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Saudi Arabia Adds Record Volumes To Crude Stocks
...low 1mn b/d for the first time since April 2015. At 12%, refined products’ share of total liquids output was the lowest since June 2015. Total liquids exports fell to 8.02mn b/d, its lowest level since December 2014 (see chart 2). Volumes over the first 10 months of 2019 have averaged 8.31mn b/d, do...
Volume: 62Issue: 51-52Published at Fri, 20 Dec 2019 -
US Shale: 2019 Records But Is Growth Flatlining?
...A stats (see p11). Whilst 2019 growth is well below 2018’s record 1.64mn b/d it is only slightly below the previous record of 1.29mn b/d set in 2014 (MEES, 13 July 2015). And, whilst output largely flatlined in the first half of 2019, it has since leapt, with new records every month since Au...
Volume: 62Issue: 51-52Published at Fri, 20 Dec 2019 -
Economic Uncertainty Clouds Opec’s 2020 Vision
...dicate an additional 144mn barrels of crude will enter global stockpiles, while Opec’s numbers point to a more modest 39mn barrels. As for current inventories, the latest IEA numbers peg OECD stocks exiting October at 2.9bn barrels, fractionally (2.9mn barrels) below the 2014-18 five-year average, while Op...
Volume: 62Issue: 50Published at Fri, 13 Dec 2019 -
Opec Output On Track For Eight-Year Low
...om falling further. With output down 560,000 b/d this year, it is on track to come in at 9.76mn b/d, the lowest annual figure since 2014. Arguably the biggest question oil markets have regarding Opec now is, for how long will Saudi Arabia continue bearing the brunt of the cuts? The kingdom plans to...
Volume: 62Issue: 49Published at Fri, 06 Dec 2019 -
China Takes Record Saudi Crude, Iran At Record Low
...spite diversification efforts that had seen the region’s Middle Kingdom market share fall from a 2014 peak of 52% (MEES, 27 September). *In a 26 November research note, Michal Meidan of the Oxford Institute for Energy Studies reckons that this year’s setback to China’s diversification efforts ha...
Volume: 62Issue: 48Published at Fri, 29 Nov 2019 -
IEA Extends Opec’s Market Share Purgatory
...urces of production, including tight oil.” This indeed describes Opec’s 2014-15 ‘market share’ policy as driven by former Saudi oil minister Ali Naimi (MEES, 19 December 2014). Such a policy ostensibly looks an attractive long-term option for the likes of Saudi Arabia and the UAE. However, it wo...
Volume: 62Issue: 46Published at Fri, 15 Nov 2019 -
Saudi Bags Growing Share Of Key Chinese Market
...November 2018). China’s overall crude exports have risen 9.7% to 9.85mn b/d for the first seven months of 2019, but the Saudi gains are such that its market share has leapt from 11.7% for the first seven months of 2018 to 15.7% for Jan-July 2019. The latter is the highest share since 2014 when ov...
Volume: 62Issue: 35Published at Fri, 30 Aug 2019 -
Saudi Oil Sector Creaking Amid Heavy Opec Cuts And Summer Demand
...06 to 2016” (MEES, 30 November 2018). Volumes are on track to increase some 34% to more than 1.5mn b/d over the course of the year and MEES estimates that the kingdom shipped more than 1.6mn b/d to China last month. Meanwhile the US, which was the largest importer of Saudi crude as recently as 2014...
Volume: 62Issue: 34Published at Fri, 23 Aug 2019 -
Opec Output Sinks To Five Year Low
...Opec output fell to its lowest level in more than five years in July despite Iraq posting record high production. The group’s output last month averaged 29.78mn b/d, down 140,000 b/d from the previous month, and the lowest figure since April 2014. Nevertheless, oil prices plummeted this week, wi...
Volume: 62Issue: 32Published at Fri, 09 Aug 2019 -
LNG Market Depressed, But For How Long?
...ere imports rose 19% to 28.5mn tons for 1H 2019, are volumes up year-on-year. And even here growth is well down on the stellar 50% year-ago figure. Japan, whose LNG buying peaked in 2014, saw volumes fall 8.2% to 38.6mn tons for 1H 2019. For number three South Korea, 1H 2019 volumes of 20.0mn tons we...
