Posts Tagged ‘Saudi Arabia’

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.

Middle East Christmas-week violence raises security, oil supply concerns

While much of the world has been praying for peace and goodwill, the Middle East has witnessed more mayhem and murder.

During Christmas week, the south of the region witnessed further sabotage attacks on Yemen’s Marib oil pipeline. Also in Yemen, there was a deadly army shelling of a funeral tent that killed 10.

In Iraq, al-Qaida-linked militants claimed responsibility for an attack on a television station headquarters that killed five journalists, bringing to 12 the number of journalists killed in the country in the past three months; a roadside bomb struck the convoy of the country’s acting defense minister, wounding two guards, only days after five senior army officers and 10 other soldiers had been killed during an operation against militants in western Iraq’s restive Anbar province; in the Dora area of Baghdad, other attacks targets Christians celebrating Christmas; in the country’s major southern oil producing province of Basrah, the disgruntled governor threatened to shut in Iraq’s roughly 2.2 million b/d of crude exports via the Persian Gulf over a revenue-sharing dispute with Baghdad.

Read the rest of this entry »

Total celebrates in Saudi Arabia while European refining margins plummet

France’s Total this week revealed its European indicator refining margin for the third quarter of 2013 — a shockingly low $1.44/b.

The dire state of European refining is nothing new, but with margins like that it doesn’t seem sustainable for companies to operate in this environment for a prolonged period.

Read the rest of this entry »

US as oil producer top dog? It’s a question of timing

So exactly when will the US shale revolution allow the world’s biggest oil consumer to topple Saudi Arabia as the biggest global oil producer?

The International Energy Agency reignited the perennial supply topic Friday with its latest monthly oil market report. According the report, the US will, at least, replace Russia as the world’s number two oil producer before mid-2014.

Read the rest of this entry »

New Frontiers: a litany of oil pipeline/midstream woes bedevil the Mideast

It’s not enough to produce a lot of oil. It has to be taken to market. And in the Middle East, that’s increasingly a problem, as Tamsin Carlisle discusses in this week’s Oilgram News column, New Frontiers.

Read the rest of this entry »

OPEC production: trying to make up for Libya

The decline in Libyan output is putting a significant burden on Saudi Arabia to make up the difference. You can read our analysis of the group’s July output here.

Read the rest of this entry »

Supply risks threaten runaway global oil output picture

With oil production in North America on a seemingly unstoppable upward trend, it is not uncommon these days to hear how the world might be able to relax a little in the knowledge that its oil demand is more or less guaranteed to be met in the short to medium term.

But there is no room for complacency, with the International Energy Agency warning on Friday that supply continues to be disrupted across the world, both within OPEC member countries and elsewhere.

Read the rest of this entry »

Petrodollars: Investment wealth is being spread around among Middle East oil producers

In this week’s Oilgram News column Petrodollars, Tamsin Carlisle looks at the shift in Middle East investment spending to a broader base than just having the dollars showered on Saudi Arabia.

Read the rest of this entry »

OPEC, at its Vienna meeting, grapples with shale oil

At first glance OPEC had one of its most straightforward meetings of recent years in Vienna this week.

With minister after minister expressing satisfaction with current oil market conditions, there was never much prospect of any change to the group’s current crude production ceiling of 30 million b/d. And when the ministers met formally on Friday it took them less than two hours to agree a rollover.

Read the rest of this entry »

OPEC oil output in March: a few countries struggled to keep up

OPEC’s output has been dropping for months, but mostly because Saudi Arabia has been taking on the role of swing producer and cutting its production in line with weaker demand. In March, it was other countries that saw their production decline, but it wasn’t demand-driven. You can read Platts’ numbers and analysis here.

Read the rest of this entry »