OPEC To Bring Down The Ceiling?

....45mn b/d in 2014 (MEES, 12 September). Who Cuts? Mr Badri was speaking at the conclusion of talks with Russian Energy Minister Alexander Novak on 16 September, held amid a continuing slide in global oil prices, which saw the value of the OPEC basket fall from $110.48/B in mid-June to below $95/B on th...

Demand For OPEC Crude Revised Down Again

...eks. Given the almost certain dent to world oil demand this implies, OPEC could be looking at further cooling of demand for its crude over the coming years.  Demand Slowdown      Demand for OPEC crude oil will average 29.90mn b/d for 2014, the Paris-based IEA says in its latest oil market co...

OPEC Output Continues Rise As African Volumes Recover

...rlier forecasts of 30.7mn and 30.5mn b/d for the third and fourth quarters of 2014 respectively. For 2015, the world demand for OPEC crude is forecast at 29.9mn b/d, down from 30mn b/d for full-year 2014. Libya: Rebound Continues Last month saw the return of 100,000 b/d of Libyan crude to ma...

Supply/Demand: ‘Eerie’ Calm As Uncertainties Mount

...gh of 2.14mn b/d in May and has likely increased since. With a second 400,000 b/d refinery (Yasref) set to start up by end 2014, the decline in the OPEC kingpin’s crude exports is structural. Libya: Potential Upside For Libya, despite continued fighting, there appears to be a significant ch...

OPEC Output Surges In July On Saudi, Libya Additions

...public. Since the start of 2014, Iranian oil exports have consistently breached the (understood) 1mn b/d limit agreed as part of the interim deal. Yet, they have faced little scrutiny from the US and its allies involved in the nuclear negotiations on the basis that Iranian oil exports have been cushioned in...

Iraq: Exports Hold Up As ISIS Advances On Oilfields

...ound Mosul in mid-March. Northern exports averaged just 85,000 b/d for the first half of 2014, a mere 30% of year-ago levels (see table). Iraq’s key southern fields appear under little immediate threat from IS advances, but the jihadists have in the past week had several clashed with KRG fighters. IS ha...

End Of OPEC’s Revenue Golden Age?

...OPEC OPEC’s Annual Statistical Bulletin (ASB) for 2014 shows its members’ oil export revenue for 2013 falling by 8% or $96bn from 2012’s record numbers. The US  government’s Energy Information Administration (EIA) predicts that for 2014 OPEC oil export revenues will fall by a further $50...

World Oil Demand To Grow 1.4mn B/D In 2015 - IEA

...OPEC World Oil Demand (Mn B/D IEA Estimates) Call On OPEC Vs OPEC Output (Mn B/D IEA Estimates)   OPEC Vs IEA Supply-Demand Balance, July 2014 Forecasts (Mn B/D)   1Q14   2Q...

IEA, KOC Spar Over Future Of Kuwait Oil Sector

...I crude online in 2020. Kuwait Oil Company’s Production Capacity And Targets (Mn B/D)   2014 2020 Investment ($bn) Burgan 1.7 1.7 5....

Fitch Mixed On Kuwait Energy

...ys that KEC received “a payment of [$64mn] in the form of oil cargoes in April and June 2014,” which should lower the firm’s overall receivables bill in Egypt – which stood at $134mn at the end of 1Q14 (MEES, 23 May). Fitch also notes that KEC’s move into Iraq gas production leaves it vulnerable to re...

Iraqi Oil Output Seen Stagnating

...IRAQ The US government’s Energy Information Agency (EIA) has cut estimates of Iraqi oil output growth in 2014 and 2015 in its latest short term energy outlook. Although operations in Iraq’s southern oil hub have so far been spared from rapid jihadist advances, the EIA sees production st...

Iranian Oil Sales Stay High In May Amid Bumper Chinese Buying

...ar. India has been the next biggest ‘violator,’ taking on an average of 309,000 b/d in the first five months of 2014, 41% up on the corresponding period in 2013. India last week paid some $550mn to Iran to clear part of its total dues for past oil payments, raising prospects within India of a further en...

Algeria Heading For Oil Output Drop

...ve failed to attract international oil companies (IOCs) to Algeria’s acreage in large numbers. It remains to be seen if foreign investment will help boost capacity as a result of the current round, which is scheduled to conclude towards the end of 2014. IOCs frequently echo the IEA’s criticism of co...

Massive Us Growth Balances Mideast Instability, But For How Long?

...erstate the degree to which the North American supply boom has, since its onset, consistently defied expectations,” the IEA says in its 2014 Medium-Term Oil Market Report, also released this week. “US and Canadian production for 2013 is 330,000 b/d greater than had been expected last year, 420,000 b/d gr...

MENA Oil & Gas: Key Production/Consumption Numbers From BP’s 2014 Statistical Review

OPEC Stays The Course As Iraq Storm Brews

...rld economic growth, in particular supply/demand projections for the second half of the year, as well as the outlook for 2015 “noting that the relative steadiness of prices during 2014 to date is an indication that the market is adequately supplied, with the periodic price fluctuations being more of a re...

Saudi Rise Boosts May OPEC Total

...low, Libya is capable of raising production by “not less than 500,000 b/d” within a week. 2014 West African Output On The wane (Mn B/d) OPEC Well-Head Production (Mn B/D, Mees Estimates)   May ‘14 Apr ‘14 May vs...

Nigerian Minister Surprises With Bid For OPEC Top Job

...OPEC The first OPEC ministerial meeting of 2014 was expected to be a humdrum affair. A rollover of the 30mn b/d group ceiling had been flagged several weeks earlier by Saudi Arabia’s Ali Naimi – minister of the producer club’s most powerful member. The Saudi minister had declared hi...

IEA: OPEC To Gain Market Share From 2020s, But Timely Investment Needed

...er the 2014-35 period (that is to say $1.5-1.6 trillion each), the Middle East will get much more bang for its buck; with 29% of new global production for this period compared to a mere 6% for North American tight oil (see graph below). (All numbers are based on projections contained in the IEA’s ‘Ne...

IEA Calls For $48 Trn Energy Spend To 2035

...at the vast bulk of investment here is swallowed up in maintaining current production levels. Globally a whopping 80% of the $17.4 trillion of expected 2014-35 upstream investment will go simply to offset decline in existing fields, the IEA predicts. More broadly, of the $40.2 trillion to be invested in...