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OPEC Taps To Stay Open In 2016
...tput in 2016, but there is considerably greater uncertainty over whether it can achieve this. The biggest loser over the past 12 months, the north African country has lost 340,000 b/d of output since November 2014, plummeting to 370,000 b/d as a result of conflict between two rival governments, co...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
Prices Hit 11-Year Lows With No Sign Of A Reprieve
....49/B on 17 December, the lowest level since April 2004. The basket of 12 crudes – one from each member country – has averaged below $40/B every day this month. The average price of $35.16/B for December to date is down $5/B on November, $27/B on May, and a whopping $73/B, or 67.5%, on June 2014. On a mo...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
OPEC’S $570 Billion Non-Decision
...an, which is more typical of Opec’s core Gulf members’ crude exports, fell to just $35/B on 10 December. Opec members can now expect to take in a mere $514bn in collective revenue for 2015, down by a whopping 47% or $451bn on 2014 (see tables). This is despite output having risen in the meantime (se...
Volume: 58Issue: 50Published at Fri, 11 Dec 2015 -
Opec Production Rises Further As Opposing Camps Go Their Own Way
...Opec production edged upwards in November, reaching an average of 31.82mn b/d, up 30,000 b/d from October. While this is more than was averaged in any month in 2014, it barely sneaks into the top four for 2015, underlining the extent to which Opec producers continue to pump as quickly as they ca...
Volume: 58Issue: 50Published at Fri, 11 Dec 2015 -
Opec Opens Its Arms To A Net Importer
...Indonesia will be formally welcomed back into Opec on 1 January, having suspended its membership in 2009. Crude production is currently around 800,000 b/d, but with domestic consumption at 1.6mn b/d according to BP figures in 2014, it is a net importer of around 800,000 b/d. Plans for the Ba...
Volume: 58Issue: 50Published at Fri, 11 Dec 2015 -
Kuwait: Does Ministerial Shake-Up Indicate A Firm Stance?
...nuary 2014. He becomes Kuwait’s fourth oil minister in less than three years. However, the revolving door at the ministry has little impact on policy, which is set by the Supreme Petroleum Council (SPC). It does however underline Kuwait’s continued political volatility – a deterrent for IOCs. That said, th...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Saudi Stance Wins Out At Opec Meeting
...ying to secretly broker an output cut. In truth any ‘deal’ that would rest on cuts from not only Iran but also other, non-Opec, countries like Russia was never going to fly. Unlike in November 2014, no non-Opec countries were even present, although Saudi Oil Minister Ali Naimi says he is “always ready to...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Opec’s 4 December Meeting: Can Output Policy Deal Be Preserved?
...VEMBER 2014 (MN B/D) ...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Venezuelan Oil In Four Charts
...CREASE SHARE BUT US STILL DOMINANT VENEZUELA 2014 CRUDE EXPORT SPLIT (‘000 B/D)...
Volume: 58Issue: 48Published at Fri, 27 Nov 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 -
OPEC VS IEA SUPPLY-DEMAND BALANCE, NOVEMBER 2015 FORECASTS (MN B/D)
... 1Q15 2Q15 3Q15 4Q15 2015 vs 2014 2014 OPEC IE...
Volume: 58Issue: 47Published at Fri, 20 Nov 2015 -
More Pain To Come As Iea Sees $80/B ‘Rebalance’ But Not Till 2020
...mand at 95.9mn b/d, up 5.3mn b/d on 2014) it will take an oil price of $80/B by 2020 to incentivize sufficient shale output to balance the market. “We think that the market will gradually recover and we see an $80/B oil price around 2020. This price is needed for the market to be balanced,” IEA Ex...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
OPEC Production Falls Ahead Of December Meeting
...OPEC Opec crude oil production fell to 31.40mn b/d in October, down by 450,000 b/d from 31.86mn b/d in September according to MEES estimates. The fall, the largest since October 2014, was largely driven by Saudi Arabia and Iraq, with production in the latter dropping by 390,000 b/d. Al...
Volume: 58Issue: 45Published at Fri, 06 Nov 2015 -
Saudi Fights To Keep Asian Market Share
...pected to cut the prices of crude it sells to Asia in November,” Jadwa says. “Maintaining market share is even more of a priority now for Saudi Arabia than when prices began to fall in the second half of 2014. Global oil markets are more competitive and the Kingdom faces competition from both within Opec an...
Volume: 58Issue: 44Published at Fri, 30 Oct 2015 -
Saudi Product Exports At Record High; Crude Volumes Crimped
...stained high figures of recent months mean 2015 as a whole will almost certainly surpass 2014’s record. Domestic consumption of fuel oil and diesel – much of which is burnt – has risen even more (see graphs 3 & 4). Other Mideast countries are also burning crude at near-record levels. Iraq’s 22...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Global Supply Overhang May Last Till 2017; OPEC Output Largely To Blame
...mber of active rigs offshore Brazil has fallen from 40 to 21 over the last two years (see p10). Though the IEA projects overall non-Opec output of 58.3mn b/d for 2015, up 1.3mn b/d on 2014, output will finally begin to fall this quarter with the predicted 2016 figure of 57.8mn b/d down 500,000 b/d on 20...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
No End In Sight To Record Saudi Drilling
...eting, Mr Naimi told energy ministers that the Opec kingpin would be pressing on with its investments in all phases of the oil and gas sector, despite the plunge in oil prices (MEES, 9 October). Since steering Opec toward its November 2014 decision to pursue market share over oil prices, Mr Naimi has al...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
Russia Ready To Talk… But Opec, Shell Issue Oil Price Warning
...heduled to meet for their next ordinary meeting in Vienna in early December, where they will ultimately review the outcome of their Saudi-led policy of non-intervention adopted two meetings ago in November 2014, and rubber stamped at the latest meeting in June. MOSCOW’S U-TURN? To ma...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
US Year-On-Year Oil Output Growth To Turn Negative As Of January 2016
...96mn b/d in September 2014. But, the decline could be more dramatic than some expect, Mr Papa warns. “It is happening literally as we speak,” he said. Production growth year-on-year has fallen to around 600,000 b/d very recently, he said, compared to a constant growth of about 1.1mn b/d since June 20...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
OPEC, Non-OPEC Coordination Unrealistic, Says Kuwait
...mping, and then we would lose our market share.” Brent crude futures were trading at around $45/B as MEES went to press, down from around $55/B three months ago, $95/B 12 months ago, and above $100/B in late-June 2014 (see p16). These latest comments from the Kuwaiti minister are in line with the st...
Volume: 58Issue: 40Published at Fri, 02 Oct 2015