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Tuesday, October 16, 2018

MARKET INFORMATION

AFRICAN OIL OUTPUT INCREASING

Most African oil producers are projected to increase production over the next three years, except Egypt and Gabon.

The strongest increase is projected in Nigeria, where production is expected to reach 2.9 mbd in 2003, up from 2.2 mbd in 2001. N African net oil production is projected to increase by 0.2 mbd and W African by 1.2 mbd, over the period.

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KOREAN OIL DEMAND SLIPPING - PIW

Korean oil demand slipped by 1.3% during first quarter to 2.26 mbd, according to PIW. Demand grew respectively by 3.2 % last year and is expected to increase by 2% or 0.045 mbd this year. S Korea, being a high tech exporter, is said to be vulnerable to a US slowdown in the economy.

Koreans are paying USD3.8 per gallon ($1.07/ltr) of gasoline, giving refiners a margin of USD9 per barrel. By comparison the US gasoline price is $0.37 per litre and the UK gasoline is $1.09 per litre (IEA).

 

US OIL DEMAND UP 0.9% IN 2000 TO 19.5 MBD - EIA

The latest revision of US oil demand figures shows an increase of 0.9% for 2000 over 1999.  Motor gasoline was up 0.5% to 8.5 mbd, distillate fuel oil up 4.2% to 3.7 mbd, residual fuel up 9.4% to 0.9 mbd, jet fuel up 3.2% to 1.7 mbd, liquefied petroleum gases up 1.5% 2.2 mbd and other products down 6.3% to 2.6 mbd.

 

MEXICO'S PROVEN OIL RESERVES UP 3.6 BILLION BARRELS 

According to El Economista/Infolatina via COMTEX 7 May 2001, Mexico's proven reserves of crude oil rose by 3.6 billion barrels during 1Q2001, the largest quarterly increase for 15 years, state-owned energy conglomerate Pemex said. According to Pemex, crude production, for domestic and export markets, totalled 2 mbd during 1Q2001.

 

IRAQ MAY DEMAND FURTHER OIL CUTS

According to Associated Press 7 May 2001, Iraq's oil minister said his country might seek another cut in oil production at the next OPEC meeting on 23 June 2001. Iraq favours the strategy of oil producers reducing output so as to increase world prices.

Iraq's oil production now stands at 3 mbd but, according to Iraqi officials, it may be difficult to reach the ceiling of 3.5 mbd as planned due to delays in the arrival of parts and the holdings of contracts by the (UN) Sanctions Committee. Despite the complaints, Iraqi oil exports remained largely steady at 2.1 mbd a day last week, the U.N. Office of the Iraq Programme in New York reported.

The current six-month phase of the programme ends 3 June. Since December 2000, Iraq has exported 210 million barrels of oil, with an additional 80 million barrels expected.