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OPEC’S Choice: Low Prices Now, Or Low Prices & Low Output Later-Naimi
...st month to 31 rigs, the lowest activity level in tight oil regions since end-July 2014, it says. “Were the tight oil rig count to lose another 300 rigs by the end of Q1, then in our view y/y US supply growth should reach zero at some point during Q2,” it adds. The US government’s energy in...
Volume: 57Issue: 51/52Published at Fri, 19 Dec 2014 -
Abu Dhabi Advances Upstream Projects Despite Mounting Cost Pressure
...completed according to schedule, with combined capacity at Rumaitha and Shanayel set to expand to 85,000 b/d from 46,000 b/d in 2014. Adco plans to boost total NEB capacity by 110,000 b/d once all three fields are fully developed. But the Rumaitha and Shanayel contracts were issued before the 75...
Volume: 57Issue: 51/52Published at Fri, 19 Dec 2014 -
Price Rout Extended As Demand Falls Further Behind Supply
...ll on OPEC was revised down “due to a lower demand forecast, and upward revisions to historical estimates and projections of North American and biofuels supply,” the IEA said in its latest oil market report (OMR). For 2014, OPEC did the same, revising downward its previous forecast for the call on...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
US Lowers 2015 Output Forecasts, But OPEC Needs More
...l is forecast by both the IEA and OPEC itself at around 28.4mn b/d for the first half of 2015, some 2mn b/d below current OPEC output. The EIA’s December Short-Term Energy Outlook forecasts that US crude production will hit 9.32mn b/d in 2015, up 720,000 b/d on 2014 output of 8.6mn b/d, and on...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Lower Oil Prices: Making The World A Better Place?
...low 2014 levels. At $70/B they believe, all other producers can do is stand still if natural decline is factored in. For Russia, the pain is more acute since lower oil prices are proving more damaging than international sanctions over the Ukraine crisis, sending the ruble tumbling against the US do...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
OPEC Gears Up For Tough Ride As Cut Looks More Likely
...d bring other producers on board, if prices were allowed to fall further in the days leading up to the final meeting of 2014. “They (Saudis) know that to bring the others from OPEC to accept an accord, it’s easier to do if prices are going down,” says Mr Ait Laoussine, who is now a Geneva-based co...
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
OPEC To RECLAIM Market Share in 2020s, IEA Says
...plications for upstream plans across the globe, but especially in areas where price levels are critical for certain projects – namely North America and Brazil. “According to our estimates, if oil prices remain at these levels, the capital spending in 2015 in the US will decline up to 10% compared to 2014...
Volume: 57Issue: 46Published at Fri, 14 Nov 2014 -
OPEC Outages Calm Nerves Ahead Of Crucial Late-November Meeting
...udi Arabia to the Joint Data Initiative (JODI) database, it exported 1mn b/d of refined product in August. Figures for September and October are not yet available. OPEC Well-Head Production, October 2014 (Mn B/D, MEES Estimates) Oct ‘14 Se...
Volume: 57Issue: 45Published at Fri, 07 Nov 2014 -
Is $90/B The New $100/B For Saudi Arabia?
...ar. According to provisional estimates by MEES, imports of Saudi crude in the first 10 months of 2014 averaged 1.22mn b/d, down 60,000 b/d over the same period of 2013, while Saudi Arabia’s share of US imports has edged higher in recent years (see graph). The displacement of light sweet crude oil im...
Volume: 57Issue: 45Published at Fri, 07 Nov 2014 -
Viennese Waltz Becomes A Two-Step
...ices remain at or near current levels for the rest of 2014, the average price of the OPEC basket of crudes for the year as a whole will be around $100/B, meaning that, at least for this year there will be few budgetary problems. He appears not to be thinking of Iran, whose current financial year runs un...
Volume: 57Issue: 44Published at Fri, 31 Oct 2014 -
Saudi Arabia Takes On Oil Market Bears
...om the previous month’s forecast, based on expectations of slower global economic growth for both this and next year. This would represent growth of only 700,000 b/d for 2014, rising to 1.1mn b/d in 2015. Non-OPEC supply growth next year is estimated at 1.2mn b/d. This in turn has cut the call or de...
