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Oil Markets Enter The ‘Red Zone’
...iversally bullish on the future of Brazil’s deepwater ‘pre salt’ output, delays and a heavy maintenance schedule mean this year’s output has been down on 2017 (MEES, 7 September). August’s output, at 2.52mn b/d was the lowest in more than two years. However the continued ramp-up at new pre salt FPSOs ma...
Volume: 61Issue: 41Published at Fri, 12 Oct 2018 -
Libya Looks To BP/Eni Deal To Unlock Upstream Investment
...nditions allowed. But as a company with no production or other assets in Libya it had never judged the timing opportune. How to square the circle? …BUT ENI EYES BIG REWARD Enter Italy’s Eni, Libya’s biggest producer with 384,000 boe/d of output for 2017 (mostly gas) and a proud record of...
Volume: 61Issue: 41Published at Fri, 12 Oct 2018 -
OPEC Production Up As Saudis Tout More In The Pipeline
...oduction rose just 100,000 b/d in September as the group struggled to offset ongoing declines in Iran and Venezuela. The 33.01mn b/d that it posted was a 14-month high, and was 110,000 b/d more than in September 2017. Opec output has averaged 32.60mn b/d over the first nine months of the year, 16...
Volume: 61Issue: 40Published at Fri, 05 Oct 2018 -
LNG Prices At Four-Year High Amid Soaring Demand
...Soaring demand for LNG, up a collective 14.5% from 2017’s record levels for the top five global buyers, has sent prices to the highest level since early 2015. With key new liquefaction plants delayed and booming Chinese demand showing no chance of slowing, are further rises in store? The wo...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
Saudi Oil Exports On Track For Record Year
...oducts exports are poised to top 2mn b/d for the first time this year, which would represent a massive 70% year-on-year increase on 2017’s record 1.44mn b/d. With crude exports relatively subdued, although still on course to bounce back above 7mn b/d, refined products are set to exceed 20% of total oil ex...
Volume: 61Issue: 38Published at Fri, 21 Sep 2018 -
Volatile Market Outlook Provides Opec With Challenges Ahead Of Algiers Meet
...rly 2017. Further significant falls in stocks could therefore result in substantial oil price gains and Brent is again testing near-four-year highs of $80/B. It broke the barrier during trading hours on 12 September before settling at $79.74/B. IEA SUPPLY & DEMAND FORECASTS, SEPTEMBER 20...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
US Oil Output Forecasts Revised Down, Energy Independence Postponed
...L FORECASTS (MN B/D) 2017 2018 vs 17 2019 vs 18 Crude Ou...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
Opec Output Jumps Ahead Of Crunch JMMC Meeting
...location ‘Allocation’ from Jan17 1H 2018 vs1H 2017 1H 2017 2017 20...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Global Supply: Brazil Undershoots
...Brazil has been touted by the IEA and other analysts as likely to provide a key boost to this year’s non-Opec crude output. But with data in for the first seven months of 2018, the country’s output, at 2.58mn b/d, is actually down on the 2017 average of 2.62mn b/d (and 2.63mn b/d for January-Ju...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Turkey Mixes Business & Politics As Qatar LNG Surges
...re down 6.8% year-on-year in 1H 2018, though this year is still on track to be second only to 2017’s record volumes. Last year’s biggest winners were Russia and Iran, which saw volumes jump 20% to a record 9.25bcm (see table), but both are suffering in 2018. But Iranian volumes have slid since th...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
Opec: More Crude Needed, Now
...TPUT VS CALL ON OPEC CRUDE (MN B/D): BOTH OPEC AND IEA FORECASTS IMPLY* A SHORTFALL IN OUTPUT FOR 2017 TURNING INTO A SIZABLE SURPLUS FOR 2019. BUT FORECASTS FOR 2H 2018 DIFFER CONSIDERABLY: THE IEA HAS THE MARKET MORE OR LESS IN BALANCE, WHILST OPEC FIGURES IMPLY A 1.1MN B/D DEFICIT *OPEC OU...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
Opec Output Edges Up Despite Saudi Cut
...yers shun Iranian crude in advance of US ‘secondary’ sanctions (see p11). Exports also slid despite bumper buying from India and China. South Korea, the erstwhile number-three importer of Iranian crude, halted imports altogether in July (MEES, 3 August). In 2017 South Korea imported 360,000 b/d from Ir...
Volume: 61Issue: 32Published at Fri, 10 Aug 2018 -
Iran Suffers Korea Export Blow Ahead Of Sanctions
...d been an increasingly important customer for Iran and took record volumes in 2017. The 361,000 b/d that South Korea imported from Iran over the course of 2017 was more than any country bar China and India. This marked the third consecutive year in which the country has held the number three sp...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
LNG Start-Ups To Peak, Then Slump
...ertaking Qatar (77mn t/y) as the world’s top LNG exporter. Actual Australian 2017 exports were 56.2mn tons, with the country set to add a further 21.4mn t of capacity this year (and of course the 9.7mn t/y of capacity added during 2017 was not operating for the whole of the year). • With in...
Volume: 61Issue: 30Published at Fri, 27 Jul 2018 -
Saudi Crude Exports Poised To Fill Market
...rket. He said crude exports for July would be equal with June but expected August exports to fall by 100,000 b/d. It thus appears unlikely that November 2016’s record 8.26mn b/d is under imminent threat. Following the implementation of the Opec+ agreement in January 2017, Saudi Arabia cut crude ex...
Volume: 61Issue: 29Published at Fri, 20 Jul 2018 -
EIA Hikes 2019 US Output Forecast; Exports AT Record
...tput topped 14mn b/d for the first time in February and 15mn b/d in May. It is now set to breach 16mn b/d from January 2019 and 17mn b/d from November next year. Average 2018 output of 15.14mn b/d would represent a record 2.05mn b/d gain on the 2017 output figure; production is set to soar by a further 1....
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Opec+ Leaders Make Head Start In Boosting Production
...ound 300,000 b/d from June levels. At 11.06mn b/d, Russian output was the most since March 2017 and 130,000 b/d above its previously allocated 10.93mn b/d (see chart). OPEC WELLHEAD PRODUCTION, June 2018 (MN B/D, MEES ESTIMATES) CONGO JOINED EFFECTIVE 22 JUNE, WILL BE INCLUDED IN TABLE FR...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Opec’s Monitoring Committee Takeover, Instability Promote Supply Concerns
...s expanded in November 2017 to officially include Saudi Arabia, which also shares chairmanship with Russia. The other members are Venezuela, Algeria, Kuwait and the UAE alongside non-Opec member Oman. As Saudi Energy Minister Khalid al-Falih said following the 23 June non-Opec meeting, “it just so ha...
Volume: 61Issue: 26Published at Fri, 29 Jun 2018 -
Saudi Wins Out, Opec Switches To Group Ceiling
...r18 Mar18 YTD vs2017 2017 2016 Algeria 1....
Volume: 61Issue: 25Published at Fri, 22 Jun 2018 -
US Shale: Reading The Runes On Future Supply Growth
...illing & Projects Al Hirschberg told the firm’s Q1 earnings call. BAKKEN BUSINESS Perhaps the greatest success of recent months has been North Dakota’s Bakken. As recently as early 2017, the start of the latest US shale boom, many of the sector’s leading lights were skeptical that Bakken output wo...
Volume: 61Issue: 25Published at Fri, 22 Jun 2018