: 57Issue: 51/52Published at Fri, 19 Dec 2014 -
Price Rout Extended As Demand Falls Further Behind Supply
...ll on OPEC was revised down “due to a lower demand forecast, and upward revisions to historical estimates and projections of North American and biofuels supply,” the IEA said in its latest oil market report (OMR). For 2014, OPEC did the same, revising downward its previous forecast for the call on...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
US Lowers 2015 Output Forecasts, But OPEC Needs More
...l is forecast by both the IEA and OPEC itself at around 28.4mn b/d for the first half of 2015, some 2mn b/d below current OPEC output. The EIA’s December Short-Term Energy Outlook forecasts that US crude production will hit 9.32mn b/d in 2015, up 720,000 b/d on 2014 output of 8.6mn b/d, and on...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Lower Oil Prices: Making The World A Better Place?
...low 2014 levels. At $70/B they believe, all other producers can do is stand still if natural decline is factored in. For Russia, the pain is more acute since lower oil prices are proving more damaging than international sanctions over the Ukraine crisis, sending the ruble tumbling against the US do...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
OPEC Gears Up For Tough Ride As Cut Looks More Likely
...d bring other producers on board, if prices were allowed to fall further in the days leading up to the final meeting of 2014. “They (Saudis) know that to bring the others from OPEC to accept an accord, it’s easier to do if prices are going down,” says Mr Ait Laoussine, who is now a Geneva-based co...
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
OPEC To RECLAIM Market Share in 2020s, IEA Says
...plications for upstream plans across the globe, but especially in areas where price levels are critical for certain projects – namely North America and Brazil. “According to our estimates, if oil prices remain at these levels, the capital spending in 2015 in the US will decline up to 10% compared to 2014...
Volume: 57Issue: 46Published at Fri, 14 Nov 2014 -
OPEC Outages Calm Nerves Ahead Of Crucial Late-November Meeting
...udi Arabia to the Joint Data Initiative (JODI) database, it exported 1mn b/d of refined product in August. Figures for September and October are not yet available. OPEC Well-Head Production, October 2014 (Mn B/D, MEES Estimates) Oct ‘14 Se...
Volume: 57Issue: 45Published at Fri, 07 Nov 2014 -
Is $90/B The New $100/B For Saudi Arabia?
...ar. According to provisional estimates by MEES, imports of Saudi crude in the first 10 months of 2014 averaged 1.22mn b/d, down 60,000 b/d over the same period of 2013, while Saudi Arabia’s share of US imports has edged higher in recent years (see graph). The displacement of light sweet crude oil im...
Volume: 57Issue: 45Published at Fri, 07 Nov 2014 -
Viennese Waltz Becomes A Two-Step
...ices remain at or near current levels for the rest of 2014, the average price of the OPEC basket of crudes for the year as a whole will be around $100/B, meaning that, at least for this year there will be few budgetary problems. He appears not to be thinking of Iran, whose current financial year runs un...
Volume: 57Issue: 44Published at Fri, 31 Oct 2014 -
Saudi Arabia Takes On Oil Market Bears
...om the previous month’s forecast, based on expectations of slower global economic growth for both this and next year. This would represent growth of only 700,000 b/d for 2014, rising to 1.1mn b/d in 2015. Non-OPEC supply growth next year is estimated at 1.2mn b/d. This in turn has cut the call or de...
Volume: 57Issue: 42Published at Fri, 17 Oct 2014 -
Saudi Arabia Sees $90/B Oil As Price Floor
...oser to the organization’s forecasted ‘call on OPEC,’ which it recently revised down to 29.45mn b/d for 2014 and 29.2mn b/d for 2015 (MEES, 12 September). These forecasts are both down 160,000 b/d from those made by OPEC a month earlier. The more telling number is the expected quarterly decline in de...
Volume: 57Issue: 40Published at Fri, 03 Oct 2014