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US Surges Past Saudi As World’s Top Oil Exporter
...reducing demand: down 10% from its 2017 peak to average 550,000 b/d for 2019. Fuel oil dynamics on the other hand have been trending in the opposite direction, and the kingdom became a net importer of the fuel in 2019 for the first time since Jodi stats began in 2002. After recording net-ex...
Volume: 63Issue: 08Published at Fri, 21 Feb 2020 -
Pressure Mounts For Deeper Cuts As IEA, Opec Warn Of Demand Concerns
...UEEZE The last few years have been tough for Opec, which has slashed production in a bid to rebalance the market. Production cuts entered effect in January 2017 and are looking increasingly likely to be extended until the end of 2020. Add in huge sanctions-related output falls in Venezuela and Iran – no...
Volume: 63Issue: 07Published at Fri, 14 Feb 2020 -
Global LNG: Asian Demand In The Balance As Prices Fall To Record Low
...ES 2: JAPAN LNG IMPORTS - TOP 10 SUPPLIERS (MN T): AUSTRALIA & USA UP, EVERYONE ELSE DOWN AS OVERALL VOLUMES FALL TO LOWEST SINCE 2010 SOURCE: JAPAN CUSTOMS, MEES. 3: WORLD’S TOP LNG IMPORTER (MN T): CHINA OVERTOOK KOREA FOR #2 SPOT IN 2017. IT IS NOW CLOSING IN ON LONG UN...
Volume: 63Issue: 07Published at Fri, 14 Feb 2020 -
Opec Production Falls Sharply, More Cuts On The Way?
...blicly debate cutting deeper still. Given that the Opec+ alliance has been enforcing cuts almost continuously since January 2017, dividing up deeper cuts will be no easy task. But as oil prices have slumped amid concerns over dramatic falls in China’s demand, deeper cuts look increasingly ne...
Volume: 63Issue: 06Published at Fri, 07 Feb 2020 -
Suez Canal Rides Us Shale Boom With 2019 Traffic & Revenue Records
...rminal of Ain Sukhna in 2019 (see p6). Southbound oil products shipments of 1.33mn b/d were up on 2018’s 1.28mn b/d and second only to 2017’s all-time high of 1.38mn b/d. Southbound products volume includes a record 94,000 b/d of LPG, with Q4 seeing a quarterly record of 126,000 b/d. But the st...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
Saudi Arabia Key Oil Data ('000 B/D): Saudi Crude And Products Exports Fell 1mn B/D Annual In 2019
...CHANGES EXPRESSED IN PERCENTAGE POINT TERMS WHERE ORIGINAL FIGURES ARE PERCENTAGES. *EXCLUDES FIELD LPG (650-700,000 B/D). **NAPHTHA REFINERY OUTPUT INCLUDED IN 'OTHER PRODUCTS TO DEC 2017 (479,000 B/D FOR 2017). ^PRESUMES ALL FUEL OIL CONSUMPTION IS BURNT IN POWER PLANTS. SOURCE: JO...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
Korea 2019 Crude Imports: Gulf Down As Usa Soars
...th 387,000 b/d as recently as 2017, have been zero every month since May when US sanctions ‘waivers’ expired (MEES, 28 June). *The Saudi slump in volumes comes despite Aramco last year taking 17% in Hyundai Oilbank, which operates the 650,000 b/d Daesan refinery south of Seoul (MEES, 20 De...
Volume: 63Issue: 03Published at Fri, 17 Jan 2020 -
Global LNG: China Challenges Japan As Top Importer
...certainties suggests that Japan is likely to retain top spot for 2020 at least. *China’s 2019 gains are well down on 2018’s whopping 40%. Indeed, the key winter for the coal-to-gas heating switch was 2017-18. Year-on-year gains in LNG imports peaked at 59% in Q1 2018 and have fallen in every quarter si...
Volume: 63Issue: 02Published at Fri, 10 Jan 2020 -
Saudi Arabia Adds Record Volumes To Crude Stocks
...anwhile, refining runs fell to 2.20mn b/d, their lowest level since January 2017. At 21.3% of Saudi Arabia’s reported production, the proportion refined is the lowest since 2016. Run rates had been above 25% since 2017 as the kingdom ramped up throughput at its expanded refinery fleet. Rates may well rise fu...
