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Price Rout Extended As Demand Falls Further Behind Supply
...mn b/d target in place since December 2011. To date, US oil production has not only been increasing, but has been doing so at an accelerating rate, prompting the Saudis to sit up and take notice. North American oil output hit 12mn b/d in September and October, close to 2mn b/d higher than its 2013 av...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
After The Hype, OPEC Meeting Ends With A Whimper
...one. Leaky Ceiling The collective ceiling has been in place since 2011 but has been leaky with members consistently failing to comply with their individual allocations. Monthly surveys of OPEC’s production by MEES show that the group has overproduced the ceiling since June, despite erratic pr...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Is $90/B The New $100/B For Saudi Arabia?
...finery processing gains, grew by more than 4mn b/d from January 2011 to July 2014, of which 3mn b/d was crude oil production growth, the EIA says. During the same period, unplanned supply disruptions grew by 2.8mn b/d, it adds. Supply disruptions averaged 3.2mn b/d in the first seven months of 2014 and pe...
Volume: 57Issue: 45Published at Fri, 07 Nov 2014 -
Neutral Zone: Saudi Arabia Steamrolls Kuwait, Cuts Oil Output
...udi Arabian oil exports have already fallen to their lowest in three years, while August exports of 6.683mn b/d were at their lowest since March 2011, according to the latest data published by the Joint Oil Data Initiative (JODI). Crucial Test Riyadh’s action may yet prove to be a crucial test fo...
Volume: 57Issue: 43Published at Fri, 24 Oct 2014 -
Saudi Arabia Takes On Oil Market Bears
...counting for roughly one third of the group’s total output, Saudi Arabia has often acted without waiting for a formal agreement by all 12 members of OPEC. It ramped up production to make up for the loss of more than 1mn b/d of Libyan oil at the start of the revolution in the North African state in 2011, an...
Volume: 57Issue: 42Published at Fri, 17 Oct 2014 -
Saudi Arabia Defends Market Share With Asian Price Cut
...tween 2011 and 2013, they made up for the 1.6mn b/d supply shortfall, he adds, apparently referring to the loss of production from Libya and the continued absence from markets of Iranian crude, which is down by 1mn b/d from pre-sanctions level. But the situation has changed since then. Libyan oil pr...
Volume: 57Issue: 39Published at Fri, 26 Sep 2014 -
OPEC To Bring Down The Ceiling?
...nth total production held above the mutually-agreed 30mn b/d nominal output target, in place since December 2011. “No, I don’t think so,” Mr Badri said, on being asked if he felt the 30mn b/d production target would still be appropriate next year. “I think our production will be maybe 29.5[mn b/d] in...
Volume: 57Issue: 38Published at Fri, 19 Sep 2014 -
OPEC Output Continues Rise As African Volumes Recover
...mn b/d target, which has been in place since December 2011. MEES estimates put total OPEC output at 30.68mn b/d for August, up 260,000 b/d from a downwardly revised 30.42mn b/d in July (see table), despite production slowdowns in the group’s two biggest producers, Saudi Arabia and Iraq. OPEC ou...
Volume: 57Issue: 36Published at Fri, 05 Sep 2014 -
Saudi Aramco To Invest $40bn Annually
...0bn barrels to existing resources. Saudi Arabia has 260bn barrels of recoverable reserves, a number that has remained constant even as output has risen steadily over the past decade to exceed an annual average above 9mn b/d since 2011. In addition to improved reservoir management, Aramco is lo...
Volume: 57Issue: 35Published at Fri, 29 Aug 2014 -
End Of OPEC’s Revenue Golden Age?
...)* 2013 vs 12 2013 vs 08 2013 vs 03 2008 2009 2010 2011...
Volume: 57Issue: 31Published at Fri, 01 Aug 2014 -
OPEC Output Up In June Despite Iraqi Outages
...vised 29.94mn b/d in May (see table). This pushed output above the group’s nominal 30mn b/d target, which has been in place since December 2011. At their latest meeting in Vienna last month, OPEC ministers decided to maintain this target for the remainder of the year. This is despite the fact that th...
Volume: 57Issue: 28Published at Fri, 11 Jul 2014 -
Algeria Heading For Oil Output Drop
...line later than envisaged. BP’s expansion of In Salah has been pushed back after the attack on the In Amenas fields by Islamist terrorists in 2011, and no new deadline has been given. GDF Suez’s Touat project is now scheduled to come online in late 2016, a year later than envisaged. Total’s initial de...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
Massive Us Growth Balances Mideast Instability, But For How Long?
...eater than forecast in 2012, 2.20mn b/d higher than anticipated in 2011, and 3.21mn b/d above 2010 projections, the IEA says. Us: ‘Huge Investments’ “Huge investments resulted in the US delivering the world’s largest increase in oil production last year” says BP chief economist Christof Rühl, no...
Volume: 57Issue: 25Published at Fri, 20 Jun 2014 -
MENA Oil & Gas: Key Production/Consumption Numbers From BP’s 2014 Statistical Review
...nsumption 2013 vs 2009 Balance 2009 2010 2011 2012 2013 mn...
Volume: 57Issue: 25Published at Fri, 20 Jun 2014 -
Nigerian Minister Surprises With Bid For OPEC Top Job
...mpany NNPC. It is not known who paid for the FT advert. The minister’s aides have denied the charge and she herself said in a statement after the allegations surfaced that the chartered aircraft was used to carry out official duties. Since her appointment in June 2011, the minister has been cr...
Volume: 57Issue: 24Published at Fri, 13 Jun 2014 -
Saudi-Iran Relatons On The Mend?
...e first high level contact between Riyadh and Tehran since the 2011 start of the Arab revolutions that exposed deep rifts within the Arab world, the ripples of which are still being felt in the Gulf region today. The collapse of Hosni Mubarak’s regime in Cairo forced Saudi Arabia, which prefers qu...
Volume: 57Issue: 20Published at Fri, 16 May 2014 -
Saudi Boost Pushes OPEC April Production Higher
...vs YTD ‘13 2013 2012 2011 S Arabia* 9.66 9.59 +0.07 9.82 9.78 9....
Volume: 57Issue: 19Published at Fri, 09 May 2014 -
Saudi Data Analysis: Oil Exports Hit 11-Year High To Top 8.5mn B/D In February After Satorp Start-Up
...SAUDI ARABIA Feb-14 Jan-14 J-F ‘14 vs J-F’13 Dec-13 Nov-13 2013 vs ‘12 2012 2011 2010 2009 Crude Production (Official) 9,850 9,...
Volume: 57Issue: 17Published at Fri, 25 Apr 2014 -
OPEC Output Slides In March On Iraqi, African Outages
...bruary (see table). This is the largest monthly fall since March 2011, when the civil war knocked 1.1mn b/d off Libyan output. The March fall tallies with the latest data from London-based tanker tracker Oil Movements, which put OPEC sailings at around 23.8mn b/d for the four weeks ending 22 March, a ma...
Volume: 57Issue: 15Published at Fri, 11 Apr 2014 -
Saudi Arabia Keeping Politics Out Of The Mix
...pense of falling imports of Mexican crude, which slumped in 2013 to 919,000 b/d from 1.2mn b/d in 2011, and from Venezuela, whose exports to the US fell to 797,000 b/d last year from 960,000 b/d in 2012. Canada remains the single largest exporter of crude oil south of its border and its share of the US...
Volume: 57Issue: 14Published at Fri, 04 Apr 2014