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Markets Face Precarious 2019 Amid Supply Uncertainty
...ne. It’s difficult to see the common ground that unites Opec’s 14 members. OPEC SUPPLY & DEMAND FORECASTS, JUNE 2018 (MN B/D) 2016 2017 vs’16...
Volume: 61Issue: 24Published at Fri, 15 Jun 2018 -
US Output Set For Record 2mn B/D 2018 Growth; 2019 Forecasts Trimmed On Pipeline Constraints
...ble). • NGLs output is also slated to grow by almost 600,000 b/d to 4.33mn b/d for 2018, taking total 2018 oil output to a whopping 15.12mn b/d. This smashes 2017’s previous annual record of 13.09mn b/d, whilst forecast year-on-year gains of 2.03mn b/d top 2014’s previous record of 1.75mn b/d. • But, wh...
Volume: 61Issue: 24Published at Fri, 15 Jun 2018 -
Opec Eyes 25% Revenue Boost Ahead Of Vienna Meeting
...18 will hinge on the upcoming discussions. When the deal was initially struck in November 2016, uppermost among concerns were that as the market approached balance the incentive for members to cheat could grow too strong to resist (MEES, 26 May 2017). But the lean years of 2015-2016 when the group’s an...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
2017’s Biggest Opec Winners
...On a dollar basis, Saudi Arabia was the biggest Opec winner in 2017 with revenues up $23.5bn year-on-year. But as by far the biggest producer in the grouping, its annual revenue swings are typically the greatest. When looking at revenue changes on a percentage basis the clear winner was Li...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Iran The Wild Card Amid Opec Pre-Vienna Posturing
...quiring a unanimous decision for production increases there is plenty of room for any prospective agreement to collapse. The current production restrictions have been in place since January 2017 and were extended to end-2018 during the last Opec+ meeting on 30 November (MEES, 1 December 2017). But the ex...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Trump’s China Trade Deal: Will Saudi Lose Out?
...ich came into effect at the start of 2017, but also due to an increased downstream focus: oil products exports hit a record 1.89mn b/d in Q1, with products’ share of the kingdom’s oil exports at a record 20.8% (see data, p18). In China, Saudi Arabia has seen its market share fall from 20% in 2012 and 15...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
US Shale Records Test Infrastructure Limits
...tput is now forecast to top 12mn b/d by the end of 2019 (see charts). For this year the EIA now forecasts 10.72mn b/d, up a whopping 1.37mn b/d on 2017 – a record annual gain, beating 2014’s 1.29mn b/d. The hike in forecasts comes in on the back of soaring oil prices. US marker WTI, having av...
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
Oil Price Gains Prompt Debate Over Demand Slowdown
...e group cut its expected global demand growth rate from 1.47mn b/d to 1.44mn b/d (see Chart 1). “Crude oil prices have risen by nearly 75% since June 2017. It would be extraordinary if such a large jump did not affect demand growth” says the group. Demand growth cuts have fallen solely on 2H 20...
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
Blow To Nuclear Deal Forces Opec Output Reappraisal
...18mn b/d the highest since October 2017. Moreover, export volumes have been more than 5mn b/d for four consecutive months, a feat not achieved since August 2017. Q1 exports to China of 1.345mn b/d were a record high, while the 193,000 b/d to South Korea was the most since 3Q 2015. OPEC WELLHEAD PR...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Saudi Crude Exports To Key Customers (‘000 B/D)
...Q1 SAW SAUDI ARABIA’S CRUDE SHIPMENTS TO THE US REBOUND SOMEWHAT FROM THE 30-YEAR LOWS HIT IN 2H 2017... ...JAPAN, WHICH OVERTOOK THE US FOR #1 IN 2015, EXTENDED ITS LEAD LAST YEAR. CHINA VOLUMES EDGED UP... SOURCE: OFFICIAL IMPORT STATISTICS, JODI, ME...
