Category Archives: Official Data

China Oil Production – May 2017

 

China’s crude oil production fell to its lowest on record in May, even as refineries in the world’s top buyer of crude churned out product at their fastest pace in nearly two years, data showed on Wednesday.

 

Crude output fell 3.7 percent in May from a year earlier to 16.26 million tonnes, or 3.83 million barrels per day (bpd), data from the National Bureau of Statistics showed on Wednesday. The figure is the lowest since the bureau began publishing records in 2011.

 

The drop in China’s crude oil output has slowed as major oil producers raised spending to boost production as oil prices have stabilized in a range between $48 to $55 per barrel. Analysts are forecasting flat or positive production growth for calendar 2017.

 

“Declining output this year comes as China’s major oil fields Daqing and Shengli announced production cuts at the beginning of the year. The pace of decline in production will ease this year due to higher crude prices,” said Gao Jian, a crude oil analyst with China Sublime Information Group.

 

PetroChina, the owner of China’s largest oilfield Daqing, said in December that it would slash capital spending on the field this year by 20 percent from a year earlier.

 

Crude runs, meanwhile, rose in May by 5.4 percent from a year ago to 46.62 million tonnes, or 10.98 million bpd. Overall throughput was down from a record reached in March, but May recorded the fastest rate of year-on-year growth since May 2015.

The refinery data highlights the concerns of a growing glut of gasoline and diesel in the domestic and Asian market even as demand slows. Sinopec Group, Asia’s biggest refiner, is considering cutting refinery runs in the third-quarter because of the excess fuel supply in the country.

Natural gas output in May dipped to its lowest since October, dropping by one-quarter from April to 12 billion cubic meters. However, compared to a year ago, production rose 10.5 percent.

Full story from Reuters here.

 

 

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OPEC Oil Production – Platts Survey – May 2017

OPEC PRODUCTION (IN MILLION B/D)

Country May Change April
Algeria
1.06
0.02
1.04
Angola
1.64
-0.04
1.68
Ecuador
0.52
0
0.52
Gabon
0.21
0
0.21
Iran
3.78
0.01
3.77
Iraq
4.43
0.07
4.36
Kuwait
2.70
0
2.70
Libya
0.73
0.18
0.55
Nigeria
1.73
0.08
1.65
Qatar
0.61
0
0.61
Saudi Arabia
9.93 -0.04 9.97
UAE
2.84
0
2.84
Venezuela
1.94 -0.01 1.95
Total
32.12
0.27
31.85

OPEC PRODUCTION VS. CUT ALLOCATIONS (IN MILLION B/D)

Country Jan-May avg Allocation Over/under
Algeria
1.046
1.039
0.007
Angola
1.641
1.673
-0.032
Ecuador
0.520
0.522
-0.002
Gabon
0.204
0.193
0.011
Iran
3.758
3.797
-0.039
Iraq
4.415
4.351
0.064
Kuwait
2.702
2.707
-0.005
Libya
0.648
(exempt)
Nigeria
1.663
(exempt)
Qatar
0.614
0.618
-0.004
Saudi Arabia
9.948 10.058 -0.110
UAE
2.872
2.874
-0.002
Venezuela
1.971 1.972 -0.001
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OPEC Oil Production – Reuters Survey – June 2017

    May 31 The following table shows OPEC crude oil
output in millions of barrels per day (bpd) in May and April,
according to a Reuters survey published on Wednesday.

    In an effort to prop up prices, the Organization of the
Petroleum Exporting Countries started reducing its output by
about 1.2 million bpd on Jan. 1 in its first supply cut decision
since 2008. Nigeria and Libya were exempted from the cuts.
    The May survey indicates output from the 13 OPEC members
rose by 250,000 bpd from April. But supply from 11 members with
production targets under the deal has fallen by 60,000 bpd.
    Compared with the levels from which they agreed to cut, in
most cases their October 2016 production, the 11 members have
reduced output by 1.108 million bpd of the pledged 1.164 million
bpd. That equates to 95 percent compliance, up from 90 percent
in April.
    Overall April production was not revised, although small
changes were made to the estimates for Iraq and Saudi Arabia.
    Equatorial Guinea joined OPEC with "immediate effect," OPEC
said at the end of its May 25 meeting. Its production will be
included in the June survey.
    Totals in the table below are rounded.       
                 May     April     Baseline  Pledged     Cut achieved   Compliance  Jan. 1
                 output  output    for cut   cut                        (percent)*  target 
                                                                                    
