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OPEC Secretary General: ‘Data-Driven Messaging More Important Than Ever’
...wever, the IEA’s subsequent Oil 2024 report (analysis and forecasts to 2030) sees gasoline demand exceed 2019 levels in the years 2023, 2024, 2025 and 2026 (MEES, 14 June 2024). There are also examples for other energies, such as coal, with past IEA talk of global peaks in 2014, and then in 2024 st...
Volume: 68Issue: 15Published at Fri, 11 Apr 2025 -
LNG Markets: Strong But Steady Growth With New Supply Set To Cap Prices
...llen 26% since peaking in 2014. *Australia remained Japan’s dominant supplier for 9M 2024, with 18.68mn tons, despite a 9% slump from the year-ago period which also saw Japan fall behind China as Australia’s top customer (see p22 for full data). Malaysia with 7.63mn tons was number two ahead of...
Volume: 67Issue: 44Published at Fri, 01 Nov 2024 -
Opec Keeps Output Steady In June
...jors’ relationship with the Nigerian authorities. As IOCs continue to exit from onshore and shallow blocks, NNPC has declared ‘a state of emergency’ in the industry, pleading for more collaboration to bring output to 2mn b/d – something that hasn’t been achieved since 2014. VENEZUELA EYES 90...
Volume: 67Issue: 27Published at Fri, 05 Jul 2024 -
China Crude Imports: Russia Well Ahead
...E was down 4% at 808,000 b/d for Jan-Feb for number five, whilst Oman was up 6% at 791,000 b/d for sixth spot. Further down the list of suppliers, volumes from Kuwait were down 34% at 307,000 b/d for the first two months of 2024, with February’s 165,000 b/d the lowest monthly figure since 2014. Th...
Volume: 67Issue: 12Published at Fri, 22 Mar 2024 -
Saudi Oil Revenues Stabilize As USA Extends Lead As World’s Top Exporter
...cade. US shale has proven extremely resilient, with a breakeven price comfortably below $50/B, leaving Opec+ producers with the invidious choice of either cutting production or risking a renewed price war such as in 2014-16 when Brent prices dropped below $40/B. If US production growth does indeed sl...
Volume: 67Issue: 10Published at Fri, 08 Mar 2024 -
US Output Leaps 1.5mn B/D For 2023, Topping 20mn B/D For The First Time In Q4. Is Peak Output Near?
....93mn b/d and NGLs up 530,000 b/d at 6.43mn b/d, also a record (see chart 1 & p19 for full data). Last year’s gains were the fourth highest ever behind 2.2mn b/d for 2018, 1.8mn b/d for 2019 and 2014’s 1.7mn b/d. Of course, ‘boom’ in those previous cycles rapidly turned to bust as oil prices collapsed: ou...
Volume: 67Issue: 06Published at Fri, 09 Feb 2024 -
US Consolidates Position As World’s Top Oil Exporter
...December 2015 (MEES, 18 December 2015). Over the past decade, liquids exports (crude, NGLs, refined products and biofuels) have more than doubled from just 4.14mn b/d in 2014 to last year’s 10.20mn b/d (see chart 1). With production remaining on its upwards trajectory, exports could rise above 10...
Volume: 67Issue: 01Published at Fri, 05 Jan 2024 -
Crude Trade: Gulf Suppliers Squeezed In India, Record Share In Japan
...west since 2014 (see chart and table). *With number three Mideast supplier UAE down 45% at 270,000 b/d and number four Kuwait down 25%, overall Mideast-to-India volumes were down 24% at 2.22mn b/d for 9M 2023. As such the region’s market share, at just 45.9% for 9M 2023 and 45.0% for Q3, is on...
Volume: 66Issue: 44Published at Fri, 03 Nov 2023 -
Korea Crude Imports: Saudi Dominant With Mideast Share At 5-Year High
...pplier spot behind the USA (down 1% at 336,000 b/d). This puts the UAE on track for the highest annual figure since 2014’s 299,000 b/d. *Number five Iraq was up fractionally at 251,000 b/d for 9M 2023. The other big gainer was Qatar, up 56% at 215,000 b/d, albeit versus 2022’s 20-year lo...
Volume: 66Issue: 42Published at Fri, 20 Oct 2023 -
Iraq’s Ageing Basra Infrastructure: Can It Take The Strain?
...e onshore bottlenecks. Yet it is far from clear whether or not BOC can sustain high exports through these facilities, and whether more SPM replacements are needed. All the four operational SPMs were installed between 2012 and 2014, although UK contractor Petrofac, which has a maintenance co...
