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11.04.2014

Highlights from IEA April report

·       The forecast of global demand growth has been marginally trimmed to 1.3 mb/d for 2014, reflecting downward adjustments to the projection of Russian demand. The absolute demand estimate remains roughly unchanged, as upward revisions to baseline non-OECD Asian demand counterbalance lower Russian growth.   ·       Global supplies plunged by 1.2 mb/d to 91.75 mb/d in March, led by steeply...... Login to view this article

14.03.2014

Strong increase on non-OPEC supply – IEA oil market report

·             IEA reports that g lobal supplies rose by 0.6 mbd in February to 92.81 mbd, led by a 0.5 mbd jump in OPEC crude output. Total non-OPEC supplies grew by 1.3 mbd in 2013 and are expected to increase by a further 1.7 mbd in 2014, the highest rate of growth since at least the early 1990s, driven primarily by the US and Canada. Russia, China and Brazil will contribute. ·               ...... Login to view this article

13.03.2014

Tanker owners warns of costs of complying with green legislation Lloyd’s List

At a conference in London arranged by International Parcel Tankers Association and Navigate Essberger, Europe’s largest chemical tanker operator, has put the total cost of compliance at an additional €650,000 ($853,699) per ship per year.   These included carbon emissions reductions at €160,000 per ship per year, sulphur reduction from use of gasoil for bunker fuel at €340,000, ballast-water...... Login to view this article

12.03.2014

US crude oil production in 2013 reached highest level since 1989 - EIA

Total US crude oil production averaged 7.5 million bbl/d (mbd9in 2013, 0.967 mbd higher than 2012 and the highest level of U.S. production since 1989. In December 2013, US crude oil production reached 7.9 mbd, according to EIA's recently released December 2013 Petroleum Supply monthly , an increase of 0. 785 mbd  (11%) compared with December 2012. ... Login to view this article

24.02.2014

Venezuela’s oil revenues are to a great bind to debt and subsidies

A great deal of Venezuela’s oil is mortgaged.   Production peaked according to data from BP in 1969 at 3.6 million barrels per day (mbd) reached a trough in 1985 of 1.7 mbd.   Next peak was in 1998 of 3.5 mbd and has over the last couple of years been some 2.7 mbd.   An article in Financial Times say that 0.310 pays off loans to China, about 0.4 mbd is sold to allies such as Cuba for sub market...... Login to view this article

13.02.2014

Rosneft to export extra 180,000 bpd of oil to China this year - Reuters

MOSCOW, Feb 6 (Reuters) - Russia's biggest oil producer Rosneft will export an additional 9 million tonnes (180,000 barrels per day) of oil to China this year and is continuing talks to increase eastbound crude supplies further, the company said on Thursday.   President Vladimir Putin has made cooperation with energy-hungry Asia a priority for Russian companies as their business with fragile...... Login to view this article

13.02.2014

Low OECD oil stocks – IeA February Oil Market Report

·            Oil markets rallied in mid-January as bitterly cold weather in the US pushed up demand for heating fuels, but on average benchmark prices weakened month-on-month (m-o-m). Upcoming seasonal refinery maintenance later put downward pressure on markets before prices rebounded in early February, with ICE Brent futures last trading at $109.25/bbl and NYMEX WTI at $101.25/bbl.   ·        ...... Login to view this article

10.02.2014

13 VLCC passes through the Malacca Straits every day - Fairplay

Fairplay reports that the number of VLCCs transits the Malacca Straits hit 4,825 last year, an average of 13.2 transits a day, with the growth in Chinese crude oil imports from the Middle East seen as a major driver. Unlike many other vessel types transits for VLCCs grew even during 2009.   China has been steadily building up its crude oil refining capacity in the last five years and is forecas...... Login to view this article

21.01.2014

Global supplies grew by 0.6 mbd in 2013 - IEA

According to the January IEA Oil Market Report ·       The estimate of 4Q13 global oil demand was raised by 0.135 mbd on unexpectedly strong US deliveries, partly offset by curtailments in China and elsewhere. For 2013 as a whole, growth is estimated at around 1.2 mbd, accelerating to 1.3 mbd in 2014 as the economy continues to recover. For the first time since 2010, OECD demand appears to have...... Login to view this article

07.01.2014

US oil production 9.3 mbd in 2015 the highest since 1972 - EIA

EIA expects liquid fuels production from countries outside of the Organization of the Petroleum Exporting Countries (OPEC) to grow year-over-year by a record high of 1.9 million barrels per day (bbl/d) in 2014. The United States and Canada together are projected to account for almost 70% of total non-OPEC supply growth this year.   EIA estimates that U.S. total crude oil production averaged 7.5...... Login to view this article