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2018-09-19 13:39:00

SAUDIS OIL PRODUCTION: 10.42 MBD

SAUDIS OIL PRODUCTION: 10.42 MBD

PLATTS - Saudi Arabia drew 5.51 million barrels of crude oil from storage in July -- its most in eight months -- supporting robust exports as production slumped, the latest figures from the Joint Organizations Data Initiative show.

The stock draw averaged 178,000 b/d in July, a significant rise from the 15,000 b/d draw in June and the 30,000 b/d build in May, according to JODI data released Tuesday.

Crude exports from Saudi Arabia, OPEC's largest producer, were 7.12 million b/d in July, down from 7.24 million b/d in June.

The country's refinery runs averaged 2.77 million b/d in July, down slightly from 2.79 million b/d in June.

Direct burn of crude for power generation rose to 580,000 b/d in July, from 468,000 b/d in June.

Combining the exports, refinery runs and direct burn figures results in a supplied to market figure of 10.47 million b/d for July, compared to the kingdom's reported production of 10.29 million b/d, thus necessitating the stock draw.

Saudi production has since risen to 10.42 million b/d in August, the country reported to OPEC in the organization's most recent monthly oil market report.

A source familiar with the kingdom's operations told S&P Global Platts earlier this month that July production had been lower partly because of an attack on state oil company Saudi Aramco's oil vessels in the Red Sea by Yemeni Houthi rebels that cause some shipments to be halted.

Saudi Arabia's crude oil stocks, which have been declining steadily over the last three years, fell to 229.41 million barrels in July, down 11.4% since May 2017, the JODI data showed.

OPEC on June 23 agreed with 10 non-OPEC partners to end overcompliance with production cuts in force since January 2017 and boost output by a collective 1 million b/d to replace barrels expected to be shut in by US sanctions on Iran and Venezuela's economic freefall.

Saudi Arabia, under pressure from key ally the US to loosen the taps to moderate prices, has said it intends to use its spare capacity as needed to keep the market balanced. It has increased production by almost 400,000 b/d since May.

A six-country monitoring committee overseeing the deal, including Saudi Arabia, is set to meet Sunday in Algiers to assess market conditions and discuss how to implement the output increase.

Saudi oil product demand contracted to 2.42 million b/d in July, down 175,000 b/d from June and down 380,000 b/d from the year-ago level, according to JODI.

Product exports, meanwhile, rose to 2.08 million b/d in July, up 90,000 b/d from June and up 640,000 b/d from the year-ago level.

 

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Earlier:

W.Asia
2018, September, 17, 15:20:00

РОССИЯ И САУДОВСКАЯ АРАВИЯ: СТАБИЛЬНОСТЬ НА РЫНКЕ

МИНЭНЕРГО РОССИИ - Министры обсудили динамику спроса и предложения на рынке с фокусом на макроэкономические тренды и потенциальные сценарии развития ситуации в среднесрочной перспективе. Стороны подтвердили приверженность обеспечению стабильности на рынке и готовность оперативно реагировать на изменения рыночной конъюнктуры, чтобы совместно с партнерами обеспечить стабильность рынка в любых условиях.

 
 W.Asia
2018, September, 12, 11:50:00

OPEC CAN INCREASE

PLATTS - "There is a fairly significant combined potential by the countries [participating in the deal] that can increase production and this potential can be used if necessary," Novak said Wednesday.

 

 W.Asia
2018, September, 7, 12:53:00

OPEC'S OIL PRODUCTION: 32.89 MBD

PLATTS - OPEC's crude oil production in August, not including newest member Congo, rose to a 10-month high, with Iraq surging to record output and Libya recovering from militia fighting, more than offsetting Iran's slide as the sanctions-hit country struggles to keep its customers, according to the latest S&P Global Platts survey.

 W.Asia
2018, September, 7, 12:41:00

SAUDIS OIL FOR U.S. UP

BLOOMBERG - Saudi Arabia has markedly increased oil exports to America, a sign OPEC’s leading producer is responding to pressure from U.S. President Donald Trump to cool down the energy market.

 

 W.Asia
2018, September, 5, 10:55:00

SAUDIS OIL PRICE: $70 - $80

REUTERS - “The Saudis need oil at about $80 and they don’t want prices to go below $70. They want to manage the market like this,” one of the sources told.

 

 W.Asia
2018, September, 3, 15:15:00

SAUDIS OIL PRODUCTION: 10.4 MBD

PLATTS - Saudi Arabia will report August crude oil production of 10.424 million b/d, an OPEC source told S&P Global Platts on Friday. The figure represents a 136,000 b/d increase from July, when Saudi Arabia, OPEC's largest producer and the world's largest crude exporter, self-reported production of 10.288 million b/d.

 W.Asia
2018, August, 24, 11:25:00

SAUDI ARAMCO IPO

ARAB NEWS - The Government remains committed to the IPO of Saudi Aramco at a time of its own choosing when conditions are optimum. This timing will depend on multiple factors, including favorable market conditions, and a downstream acquisition which the Company will pursue in the next few months, as directed by its Board of Directors.

 

 

Tags: SAUDI ARABIA, OIL, PRODUCTION, STOCKS

Chronicle:

SAUDIS OIL PRODUCTION: 10.42 MBD
2018, October, 17, 10:10:00

SAUDI - INDIA'S DOWNSTREAM

MEOG - Judaimi highlighted that the closer cooperation between Saudi Aramco and Indian energy entities is reflected in the partnership with RRPCL and ADNOC on the Ratnagiri mega-refinery and petrochemicals complex in Maharashta this year. He noted that nearly $2 billion in material-service sourcing with Indian companies to date; and the opening of the Aramco Asia India office in 2017.

SAUDIS OIL PRODUCTION: 10.42 MBD
2018, October, 17, 10:05:00

U.S. IN EUROPE

REUTERS - The United States must not determine European energy policy or decide whether Germany buys Russian gas, a top German diplomat said on Tuesday.

SAUDIS OIL PRODUCTION: 10.42 MBD
2018, October, 17, 10:00:00

TOTAL IN RUSSIA: THE LARGEST

FT - “Total has great ambition in this country, we want to be the largest foreign oil and gas player here,” the company’s chief executive Patrick Pouyanné said on Monday at the launch of a factory outside Moscow. 

SAUDIS OIL PRODUCTION: 10.42 MBD
2018, October, 17, 09:55:00

PETROBRAS - CNPC COOPERATION

PLATTS - Petrobras is to form two joint venture companies with China National Petroleum Corp. (CNPC) to complete construction of a refinery and revitalize four mature fields in the offshore Campos Basin, the state-owned Brazilian company said

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