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Opec Output Hits New Record In July As Prices Tumble
...d control over Venezuela’s ports, and the opposition now claims to have gathered sufficient signatures for a referendum on his position. Venezuelan crude output fell to 2.27mn b/d in July, the lowest since April 2011. The number of active oil drilling rigs in the country fell to just 49 in July, th...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Opec Winning Back Market Share in Key Asian Markets
...16. However, while the importance of the Asian market for Opec has been growing, Opec’s importance to the region has been falling. IGA and Opec data shows that in 2011, 65.5% of Asia’s oil imports came from Opec, but this fell to 61.2% in 2014 and just 60.1% last year. But Opec’s Saudi-driven strategy to...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Saudi Gas Boost Cuts Oil Burn, Saving More For Export
...ile crude export volumes have been fairly static (give or take seasonal variations) averaging 7.4mn b/d since late 2011, the same cannot be said for product exports which have more than doubled to 1.4mn b/d over the same period, averaging 16% of total Saudi crude and products exports over the same pe...
Volume: 59Issue: 29Published at Fri, 22 Jul 2016 -
A Tale Of Two OPECs: GCC Drills For The Future, Periphery Slashes Spending
...ganization’s share of what Baker Hughes calls its ‘International’ rigcount (excluding North America, China, Russia and the Caspian) has actually risen from 39% to 45% over the same period (see charts 3 & 4). Opec’s share has risen further over a longer time horizon: it was 32% in 2011. ‘GCC Opec’s rig co...
Volume: 59Issue: 28Published at Fri, 15 Jul 2016 -
OPEC Drilling By The Numbers: ‘Annual Wells Drilled’ From OPEC’S 2016 Statistical Bulletin
...sewhere meant that Opec’s share of global drilling has risen from 4.1% in 2011 to 5.2% last year. The global total is boosted by shale developments in the US and Canada, where production in the 10s of thousands of barrels a day can involve 100s of wells....
Volume: 59Issue: 28Published at Fri, 15 Jul 2016 -
Opec Revenues Set To Fall Further In 2016
...gnificant damage has already been done. Libya’s chaos predates the oil price slump, with the country nowhere near to stabilizing since the ouster of former leader Mu’ammar al-Qadhafi in 2011. But oil price falls have contributed to the maelstrom. Kuwait is also having a year to forget, with revenues on...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
OPEC May Production Drops Despite Saudi And Iran Increases
...vels of 3.58mn b/d (2011). May’s 3.42mn b/d is the highest output figure since February 2012’s 3.46mn b/d, just after the announcement of tighter EU sanctions but before they took their full toll on production. Both countries remain intent on securing their “rightful” market share, following the 2 June Op...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
US Imports More Gulf Opec Crude As Production Continues To Fall
...y (see p24) “the highest monthly level recorded since EIA started tracking global disruptions in January 2011.” US crude production of 8.75mn b/d in May was the lowest since June 2014 and down some 950,000 b/d from the April 2015 peak, recording the biggest month on month fall since September 20...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
Opec: Fit For Purpose? What Purpose Is That Exactly?
...enna at the time. Iran would be integral to any such agreement given its continued post-sanctions production ramp up – reaching 3.38mn b/d in April, up 460,000 b/d since sanctions were lifted in January and only 200,000 b/d below 2011’s 3.58mn b/d output. Unsurprisingly Iran’s Oil Minister Bijan Za...
Volume: 59Issue: 22Published at Fri, 03 Jun 2016 -
Iran Output Rebound Sets Stage For Saudi Stand-Off In Vienna
....81mn b/d output. The greatest increase came from Iran, which added a massive 280,000 b/d as it continues to close in on its pre-sanctions output: its April production of 3.38mn b/d is only 200,000 b/d below 2011’s 3.58mn b/d output. Iranian gains were closely followed by the UAE, which had ex...
Volume: 59Issue: 19Published at Fri, 13 May 2016 -
OPEC Output Falls Ahead Of Meeting As UAE Outage Outweighs Iran Gains
...ghest since 2011 (MEES, 25 March). But the increases were relatively small in nature. The most important development is the 6mn barrels of Iranian crude sold last month (around 200,000 b/d) which has arrived, or is set to arrive in EU ports imminently. To date the only post-sanctions European buyers of...
Volume: 59Issue: 14Published at Fri, 08 Apr 2016 -
Iran, Iraq & Saudi Step Up Battle For Market Share In Asia And Europe
...ked imports from Iran in February. Korean imports of 267,000 b/d were the highest since 2011. For March, the key increment is the 6mn barrels of Iranian crude (just under 200,000 b/d) which has arrived, or is set to arrive in EU ports (see graph p9). 4: EU IMPORTS OF KRG CRUDE* RISE EIGHTFOLD IN 20...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Iraq, Nigeria Outages Lead Opec Production Fall
...0 B/D): VOLUMES EDGE UP IN JAN BUT STILL 1.3MN B/D DOWN ON 2011 LEVELS *CRUDE & CONDENSATE SOURCE: OFFICIAL IMPORT STATISTICS, OIL MOVEMENTS, MEES ESTIMATES. NIGERIAN VOLUMES SET TO STAY LOWER While Iranian production is set to rise further in March, Nigerian output looks set to fa...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
OPEC Risks Becoming An Irrelevance As Revenue Again Tanks
...gularly called $100/B-plus a ‘fair price.’ Even this week the same senior figure declined to resile from this. As Chatham House’s Glada Lahn notes, only 10 years ago Opec considered $30/B a fair price. But as prices rose, Opec members’ spending rose; and it ballooned in early 2011 amid the threat of co...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
OPEC Revenue Lowest For 11 Years; Markets Indicate Further Slide In 2016
...y from Egypt’s 2011 uprising, the economic factors that fed into Arab spring have mostly only got worse,” Ms Kinninmont says. This particularly applies to poorer oil-dependent economies such as Algeria. In Algeria and elsewhere the 2011 spending boost to provide insulation against Arab Spring co...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Iran Return Sends Prices, Revenue Into The Deep Freeze
...mped up estimates of by how much and how quickly Iran can ramp up production and exports. MEES estimates that Iran produced 2.89mn b/d in December, little changed from average 2014 and 2015 levels but 700,000 b/d down on 3.6mn b/d 2011 volumes. Exports last year remained rangebound at 1....
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Iran Seeks To Reclaim Former Markets In 2016
...mpeting directly for buyers with their medium and heavy sour crude grades in Europe, which imported 595,000 b/d of Iranian crude on average in 2011, the last full year before the European embargo was implemented. In Asia, Iran’s largest market even before sanctions (see chart, p16), the impact of this ti...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
Prices Hit 11-Year Lows With No Sign Of A Reprieve
...erage imports from Iran of 120,000b/d for the first 11 months of 2015, this year is on target to be the lowest for at least a decade: last year South Korea imported 125,000 b/d from Iran; volumes were twice as much (248,000 b/d) in 2011 before sanctions intensified (see graph). The IEA’s latest mo...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Opec Market Share Policy To Bear Fruit Next Decade - But Not For All
...0/B for Brent for 2011 through H1 2014 to below $50/B for all but a few days since the start of August (and below $45/this week). Though last year’s WEO was released in November, when prices had already fallen to around $80/B, at the time it was far from clear that this, never mind yet-lower prices, wa...
Volume: 58Issue: 47Published at Fri, 20 Nov 2015 -
Saudi Product Exports At Record High; Crude Volumes Crimped
...D15 vsYTD14 vsYTD13 YTD14 2014 2013 2012 2011 2010 2009 Crude Production 10...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015