Russia Hits Post-Soviet Record of 10.74 MMBOPD Russian oil output hit 10.74 million barrels a day in September, the highest level of production seen in the country since the fall of the Soviet Union, reports The Wall street Journal. The post-Soviet record represented a 0.4% increase from production in August, which reached 10.68 MMBOPD. The gains were in large part
Survey of oil companies, producers and analysts shows declines in OPEC output OPEC production declined in September, led by lower output in the group’s three-biggest producers, according to a survey conducted by Bloomberg. The survey was taken of oil companies, producers and analysts, and it showed output from OPEC down 233,000 barrels per day from August to 32.05 million barrels
OPEC lowers expectations for non-member output OPEC once again revised down its expectations for non-OPEC member production growth in its September Oil Market Report, lowering expected output for both 2015 and 2016. The organization projects that for this year, non-OPEC supply growth will average about 880 MBOPD, 72 MBOPD lower than in last month’s report, due to lower-than-expected output from
Oil Bears out in Force before the Weekend Oil prices and rig counts alike fell on Friday, with the former falling by about 2% and the latter reaching its lowest level in more than a decade. A handful of factors weighed into the commodity price drop, spurred by Goldman Sachs predicting oil prices still have (much) further to drop before
Oil prices see the largest percent gain in six years The U.S. crude oil benchmark West Texas Intermediate closed today 10.3% higher at $42.56 per barrel. In percentage terms, that is the largest gain seen in WTI prices in one day since March 12, 2009. In dollar terms, it was the largest gain in three years. Global benchmark Brent crude
OPEC sees lower market share despite decision to maintain production In November 2014, OPEC, led by its largest producer Saudi Arabia, decided to cast off its traditional role as swing producer in the global oil market. The decision sent oil prices plummeting from over $115 per barrel for Brent crude in June, down to $42.69 per barrel, the closing price
Wells Fargo sees market balance in 2016 A recent note from Wells Fargo Equity Research highlights the continued unresponsiveness of production in the face of low oil prices, but the analysts say they expect the market to rebalance in 2016. “Given OPEC’s continued focus on market share and the lack of production response thus far to lower drilling/spending from non-OPEC,
Saudi investment in U.S. shale continues in the down market, not interested in acquiring U.S. companies at this point Saudi Basic Industries Corp. (ticker: TADAWUL:2010), or Sabic, plans to expand investment in U.S. shale gas projects through joint ventures, according to acting CEO Yousef al Benyan. Sabic has signed an agreement with Houston-based Enterprise Products Partners (ticker: EPD) to obtain
OPEC sees ‘a more balanced market’ – a higher demand for its crude oil in 2016 The Organization of Petroleum Exporting Countries (OPEC) released its Oil Monthly Report (OMR) for July, predicting economic growth would continue to drive oil demand, even as the group revised world economic growth down. OPEC forecasts global GDP to grow by 3.2% in 2015, down
OPEC June production hits 31.60 MMBOPD on the back of increased Iraq output OPEC continued to produce well above its target of 30 MMBOPD in June, according to information compiled by Reuters. The information, based on shipping data and information from sources at oil companies, OPEC and consultants, suggest that OPEC produced 31.60 MMBOP in June, the highest output the
“If you are Saudi Arabia…you would go to full capacity” Goldman Sachs and Citi Group predict that Saudi Arabia will likely start to push production to its daily maximum of 11 MMBOPD in the second half of 2015, reports Bloomberg. “If you are Saudi Arabia and you’re looking at the new oil order we live in, you would go to
Bakken, Permian and Eagle Ford replacing Saudi imports of light and medium crudes Imports of medium-grade crude oil to Gulf Coast refineries were down 45% in the first quarter of 2015 compared with the first quarter of 2014, reports the Energy Information Administration (EIA). Medium-grade crude imports fell to 0.8 MMBOPD in Q1’15 from 1.5 MMBOPD the year before. Almost
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