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US Hikes Mid-Decade Output Estimates By 2mn B/D
...yond domestic demand and maximise product exports. Net US products exports shot up from 250,000 b/d in 2011 to over 900,000 b/d for 2012 and an EIA forecast of 1mn b/d for this year. Net products exports are set to hit 1.3mn b/d by 2030 and 1.8mn b/d by 2040, the EIA predicts. Of course, a revoking of th...
Volume: 56Issue: 51/52Published at Fri, 20 Dec 2013 -
OPEC Gets Through The Year But Oversupply Threat Looms
...wn by 490,000 b/d from October and the lowest figure since June 2011. Saudi Arabia cut output by 200,000 b/d whilst Libyan outages deepened (see p2) and Nigerian output also fell. There were also slight declines from Kuwait and the UAE due to field maintenance. Excluding Iraq, which saw a 70...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
Gathering Storm For OPEC As Iran Lays Down The Gauntlet
...epticism on the part of the Saudis over the Islamic Republic’s ability to make good on its pledge. Saudi Arabia, Iran: Crude Output Change Since Jan 2011* (Mn B/d)...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
‘Every Time We Go To Quotas, Who Bears The Brunt? Us’
...how does an organization impose discipline in the absence of production quotas, previously calculated on a pro-rata basis and now replaced with informal targets that have not been made public. The only guidance issued by OPEC since December 2011 has been an overall production target of 30mn b/d th...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Iran Prepares For Full Return To Oil Markets But Will Saudi Make Way?
...ropean Union imposed a series of economic and oil sanctions against Tehran starting in 2011 over its controversial nuclear program. Since then Iran’s oil exports have fallen below 1mn b/d from around 2.5mn b/d before the EU ban on imports of Iranian crude came into effect in mid-2012. According to MEES es...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
OPEC Output Edges Up On Partial Recovery in Libya, Iraq
...oduction at an average of 500,000 b/d in October, up approximately 150,000 b/d on September. This increase came despite renewed protests at the country’s main oil fields and terminals. Facing the worst disruption to its oil industry since the 2011 civil war, Libya appeared to have turned a corner in la...
Volume: 56Issue: 45Published at Fri, 08 Nov 2013 -
Supply Challenge Still Alive Despite Shale Surge
...deed, domestic energy demand within the GCC is growing at an annual 5% and in 2011 stood at 200mn tons of oil equivalent. That number is expected to double in the next decade, said a senior Gulf banker. Saudi Arabia consumes 2.8mn b/d during peak consumption periods and has recently taken to su...
Volume: 56Issue: 44Published at Fri, 01 Nov 2013 -
IEA, OPEC See Deeper Cuts In 2014 Call On OPEC
...t average oil output for the group at 30.05mn b/d in September, down close to 400,000 b/d from August levels – leaving it just 50,000 b/d off the 30mn b/d production ceiling agreed on in December 2011. OPEC members are set to meet in Vienna in December this year. But despite crude oil pr...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
QEWC Secures $450Mn Funding For Desalination
...December 2011. Saudi Arabia too cut back production in September, from a 33-year high of 10.2mn b/d posted for the previous month. Initial MEES estimates put total supply from the producer group at 30.04mn b/d, down significantly from an upwardly revised 30.83mn b/d in August. The 80...
Volume: 56Issue: 41Published at Fri, 11 Oct 2013 -
OPEC Output At Near Two Year Low In September On Iraqi Outages
...OPEC OPEC Output At Near Two Year Low In September On Iraqi Outages OPEC oil production fell to its lowest level in almost two years in September, as further declines from Libya and Iraq brought the producer group close to its 30mn b/d output target, agreed in December 2011...
Volume: 56Issue: 41Published at Fri, 11 Oct 2013 -
Turkey Turns To Iraq To Replace Iranian Barrels
...der 105,000 b/d for May-July. Turkish crude imports from Iran averaged 112,000 b/d in the first seven months of the year, down around 25% and 40% on 2012 and 2011 figures respectively. Waiver Review Coming Up Turkey is one of nine countries still importing Iranian crude that in Ju...
