2016

OPEC revenue has fallen in step with the steep decline in crude oil prices. The monthly average Brent spot price dropped from $112 per barrel in June 2014 to $38/b in December 2015. OPEC revenue is expected to fall further in 2016 to $341 billion before rising to $427 billion in 2017.

Oil Production was 1 728 000 barrels, and is the largest monthly oil production volume in five years (March 2011). Total gas sales were 9.1 billion Sm3 (GSm3), which is an increase of 0.9 GSM3 from the previous month.

The world's fifth-largest crude importer has continued to buy more crude oil from Iran since sanctions were lifted in January. Shipments of Iranian crude more than doubled to 7.22 million tonnes, or 248,616 bpd, in the January-July period of 2016 from a year earlier, according to its customs office data.

The Russian government has issued the license for the Central Oil and Gas Company – a joint venture between Lukoil (25%), Gazprom (25%) and Kazakhstan’s KazMunaiGaz (50% ) – to develop the Central field.

Indonesia's Pertamina has signed a deal with Petrochemical Commercial Company (PCC) of Iran for the import of refined petroleum and petrochemical products.

In our view, crude prices in the next few months are likely to exhibit a sideways-to-bearish trend, mostly trading in the $35-$45 per barrel range. As North American supply remains strong and demand looks underwhelming, we are likely to experience pressure to the price of a barrel of oil.

“In this underground lies the energy that China needs for the future. Currently, we are sending 600 Mbpd of crude to China, and we expect to increase this trade to more than 1 MMbpd within the next years.”

India will save about Rs 20,000 crore ($3bn) as it has renegotiated a long-term LNG import deal with Qatar, Prime Minister Narendra Modi said on Monday.

Brent crude futures were trading at $48.35 per barrel at 0737 GMT (3:37 a.m. ET), flat from their last close, but over 15 percent higher than the $41.51 low for the month on Aug. 2. U.S. West Texas Intermediate crude was trading at $45.76 a barrel, up 2 cents from its previous close, and still over 16 percent above its $39.19 monthly low from Aug. 3.

Natural gas production worldwide is projected to increase from 342 billion cubic feet per day (Bcf/d) in 2015 to 554 Bcf/d by 2040.