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11.06.2015

Global Oil demand revised upwards - IEA

·                 According to this month IEA Oil Market Report the estimate of global demand growth has been revised up to 1.7 mbd for 1Q15 and 1.4 mbd for 2015 as a whole . Momentum is expected to ease somewhat in 2H15, assuming a return to normal weather conditions and given a recent partial recovery in oil prices ·                 Three key factors have been lifting oil demand growth in 1H1...... Login to view this article

10.06.2015

Trade ex Angola generate almost as much trade as trade ex Saudi Arabia

ANGOLA in West Africa is almost neck and neck with oil producing giant Saudi Arabia in its importance to very large crude carriers, exclusive data from Lloyd’s List Intelligence reveals.   Angola to China VLCC trades generated 28.4bn tonne-miles in April, just behind the 31.5bn tonne-miles generated by the Saudi Arabia to China trade.     The figures clearly show that Angola is punching way abo...... Login to view this article

13.05.2015

Accelerating increase in oil demand - IEA

·                 In today’s oil market report IEA reports that despite slowing US US light tight oil ( LTO) output, global oil supply growth remained at a steep 3.2 mbd year-on-year in April. At 95.7 mbd, total oil supplies were flat from March as higher OPEC output offset a drop in non-OPEC.   Non-OPEC supply growth for 2015 is projected at 0.830 mbd   Russian oil companies seem to be coping...... Login to view this article

23.04.2015

Russia's Oil Output Highest Since Fall of Soviet Union – The Moscow Times

Russian oil production hit the latest in a line of post-Soviet highs in March, feeding higher exports that added to a global glut keeping crude prices low and hurting its economy. Sergei Karpukhin / Reuters A flame burns from a tower at Vankorskoye oil field owned by Rosneft company north of the Russian Siberian city of Krasnoyarsk. The big Gulf producers of OPEC have opted for holding on to...... Login to view this article

23.04.2015

Projected decline in US oil production –EIA

In the April Drilling Productivity Report (DPR), EIA estimates that total crude oil production from the seven U.S. regions analyzed, which together accounted for about 95% of domestic crude oil production growth during 2011-13, will fall by 57,000 barrels per day (bbl/d) in May. This is the first time the DPR has indicated a decline in expected production levels since the report was first issue...... Login to view this article

15.04.2015

Record high OPEC oil production in March – IEA

·          According to the April IEA Oil Market Report the forecast of global oil demand for 2015 has been raised by 90 kb/d to 93.6 mbd, a gain of 1.1 mbd on the year. The notable acceleration on 2014’s 0.7 mbd growth follows cold temperatures in 1Q15 and a steadily improving global economic backdrop. ·          Global supply rose by an estimated 1 mbd month-on-month in March, to 95.2 mbd, as...... Login to view this article

17.03.2015

Cheaper oil facilitates the building of strategic reserves - IEA

IEA reports that since oil prices began their rapid retreat last June, the import bills of oil ‐ importing economies have declined. This has assisted governments in many of these countries in either adding to their strategic reserves or putting in place firm budgetary provisions to increase oil holdings.   The largest volume added over 2014 globally was located in China where the crude strategi...... Login to view this article

17.03.2015

China's apparent oil demand rose 2.6% over the first two months - ECF

China's apparent oil demand rose 2.6% over the first two months of this year to 83.92 million mt or an average 10.43 million b/d, Platts estimates showed Monday, March 16, based on recently released government data.   This is the highest rate of growth over the period since the 5.7% recorded in 2012. Last year, there was a 0.6% year-on-year contraction in China's apparent oil demand over Januar...... Login to view this article

13.03.2015

Global supply rose by 1.3 mbd year-on-year in February - IEA

·                 IEA reports in its monthly Oil Market Report today that, having bottomed-out in 2Q14 , global oil demand growth has since steadily risen, with year-on-year gains estimated at around 0.9 mbd for 4Q14 and 1.0 mbd for 1Q15. The forecast of demand growth for 2015 as a whole has been raised by 0.075 mbd to 1.0 mbd, bringing global demand to an average 93.5 mbd. ·                ...... Login to view this article

11.03.2015

The market conditions unfavourable for storing oil on VLCCs - Statoil

Rune Bjørnson director thinks that the market situation is not in favour of storing oil on tanker. The typical costs per day for storing oil in underground caves is $ 0.25-0.30 per barrel per day, $0.50-0.80 per barrel per day in tanks on shore, and some 1.20 per barrel for storing on a VLCC. ... Login to view this article