Volume: 62Issue: 51-52Published at Fri, 20 Dec 2019 -
Opec Output On Track For Eight-Year Low
...ly mean one thing. The only question is: By how much will they fall? MEES calculates that this year’s export revenues are at risk of falling below 2017’s $556bn to around $550bn. Will this week’s outcome lift prices sufficiently for 2019 revenues to scrape ahead of 2017? OPEC WELLHEAD PR...
Volume: 62Issue: 49Published at Fri, 06 Dec 2019 -
Saudi Reveals Record Stock Drawdown Post Abqaiq
...re diesel, but at 439,000 b/d, this was actually the lowest since May 2017. This was followed by jet kerosene and gasoline, which both rose above 200,000 b/d for the first time since August 2018 and July 2018 respectively. Net products exports are just about holding on to a year-on-year rise in...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
Opec Faces Five Years Of Pain
...ve been in place since January 2017 and there is growing fatigue among producers. Ecuador has decided it’s had enough and announced last month that it is quitting Opec (MEES, 4 October). Opec+ may well secure a further extension next month, but as the current situation with Iraq and Nigeria hi...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
US Challenging Saudi As World’s Top Oil Exporter
...eraging 6.96mn b/d, which is slightly less than 2017’s 6.97mn b/d. 2017 was the first year of the Opec+ production agreement which was temporarily eased in the second half of 2018. Crude oil exports may be down this year, but Saudi Arabia is sending record breaking volumes to the world’s number one im...
Volume: 62Issue: 43Published at Fri, 25 Oct 2019 -
Saudi Crude Exports Rebound Following Abqaiq Attack
...2,000 b/d in August. But this was dwarfed by a spike in reported fuel oil consumption – primarily consumed for electricity generation including powering water desalination – to a record 800,000 b/d that month. This drove overall oil burn up to a new monthly record of 1.44mn b/d, surpassing July 2017’s pr...
Volume: 62Issue: 42Published at Fri, 18 Oct 2019 -
Opec Faces Up To Global Demand Slowdown
...awdown in September. Overall, the IEA put August OECD inventories at 2,974mn barrels, which was “the highest level since September 2017 and were 43.1mn barrels above the five-year average.” Meanwhile, Opec put inventories somewhat lower at 2,937mn barrels, and just 11mn barrels above the five-ye...
Volume: 62Issue: 41Published at Fri, 11 Oct 2019 -
Japan: UAE Overtakes Saudi As Number One Supplier
...*For well over a decade Saudi Arabia had been the unrivalled number one crude and condensate supplier to Japan. Saudi market share climbed above 30% in 2011 and rose steadily to hit 40% in 2017, dipping only modestly to 38.1% for 2018. The UAE (almost all Abu Dhabi) was a distant number two fo...
Volume: 62Issue: 40Published at Fri, 04 Oct 2019 -
Opec Output Slumps As Ecuador Quits
...at wish to cheat typically pay lip service to production obligations, Ecuador’s outspokenness has been refreshing. As far back as July 2017 Ecuador said “there’s a need for funds for the fiscal treasury, hence we’ve taken the decision to gradually increase output” (MEES, 4 August 2017). Its su...
Volume: 62Issue: 40Published at Fri, 04 Oct 2019 -
New Saudi Energy Minister Faces Princely Task
...ngdom’s ministry of energy. For much of that time he has been intimately involved in Saudi Arabia’s work at Opec, forging relationships with counterparts across the globe. Most recently he has been Minister of State for Energy Affairs since 2017. EXPERIENCED HAND From that perspective this is an op...
Volume: 62Issue: 37Published at Fri, 13 Sep 2019 -
Saudi Bags Growing Share Of Key Chinese Market
...finers Sinopec and PetroChina shunning Iranian volumes, the bulk of recent arrivals, imported by state trader Zhuhai Zhenrong, appear to have gone into China’s strategic petroleum reserve (SPR), in particular the 19mn barrel site at Jinzhou northeast of Beijing which was completed in 2017. Data in...
Volume: 62Issue: 35Published at Fri, 30 Aug 2019 -
Saudi Oil Sector Creaking Amid Heavy Opec Cuts And Summer Demand
...nce 2017, according to the latest data released by Jodi covering the first half of the year. This is hardly a surprise considering that Saudi Arabia’s crude production has itself been cut to multi-year lows through Opec’s efforts to rebalance global markets. Saudi Arabia’s reported crude pr...
Volume: 62Issue: 34Published at Fri, 23 Aug 2019