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Will Increased Saudi Oil Production Translate Into Higher Summer Exports?
...cle US shale activity could have a material impact on global balances, creating space for increased volumes from Saudi Arabia and its fellow Opec+ producers. 1: SAUDI CRUDE BURN HAS STARTED THE YEAR AT THE LOWEST LEVEL SINCE 2017 (‘000 B/D) SOURCE: JODI, MEES. 2: HOW WILL PR...
Volume: 68Issue: 19Published at Fri, 09 May 2025 -
OPEC Secretary General: ‘Data-Driven Messaging More Important Than Ever’
...it the data that led the IEA Executive Director to say in 2017, “We don’t see a peak in oil demand any time soon”? Or the data that led the Executive Director to say in 2022, “Global oil demand will peak before 2030.” Which IEA data has ‘won’ regarding peak gasoline consumption? The IEA stated in...
Volume: 68Issue: 15Published at Fri, 11 Apr 2025 -
Saudi Crude Exports Slump For Q3 On Record Oil Burn, Bumper Throughputs
...ghest on record behind 3Q 2017. Adding in direct crude burn, the figure of 2.78mn b/d was a nine-year high. 1: SAUDI CRUDE SUPPLY*: EXPORTS WERE SQUEEZED TO A NEAR 10-YEAR LOW 5.7MN B/D FOR Q3 (MN B/D).... 2: ...A RECORD LOW 63% CRUDE SUPPLY SHARE. IN CONTRAST, THE SHARE REFINED AN...
Volume: 67Issue: 47Published at Fri, 22 Nov 2024 -
IEA Points To Lower Forever Oil Markets
...ve fallen to their lowest levels since at least 2017, it adds that “global refined product stocks have swelled to three-year highs, pressuring margins across key refining hubs.” IEA SUPPLY & DEMAND FORECASTS, OCTOBER 2024 (MN B/D) OPEC SUPPLY & DEMAND FORECASTS, OC...
Volume: 67Issue: 42Published at Fri, 18 Oct 2024 -
Korea Crude Imports: New UAE Record
...ril’s 570,000 b/d was a 21-year high on a monthly basis (MEES, 17 May). *Korea’s overall crude imports were up 1.5% at 2.82mn b/d for 1H 2024, putting 2024 on track for the highest annual figure since 2019, albeit some 210,000 b/d below the record annual figure of 3.03mn b/d set in 2017. South Ko...
Volume: 67Issue: 29Published at Sat, 20 Jul 2024 -
Korea Crude Imports: UAE Volumes Surge For Q1
...*South Korea, the world’s number four crude importer, took 2.87mn b/d for Q1, up 3% on Q4 2023 but down fractionally year-on-year and well below the record 3mn b/d-plus quarterly levels hit on several occasions over 2017-19 (see chart & table). As such, notwithstanding the Covid-related de...
Volume: 67Issue: 16Published at Fri, 19 Apr 2024 -
South Korea 2023 Crude Imports: Saudi Dominant, UAE Biggest Gainer
...*South Korea, the world’s number four crude importer after China, the US and India, imported 2.73mn b/d for 2023, down 3% year on year and 300,000 b/d below the record 3.03mn b/d set in 2017. *Saudi Arabia remained clear number one supplier with 955,000 b/d for a 35% market share de...
Volume: 67Issue: 03Published at Fri, 19 Jan 2024 -
Angola Quits Opec Over Quota Reform Process
...ll. Angola signed up to a 1.673mn b/d Opec+ allocation from January 2017, but even when production restrictions eased, it was unable to bring output back to anything approaching pre-2017 levels (see chart). Luanda will be hoping that free from the prospect of Opec+ production limitations, the country wi...
Volume: 66Issue: 51/52Published at Fri, 22 Dec 2023 -
Asian LNG Demand Remains Weak As Winter Approaches
...maining weak ahead of the key winter demand season. Collective buying by the top five Asian importers – China, Japan, South Korea, India and Taiwan – of 51.9mn tons for Q3 marked the lowest figure for the quarter since 2017, with imports remaining weak for October according to the latest Kpler data. Of...
Volume: 66Issue: 45Published at Fri, 10 Nov 2023 -
DME Looks To Build On Momentum Into 2024
...utinely exported to China (see chart 1). Despite China’s dominance as an end-destination, trading on the exchange is conducted by a broad range of global participants. BACK TO THE FUTURE For DME Oman, the period 2017-18 was its heyday, during which all records for activity were set. Ho...
