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OPEC Production Dives Amid Venezuela Instability
...elds (see p5). Nigerian output has only just recovered from the conflict-induced outages that crippled production in 2016 and led it to be exempted from the 2017-18 round of cuts. Meanwhile, Iraq is a perennial flouter of Opec commitments and needs every dollar it can get to rebuild the country. Th...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
LNG: A Record Year As Qatar & Oman Both Hike Sales
...*Global LNG trade surged to record levels in 2018. The top five global importers alone, all in Asia, collectively took 220.4mn tons, up 13% on 2017’s previous record. Global number two China alone took a whopping 41% more on the back of 46% 2017 gains, pulling further ahead of number three So...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Saudi: Pre-Deal Deja-Vu With Output, Export Records
...evious Opec output deal, when Saudi Arabia exported 8.258mn b/d (MEES, 20 January 2017). Going much further back, the only other month to top this was May 2003 (8.344mn b/d) when Saudi massively drew down stocks to boost exports to compensate for the loss of Iraqi volumes with the US invasion. *Of...
Volume: 62Issue: 04Published at Fri, 25 Jan 2019 -
Thailand Crude Imports: Abu Dhabi Cements Top Spot
...d crude imports growing 7.4% to top 1.1mn b/d for 2018, Thailand is at the top of the second tier. The UAE (effectively Abu Dhabi) cemented its position as top crude supplier to Thailand in 2018. Average volumes of 361,000 b/d were up 14.5% on 2017 though still down on 2013’s record 44...
Volume: 62Issue: 04Published at Fri, 25 Jan 2019 -
IEA Points To Marathon Task Of Rebalancing Market
...growing rapidly, but Opec’s share of it is declining even more quickly. Opec’s own numbers show that the group is slated to supply just 30.8% of global demand in 2019 down sharply from 33.8% in 2017. Opec expects non-Opec production to grow by a massive 2.1mn b/d in 2019 – still less than 20...
Volume: 62Issue: 03Published at Fri, 18 Jan 2019 -
Opec December Output Tumbled Ahead Of Latest Round Of Cuts
...vember’s 33.13mn b/d (see table). This was the largest monthly fall since the previous round of cuts kicked in back in January 2017. That said, October and November output was at the highest level since late 2016 as countries sought to maximize revenue ahead of the cuts and also to ensure high baselines fo...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Saudi Asian Supplies Surged To Record High In November Amid Bumper Exports
...is means that 2018 as a whole will surely see the four countries combined Saudi takings top 2017’s previous record of 3.919mn b/d. For the first 11 months of 2018 – ie without the bumper December volumes – supplies were 3.924mn b/d, already fractionally up on the 2017 figure (see chart). Saudi Ar...
Volume: 62Issue: 01Published at Fri, 04 Jan 2019 -
Saudi Arabia: Cutting Its Way To A 2019 Production Increase?
...Saudi Arabia says that it will do the heavy lifting under the latest round of Opec cuts, cutting deeper than its commitment if necessary. Its willingness to do so is not in question, after all it did exactly this under the previous round of cuts in place since January 2017. Yet it can exceed it...
Volume: 61Issue: 51-52Published at Fri, 21 Dec 2018 -
Market Fundamentals Point To Choppy Outlook For Opec
...mestic challenges. Unlike in the previous round of cuts from January 2017 onwards, where exemptions for Libya and Nigeria were intended to allow them to increase production, this time the exempt members are more likely to add to the scale of the cuts. Iranian production is falling as renewed US sa...
Volume: 61Issue: 50Published at Fri, 14 Dec 2018 -
Iraq Pledges 139,000 B/D Cut
...hieves capacity gains. Despite signing up for production cuts in November 2016, Iraqi output hit an annual record 4.43mn b/d in 2017 and is on track for 4.51mn b/d this year. Is another record likely in 2019? Yes. For one thing, MEES estimates the KRG could add 80,000 b/d, including 25,000 b/d each fr...
