Posts Tagged ‘OPEC’

IEA points to supply risks outside OPEC

A real prospect that export flows out of Libya can start to ramp up in the coming weeks after the resolution of a nine-month-long standoff with rebels couldn’t come at a better time for OPEC it seems.

According to the International Energy Agency’s latest monthly report, OPEC’s 12 members will need to pump an average of 350,000 b/d more during the second half of 2014 to meet global oil demand after their output slumped to a five-month low in March.

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OPEC oil output in March: A reversal of recent trends

OPEC output took a significant decline in March, according to the latest Platts survey. It also marked a reversal of recent trends, wherein Saudi Arabia would normally make up for shortfalls out of other OPEC countries. But this time, Iraq output fell, as did that of Libya, but Saudi output declined as well. You can read Platts’ analysis here.

IEA notes big jump in global oil supply in February

The oil market is no stranger to conflicting price signals, and the current period of relatively calm prices is a case in point.

The ongoing standoff between Russia and the West has so far caused only a relatively small, and short-lived rise in crude prices, despite the huge importance of oil trade between Russia and Europe, in particular.

If you want to know why the reaction was not bigger, you might want to take a look at the latest monthly report from the International Energy Agency, which has some very interesting data in it.

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OPEC oil output: a big jump, lifted by Iraq

The recent increase in the price of oil certainly isn’t happening because of any shortfall coming out of OPEC, at least not in February. Our monthly report on the production numbers, and our analysis, can be found here.

OPEC oil output in January: Libya comes back

A significant recovery by Libya to bring its oil production back up from its recent depths helped lead OPEC to an increase in its output in January. You can see the figures and our analysis here.

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OPEC in December: mostly balanced

A lot of OPEC nations produced a little more oil in December. A few produced less. The result was not a big change in output from November. You can read Platts’ analysis of it here.

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IEA report: US oil demand recovery steps on the gas

Signs that the US is experiencing at least a temporary surge in oil demand were reinforced Wednesday after the International Energy Agency said the US has seen its biggest spurt in demand growth for almost a decade.

In its latest monthly oil market report, the IEA said US oil demand likely averaged nearly 19.1 million b/d in September, up 900,000 b/d year-on-year and the fastest pace of growth experienced in nearly 10 years.

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Is OPEC right to ignore the oil price pessimists?

OPEC has often been criticized in the past for failing to cut crude output until the tide of oversupply is washing up at its shores. On Wednesday, the cartel ignored all the latest tidings of doom and gloom and rolled over for at least another six months the 30 million b/d output ceiling that has been in place since January last year. What else could it have done?

Undoubtedly, there is a long list of possible developments that could put heavy downward pressure on oil prices.

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OPEC oil output in October: despite turmoil, holding steady

Iraq has had maintenance (and now other issues), Libya has plenty of turmoil, and yet OPEC’s output in October held steady, according to Platts’ monthly survey. You can read our analysis of it here. 

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Sustainable North American oil boom would have complicated impact on OPEC

The steady increase in US oil output of recent years, especially as a result of shale oil exploitation, has not gone unnoticed by OPEC. But is it sustainable?

That was a question posed rhetorically by OPEC Secretary General Abdulla ElBadri in late October on the sidelines of a Gulf Intelligence energy forum in Muscat, Oman. Expanding on the issue, he said it remained to be seen whether US and Canadian crude production could be maintained at current levels, let alone increased, implying that it was too early for OPEC to start worrying seriously about any potential impact to the market call on the organization’s crude.

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