IEA: SEPTEMBER OIL MARKET REPORT
The IEA Oil Market Report (OMR) for September trimmed global oil demand growth for 2014 and 2015 to 0.9 million barrels per day (mb/d) and 1.2 mb/d, respectively, because of a pronounced slowdown in demand growth in the second quarter of this year and a weaker outlook for Europe and China. Demand in 2015 is now set at 93.8 mb/d, the monthly report informed subscribers.
Global supply declined 400 000 barrels per day (400 kb/d) in August, to 92.9 mb/d, as non‐OPEC production eased. Also, non-OPEC production fell by 130 kb/d in August to 30.31 mb/d as a steady recovery in Libya failed to offset lower supply from Saudi Arabia and Iraq. But compared with August 2013, global supply rose 810 kb/d as a 1.2 mb/d rise in non‐OPEC output more than offset a 370 kb/d year-on-year drop for OPEC. Non‐OPEC supply is set to expand by 1.6 mb/d in 2014, and 1.3 mb/d in 2015, to reach 57.6 mb/d.
The weaker demand outlook as well as robust non-OPEC supply growth led the OMR to trim its "call on OPEC crude and stock change" by 200 kb/d for the fourth quarter of this year to 30.6 mb/d and 300 kb/d for 2015 to 29.6 mb/d.
OECD industry inventories built seasonally by 15.5 mb in July, to 2 670 mb, on soaring US stocks of "other products". Preliminary data indicate that stocks continued their upward trajectory in August, rising by 19.5 mb, further cutting the deficit to the five‐year average, which stood at 57 mb/d at end‐July.
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PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.
AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.
WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.
REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.