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Opec+ In 2025: Navigating A Year Of Turbulence And Growth
...AR? Venezuela and Iran are not the only Opec members dealing with significant risks. Libya has struggled with huge political instability in the decade and a half following its 2011 civil war. With the country divided between two governments in the West and East, tensions between warring factions has of...
Volume: 69Issue: 02Published at Fri, 09 Jan 2026 -
Saudi Aramco Starts Marketing Crude For Bahrain
...mand began to exit its Covid-induced slump (see p15 for full data). Indeed, excluding 2020 and 2021’s ‘Covid’ nadir, Saudi crude output, which fell again to 8.97mn b/d for August according to MEES estimates (MEES, 8 September), is running at the lowest level since early 2011, whilst crude exports of...
Volume: 66Issue: 38Published at Fri, 22 Sep 2023 -
Opec Output: Saudi Floats Potential Deeper Voluntary Cuts
...tages, Libya, which is exempt from the cuts, has seen its output stabilize for a 12th straight month above 1.1mn b/d with drilling running at close to the highest level since the country’s 2011 revolution (see p5), IRAQ: HOsES BOOST EXPORT CAPACITY Iraqi production continues to rise as th...
Volume: 66Issue: 31Published at Fri, 04 Aug 2023 -
Biden Arrives In Saudi On Quest For Oil: How Much Does The Kingdom Have In Reserve?
...pex (MEES, 26 March 2021). This was reflected in a steep drop in the number of completed wells in 2021 according to the Opec Annual Statistical Bulletin (ASB). This report shows the number dropping from 580 in 2019 to just 314 for 2021. Not just was that the lowest number since 2011’s 312, it...
Volume: 65Issue: 28Published at Fri, 15 Jul 2022 -
Asian LNG Importers See Record Import Bill For Q1 Despite Slump In Volumes
...gure since 2011 (see chart 4 and p19 for full data). For global number three importer South Korea, Q1 imports were more resilient, but still at 13.47mn tons down 3% year-on-year (MEES, 15 April), whilst India, the most price-sensitive of the key Asian importers, saw an 18% year-on-year fall to 4.97mn to...
Volume: 65Issue: 17Published at Fri, 29 Apr 2022 -
Opec+ Resists Pressure To Release More Oil Amid Ukraine War
...ssage to global oil markets that there will be no shortfall in supplies as a result of Russia’s invasion of Ukraine.” This is only the fourth such coordinated drawdown, and the first since 2011 when the Libyan revolution disrupted production there (MEES, 27 June 2011). Following its meeting, Opec+ st...
Volume: 65Issue: 09Published at Fri, 04 Mar 2022 -
2021 LNG Imports: Qatar Extends Lead In Korea But Edged Out In Taiwan
...erage price for December suggests a greater reliance on term cargoes. For 2021 as a whole average prices were well within the bounds of historical norms, however. Korea paid an average of $11.17/mn BTU, up almost $3.50/mn BTU on 2020 but below the average price each year for 2011-15. Taiwan paid an av...
Volume: 65Issue: 02Published at Fri, 14 Jan 2022 -
India Steps Up Crude Buying Diversification
...test export data suggest higher volumes to come (see p2). Number two Saudi Arabia is down 23% at 596,000 b/d, the lowest half-year figure since 1H 2011. Saudi Arabia’s market share of just 14.7% for 1H 2021 is the lowest in well over a decade (see chart and table for full data). IN...
Volume: 64Issue: 35Published at Fri, 03 Sep 2021 -
Spain Crude Imports: Saudi & Mideast Share At Record Low As Libya Volumes Soar
...*Spain’s crude imports remain depressed by Covid. Average 1H 2021 imports of 1.074mn b/d were level with 2H 2020 as the lowest half year figure since 2011. Imports have edged up in recent months with the Q2 2021 average of 1.083mn b/d the highest ‘post-Covid’ quarterly figure. But this is st...
Volume: 64Issue: 33Published at Fri, 20 Aug 2021 -
GCC Rig Count Stuck At 10-Year Low Levels For 1H 2021
...e higher than the 9-year quarterly low seen in Q4 last year (see chart 1 and MEES, 18 December 2020). As such the average figure of 184 for 1H 2021 was the lowest half-year figure since 1H 2011. 1: THE GCC RIG COUNT AVERAGED JUST 184 FOR 1H 2021, THE LOWEST HALF-YEAR FIGURE IN 10 YEARS AND LI...
