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Opec In 2018: More Revenue Less Market Share?
...adual erosion of discipline from those members able to increase output which doesn’t reduce prices ought to see Opec’s revenues exceed this estimate next year. THIS YEAR’S WINNERS AND LOSERS Without a doubt Libya is the biggest winner revenue-wise within Opec in 2017. Its oil earnings are set to gr...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Can Opec Eliminate Stock Overhang In 2018?
...oup's estimated $570bn oil revenues in 2017. Opec and the IEA both raised their expectations for US output gains in 2017 and 2018, with both expecting more than 1mn b/d growth next year. But here the similarities end. While Opec expects continued momentum in the global economy to sustain strong oil de...
Volume: 60Issue: 50Published at Fri, 15 Dec 2017 -
EIA Hikes 2018 Us Output Growth Forecast To 1.24mn B/D
...rmation alone rose by 500,000 b/d between January and November. With September through December 2017 figures revised up from those in last month’s report, the EIA is now projecting 2017 average crude output of 9.24mn b/d, up 380,000 b/d on 2016, but some 170,000 b/d shy of the post-1970 annual high of 9....
Volume: 60Issue: 50Published at Fri, 15 Dec 2017 -
Saudi, Algerian Cuts Lead Opec to Six-Month Production Low in November
...ter starting 2017 with strong compliance, Kuwait is struggling to adhere to its production allocation. The planned start-up of 120,000 b/d light crude in Q1 2018 will pose serious questions about its commitment. OPEC WELLHEAD PRODUCTION, NOVEMBER 2017 (MN B/D, MEES ES...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
Opec/Russia ‘Historic’ Strategic Alignment: Can It Hold?
...rward, Mr Falih says that Nigeria and Libya have pledged that 2018 production will not exceed this year’s levels. They will not “surprise on the upside” he says. Given the volatility of their output, this presumably means their maximum output in 2017 – some 1mn b/d for Libya and 1.84mn b/d for Nigeria – ra...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
Saudi Crude Exports At 7-Year Low, Outweighing Products Gains
...Saudi Arabia is leading by example within Opec when it comes to withholding crude oil from global markets in order to erode the stock overhang. The kingdom’s crude exports are set to fall to a seven-year low in 2017. And while this has been partially achieved by ramping up refining rates and th...
Volume: 60Issue: 47Published at Fri, 24 Nov 2017 -
Global Output To 2040: Will Opec Be Squeezed Amid Offshore Growth?
...A PROJECTIONS*): OPEC SHARE TO EDGE UP FROM 43% IN 2016 TO 46% IN 2040 *2017 WEO, NEW POLICIES SCENARIO. 2: WORLD’S TOP 8 OIL PRODUCERS IN 2040 (MN B/D, IEA PROJECTIONS*) *2017 WEO, NEW POLICIES SCENARIO. ^2016 OUTPUT REBASED TO ZERO. 3: BRAZIL IS FORECAST* TO BE...
Volume: 60Issue: 47Published at Fri, 24 Nov 2017 -
IEA, Opec Diverge On Market Outlook Ahead Of Key Vienna Meet
...tionale is clear. Participants to the agreement are currently aligned that an extension is required. But, with demand set to outstrip supply for the remainder of 2017, they may be less inclined to back an extension in early-2018. And the more bearish IEA report says that “the market balance in 2018 does no...
Volume: 60Issue: 46Published at Fri, 17 Nov 2017 -
Opec Output Falls Ahead Of Key Meeting As US Shale Eyes Price Rally
...US E&P companies in October was the most of any month in 2017 and that the additional capital will facilitate increased investment and support US crude output growth. 1: OPEC BASKET AT $4/B PREMIUM TO WTI, 5-YEAR LOW DISCOUNT TO BRENT ($/B, MONTHLY AVERAGE PRICES*) SOURCE: ICE, OPEC. ME...