Volume: 66Issue: 35Published at Fri, 01 Sep 2023 -
China Deals Push Qatar LNG Back To Top Spot
...uivalent to China’s total spot purchases from Qatar over the 2014-2021 period. This was enough to lift spot sales to Asia by nearly 2mn tons to a six-year high 8.5mn tons, with modest gains also registered for spot sales to India and even Japan. Meanwhile, spot sales to Europe edged up by just 35...
Volume: 66Issue: 30Published at Fri, 28 Jul 2023 -
China Imports Record Russian Crude With Xi In Moscow
...the original Power of Siberia route in the statements following bilateral China-Russia meetings at the start of last decade. The original Power of Siberia negotiations lasted well over a decade before a deal was finally struck in 2014 as the West ramped up sanctions on Russia in the wake of Mo...
Volume: 66Issue: 12Published at Fri, 24 Mar 2023 -
Qatar’s 2022 Asian LNG Sales: Focus On Key New Term Market China Limits Revenue Gains From Record Spot Prices
...22 this remains well down on the record $44.0bn sales to the same five buyers back in 2014 (see chart 3). Back then Japan was the key buyer and paid an average of almost $18/mn BTU for its 16.1mn tons of Qatari LNG. 1: QATAR’S TOP ASIAN* LNG CUSTOMERS (MN TONS): CHINA SURGED AHEAD FOR 2022 WI...
Volume: 66Issue: 07Published at Fri, 17 Feb 2023 -
‘Invest, Invest, Invest’ In Oil: Mees Interview With Opec Secretary General Haitham Al-Ghais
...wnstream and $1 trillion for the midstream. It’s a huge amount of money, but it’s vital as we have been hit hard twice in recent times. First with the 2014-2016 industry downturn, and then in 2020 with the Covid downturn. In addition, with every downturn there is market instability and with that you lose in...
Volume: 65Issue: 44Published at Fri, 04 Nov 2022 -
China Crude Imports: Mideast & Russia Both ‘Winners’ For Now
...are of 53.3% for 8M 2022 puts this year on track to top the previous record high of 52.2% set back in 2014 (see chart 1), especially as a 55.5% share for August shows there is no sign of the region losing ground. So if the Middle East is up, and Russia is up, whilst overall volumes are falling, th...
Volume: 65Issue: 38Published at Fri, 23 Sep 2022 -
Aramco CEO: Flawed Assumptions Promise A Hard Winter For Europe
...spite oil prices spending months well above $100/B. “Oil and gas investments crashed by more than 50% between 2014 and last year, from $700bn to a little over $300bn. The increases this year are too little, too late, too short-term,” bemoaned Mr Nasser at the Schlumberger Digital Forum 2022. Co...
Volume: 65Issue: 38Published at Fri, 23 Sep 2022 -
Qatar & Oman Cash In As Asian LNG Buyers See Record Import Bill Even As Volumes Slump
...gures set in 2013 and 2014 when both Korea and Japan took far higher volumes than for 1H 2022 (see chart 2). *One interesting feature of Qatar’s exports to Asia is the sharply different average prices paid for Qatari volumes – both a feature of whether key long-term contracts were struck in a bu...
Volume: 65Issue: 30Published at Fri, 29 Jul 2022 -
China 1h Crude Imports: Bumper Mideast Share Under Threat From Russia
...years – beating 2014’s 52.2% (see chart 2). In reality, this now looks unlikely: the recent increase in Russian volumes saw the Mideast market share slump to 46% for June. This came as China’s overall import volumes fell to a four-year low of 8.76mn b/d for June. Perhaps not surprisingly Saudi Ar...
Volume: 65Issue: 29Published at Fri, 22 Jul 2022 -
China: Could Record Russian Crude Imports See Saudi Squeezed?
...creased market share. MIDEAST BUYING FIRM FOR NOW… Chinese imports from other Middle East suppliers also remained firm through May: at 54.1% the Mideast market share for the first five months of 2022 is on track to top the previous annual record of 52.2% set in 2014. Number three ov...
Volume: 65Issue: 25Published at Fri, 24 Jun 2022 -
China LNG Buying Subdued But Qatar Volumes Surge & Revenues Triple
...lumes. The import bill for Qatar volumes was up almost threefold at $4.30bn versus $1.52bn for the year-ago period. Qatar’s overall export revenues of $28.6bn for Q1 were the highest since 2014 (MEES, 29 April) *Whilst China’s fall in year-on-year import s is down to Covid-related lockdowns as we...
Volume: 65Issue: 25Published at Fri, 24 Jun 2022