Volume: 61Issue: 50Published at Fri, 14 Dec 2018 -
Asian LNG Imports Up 14% In 2018... With Qatar Sales Up 9%
...ASIAN* LNG IMPORTS ROSE 14% FOR 10M18 (MN T): CHINA UP A WHOPPING 43% TO ALREADY TOP 2017’S ANNUAL RECORD OF 38.3MN T; KOREA, INDIA AND TAIWAN ALL ALSO ON TRACK FOR ANNUAL RECORDS BUYING FROM QATAR IS UP 9% Y-O-Y BUT STILL WELL DOWN ON RECORD 2013 LEVELS CHINA LN...
Volume: 61Issue: 49Published at Fri, 07 Dec 2018 -
OPEC Faces $200bn+ Question Next Week In Vienna
...rm or test new lows. After Brent settled below $60/B on 23 November for the first time since October 2017, prices have fluctuated either side of the line. The 2016 “Declaration of Cooperation” under which 24 countries (new Opec member Congo was not a signatory) agreed to cut some 1.8mn b/d ex...
Volume: 61Issue: 48Published at Fri, 30 Nov 2018 -
Total Reaps Mena Rewards Despite Iran Setback
...rs gas field Phase 11 and defend its position in the Abu Dhabi offshore ahead of the March 2018 expiry of its 13.33% stake in the Adma concession. Total successfully secured stakes in two of the three concessions that replaced Adma, and has held 40% at Al Shaheen since July 2017. While the return of...
Volume: 61Issue: 47Published at Fri, 23 Nov 2018 -
Saudi September Crude Exports At 20-Month High, But A Fall Is Coming
...ready in the works. Refining runs slipped to a five-month low of 2.63mn b/d in September – albeit still higher than any annual average. Meanwhile, crude exports rose to a 20-month high of 7.43mn b/d (since January 2017), up 220,000 b/d month-on-month (see data p7). January 2017’s 7.71mn b/d was the fi...
Volume: 61Issue: 47Published at Fri, 23 Nov 2018 -
Market Volatility Complicates Outlook As Opec Ponders Renewed Cuts
...ch price fluctuation within one year “is not healthy for producers, and it is definitely not healthy for consumers” (MEES, 17 November 2017). If Brent’s $22.30/B price range in 2017 was bad, this year’s $23.70/B is worse still. Omani Oil Minister Muhammad al-Rumhy said at Adipec that these ex...
Volume: 61Issue: 46Published at Fri, 16 Nov 2018 -
IEA Doubts US Shale Can ‘Single Handedly’ Meet Demand Growth
...ntinues to grow, albeit at a slower rate, out to the end of the IEA’s forecast period in 2040. Though the growth in renewables means use of oil in the power sector will fall by 2.5mn b/d versus 2017 levels, and use in cars will remain more or less level (with falling consumption in developed countries ca...
Volume: 61Issue: 46Published at Fri, 16 Nov 2018 -
Iran Launches JMMC Broadside Ahead Of Crunch Opec Meeting
...E surging 190,000 b/d to an all-time high of 3.18mn b/d, smashing the previous peak of 3.03mn b/d set in November 2016. While cutting output in 2017, albeit at a much slower pace than fellow members, the UAE continued investing in boosting production capacity and is now reaping the reward. Abu Dh...
Volume: 61Issue: 45Published at Fri, 09 Nov 2018 -
Suez Canal Trade Hits Records But Trade War Threatens
...7bn for 2018 as a whole, comfortably ahead of the previous annual record of $5.465bn set in 2014. The Suez Canal is a key revenue stream for Egypt: the record $5.71bn takings for the 2017/18 financial year equated to 12.4% of $45.9bn in state revenue, up from 11.1% in the previous financial year. Ca...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
US Permian Shale: Can It Maintain The Gains?
...om a stellar 150,000 b/d for February and March, monthly gains since have still averaged 50,000 b/d. Overall US ‘shale oil’ output which only topped 7mn b/d for the first time in May (and 6mn b/d eight months earlier in September 2017), is now well above 7.5mn b/d. Output of 7.53mn b/d for Se...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
2019 Global Oil Demand Projections Revised Down On Economic Headwinds
...IEA SUPPLY & DEMAND FORECASTS, OCTOBER 2018 (MN B/D) 2017 2018 vs 17 2019 vs 18 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018