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.
Posts Tagged ‘Saudi Arabia’
By News Desk | April 10, 2014 02:10 PM Comments (0)
By Tamsin Carlisle | December 31, 2013 12:01 AM Comments (0)
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.
By Stuart Elliott | October 18, 2013 08:00 AM Comments (0)
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.
By Robert Perkins | October 11, 2013 02:34 PM Comments (0)
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.
By News Desk | September 23, 2013 12:01 AM Comments (0)
By News Desk | August 9, 2013 09:57 AM Comments (0)
By Stuart Elliott | August 9, 2013 09:22 AM Comments (0)
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.
By News Desk | July 29, 2013 12:01 AM Comments (0)
By News Desk | May 31, 2013 01:02 PM Comments (1)
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.
By News Desk | April 10, 2013 03:47 PM Comments (0)
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.