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Opec, IEA Counter Market Euphoria With Demand Downgrades
...e price decline that started in 2014.” The authors assume a further 20% reduction in investment in 2021 and warn that “industry investment will have to rise over the next three years by at least 25% yearly from 2020 levels to stave off a crisis.” OPEC PRODUCTION BEGINS THE JOURNEY BACK FROM ITS CO...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Italy Crude Imports: Q3 Bounceback, Libya Volumes Set To Soar In Q4
...rong rebound in Q3 volumes to leave 9M 2020 imports down just 3% year-on-year (MEES, 4 December). *With little sign of a buying upturn in Q4, 2020’s Italian imports are set to come in below 2014’s 1.09mn b/d as the lowest this century. *Imports from key supplier Saudi Arabia almost halved in Q3 to...
Volume: 63Issue: 50Published at Fri, 11 Dec 2020 -
Covid To Cost Opec $250bn In Lost Revenues
...at would be bad enough, but it will merely be the low point of a lackluster run of earnings in recent years (see chart). Oil prices dropped below $100/B back in late 2014 and over the subsequent six-year period of 2015-2020, Opec’s export revenues are on course to come in at a combined $3.0 tr...
Volume: 63Issue: 48Published at Fri, 27 Nov 2020 -
Opec+ Looks Ahead To Crunch Meeting
...t more than 500,000 b/d beyond its allocation in order to comply – a highly unlikely move that would necessitate producing below 3.3mn b/d for the first time since 2014. Iraq undeniably faces severe economic challenges (MEES, 16 October), but failure to comply risks fomenting divisions within Op...
Volume: 63Issue: 47Published at Fri, 20 Nov 2020 -
Korea Crude Imports 6-Year Low, Taiwan Lowest In Decades
...e lowest annual figure since 2014. MIDEAST SLUMP Not only are Korean imports down but Middle East volumes are down further, by 10% for the first nine months of 2020 with Korea taking an 11-year low of just 1.68mn b/d from the Middle East in September. The region’s share of th...
Volume: 63Issue: 42Published at Fri, 16 Oct 2020 -
Asian LNG Demand Up This Year Despite Covid
...ers (MEES, 11 September). The slump in prices is now being felt in Qatar, and Taiwan paid an average of just $4.78/mn BTU for Qatar volumes in August (the latest data): as with its overall import price this is the lowest figure since 2014. *Other bargain-basement recent buying by Taiwan saw su...
Volume: 63Issue: 39Published at Fri, 25 Sep 2020 -
Opec Secretary General Mohammad Sanusi Barkindo Speaks With MEES On The Occasion Of The Organization’s 60th Anniversary
...ving the way for a future supply crunch? A: To put the investment conundrum in some perspective, our projections show capital expenditure in non-OPEC countries plummeting by 23% in 2020, to about half the $741 billion record set in 2014. And as we all know from the oil market’s sharp downturn in 2014...
Volume: 63Issue: 38Published at Fri, 18 Sep 2020 -
India 1h 2020 Crude Imports: A Tale Of Two Quarters
...test provisional data from the country’s Petroleum Planning and Analysis Cell shows imports of just 2.91mn b/d in July, only just above May’s 10-year low of 2.82mn b/d. June was almost 800,000 b/d higher at 3.59mn b/d, though this is still the third lowest figure since 2014 (see chart and p7 for full da...
Volume: 63Issue: 35Published at Fri, 28 Aug 2020 -
Opec Oil Revenues Set For 17-Year Low In 2020
...8% annual increase, but also the highest figure since 2014. This was thanks to a 19% increase to 207,000 b/d in crude export volumes as Gabon paid little, if any, heed to its Opec commitments. Gabon is also one of the very few Opec members to have shown little sign of improving compliance during the cu...
Volume: 63Issue: 29Published at Fri, 17 Jul 2020 -
Korea Crude Imports Fall 9% In 1h 2020 Despite Saudi June Boost
...*Global number five crude importer South Korea has been hit less hard by Covid-19 than several key western economies. But its crude imports still fell 9% to 2.72mn b/d for 1H20. As yet there is no sign of a rebound, June imports at 2.47mn b/d were the lowest monthly figure since 2014, whilst Q2...