Volume: 64Issue: 27Published at Fri, 09 Jul 2021 -
Opec Production Rises To 12-Month High As Tapering Begins
...anted an exemption as it seeks to reverse the damage inflicted in the persistent conflicts since the ousting of Muammar Gaddafi in 2011. Libya plans to boost production further this year (see p4), but recent history has shown that major production outages are an ever-present risk. Meanwhile all eyes ar...
Volume: 64Issue: 23Published at Fri, 11 Jun 2021 -
Korea, Taiwan 2020 Crude Imports: Volumes Down, Mideast Down Further
...nual figure since 2011, with Q3’s 284,000 b/d the lowest quarterly figure since 2010. Number three Iraq saw volumes fall 34% to a six-year low 220,000 b/d, whilst number four the UAE saw a 15% fall to 206,000 b/d. *As recently as 2017, Iran was Korea’s number three supplier (behind Kuwait). Bu...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
Korea Crude Imports 6-Year Low, Taiwan Lowest In Decades
...65mn b/d (see table, p8). For Taiwan, Q3 imports of just 701,000 b/d were further down on the multi-decade low of 721,000 b/d set the previous quarter (see table). At 760,000 b/d for the first nine months of 2020, volumes are on track to come in below 2011’s 774,000 b/d as the lowest annual figure this mi...
Volume: 63Issue: 42Published at Fri, 16 Oct 2020 -
Taiwan Crude Imports: Total & Mideast Volumes Stay Low
...y major importer, suggest the world is in for a long slog in terms of the rebound of oil demand from Covid-19. At an average of 790,000 b/d for the first half of 2020, volumes are down almost 14% year on year (see table), putting the country on pace for the lowest annual figure since 2011. And th...
Volume: 63Issue: 28Published at Fri, 10 Jul 2020 -
US Rigs Fall To New Low
...cord 76%. Of the latest fall, half (five) were in the Permian, leaving the total for the key Texas/New Mexico shale basin at 132, level with the April 2016 nadir as the low point in data since 2011. Permian drilling has actually been more resilient than elsewhere – all other key basins had already hi...
Volume: 63Issue: 26Published at Fri, 26 Jun 2020 -
Saudi Gasoline, Jet-Kero Consumption Slumps In Lockdown
...abia gasoline and jet-kerosene consumption plunged in March as large parts of the economy were shuttered in response to the Covid-19 pandemic. Consumption of gasoline collapsed to its lowest level since August 2011, when the kingdom’s population was some six million less than current levels. The la...
Volume: 63Issue: 21Published at Fri, 22 May 2020 -
Opec’s Funky Baseline Aims To Maximize Claimed Cuts
...uld be the lowest combined annual production figure for this grouping since 2011’s 22.88mn b/d. Looking in closer detail at Opec’s four largest Gulf producers (excluding sanctions-hit Iran), combined output this year and next will be at its lowest level since 2013 (see chart). OPEC OUPUT: WH...
Volume: 63Issue: 16Published at Fri, 17 Apr 2020 -
Saudi Arabia Extracts Huge Cut Commitment From Russia
...its lowest level since 2015, the UAE would be the lowest since 2013, Saudi Arabia since 2011 and Kuwait would be producing at its lowest level since 2010. GULF GIANTS SHOWCASE STRENGTH If there is a clear winner from the planned agreement, it is Saudi Arabia. While the bulk of th...
Volume: 63Issue: 15Published at Fri, 10 Apr 2020 -
Opec Output At 17-Year Low Amid Libya Collapse
...pact of port shut-ins was felt. This was partially offset by a 120,000 b/d increase from Iraq to 4.51mn b/d which put Opec’s No.3 producer some 50,000 b/d above its Q1 production allocation. Libyan output has crashed to just 120,000 b/d (see p16), its lowest level since September 2011 in the last da...
Volume: 63Issue: 10Published at Fri, 06 Mar 2020 -
Pressure Mounts For Deeper Cuts As IEA, Opec Warn Of Demand Concerns
...owth rate since 2011. Opec is pushing for the wider Opec+ alliance to extend the existing production cuts beyond their current end-March expiry to end-2020. It is also advising that Opec+ deepen those cuts by 600,000 b/d in Q2. The IEA’s latest figures certainly strengthen the position of those ca...
Volume: 63Issue: 07Published at Fri, 14 Feb 2020