 Algeria         1.07    1.07      1.089     50,000       19,000        38          1.039
 Angola          1.63    1.68      1.751     78,000       121,000       155         1.673
 Ecuador         0.53    0.53      0.548     26,000        18,000       69          0.522
 Gabon           0.2     0.2       0.202     9,000          2,000       22          0.193
 Iran**          3.77    3.78      3.707     -90,000      -63,000                   3.797
 Iraq            4.39    4.42 (R)  4.561     210,000      171,000       81          4.351
 Kuwait          2.71    2.71      2.838     131,000      128,000       98          2.707
 Qatar           0.62    0.62      0.648     30,000        28,000       93          0.618
 Saudi Arabia    9.98    9.95 (R)  10.544    486,000      564,000       116         10.058
 UAE             2.95    2.94      3.013     139,000       63,000       45          2.874
 Venezuela       2.01    2.02      2.067     95,000        57,000       60          1.972
 TOTAL OPEC 11   29.860  29.92     30.968    1,164,000     1,108,000    95          29.804
 Libya           0.73    0.55                                                       0.351
 Nigeria         1.63    1.50                                                       1.594
 TOTAL OPEC 13   32.22   31.97                                                      31.749***
    R = Revised
    * Compliance is calculated by the following method in the
table above: 
    Baseline for cut minus May output = cut achieved
    Cut achieved divided by pledged cut  = percentage compliance
    ** Iran is allowed a small increase in the deal.
    *** OPEC target based on the 32.50 million bpd ceiling OPEC
announced on Nov. 30, 2016, minus Indonesia and using reference
production figures listed in an internal OPEC document for Libya
and Nigeria.
    The Reuters survey aims to assess crude supply to market,
defined to exclude movements to, but not sales from, storage.
Saudi and Kuwaiti data includes the Neutral Zone.
    Venezuelan data includes upgraded synthetic oil. Nigerian
output includes the Agbami stream and excludes Oso and Akpo
condensates.
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Iraq – Monthly Exports – February 2017 – Preliminary

By Alex Lawler

LONDON, – Oil exports from Iraq‘s southern terminals have edged lower so far in February, according to loading data and an industry source, a sign that OPEC‘s second-largest producer is keeping a lid on shipments following a commitment to cut output.

During negotiations on the supply cut by OPEC and non-OPEC producers, Iraq had sought an exemption – leading to scepticism that the country would comply with the accord. The deal stipulates that Iraq cut output by 210,000 barrels per day.

Exports from southern Iraq – the outlet for most of the country’s crude – in the first 15 days of February averaged 3.24 million bpd, according to shipping data tracked by Reuters and by an industry source.

That would be a slight decline from January, when southern exports fell to 3.28 million bpd, two oil executives told Reuters. Iraq said southern shipments were 3.51 million bpd in December, a record high.

The OPEC cut started on Jan. 1. Although it is only mid-February, the export level lends support to comments from Iraqi officials that Baghdad is lowering output.

Iraq’s oil minister, Jabar al-Luaibi, told Reuters in London last month that he was “very happy” with the progress of the output-cutting agreement, and stressed that Baghdad was complying.

Initial signs are that OPEC in January achieved a record rate of more than 90 percent compliance with the accord.

Although Iraq cut output by 200,000 bpd in January, it has yet to reach the agreement’s target level, putting its compliance below that of other members such as top exporter Saudi Arabia.

It is not possible to draw firm conclusions about production from a few weeks of export data, not least because the deal by the Organization of the Petroleum Exporting Countries and other independent producers applies to output, not exports.

Iraq’s exports can be volatile day-to-day, affected by bad weather and technical snags among other factors.

The bulk of Iraq’s oil is exported via the southern terminals. Smaller amounts are shipped from northern Iraq via Ceyhan in Turkey.

Northern exports have averaged about 600,000 bpd so far in February, data shows, down from well above 600,000 bpd in January. The Kurdistan Regional Government said November exports were 540,000 bpd and has yet to give any 2017 figures. (Editing by Dale Hudson)

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Iraq – Monthly Exports – February 2017 – Preliminary

* Southern exports so far in Feb fall slightly after Jan decline

* Iraq’s share of OPEC production cut is 210,000 bpd

* Export data points to lower shipments from northern Iraq

By Alex Lawler

LONDON, Feb 16 Oil exports from Iraq’s southern terminals have edged lower so far in February, according to loading data and an industry source, a sign that OPEC’s second-largest producer is keeping a lid on shipments following a commitment to cut output.

During negotiations on the supply cut by OPEC and non-OPEC producers, Iraq had sought an exemption – leading to scepticism that the country would comply with the accord. The deal stipulates that Iraq cut output by 210,000 barrels per day.

Exports from southern Iraq – the outlet for most of the country’s crude – in the first 15 days of February averaged 3.24 million bpd, according to shipping data tracked by Reuters and by an industry source.

That would be a slight decline from January, when southern exports fell to 3.28 million bpd, two oil executives told Reuters. Iraq said southern shipments were 3.51 million bpd in December, a record high.