Volume: 66Issue: 43Published at Fri, 27 Oct 2023 -
Imminent Russian Embargo Set To Boost Middle East-Europe Oil Flows
...ve-year average. However, middle distillate inventories only reached 240.2mn barrels in November, 31.9mn barrels below the 2017-2021 average.” Preliminary Euroilstock data shows a modest 800,000-barrel December rise, which would have left middle distillate inventories still well below average le...
Volume: 66Issue: 04Published at Fri, 27 Jan 2023 -
South Korea Crude Imports: Saudi Up 23% To Record 995,000 B/D For 2023
...*South Korea, the world’s number four crude importer behind China, the US and India, saw volumes rise 7% to 2.81mn b/d for 2022, a three year high but 220,000 b/d shy of the record 3.03mn b/d set in 2017 (see table). *With volumes from Russia – 2021’s number five supplier with 15...
Volume: 66Issue: 03Published at Fri, 20 Jan 2023 -
Aramco Trading Launches American Subsidiary
...ade fuels and base oils,” Aramco says. The ‘Port Arthur’ refinery has been wholly owned by Aramco since it paid $2.2bn to Shell to acquire the major’s 50% stake in the facility in May 2017 (MEES, 10 March 2017). Under the deal signed in March 2017, the 50:50 Motiva JV was broken up, with Aramco ge...
Volume: 66Issue: 03Published at Fri, 20 Jan 2023 -
Opec Solidifies Gains In 2022 As Saudi Sets Output Record
...pacity dropped from 3.15mn b/d in 2017/18 to 2.63mn b/d in 2020/21 according to the latest KOC figures (MEES, 22 October 2021). Kuwait also suffered from the full shut-in of the Partitioned Neutral Zone (PNZ), from where oil output is split with Saudi Arabia, between May 2015 and February 2020 (ME...
Volume: 66Issue: 02Published at Fri, 13 Jan 2023 -
Saudi Crude Exports Rise To Five-Year High In 2022
...10.57mn b/d for 2022 (see p7) drove an 800,000 b/d year-on-year increase in the kingdom’s crude oil exports. Figures from data intelligence firm Kpler show that crude exports (excluding Saudi Arabia’s 50% share from the Partitioned Neutral Zone) exceeded 7mn b/d last year for the first time since 2017...
Volume: 66Issue: 02Published at Fri, 13 Jan 2023 -
Europe Turns To Middle East For Replacement Gasoil Supplies
...rope’s imports from the region (including re-exports from Egypt’s Sidi Kerir) jumped by 131,000 b/d to 559,000 b/d in September. This is the highest figure in Kpler data stretching back to January 2017, topping the previous record of 541,000 b/d set in October 2021. But it is still far from su...
Volume: 65Issue: 42Published at Fri, 21 Oct 2022 -
Opec+ Considers Further Cuts Amid Softening Market
...ventories remain severely depleted. The IEA says that despite a 43.1mn barrel rise in July, OECD commercial oil inventories remained 274.9mn barrels below the 2017-21 five-year average which Opec+ long cited as the target range. A period of restocking would be welcomed by most observers. The IEA cu...
Volume: 65Issue: 39Published at Fri, 30 Sep 2022 -
China Gas: Record Domestic Output & Piped Russian Imports Cut Need For LNG
...erland volumes from Russia since the start up of the ‘Power of Siberia’ pipeline at the end of 2019. For 2021 these volumes hit 10bcm, and deliveries saw a further 63% year on year surge to 7.6bcm for 1H 2022. As such LNG’s share of China’s gas imports has fallen below 60% for the first time since 2017, wi...
Volume: 65Issue: 30Published at Fri, 29 Jul 2022 -
Global LNG: Does The Current Boom Risk Seeding Its Own Downfall?
...tright contraction in demand to 2025 and beyond according to IEA projections. For China, the IEA predicts that gas demand growth will fall from an average of 11%/year for 2017-21 to somewhat below 5%/year for 2021-25 as, amid high gas prices, “gas-fired generation remains under pressure in the Ch...
Volume: 65Issue: 28Published at Fri, 15 Jul 2022 -
Opec: Another Month, Another Missed Target
...rget. With oil prices more than $100/B, the country has every reason to maximize output if possible. But gone are the days when the country was able to produce more than 1.7mn b/d – a level it last reached in October 2017. Even with efforts to boost effective capacity over the past few mo...
Volume: 65Issue: 27Published at Fri, 08 Jul 2022