Volume: 57Issue: 42Published at Fri, 17 Oct 2014 -
Saudi Arabia Sees $90/B Oil As Price Floor
...oser to the organization’s forecasted ‘call on OPEC,’ which it recently revised down to 29.45mn b/d for 2014 and 29.2mn b/d for 2015 (MEES, 12 September). These forecasts are both down 160,000 b/d from those made by OPEC a month earlier. The more telling number is the expected quarterly decline in de...
Volume: 57Issue: 40Published at Fri, 03 Oct 2014 -
OPEC To Bring Down The Ceiling?
....45mn b/d in 2014 (MEES, 12 September). Who Cuts? Mr Badri was speaking at the conclusion of talks with Russian Energy Minister Alexander Novak on 16 September, held amid a continuing slide in global oil prices, which saw the value of the OPEC basket fall from $110.48/B in mid-June to below $95/B on th...
Volume: 57Issue: 38Published at Fri, 19 Sep 2014 -
Demand For OPEC Crude Revised Down Again
...eks. Given the almost certain dent to world oil demand this implies, OPEC could be looking at further cooling of demand for its crude over the coming years. Demand Slowdown Demand for OPEC crude oil will average 29.90mn b/d for 2014, the Paris-based IEA says in its latest oil market co...
Volume: 57Issue: 37Published at Fri, 12 Sep 2014 -
OPEC Output Continues Rise As African Volumes Recover
...rlier forecasts of 30.7mn and 30.5mn b/d for the third and fourth quarters of 2014 respectively. For 2015, the world demand for OPEC crude is forecast at 29.9mn b/d, down from 30mn b/d for full-year 2014. Libya: Rebound Continues Last month saw the return of 100,000 b/d of Libyan crude to ma...
Volume: 57Issue: 36Published at Fri, 05 Sep 2014 -
Supply/Demand: ‘Eerie’ Calm As Uncertainties Mount
...gh of 2.14mn b/d in May and has likely increased since. With a second 400,000 b/d refinery (Yasref) set to start up by end 2014, the decline in the OPEC kingpin’s crude exports is structural. Libya: Potential Upside For Libya, despite continued fighting, there appears to be a significant ch...
Volume: 57Issue: 33Published at Fri, 15 Aug 2014 -
OPEC Output Surges In July On Saudi, Libya Additions
...public. Since the start of 2014, Iranian oil exports have consistently breached the (understood) 1mn b/d limit agreed as part of the interim deal. Yet, they have faced little scrutiny from the US and its allies involved in the nuclear negotiations on the basis that Iranian oil exports have been cushioned in...
Volume: 57Issue: 33Published at Fri, 15 Aug 2014 -
Iraq: Exports Hold Up As ISIS Advances On Oilfields
...ound Mosul in mid-March. Northern exports averaged just 85,000 b/d for the first half of 2014, a mere 30% of year-ago levels (see table). Iraq’s key southern fields appear under little immediate threat from IS advances, but the jihadists have in the past week had several clashed with KRG fighters. IS ha...
Volume: 57Issue: 32Published at Fri, 08 Aug 2014 -
End Of OPEC’s Revenue Golden Age?
...OPEC OPEC’s Annual Statistical Bulletin (ASB) for 2014 shows its members’ oil export revenue for 2013 falling by 8% or $96bn from 2012’s record numbers. The US government’s Energy Information Administration (EIA) predicts that for 2014 OPEC oil export revenues will fall by a further $50...
Volume: 57Issue: 31Published at Fri, 01 Aug 2014 -
World Oil Demand To Grow 1.4mn B/D In 2015 - IEA
...OPEC World Oil Demand (Mn B/D IEA Estimates) Call On OPEC Vs OPEC Output (Mn B/D IEA Estimates) OPEC Vs IEA Supply-Demand Balance, July 2014 Forecasts (Mn B/D) 1Q14 2Q...
Volume: 57Issue: 30Published at Fri, 25 Jul 2014