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2015-07-01 19:25:00

OPEC SHARE DOWN

OPEC SHARE DOWN

Booming U.S. shale production helped cut OPEC's global crude market share to a 12 year low last year.

According to OPEC's Annual Statistical Bulletin, the group's share of the global crude market sank to 41.8 percent in 2014, down from 43.3 percent the year before.

The 1.5 percent slide marks OPEC's lowest crude market share level since 2003, Bloomberg News said.

According to the bulletin, Libya accounted for over half of OPEC's output decline as two rival governments continue to fight for control of the oil rich country.

Last year, Libya's crude production plummeted 52 percent to 480,000 barrels per day, just a fraction of the nearly 1.6 million barrels per day the country was pumping before dictator Muammar Gaddafi was overthrown in 2011.

Despite attempts to preserve market share in Asia, OPEC's exports to the region fell to 13.7 million barrels per day last year, a 541,000 barrel per day drop.

Exports to North America sank to 3.15 million barrels per day, down by abut 312,000 bpd from the previous year, Bloomberg said.

Earlier this month, OPEC reaffirmed its 30 million barrel per day production target despite a global crude price rout and criticism from smaller members.

According to Platts, the group pumped about 31.11 million barrels per day in May despite low prices, the highest monthly production volume since October 2012.

The group will meet again on December 4 in Vienna, Austria.

petroglobalnews.com

Tags: OPEC, OIL, US

Chronicle:

OPEC SHARE DOWN
2018, August, 17, 11:30:00

U.S. INDUSTRIAL PRODUCTION UP 0.1%

U.S. FRB - Industrial production edged up 0.1 percent in July after rising at an average pace of 0.5 percent over the previous five months. Manufacturing production increased 0.3 percent, the output of utilities moved down 0.5 percent, and, after posting five consecutive months of growth, the index for mining declined 0.3 percent. At 108.0 percent of its 2012 average, total industrial production was 4.2 percent higher in July than it was a year earlier. Capacity utilization for the industrial sector was unchanged in July at 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972–2017) average.

OPEC SHARE DOWN
2018, August, 17, 11:25:00

NORWAY'S PETROLEUM PRODUCTION: 1.911 MBD

NPD - Preliminary production figures for July 2018 show an average daily production of 1 911 000 barrels of oil, NGL and condensate, which is an increase of 64 000 barrels per day compared to June.

OPEC SHARE DOWN
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GAZPROM NEFT NET PROFIT UP TO 49.6%

GAZPROM NEFT - For the first six months of 2018 Gazprom Neft achieved revenue** growth of 24.4% year-on-year, at one trillion, 137.7 billion rubles (RUB1,137,700,000,000). The Company achieved a 49.8% year-on-year increase in adjusted EBITDA, to RUB368.2 billion. This performance reflected positive market conditions for oil and oil products, production growth at the Company’s new projects, and effective management initiatives. Net profit attributable to Gazprom Neft PJSC shareholders grew 49.6% year on year, to RUB166.4 billion. Growth in the Company’s operating cash flow, as well as the completion of key infrastructure investments at new upstream projects, delivered positive free cash flow of RUB47.5 billion for 1H 2018.

OPEC SHARE DOWN
2018, August, 15, 11:10:00

OIL PRICE: NEAR $72

REUTERS - Front-month Brent crude oil futures LCOc1 were at $72.34 per barrel at 0648 GMT, down by 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 23 cents, or 0.3 percent, at $66.81 per barrel.

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