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2015-09-11 19:00:00

2016: PRODUCTION CUTBACKS

2016: PRODUCTION CUTBACKS

The latest tumble in the price of oil, which hit a six-year low in August, is expected to cut non-OPEC supply in 2016 by nearly 0.5 million barrels per day (mb/d) – the biggest decline in more than two decades.

Lower output in the United States, Russia and North Sea is expected to drop overall non-OPEC production to 57.7 mb/d. US light tight oil, the driver of US growth, is forecast to shrink by 0.4 mb/d next year.

OPEC crude supply fell by 220 000 barrels per day (220 kb/d) in August to 31.57 mb/d, led by declines in Saudi Arabia, Iraq and Angola. The group's output stood 1.2 mb/d higher than a year earlier. The "call" on OPEC climbs to 31.3 mb/d in 2016, up 1.6 mb/d year-on-year as lower prices dent non-OPEC supply and support above-trend demand growth.

Global oil demand growth is expected to climb to a five-year high of 1.7 mb/d in 2015, before moderating to a still above-trend 1.4 mb/d in 2016 thanks to lower oil prices and a strengthening macroeconomic backdrop.

OECD oil inventories swelled by a further 18 mb in July to a record 2 923 mb. Robust refinery throughput pushed crude stocks 9.9 mb lower, while refined products added 26.7 mb. At end-July, product stocks covered 31.2 days of forward demand, 0.6 day above end-June. Preliminary data suggest there were further builds in August.

Global refinery throughput reached a seasonal peak of 80.9 mb/d in August before the autumn turnarounds that are cutting runs through October. Refinery margins remained robust through early September, but with support shifting from gasoline to middle distillates as refiners gear up for the heating season.

iea.org

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More: 

OIL PRICES: $54 IN 2015, $59 IN 2016 

RUSSIAN UPGRADE: $50 

HIGH RISKY PRICES 

DISINVESTMENT $250 BLN 

U.S. OIL KILLING

 

Tags: OIL, DEMAND, SUPPLY

Chronicle:

2016: PRODUCTION CUTBACKS
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

2016: PRODUCTION CUTBACKS
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

2016: PRODUCTION CUTBACKS
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

2016: PRODUCTION CUTBACKS
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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