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Opec’s Falling Production Capacity Strengthens Saudi Control
...are Capacity IEA 2018 Capacity Jan18 Dec17 Feb17 2017 vs 16...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Global LNG Trade Hits New Records. More To Come?
...Not only did 2017 see global LNG trade hit new records, but January 2018 saw new monthly highs. Shell’s latest ‘LNG Outlook’ suggests that new records are in store. The three East Asian countries which are by far the top three global LNG importers – Japan, China and South Korea – im...
Volume: 61Issue: 09Published at Fri, 02 Mar 2018 -
US Poised To Compete With Saudi Arabia As World’s Largest Oil Exporter
...Full year 2017 figures from Jodi highlight the extent of the increasing importance Saudi Arabia places on its products exports. As it cut back on its heavily-monitored crude exports as part of the Opec+ production agreement since January 2017, it simultaneously ramped up refining runs, re...
Volume: 61Issue: 08Published at Fri, 23 Feb 2018 -
Russia, Saudi Arabia Commit To Enforcing Production Discipline
...rtainly be “extraordinary.” US crude and condensate production grew 467,000 b/d in 2017, but the latest production forecasts from the US government’s EIA are for a massive 1.27mn b/d increase this year. That’s still 120,000 b/d shy of the IEA’s expected global demand growth. But then the EIA also predicts an...
Volume: 61Issue: 07Published at Fri, 16 Feb 2018 -
Opec Steadies Production In January
...yadh is set to grow in 2018. January’s collective output was 560,000 b/d above the grouping’s nominal 31.92mn b/d production target – based on the agreed upon 32.5mn b/d plus Equatorial Guinea which joined in 2017, less Indonesia, which suspended membership in November 2016. Opec has never hit the ta...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Saudi-Russia Relations Mean Opec+ ‘Deal’ Will Continue. At What Price?
...al to tout ‘compliance’ of 129% for December. Whilst this is a flawed metric (MEES, 26 May 2017), it is one on which Opec increasingly chooses to focus. And the figure was likely even higher for January. With a further collapse in Venezuelan output far more likely than a rebound, this gives potential co...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Key Non-Opec Producers See Output Soar (Mn B/D)
...US CRUDE OUTPUT HIT 10.04MN B/D IN NOVEMBER, LEVEL WITH 1970’S ALL-TIME HIGH. OUTPUT IS FORECAST TO TOP 11MN B/D NEXT YEAR BRAZIL CRUDE OUTPUT ROSE 4% TO A NEW ANNUAL RECORD OF 2.62MN B/D FOR 2017. A STRING OF NEW DEEPWATER DEVELOPMENTS PROMISE NEW RECORDS FOR 2018 (MN...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Saudi Arabia’s Shift Up The Value Chain Offsets 7-Year Crude Export Low
...ll in crude export volumes was more than offset by a 28.6% increase in the price of Saudi benchmark Arab Light and the shift towards refined products. Saudi trade data show that oil export revenues for the first 10 months of 2017 were up 22.6% year-on-year at $137bn. This is already above the fu...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
Assessing Opec’s Five Year Average Inventory Target
...B/D) 2016 2017 vs 16 2018 vs 17 1Q17 2Q17 3Q...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
Opec’s 2017 Output The Second Highest On Record; What Does 2018 Hold?
...another “full year” of cuts in accordance with November’s agreement (MEES, 1 December 2017). For sure, Opec last year secured its first annual output fall since 2014: production averaged 32.49mn b/d. However, the big caveat is that this was just 130,000 b/d shy of 2016’s record 32.62mn b/d and th...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
US Oil Output Soars: Did Opec Create A Frankenstein’s Monster?
...The US government’s Energy Information Administration (EIA) this week came out with its most bullish 2018 output forecasts yet. Further massive gains are slated for 2019. Crude output will average 10.27mn b/d this year, the EIA says, a new record and up almost 1mn b/d on 2017. It will co...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
The USA: The Global Oil Trade Titan
...oil trade hit a record 16.2mn b/d in 2017, the highest figure for any country ever. US oil output is at record levels. Crude production rose to 9.64mn b/d in October, the highest figure since 1971; add in record 4mn b/d NGLs output, and total oil output is well over 13mn b/d, an all-time high (se...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
Opec In 2018: More Revenue Less Market Share?
...adual erosion of discipline from those members able to increase output which doesn’t reduce prices ought to see Opec’s revenues exceed this estimate next year. THIS YEAR’S WINNERS AND LOSERS Without a doubt Libya is the biggest winner revenue-wise within Opec in 2017. Its oil earnings are set to gr...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Can Opec Eliminate Stock Overhang In 2018?
...oup's estimated $570bn oil revenues in 2017. Opec and the IEA both raised their expectations for US output gains in 2017 and 2018, with both expecting more than 1mn b/d growth next year. But here the similarities end. While Opec expects continued momentum in the global economy to sustain strong oil de...
Volume: 60Issue: 50Published at Fri, 15 Dec 2017 -
EIA Hikes 2018 Us Output Growth Forecast To 1.24mn B/D
...rmation alone rose by 500,000 b/d between January and November. With September through December 2017 figures revised up from those in last month’s report, the EIA is now projecting 2017 average crude output of 9.24mn b/d, up 380,000 b/d on 2016, but some 170,000 b/d shy of the post-1970 annual high of 9....
Volume: 60Issue: 50Published at Fri, 15 Dec 2017 -
Saudi, Algerian Cuts Lead Opec to Six-Month Production Low in November
...ter starting 2017 with strong compliance, Kuwait is struggling to adhere to its production allocation. The planned start-up of 120,000 b/d light crude in Q1 2018 will pose serious questions about its commitment. OPEC WELLHEAD PRODUCTION, NOVEMBER 2017 (MN B/D, MEES ES...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
Opec/Russia ‘Historic’ Strategic Alignment: Can It Hold?
...rward, Mr Falih says that Nigeria and Libya have pledged that 2018 production will not exceed this year’s levels. They will not “surprise on the upside” he says. Given the volatility of their output, this presumably means their maximum output in 2017 – some 1mn b/d for Libya and 1.84mn b/d for Nigeria – ra...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
Saudi Crude Exports At 7-Year Low, Outweighing Products Gains
...Saudi Arabia is leading by example within Opec when it comes to withholding crude oil from global markets in order to erode the stock overhang. The kingdom’s crude exports are set to fall to a seven-year low in 2017. And while this has been partially achieved by ramping up refining rates and th...
Volume: 60Issue: 47Published at Fri, 24 Nov 2017 -
Global Output To 2040: Will Opec Be Squeezed Amid Offshore Growth?
...A PROJECTIONS*): OPEC SHARE TO EDGE UP FROM 43% IN 2016 TO 46% IN 2040 *2017 WEO, NEW POLICIES SCENARIO. 2: WORLD’S TOP 8 OIL PRODUCERS IN 2040 (MN B/D, IEA PROJECTIONS*) *2017 WEO, NEW POLICIES SCENARIO. ^2016 OUTPUT REBASED TO ZERO. 3: BRAZIL IS FORECAST* TO BE...
Volume: 60Issue: 47Published at Fri, 24 Nov 2017 -
IEA, Opec Diverge On Market Outlook Ahead Of Key Vienna Meet
...tionale is clear. Participants to the agreement are currently aligned that an extension is required. But, with demand set to outstrip supply for the remainder of 2017, they may be less inclined to back an extension in early-2018. And the more bearish IEA report says that “the market balance in 2018 does no...
Volume: 60Issue: 46Published at Fri, 17 Nov 2017