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Vive La Difference! IEA, OPEC Split On Supply, Price Views
...d oil price assumptions, as a recent study comparing their respective scenarios reveals. Differences become more acute through to 2035. Medium-term, 2011-16, the IEA sees oil demand growth as 400,000 b/d higher than OPEC. Given 2016 demand will be 93mn-94.5mn b/d, this reflects “roughly th...
Volume: 56Issue: 08Published at Fri, 22 Feb 2013 -
Tokyo Visits Top Two Suppliers
...NA Breakdown By Grade, 2011 & 2012 2012 2011 2012 2011 '000 b/d % of total '00...
Volume: 56Issue: 07Published at Fri, 15 Feb 2013 -
Production Rise Fails To Dent Prices
...rch 2011-March 2012 Iranian year, and a 12-well drilling drive on the offshore Kish gas field. But it is clear Tehran is worried. President Mahmoud Ahmadinejad, speaking on 7 February during the first visit of an Iranian President to Egypt since the 1979 Islamic revolution, responded positively to a US...
Volume: 56Issue: 06Published at Fri, 08 Feb 2013 -
Badri Sends Soothing Message
...mp are high, but OPEC is not to blame, Mr Badri argued. OPEC may have made $1.1 trillion in 2011 from oil sales and $4.2 trillion in 2007-11. But in the same period OECD countries have earned $5.5 trillion from petroleum taxes. “In recent years we have also seen the budgetary requirements of many oil pr...
Volume: 56Issue: 05Published at Fri, 01 Feb 2013 -
IEA Sees Chinese Demand Strength Driving Call On OPEC
...12 2Q12 3Q12 4Q12 2011 2012 OPEC IEA OPEC IEA OPEC IE...
Volume: 56Issue: 04Published at Fri, 25 Jan 2013 -
Fiscal Concerns Linger, Despite Easing Demand Growth Alarm
...oduction below 3mn b/d for the first time since March. At just under 30.3mn b/d, overall OPEC output is the lowest since October 2011, according to MEES estimates. This, the fifth consecutive month of Saudi production falls, comes amid a generally firm price environment, with monthly OPEC Basket pr...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Higher Oil Prices Adopted In 2013 Budgets
...imulus programs put in place to appease Arab Spring protestors. Higher market prices have also provided encouragement. The OPEC Basket price climbed to a yearly average of $109.45/B last year versus 2011’s $107.46/B. This means OPEC producers will surpass their 2011 record $1 trillion oil revenue ja...
Volume: 56Issue: 02Published at Fri, 11 Jan 2013 -
Buoys Will Be Buoys
...erall, output this year surged over 1.5mn b/d compared to 2011, despite stagnant projections for the Call on OPEC – OPEC itself puts 2012 demand for its crude at 30.12mn b/d compared to 30.07mn b/d the previous year. And with average 2012 basket prices of $109.45/B having outperformed 2011’s $107.46/B, 20...
Volume: 56Issue: 01Published at Fri, 04 Jan 2013 -
Badri Urges Straight Course
...ssible emergency meeting ahead of May (MEES, 14 December). Just why such high supply has not had a bigger impact on prices was somewhat of a mystery. OPEC basket prices have been above $100/B for all but three months since January 2011. OPEC output, according to the OPEC’s own Monthly Oil Ma...
Volume: 55Issue: 52Published at Fri, 21 Dec 2012 -
Ministers Roll Over Ceiling Again, Badri Gets Seventh Year
...asonable price levels for producers and consumers.” OPEC would “swiftly respond to developments that might have a detrimental impact on an orderly oil market,” it vowed. Basket prices have remained over $100/B for all but three months since January 2011 delivering a revenue bonanza, pr...
Volume: 55Issue: 51Published at Fri, 14 Dec 2012 -
Output Ratchets Up Ahead Of Vienna Meeting
...mpares with 9.3mn b/d in 2011, when Riyadh stepped in to compensate for lost Libyan production, and 8.5mn b/d in 2010. But Iraq has been the biggest beneficiary of lost Iranian market share on the back of US and EU sanctions (MEES, 30 November). Iraqi output in November notched up an eighth successive mo...
Volume: 55Issue: 50Published at Fri, 07 Dec 2012 -
Washington Likely To Maintain Global Energy Policy Commitment
...sessing the impact of an expected 1.25mn b/d drop in OPEC crude demand next quarter (see table). An upward revision to the view on OPEC NGLs and non-conventional supply dating back to 2011 prompted a downward revision to the MOMR’s projection for OPEC crude demand. This Call on OPEC is projected to...
Volume: 55Issue: 48Published at Fri, 23 Nov 2012 -
OPEC Role Steady Amid Rapid Change In IEA Outlook
...erage IEA crude oil import price approaches $125/B (in year 2011 dollars) by 2035. The study’s Current Policies scenario assumes the implementation of no policies adopted after mid-2012, while the 450 Scenario (MEES, 14 November 2011) assumes policy action to limit the long term global temperature in...
Volume: 55Issue: 47Published at Fri, 16 Nov 2012 -
Shale Revolution, Slowing Demand Growth Cut Into Call On OPEC
...0bn for required additions and around $750bn for maintenance and replacement. Taking into account estimated midstream investments of “close to $1 trillion” the WOO sees global oil-related investment requirements 2011-35 “somewhere in the range of $6 to $7 trillion”.While precise growth in North Am...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
Decision On New OPEC Chief Postponed
...neral. OPEC Crude Oil Production October 2011 – October 2012 (MEES Estimates – ‘000 B/D) 2012 2011 Oct Sep Aug Ju...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
IEA Predicts Bleaker Days Ahead For OPEC
...% of incremen-tal global liquids supply of 9.3mn b/d through to 2017, only second to North America’s 40% (largely from oil sands or tight oil). And for OPEC, Iraq is likely to be still more significant, supplying over 50% of a projected 3.34mn b/d increase for 2011-17. The MTOMR confirms findings of...
Volume: 55Issue: 43Published at Fri, 19 Oct 2012 -
Aramco Sees Energy Paradigm Shift
...ogram (MEES, 28 November 2011). But the problem was “misleading hype” about how quickly renewables could make an impact. “As a result there have been a lot of disappointments,” he noted. ...
Volume: 55Issue: 43Published at Fri, 19 Oct 2012 -
Iraq Proposes 2013 Budget Oil Price Increase
...gust, which was up from July’s 3.231mn b/d and August 2011’s 2.854mn b/d. Iraqi officials said that $13bn deficit projected for the 2012 budget is unlikely to materialize, because like previous years the government was unable to spend full allocations. Nevertheless, in July the Iraqi ca...
Volume: 55Issue: 40Published at Fri, 28 Sep 2012 -
High Prices Alarm Gulf Members
...pply. In fact, Riyadh reported its production as falling from July’s 9.8mn b/d to a 9.75mn b/d in August, – MEES and tanker tracker assessments broadly back this trajectory. The August production level is the lowest reported since October 2011, and a Saudi uptick in September would be entirely expected gi...
Volume: 55Issue: 39Published at Fri, 21 Sep 2012 -
OPEC Sees Fundamentals Steady Amid Market Turbulence
...EC IEA OPEC IEA OPEC IEA OPEC IEA 2012 2011 2011...
Volume: 55Issue: 38Published at Fri, 14 Sep 2012