Дорогие друзья! Больше трех лет я рассказываю вам об основных новостях, событиях, трендах на мировом рынке нефти и газа. Я делаю это бесплатно и без рекламы. Поэтому я прошу вас о помощи. Wognews нуждается в развитии. Вас больше 20 000 человек из более чем 80 стран мира. Если каждый пожертвует небольшую сумму денег, 500 или 1000 рублей, или больше, wognews станет лучше. Спасибо, Владимир Виноградов, основатель wognews.

Dear friends! For more than three years I've been telling you about the main news, events, trends in the world oil and gas market. I do it for free and without advertising. Therefore I ask you for help. Wognews needs development. You are more than 20 000 people from more than 80 countries. If each donate a small amount of money, $10, $20, $30 or more, wognews will become better. Thank you, Vladimir Vinogradov, the founder of wognews.
2014-07-11 18:00:00

OPEC: JULY 2014

OPEC: JULY 2014

OPEC published Monthly Oil Market Report July 2014.

Oil market highlights

Crude Oil Price Movements

The OPEC Reference Basket increased by $2.45 in June to reach $107.89/b. Nymex WTI gained $3.35 to $105.15/b and ICE Brent added $2.73 to $111.97/b. Speculator net long positions on ICE Brent hit a record high on turmoil in Iraq. The Brent/WTI spread closed the month below $7/b, after having widened to near $10/b mid-month.

World Economy

World economic growth for 2014 has been revised to 3.1% from 3.4%, triggered by unexpected low 1Q14 growth in the US. The 2015 growth forecast stands at 3.4%, supported by the accelerating pace of OECD growth from 1.7% this year to 2.0% in 2015. China's GDP is forecast to grow by 7.2% in 2015 from 7.4% in the current year. India is seen growing at 5.8% next year, up from 5.5% in 2014.

World Oil Demand

Global oil demand growth in 2014 is forecast at 1.13 mb/d, broadly unchanged from the previous report. World oil demand in 2015 is anticipated to increase at a faster pace of 1.21 mb/d. OECD demand is expected to see positive growth for the first time since 2010, increasing around 40 tb/d, while non-OECD consumption is expected to provide the bulk of oil demand growth with 1.18 mb/d.

World Oil Supply

Non-OPEC oil supply is expected to increase by 1.47 mb/d in 2014, following a slight upward revision from the previous report. In 2015, non-OPEC supply is projected to grow at a slower pace of 1.31 mb/d. OPEC NGLs and non-conventional liquids are forecast to grow by 200 tb/d in 2015 to average 6.0 mb/d, after growth of 150 tb/d this year. In June 2014, OPEC crude oil production, according to secondary sources, declined by 79 tb/d to average 29.70 mb/d.

Product Markets and Refining Operations

Strong summer gasoline demand in the US has supported product markets in the Atlantic Basin. This has outweighed the considerable decline seen in the middle and bottom of the barrel, preventing refinery margins from falling in the US and Europe. In Asia, product markets have continued to lose ground, as weak demand amid the return of refineries from maintenance has caused refinery margins to fall sharply. 

Tanker Market

Tanker market spot freight rates saw mixed movement in June. VLCC and Suezmax rates increased on the back of higher activity in several regions, while the tonnage list appeared shorter. In contrast, Aframax spot freight rates declined slightly, as a result of limited activities, while tonnage availability remained in surplus.

Stock Movements

OECD commercial stocks rose by 32 mb in May, but remained 53 mb below the five-year average. Crude stocks were 12 mb above the five-year average, while product inventories were 65 mb below. In terms of forward cover, OECD commercial stocks stood at a comfortable level of 57.7 days. Preliminary data for June shows that US total commercial oil stocks rose by 17.0 mb to stand 9 mb above the five-year average. Crude stocks were 19 mb above the five-year average, while products were 9 mb below.

Balance of Supply and Demand

Demand for OPEC crude in 2014 remains unchanged from the previous report at 29.7 mb/d. Based on initial forecasts, demand for OPEC crude in 2015 is projected to average 29.4 mb/d, representing a decline by 0.3 mb/d.

opec.org

Tags: OPEC, OIL, CRUDE, WORLD, ECONOMY, DEMAND, SUPPLY, MARKET,

Chronicle:

OPEC: JULY 2014
September, 22, 08:50:00

RUSSIA - KURDISTAN INVESTMENT

Instead, with the planned referendum just days away, Russian state oil giant Rosneft announced its latest investment last week, to help Iraqi Kurdistan develop its natural gas industry, for domestic supplies and eventual export.

OPEC: JULY 2014
September, 22, 08:45:00

IRAN'S GAS EXPORT: ABOVE 5 BCM

Iran exported over 5 billion cubic meters (bcm) of natural gas during the first five months of the current Iranian calendar year (March 21-August 22), Dispatching director of National Iranian Gas Company (NIGC) announced.

OPEC: JULY 2014
September, 22, 08:40:00

IRAQI OIL TO U.S.

Gazprom Neft has shipped its second and largest cargo of Iraqi crude to the US since the Badra field, its flagship overseas oil project, came on stream in 2014, the Russian oil company said Tuesday.

OPEC: JULY 2014
September, 22, 08:35:00

QATAR - TURKEY LNG

Qatargas has agreed to sell 1.5 million tpy of LNG to Turkey’s BOTAŞ Petroleum Pipeline Corporation (BOTAŞ) over a period of three years

All Publications »
Exchange Rates
Date: 00:00 00:00
USD 0.00 0.00
EUR 0.00 0.00
GBP 0.00 0.00
UAH 0.00 0.00
ADR bid ask
GAZPROM 0.000.00
LUKOIL 0.00 0.00
ROSNEFT 0.00 0.00
SURGUTNEFTEGAZ 0.000.00
TATNEFT0.00 0.00