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Saudi Arabia: Cutting Its Way To A 2019 Production Increase?
...s commitments and still post a year-on-year production increase. The kingdom’s apparent munificence is taking place from record heights and it can afford to “cut” from these and still produce at a level significantly above that prior to the 2014 price crash. It may even come close to matching 20...
Volume: 61Issue: 51-52Published at Fri, 21 Dec 2018 -
Market Fundamentals Point To Choppy Outlook For Opec
...16’s 10.36mn b/d. In other words, since prices crashed in late 2014 amid the US Shale Revolution, the kingdom has actually been producing at record levels. LIGHT, TIGHT GLUT? The other key planned cuts will come from UAE, Kuwait and Iraq, and all four of these, like neighboring Ir...
Volume: 61Issue: 50Published at Fri, 14 Dec 2018 -
OPEC Faces $200bn+ Question Next Week In Vienna
...nual revenues by around $210bn to $790bn this year. This would be the highest since 2014’s $964bn. But prospects for a further increase next year are slim, especially as Iranian exports will fall year-on-year. Setting out two simple scenarios for 2019 helps clarify what is at stake for the or...
Volume: 61Issue: 48Published at Fri, 30 Nov 2018 -
Saudi September Crude Exports At 20-Month High, But A Fall Is Coming
...d India – account for more than half of the kingdom’s exports. But the 3.54mn b/d they collectively imported in Q3 (see chart) was the lowest since 3Q 2014. Volumes were down on recent levels for three of these, with only India seeing a quarter-on-quarter increase. The starkest fall was in China, wh...
Volume: 61Issue: 47Published at Fri, 23 Nov 2018 -
Suez Canal Trade Hits Records But Trade War Threatens
...uthbound shipments of both crude and LNG. Revenues, up 10% year-on-year, are on track to smash 2014’s record $5.465bn. But a dip in container shipments hints at the global trade headwinds. The Suez Canal saw oil shipments of 4.70mn b/d in the first nine months of 2018, up over 9% year-on-year and on tr...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
US Permian Shale: Can It Maintain The Gains?
...ALE RIG COUNT: PERMIAN RIGS ROSE TO 485 IN SEPTEMBER, HIGHEST LEVEL SINCE 2014; PERMIAN SHARE OF TOTAL ‘SHALE’ RIGS HIT RECORD 52%, REVERSING Q2 DIP WHEN OPERATORS MOVED RIGS TO BAKKEN, EAGLE FORD US ‘DUC’ COUNT SOARS PAST 8,000: WHILST OPERATORS CONTINUE TO DRILL WELLS, COMPLETIONS HA...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
LNG Prices At Four-Year High Amid Soaring Demand
...port record of 88.45mn tons set in 2014 will ever be surpassed. Japan’s record years for LNG imports came in the wake of the 2011 Fukushima nuclear disaster. The continued, albeit extremely gradual, restart of the country’s nuclear fleet combined with overall stagnant-to-falling Japanese energy de...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
Saudi Oil Exports On Track For Record Year
...l revenues will hit a three-year high in 2018 and it is conceivable that they could rise above $250bn, although 2014’s $285bn looks out of reach. ...
Volume: 61Issue: 38Published at Fri, 21 Sep 2018 -
Turkey Mixes Business & Politics As Qatar LNG Surges
...13 2014 2015 2016 2017 Russia (P) 12.57 -1.71 -12.0 14.27 19.47 17.58 25.41 26.49 26.21 26.98 26.78 24...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
LNG Start-Ups To Peak, Then Slump
...ne 2016). • Liquefaction investment peaked at $37bn in 2014 according to stats contained in the IEA’s freshly-released World Energy Investment 2018 report. Though long project lead-times mean that investment levels did not fall off a cliff with FIDs, they have been in inexorable decline si...
Volume: 61Issue: 30Published at Fri, 27 Jul 2018 -
Saudi Wins Out, Opec Switches To Group Ceiling
...VENUES ROSE A MASSIVE $125BN, 2018’S GAINS COULD BE GREATER ($BN) 2013 2014 2015 20...
Volume: 61Issue: 25Published at Fri, 22 Jun 2018 -
US Shale: Reading The Runes On Future Supply Growth
...rmian, is clouding the outlook. Collective US shale oil output topped 7mn b/d for the first time in May. At 7.07mn b/d, it’s up a massive 1.47mn b/d year-on-year, topping the previous record annual gain of 1.37mn b/d set in 2014. For the key Permian shale basin of west Texas, May’s 3.208mn b/d is not on...
Volume: 61Issue: 25Published at Fri, 22 Jun 2018 -
Markets Face Precarious 2019 Amid Supply Uncertainty
...The IEAs’ first oil market outlook for 2019 highlights both the uncertainties surrounding next week’s Opec meeting in Vienna and the toll that the 2014 oil price slump has taken on the group. Although the largest producers in the Opec+ agreement want to boost output, the need for unanimity wi...
Volume: 61Issue: 24Published at Fri, 15 Jun 2018 -
US Output Set For Record 2mn B/D 2018 Growth; 2019 Forecasts Trimmed On Pipeline Constraints
...ble). • NGLs output is also slated to grow by almost 600,000 b/d to 4.33mn b/d for 2018, taking total 2018 oil output to a whopping 15.12mn b/d. This smashes 2017’s previous annual record of 13.09mn b/d, whilst forecast year-on-year gains of 2.03mn b/d top 2014’s previous record of 1.75mn b/d. • But, wh...
Volume: 61Issue: 24Published at Fri, 15 Jun 2018 -
Opec Eyes 25% Revenue Boost Ahead Of Vienna Meeting
...t at the highest levels since at least 2014 versus the Oman/Dubai average, with Arab Light raised by 20 cents to a $2.10/B premium (see p15). While the kingdom may be opting to shift oil exports into more visible markets, overall volumes have been rising for some time. After bottoming out at 8....
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
2017’s Biggest Opec Winners
...) 2013 2014 2015 2016 2017 vs 2016 20...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
US Shale Records Test Infrastructure Limits
...tput is now forecast to top 12mn b/d by the end of 2019 (see charts). For this year the EIA now forecasts 10.72mn b/d, up a whopping 1.37mn b/d on 2017 – a record annual gain, beating 2014’s 1.29mn b/d. The hike in forecasts comes in on the back of soaring oil prices. US marker WTI, having av...
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
Oil Price Gains Prompt Debate Over Demand Slowdown
...The IEA is seeing signs that the global oil market is overheating, with recent price gains towards $80/B Brent potentially dampening demand growth. Opec meanwhile is sticking to the line it pursued in January when prices edged above $70/B for the first time since December 2014, that short-te...
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
Blow To Nuclear Deal Forces Opec Output Reappraisal
...5,000 b/d. This is due to the startup of the first 50,000 b/d unit of the Hammar Mishrif Degassing Station facilities (DGS North). This consists of four units for a total 200,000 b/d and is being installed by South Korea’s Samsung under an $840mn 2014 contract (MEES, 4 April 2014). Completion was due for 20...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Opec Members Unrestrained In Condensate Growth
...ude production restrictions highlights the issue. Of course Opec is not the only entity to have employed condensate loopholes, as the US permitted seaborne exports of condensate prior to ending the crude export ban in late 2015 (MEES, 19 September 2014). Iran too benefited from the gray areas su...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018