Volume: 62Issue: 32Published at Fri, 09 Aug 2019 -
China Takes Record Saudi Crude As Iran Volumes Fall To 9-Year Low
...cord 5.61mn b/d from Opec and a record 4.27mn b/d from the Middle East. That said the Mideast share, at 43.2% of total 1H 2019 imports, is well down on the annual peak of 52% hit in 2014. China remains vulnerable to any disruption in the Straits of Hormuz, but much less so than Japan which sourced a wh...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
Opec Output Rises In May Ahead Of Latest Crunch Meeting
...2014’s $914bn (see chart). The Opec Basket aggregate of prices rose by 33% for 2018 to $69.78/B, while the group’s crude oil exports edged up from 24.66mn b/d to 24.67mn b/d. Products exports also rose, from 3.92mn b/d in 2017 to 4.71mn b/d last year. It is therefore something of a mystery ho...
Volume: 62Issue: 23Published at Fri, 07 Jun 2019 -
Venezuela’s Extraordinary Drilling Exploits
...st 32 rigs, down from 49 the previous year. That number was 74 as recently as 2014. Yet Opec’s ASB shows that Venezuela led Opec in the number of wells completed last year. The South American country completed a massive 710 over the course of 2018, up from 478 the previous year, and well clear of No...
Volume: 62Issue: 23Published at Fri, 07 Jun 2019 -
China Imports: Saudi Cements Top Spot; Iran At 5-Year High Amid Overall Record
...ivers’. *China imported 787,000 b/d from Iran in April, the highest figure since April 2014 and only just shy of the 800,000 b/d figure indicated by Reuters ship tracking (MEES, 10 May). Reports indicate that Beijing took advantage of massively-discounted Iranian barrels to expand its strategic st...
Volume: 62Issue: 22Published at Fri, 31 May 2019 -
Korea Q1 Oil Imports: Iraq Up, Saudi Down, Russia & US Records
...west quarterly share on record after the 69% figure in Q4 last year (MEES, 11 January). *Opec volumes were down even further: Q1’s 2.163mn b/d was the lowest quarterly figure since 2014, whilst Opec’s 70.5% Q1 market share was the lowest on record. Both figures would have been up, however, were it no...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Opec Crude Risks Being Squeezed From The Market
...tput could fall further still. Opec output hasn’t fallen below 30mn b/d since June 2014, but it wouldn’t take much for it to fall below this threshold for April. Should the US opt against renewing waivers that permit certain countries to import Iranian oil once they expire on 2 May then it seems in...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
OPEC Faces Prospect Of Declining Global Clout
...e market to cut prices following the November 2014 meeting (MEES, 5 December 2014), Opec changed tack in November 2016 and agreed to cut output (MEES, 2 December 2016). The move initially paid dividends for Opec, which saw demand for its crude rise from 31.9mn b/d in 2016 to 32.6mn b/d in 2017 ac...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
OPEC Output Slumps To Four Year Low
...ghes show that the number of active oil rigs in Iraq jumped to 67 in February, its highest level since August 2014. Of the non-Opec portion of participants, the picture is decidedly mixed. While Oman swiftly moved to hit its target in January, the largest participant, Russia, is lagging behind. Ru...
Volume: 62Issue: 10Published at Fri, 08 Mar 2019 -
Heavy Outages Weigh On Seemingly Well-Supplied Market
...kely fall below Algeria at some point in the coming months. Prior to the oil price collapse in late 2014 Venezuela was producing around 2.4mn b/d, but now even positive scenarios have output of its heavy crudes falling below 1mn b/d during 2019. Not only is the US, increasingly strident in seeking to ov...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
OPEC Production Dives Amid Venezuela Instability
...0,000 b/d. Luanda has struggled to prevent declines from its aging reservoirs since oil prices fell during late 2014. DECISION TIME APPROACHING Given the collapsing output from the exempted triumvirate, the Opec 11 countries must decide whether to keep cutting in order to eliminate their 28...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019