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US Firms Scale Back Investment, Claim Output Unaffected
...twithstanding, the lack of major project sanctions will hit firms’ revenue stream early next decade. “It remains to be seen whether [this] strategy… is sustainable given that their finances still largely benefit from cash flow generated by projects sanctioned before 2014,” the IEA says, noting that those firms to...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
Opec Revenue: Sour Crude Shortfall Mitigates Price Crunch
...own no sign of halting so far, with the differential narrowing for the past five consecutive months to $1.21/B in June. This is not just the smallest differential since August 2014, but also the most consistent narrowing since early 2010 (see chart). Although Brent crude prices have weakened to be...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Gulf Crude Shipments Fall In Q2, But From Record Levels
...May. Collectively, based on the April-May stats, Q2 is on track for the third highest quarterly volumes since the start of 2014. That said, volumes likely dipped in June as Saudi Arabia ramped up crude burning in its power plants leaving less crude for exports. MEES estimates that Saudi crude ex...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Saudi Crude Exports Down, Refining Runs Up, More Products Exports
...e kingdom so far having prioritized its core buyers in Asia and the US. The big four Asian buyers – China, Japan, South Korea and India – took a record 4.216mn b/d in Q1, while the 1.285mn b/d purchased by the US was the highest since Q1 2014. The implication is that supplies to Europe are being sq...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Opec Confirms 13% 2016 Revenue Fall: Iran The One Winner
...12 2013 2014 2015 2016 vs'15% vs '12% 2017* vs'16...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
Libya, Nigeria Gains Expose Opec Deal’s Limitations
...nce November 2016, while Libya’s 770,000 b/d was its highest monthly output since October 2014. Both countries have flattered to deceive in the recent past, securing production gains that they have been unable to maintain and this may again be the case. This has especially been the case in Libya wh...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Gulf Opec Maintains Asia Volumes But Loses Market Share
...r the first four months of 2017, down from 48.0% a year earlier and over 52% for 2013 and 2014. Opec’s core Gulf members are increasingly coming up against an upstart newcomer in the lucrative Asian markets – the US. The growing volumes of US liquids turning up in Asia are indicative of the on...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Opec Output Cuts Extended But Market Relevance Wanes
...b17 Jan17 Dec16 2016 2015 2014 S Arabia* 9.98 -0....
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Opec Facing Tough Choices Ahead Of Vienna Meeting
...rporation (NOC) claimed 800,000 b/d-plus output last week, a level it has not sustained for a whole month since October 2014. Production disruptions are an ever-present risk, but more than half-way through May it seems as if a sizeable monthly gain is near-guaranteed. In Nigeria, the outlook is less po...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
OPEC, Will It Have To Cut Deeper For Longer?
...15 2014 S Arabia* 9.98 -0.08 10.06 +0.02 -0.42 9....
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Services Firms See US Activity Boost, But Profits Remain Elusive
...venue. The three largest listed oilfield services firms have struggled to turn a profit since the beginning of 2015. They managed a collective profit of $190mn in Q1 2017, but this compares to a whopping $3.53bn in Q3 2014 just before oil prices tanked. The key ‘good news’ in the first three months of...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Record US Oil Trade Belies Protectionist Rhetoric
...cord levels (see chart). Saudi volumes did dip in late March with ship trackers estimating a further fall to come. But then this needs to be put in perspective: March volumes were only low compared to January’s three-year-high levels; Q1 as a whole saw the highest volumes since early 2014. Ot...
Volume: 60Issue: 15Published at Fri, 14 Apr 2017 -
Production Curbs Help Market Inch Towards Balance
...uld constitute the market once again being balanced. But there is a consensus that the buildup of global crude stocks to record highs since 2014 means a simple reversion to production equaling or outweighing demand isn’t going to cut it. Stocks are going to have to be worked down, but by how much? Mo...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
US Ramp-Up Lays Down The Gauntlet To Opec
...16 – just nine months ago. That said the latest rig count remains little more than half the November 2014 peak of 565 – an indication that there remain substantial numbers of idled rigs (albeit typically older and less efficient ones) and thus that whilst evidence is growing of nascent Permian cost in...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Opec Output Edges Down But Saudi Wary Of ‘Free Riders’
...c16 Jan17 Dec16 2016 vs 2015 2015 2014 S Arabia* 9....
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
IEA Warns Of Capacity Squeeze Unless Investment ‘Rebounds Sharply’
...% cut in upstream investment over 2014-16 will have to be rapidly reversed if the world is not to face a supply crunch and a spike in prices towards the end of its forecast period. As such the IEA essentially repeats warnings in its inaugural World Energy Investment Report, released last Se...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
Asian Importers’ Opec Crude Addiction Grows
...ars, Saudi Arabian crude burn has dropped by more than 22% from Q4 to Q1 the following year – the exception was from Q4 2013 to Q1 2014 when it posted a lackluster 5% drop. The largest fall was posted in Q1 2016, when crude burn fell 37%. Saudi Arabia burned an average 497,000 b/d of crude last year, 60...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
Opec Cuts 860,000 B/D Output, More Work Required
...ude is currently around $55.63/B, largely on a par with January’s $55.45/B and $10/B above where it stood on 29 November. Certainly, January’s cumulative cut was the largest fall since March 2014, when violence knocked off production in Iraq, Libya, Nigeria and Angola, and Saudi Arabia also cut back (ME...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Opec Cuts: US Shale The Early Winner
...erators were looking to $60/B before they envisaged a major uptick in activity, Exxon is now far from the only firm to project that it could grow output at $40/B. It says it is getting more bang for the buck. “In the Permian Basin… our average drilling footage per day has increased about 85% since 2014,” Mr...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Algerian Oil Output Gets Berkine Boost
...• Opec member Algeria has been struggling to maintain its oil output levels. Average crude production of 1.11mn b/d for 2016 was down 40,000 b/d on 2014 (though up a touch on 2015 - MEES, 6 January). • The country’s upstream oil projects pipeline is almost bare: the 40,000 b/d oil ph...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017