Volume: 63Issue: 29Published at Fri, 17 Jul 2020 -
US Output Bottoms Out As Exports Target China
...e result of the kingdom’s decision to hike output to record levels in April, saw arrivals in the US average 1.5mn b/d for the five weeks to 19 June – substantially higher than any monthly figure since 2014 – before dipping to 826,000 b/d for the week ending 26 June (see chart). ARMADA RECEDES: US...
Volume: 63Issue: 27Published at Fri, 03 Jul 2020 -
Italy Crude Imports: Record Saudi Volumes, Overall Collapse
...2,000 b/d the highest monthly figure since 2014. Given the collapse in overall volumes, this was also enough to see Saudi surge past the top three 2019 suppliers Iraq, Russia and Azerbaijan (MEES, 6 March) to take the top supplier spot for the first time in at least six years. Iraq volumes slumped to 10...
Volume: 63Issue: 27Published at Fri, 03 Jul 2020 -
Saudi Oil Exports Back On Top
...udi figure was the lowest since 4Q 2014, and was primarily due to a steep drop in exports of refined products (MEES, 22 May). But Saudi Arabia surged back ahead of the US in April as it ramped up crude output to record levels amid its short-lived price war with Russia. Official data is not yet av...
Volume: 63Issue: 24Published at Fri, 12 Jun 2020 -
US Data: Record Stocks, Record Cuts, Which Way From Here?
...om services firm Baker Hughes (see chart 1). The overall US oil rig count of 222 is the lowest since 2009 with the 72.3% year-on-year collapse the highest on record. *Indicative of leaner drilling operations in the latest boom versus the years to 2014 is that March’s record 4.80mn b/d Pe...
Volume: 63Issue: 23Published at Fri, 05 Jun 2020 -
Italy Imports At Record Low As Covid Hits But Iraq Bucks The Trend
...Italy’s crude imports fell to just 1.05mn b/d for February, the lowest figure since 2014 as the country became the first European nation to get battered by the Covid-19 pandemic. Italy is not only an important oil consumer in its own right, it is but also the location of several key re...
Volume: 63Issue: 23Published at Fri, 05 Jun 2020 -
Energy Investment: Oil And Gas Bear The Brunt Of Unprecedented Cuts
...vestment, the sharp drop-off in investment could have profound ramifications down the line. Since the crisis struck, IOCs have sought to emphasize that they are in much better shape to handle this downturn than the previous oil price fall in 2014. That fall led to significant belt-tightening and ef...
Volume: 63Issue: 22Published at Fri, 29 May 2020 -
Neutral Zone Crude Output Ramps Up
...ich restarted in February after having been shut-in since 2014 (MEES, 28 February). The first exports of Khafji crude oil (28.5°API, 2.85% sulfur) were then made in early April (MEES, 10 April). Some 1mn barrels was delivered to China’s Shuidong, while another 1mn barrels was offloaded to another ve...
Volume: 63Issue: 18Published at Fri, 01 May 2020 -
US Shale In The Time Of Lower Prices
...e heir to former Saudi oil minister Ali Naimi’s 2014-16 strategy of focusing on market share at the expense of price (MEES, 19 December 2014) Having been abandoned in late 2016 (MEES, 2 December 2016) this strategy was subsequently branded a failure. But it certainly succeeded in keeping US ou...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
US Output:2019 Sees Slew Of Records But 2020 Forecasts Scaled Back
....23mn b/d for 2019, some 1mn b/d ahead of number two Russia (MEES, 3 January), with Saudi Arabia on 9.75mn b/d in distant third spot. The 1.24mn b/d (11.3%) of output gains that US producers notched up in 2019 were the third highest on record, behind 2018’s phenomenal 1.64mn b/d rise and 2014’s 1....
Volume: 63Issue: 10Published at Fri, 06 Mar 2020 -
Suez Canal Rides Us Shale Boom With 2019 Traffic & Revenue Records
...crementally risen from $5.5bn in 2014. Suez Canal revenues are one of Egypt’s key foreign exchange earners. The $5.7bn they brought in for the 2018-19 financial year was second only to tourism ($12.6bn) as the key elements of a $13bn surplus on the services element of Egypt’s balance of payments (MEES, 6 De...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020