Volume: 56Issue: 38Published at Fri, 20 Sep 2013 -
OPEC Holds Steady Despite Libya Nightmare
...e worst disruption to the country’s oil industry since the 2011 civil war. Libyan output continued its slide last month, as armed groups, security guards and oil workers with tribal loyalties worked together to shut down a host of key pipelines and oil ports across the country. Production av...
Volume: 56Issue: 36Published at Fri, 06 Sep 2013 -
Japan Ups Imports Of Iranian Crude Ahead of US Waiver Review
...nths to appease the US, and better its chances next month of gaining a further extension of a previous waiver granted to it by Washington earlier this year. Washington in December 2011 passed a law cutting off access to the US financial system for foreign financial institutions involved in oi...
Volume: 56Issue: 35Published at Fri, 30 Aug 2013 -
OPEC sees Tight Markets As Libyan Volumes Slump, Iraq Disappoints
...st month while the US light sweet crude oil benchmark soared, ending July over 9% higher, the largest month-on-month percentage gain since November 2011. OPEC’s Reference Basket (ORB) in July jumped to $104.45/B, up by $3.42/B over June, the highest month-on-month gain since February, the MOMR sa...
Volume: 56Issue: 33Published at Fri, 16 Aug 2013 -
Twilight Looms For OPEC’s Golden Age
...ars on the trot! Gas has also emerged as an increasing revenue driver, enabling Qatar in 2011-12 to post OPEC’s strongest earnings gains (see table 1). Table 1: OPEC Members’ Petroleum Exports By Value ($Bn) 2005 20...
Volume: 56Issue: 31Published at Fri, 02 Aug 2013 -
OPEC Producers Adopt Higher Oil Price Assumptions For 2013 Budgets
...ograms put in place by a number of the regional governments, to appease the lingering unrest sparked by the Arab Spring more than two years ago. Higher oil prices too have also played their part, with the OPEC basket climbing to a yearly average of $109.45/B in 2012, relative to $107.46/B for 2011. Pr...
Volume: 56Issue: 30Published at Fri, 26 Jul 2013 -
Riyadh, Baghdad Benefit As Turkey Weans Itself Off Iranian Crude
...15 July shows Iran slipped to third place in the line of countries supplying crude to Turkey in May, behind Iraq and Saudi Arabia. This comes just one month after losing its spot at the top of the pile to Iraq in April. Iran supplied over 50% of Turkey’s crude imports as recently as 2011...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013 -
OPEC Sees Fall In 2014 Call on Its Crude
...30.38mn b/d, the producer group said – just 380,000 b/d off the 30mn b/d production ceiling in place since December 2011. OPEC’s figures based on secondary sources, highlighted Libya, Nigeria and Angola as the main culprits behind the drop, accounting for 339,000 b/d of the month-on-mo...
Volume: 56Issue: 28Published at Fri, 12 Jul 2013 -
Seoul Seeks To Sate Mideast Supply Needs
...er Seoul’s oil imports appear unassailable. Predictably, US-led sanctions on Tehran have eroded Iranian crude import volumes. Jan-May 2013 average of 146,000 b/d is sharply down on 2011’s 251,000 b/d, but only marginally on last year’s 154,000 b/d (see table 2). Purchases from the UAE have made st...
Volume: 56Issue: 26Published at Fri, 28 Jun 2013 -
OPEC Voices Cautious Optimism Over 2H13 Demand
...ll again.” Average OPEC oil output in May rose by 105,000 b/d from the previous month to 30.57mn b/d, the group said – some 570,000 b/d greater than the 30mn b/d production ceiling that has been in place since December 2011. These figures compare with MEES estimates of a 61,000 b/d increase in...
Volume: 56Issue: 24Published at Fri, 14 Jun 2013