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Iran Seeks To Reclaim Former Markets In 2016
...mpeting directly for buyers with their medium and heavy sour crude grades in Europe, which imported 595,000 b/d of Iranian crude on average in 2011, the last full year before the European embargo was implemented. In Asia, Iran’s largest market even before sanctions (see chart, p16), the impact of this ti...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
Prices Hit 11-Year Lows With No Sign Of A Reprieve
...erage imports from Iran of 120,000b/d for the first 11 months of 2015, this year is on target to be the lowest for at least a decade: last year South Korea imported 125,000 b/d from Iran; volumes were twice as much (248,000 b/d) in 2011 before sanctions intensified (see graph). The IEA’s latest mo...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Opec Market Share Policy To Bear Fruit Next Decade - But Not For All
...0/B for Brent for 2011 through H1 2014 to below $50/B for all but a few days since the start of August (and below $45/this week). Though last year’s WEO was released in November, when prices had already fallen to around $80/B, at the time it was far from clear that this, never mind yet-lower prices, wa...
Volume: 58Issue: 47Published at Fri, 20 Nov 2015 -
Saudi Product Exports At Record High; Crude Volumes Crimped
...D15 vsYTD14 vsYTD13 YTD14 2014 2013 2012 2011 2010 2009 Crude Production 10...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
OPEC Production Slips In September Despite Iraqi, Gulf Increments
...iling, in place since December 2011. Production from the group’s top producer Saudi Arabia stayed high at 10.24mn b/d in September, though this was down from 10.31mn b/d in August, as domestic demand continues to weaken from its summer peak. Saudi output has fallen month-on-month since June, when it hi...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
Oil Exporters To Feel Impact Of Lower Prices For Years To Come: Imf
...gher productivity growth.” The unpredictable and volatile nature of commodity prices has been well documented. And the last 15 years has been no exception: The first 10 years of the 2000s saw a gradual increase in commodity prices from record lows in the mid-1990s to record highs by 2011, only to fa...
Volume: 58Issue: 40Published at Fri, 02 Oct 2015 -
Venezuela Steps Up Campaign To ‘Stabilize’ Oil Prices
...ed to be a regular buyer of Iranian crude before sanctions were ratcheted up on Iran in mid-2012. Iran was in fact Pretoria’s largest oil supplier pre-2012, exporting 85,000 b/d to the African state in 2011 on average, according to MEES estimates. OPEC VS IEA SUPPLY-DEMAND BALANCE,SEPTEMBER 20...
Volume: 58Issue: 38Published at Fri, 18 Sep 2015 -
August OPEC Production: Output Falls For First Time In Six Months
...n b/d above the 30mn b/d output ceiling in place since December 2011, and close to 2.4mn b/d above what the IEA has estimated as global demand for Opec crude in 2015. The biggest individual decrease in August came in Iraq, which along with Saudi Arabia has been one of the main drivers of Opec’s pr...
Volume: 58Issue: 36Published at Fri, 04 Sep 2015 -
Saudi Shrugs Off Calls For Action Over Oil Price, Revenue Collapse
...rn Libya (down 88% from 2012), Algeria has seen its revenue halve since last year. Takings are down 60% from their 2011 peak, with volumes as well as prices on the slide (see p6). This points to another way in which these MEES back-of-the-envelope calculations could underestimate the slide in co...
Volume: 58Issue: 35Published at Fri, 28 Aug 2015 -
US Oil Output Hits Record 13mn B/D, But Is This The Peak?
...mbers are up 1.15mn b/d, 1.54mn b/d and 1.56mn b/d respectively on year-ago levels. Since 2011, crude production is up by over 4mn b/d; including NGLs the gains are over 5mn b/d (see table p15 and graph). > But is this the peak? Weekly data for May and June indicate crude output of 9.6mn b/d for bo...
Volume: 58Issue: 27Published at Fri, 03 Jul 2015 -
US Petroleum 2Q 2015 Imports, Exports, Demand (‘000 B/D)
...15 4Q14 3Q14 2Q14 2014 2013 2012 2011 2010 CRUDE OIL IMPORTS 7,020 6,...
Volume: 58Issue: 27Published at Fri, 03 Jul 2015 -
Mena Oil & Gas: Key Production/Consumption Numbers From Bp’s 2015 Statistical Review
...lance 2010 2011 2012 2013 2014 mn b/d % 2010 2011 2012 2013 20...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
Bijan Namdar Zanganeh: A Star Is Born At OPEC
...at it was pre-sanctions as soon as the restrictions on its exports are lifted. Current Iranian production is some 800,000 b/d down on what it was back in 2011 (see p2), whilst Iran’s current exports are 1.2-1.3mn b/d below the 2.5mn b/d it was producing in the same year. Mr Badri said after the en...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
Algeria’s Youcef Yousfi Ousted In Cabinet Reshuffle
...ined in 1998 as head of the petroleum economics studies division before becoming head of operational research and petroleum economics until 2004. His most recent role was as chairman and chief executive of the Algerian Petroleum Institute (IAP), a position he held for five years until 2011. Mr Khebri gr...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
He Ain’t Heavy, He’s My (OPEC) Brother
...rticular market have failed miserably. In 2011, when the world lost nearly all Libyan output, Saudi Arabia came up with the notion that it could fill the void by creating a super-light, low sulfur blend mimmicing Libyan crude. But the Saudi cocktail found almost no takers: while the API gravity of the bl...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
Zanganeh: six months for full Iran return to markets
...5mn b/d in 2011, before the latest round of US and EU-led sanctions on Iranian oil sales came into effect (see below). Regardless of how long this return takes however, Iran says Asia will continue to be its main target market, as is the case today, under sanctions. “Don’t worry about our oil st...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Iraq, KRG Oil Export Deal Holds Despite Discrepancies
...0,000 b/d gives total Iraqi exports from Ceyhan of just over 514,000 b/d for April, the highest since June 2011. Of the 562,633 b/d that the KRG says it shipped to Ceyhan in April, 415,246 b/d came from “KRG-operated fields,” whilst 147,387 b/d came from “NOC operated fields.” The former includes both fi...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Saudi Top Oil Brass On China Charm Offensive
...ina. Today, we export around 1 million,” Mr Naimi said at the Beijing Energy Club on 27 April. China was a net exporter of crude until the turn of the millennium. Saudi supplies to China soared to hit 500,000 b/d in 2006 and 1mn b/d in 2011 but have remained at around this level since: overall Ch...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
OPEC Takes Revenue Hits But Stays Course On Output
...iefing in Washington DC. Prices averaged $100-110/B between January 2011 and August 2014 but have averaged around $55/B for Brent since the start of 2015. “The $380bn is almost a little short of a fifth of the size of their economies, a substantial amount for those countries. And similarly, for their bu...
Volume: 58Issue: 17Published at Fri, 24 Apr 2015 -
US OUTPUT RISE TO CONTINUE TO 2020-EIA
...ice’ and the ‘High Oil and Gas Resource’ case the US becomes a net oil exporter after 2020. Opec countries have already seen their quantities drop, falling to 2.32mn b/d in January almost halving since reaching 4.58mn b/d in July 2011. Saudi Arabia, the largest Opec exporter of crude to the US, was hi...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015