Volume: 60Issue: 45Published at Fri, 10 Nov 2017 -
US Exports Make More Waves, Taking Opec Share In Core Asian Markets
...ead with imports of 8.53mn b/d for January-September 2017 versus 7.97mn b/d for the US). But here too US trading patterns have been making waves, with imports from Saudi Arabia falling to just 504,000 b/d in October (based on weekly data to 27 October) the lowest monthly figure since 1987. For the we...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Opec Producers Cash In On WTI Weakness Amid Tight Asia Market
...• Cuts to Opec output from the start of 2017 have focussed on the grouping’s Mideast core. This has tightened markets in Asia, raising the value of the Opec crude basket against Brent, and especially US marker WTI. The latter is priced at Cushing, Oklahoma, an inland location just to the no...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Opec Members Maneuvering For Advantage In Key Asian Export Markets
...eas. Exports to the US initially held up in 2017, but the intense scrutiny afforded to US figures has seen Opec increasingly cut there, to boost oil prices. Saudi Arabia and Iraq are the two largest Opec suppliers of crude oil to the US. Provisional weekly figures from the US government’s EIA shows cr...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Saudi ‘Demonstrates Leadership’ by Keeping Crude Exports Low
...FINING MOMENTUM Much of the crude export drop-off is a result of lowering crude production, but not all. Saudi Arabia’s strategy at the beginning of 2017 was to prioritize exporting crude over refining it, but this has now firmly switched. Refining runs are now being boosted at the ex...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Does Opec Have A Strategy For ‘Lower For Ever’?
...rrels for products – as of end-September, Mr Barkindo says. This is less than half of the 338mn-barrel figure at the start of 2017 when the output cut deal went into effect and down by a further 11mn barrels from the end-August figure (MEES, 13 October). However more than half of the ‘gains’ in re...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Opec Members Set For Major Revenue Boost Despite Slow Rebalancing
...Opec-led production curbs since the start of 2017 have so far failed to bring about the planned market rebalancing. They look likely to be extended to at least the end of 2018. But while global oil inventories remain well oversupplied, this year’s price gains are set to boost Opec revenues by ar...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Opec Focuses On Exports As Compliance Slips Further
...dress its compliance with existing commitments. OPEC COMPLIANCE WANES After a strong start to 2017, output has been on a steady upwards trend since April. Opec production has grown for each of the last two quarters, and all three quarters so far in 2017 have posted year-on-year gains (see ch...
Volume: 60Issue: 40Published at Fri, 06 Oct 2017 -
Non-Opec’s Mixed Bag
...The non-Opec signatories to the late-2016 output deal pledged to cut just under 600,000 b/d, of which 300,000 b/d from Russia. Russia hit this for the first time in August and repeated the trick in September, although it remains around 80,000 b/d above target on average over 2017 so far. Th...
Volume: 60Issue: 40Published at Fri, 06 Oct 2017 -
Russia Extends Lead Over Saudi In China As Overall Imports Fall
...wn (see chart, p16). Total Chinese crude imports were 8.014mn b/d, the lowest figure this year, though still 5% up on the 2016 average of 7.61mn b/d. This magnitude of gains, as opposed to the 14% year-on-year growth implied by China’s 8.53mn b/d January-July 2017 imports, is much more in line wi...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Saudi: Opec Should Stick To Its Guns
...ojected at around 1.3mn b/d [for 2017: Mr Muhanna’s figures broadly tally with an average of the most recent forecasts from Opec and the IEA – MEES, 15 September]. When the demand is ahead of supply the market is on a strong footing.” Progress towards Opec’s stated goal of bringing OECD stocks down to fi...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Saudi Crude Exports At 3-Year Low: Oil Burn Peaks Amid Opec Curbs
...cord 1.02mn b/d for the year as a whole, up from MEES’ previous 991,000 b/d 2017 forecast (MEES, 18 August). Increased oil burn has directly hit the volume of crude available for export. Crude exports, at 6.693mn b/d in July, were down for the fourth straight month and at their lowest level since Au...
Volume: 60Issue: 38Published at Fri, 22 Sep 2017