Volume: 61Issue: 18Published at Fri, 04 May 2018 -
New ADNOC Trading Unit
...erations.” Adnoc plans to hike refining capacity by 60% to 1.44mn b/d by 2025, while in petrochemicals the aim is to more than triple capacity to 14.4mn tons/year by 2025 (MEES, 1 December 2017). “We aim to capture more value further along the value chain,” says Mr Jaber. “Our goal is to become a major gl...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
Abu Dhabi Banks On Booming Petchems Demand
...ES, 1 December 2017). Mr Sheikh highlights the centrality of Adnoc’s downstream facilities at Ruwais as a major strategic advantage. The official also flagged up Adnoc’s wealth of feedstock available for an expanded petrochemicals sector. The UAE regularly exports in excess of 400,000 b/d of NGLs – in...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
Opec Members Unrestrained In Condensate Growth
...oduces more condensate, around 750,000 b/d, than it does crude oil. Taking that into account, its agreed 30,000 b/d cut was actually just 2.1% of total wellhead oil output. Qatar’s condensate output is already the most in Opec, but its massive LNG expansion plans announced in 2017 and the eventual co...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
The USA’s Growing Role In Global LNG Trade - MEES Crunches The Numbers
...THE USA EXPORTED A RECORD 4.7MN T (2.64BN CFD) OF LNG IN 4Q 2017, WITH 70% HEADED FOR ASIA*, ALSO A RECORD ASIAN LNG IMPORTS FROM THE US HIT A RECORD 1.31MN TONS FOR JANUARY 18. A RECORD KOREAN^ FIGURE OF 532,000T FOR MARCH SUGGESTS THIS WILL BE BROKEN IN THE MONTHS TO CO...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Geopolitics Roils Oil Market as Opec seeks Balance
...ncerns. GLOBAL OIL* STOCKS: OPEC, IEA DATA IMPLIES MAJOR DRAWDOWNS IN 2H 2018 *CRUDE + NGLS. SOURCE: IEA, OPEC, MEES. OPEC SUPPLY & DEMAND FORECASTS, APRIL 2018 (MN B/D) 2016 2017 vs'16...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018 -
Opec Output At 11-Month Low, Overshadows Latest Russian Gains
...Opec production fell to an 11-month low in March as “involuntary cuts” from its weakest members continued to pile up. Output averaged 32.14mn b/d, down 230,000 b/d on January and the lowest since April 2017’s 32.09mn b/d. March was the third consecutive monthly decline and so unsurprisingly th...
Volume: 61Issue: 14Published at Fri, 06 Apr 2018 -
Algerian Crude Output: Temporary Dip, Long-Term Decline
...ll over 200,000 b/d. But output last topped this level in 2008. Output fell below 100,000 b/d for 2017, and was just 94,000 b/d in Q4 (see chart). Anadarko also operates the processing facilities for the nearby El Merk and Cepsa-operated Ourhoud fields. Collective output from these fields fell to 33...
Volume: 61Issue: 14Published at Fri, 06 Apr 2018 -
LNG: Mideast Producers Lose Share Amid Record Global Trade
...ough, with imports of 8.29mn tons for February. • LNG powerhouse Qatar supplied a record 3.85mn tons to the East Asian ‘big three’ in January, though this dipped to 2.99mn tons in February. But Austraila has become increasingly dominant as the top supplier to East Asia in recent years. In 2017 it su...
Volume: 61Issue: 13Published at Fri, 30 Mar 2018 -
Saudi Products Exports Smash Previous Records But Set For Dip
...ports as products are generally less scrutinized than crude. Saudi Arabia exported a record 1.91mn b/d of products in January smashing October 2017’s previous record of 1.59mn b/d. The products share of the kingdom’s total oil exports, at 21.1%, was also a record, whilst volumes of diesel (80...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018 -
Opec Struggling To Keep Up With Rival Producers
...A SUPPLY & DEMAND FORECASTS, MARCH 2018 (MN B/D) 2016 2017 vs 16 2018 vs 17...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018