The OPEC cut started on Jan. 1. Although it is only mid-February, the export level lends support to comments from Iraqi officials that Baghdad is lowering output.

Iraq’s oil minister, Jabar al-Luaibi, told Reuters in London last month that he was “very happy” with the progress of the output-cutting agreement, and stressed that Baghdad was complying.

Initial signs are that OPEC in January achieved a record rate of more than 90 percent compliance with the accord.

Although Iraq cut output by 200,000 bpd in January, it has yet to reach the agreement’s target level, putting its compliance below that of other members such as top exporter Saudi Arabia.

It is not possible to draw firm conclusions about production from a few weeks of export data, not least because the deal by the Organization of the Petroleum Exporting Countries and other independent producers applies to output, not exports.

Iraq’s exports can be volatile day-to-day, affected by bad weather and technical snags among other factors.

The bulk of Iraq’s oil is exported via the southern terminals. Smaller amounts are shipped from northern Iraq via Ceyhan in Turkey.

Northern exports have averaged about 600,000 bpd so far in February, data shows, down from well above 600,000 bpd in January. The Kurdistan Regional Government said November exports were 540,000 bpd and has yet to give any 2017 figures. (Editing by Dale Hudson)

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Oman – Oil Production – January 2017

Oman produced 29.93 million barrels of crude oil in January, equivalent to 965,617 barrels per day, according to a monthly report released by the Ministry of Oil and Gas.

This shows a drop of 2.97 percent in crude oil production, compared to December 2016.

As many as 26.65 million barrels of crude oil was exported in January 2017, equivalent to 859,682 barrels per day, an increase of 4.54 percent compared to the previous month.

China was the major importer of the Sultanate’s oil as 60 percent of the total oil exports were bought by the country. Thisreflected a 27.89 per cent drop from 64.16 per cent of import by the country in December.

South Korea imported 16.68 per cent of Oman’s crude oil exports in January, followed by 7.85 per cent imported by Malaysia which was an increase when compared to the previous month.

India and Japan recorded a drop in their imports last month.

There was a noticeable increase in global crude oil prices where the West Texas Oil at the New York Stock Exchange (NYMEX) was priced at $53.16 per barrel, an increase of 32 cents.

The crude oil price of Brent Oil at the Intercontinental Stock Exchange (ICE) in London was recorded at $55.45 per barrel, a 53 cent increase compared to December 2016.

Oman crude oil witnessed an increase of 2.3 per cent at the Dubai Mercantile Exchange where the average price for futures contract in March 2017 was $53.93 per barrel, an increase of $1.21.
Source: Times of Oman

Full story from Times of Oman here.

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OPEC Oil Production – Platts Survey – January 2017

OPEC production (in million b/d)

Member January Change December
Algeria
1.05
-0.05
1.10
Angola
1.63
-0.03
1.66
Ecuador
0.52
-0.01
0.53
Gabon
0.20
-0.01
0.21
Iran
3.72
0.03
3.69
Iraq
4.48
-0.15
4.63
Kuwait
2.70
-0.13
2.83
Libya
0.67
0.05
0.62
Nigeria
1.65
0.21
1.44
Qatar
0.62
-0.02
0.64
Saudi Arabia
9.98
-0.44
10.42
UAE
2.93
-0.10
3.03
Venezuela
2.01
-0.04
2.05
Total
32.16
-0.69
32.85

 

OPEC ministers on November 30 finalized a deal to cut 1.2 million b/d from October levels and hold production around 32.5 million b/d, beginning January 1 for six months.
The agreement exempts Libya and Nigeria, while allowing Iran a small increase in production.
Indonesia suspended its membership on November 30, 2016, but its output is being counted by OPEC under the production ceiling.
Non-OPEC producers led by Russia also agreed to cut output by 558,000 b/d in the first half of 2017, with Russia set to cut 300,000 b/d.
The committee in charge of monitoring the implementation of the proposed OPEC and non-OPEC production cut is to be co-chaired by representatives of Kuwait and Russia, and will also have representatives from Algeria, Venezuela and Oman.
The estimate for Iraq includes volumes from semi-autonomous Iraqi Kurdistan.

Full story from Platts here.

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OPEC Production – January 2017 – Bloomberg Survey

  • OPEC cut output by 840,000 barrels a day last month, but has more work to do to fully comply with last year’s historic production deal.
  • The Organization of Petroleum Exporting Countries pumped 32.3 million barrels a day in January, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. The 10 members of the group that pledged to make cuts in Vienna two months ago implemented 83 percent of those reductions on average, but their efforts were offset by increases from Iran, Nigeria and Libya that were permitted under the terms of the agreement.
  • Full story from Bloomberg here.
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