OPEC & Global Markets

The Opec+ production agreement was dealt a devastating blow in March 2020 when Opec producers were unable to sign Russia up to deeper cuts. The process has shown that while Opec is unable to bring about substantial price gains, its strength lies in the ability of its core members to flood the market and undercut prices.

OPEC & Global Markets

25 Nov, 2022

Featured

China Oil Trade Surges

China continues to import near-record volumes of Russian crude. But, with the G7’s ‘price cap’ sanctions set to enter effect, can it take yet more?
China’s Top Crude Supplier (mn b/d)
OPEC & Global Markets

2 Dec, 2022

Top Story

Russian Oil Embargo Presents Opec+ With Cloudy Outlook

Additional cuts when Opec+ meets on 4 December are looking unlikely. But the new year could see policy shifts if the looming Russia embargo creates shortages.
Ice Brent Futures Curve: Not OnlyHave Prices Tumbled Over The Past Two Weeks But The Front Of The Curve Flipped Into Contango ($/b By Settlement Date)
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NEWS IN BRIEF

Saudi Unconventional Gas Finds

2 Dec, 2022

Aramco Finalizes PKN Orlen Deal

2 Dec, 2022

Italy’s Eni To Buy Neptune Energy?

2 Dec, 2022

Tehran Plans Greater Iraq Energy Presence

2 Dec, 2022

Kuwait Budget Revised Up

2 Dec, 2022

Iraq Oil Boost As Cnooc Hikes Missan Capacity

25 Nov, 2022

Total’s Pouyanné Meets New Iraqi PM

25 Nov, 2022

BP Plans Four Egypt Offshore Wells

25 Nov, 2022

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SELECTED DATA

Gulf Rig Count* Remains Only Slightly Up On 10-Year Lows Seen In Late 2020

China Has Soared Ahead As Saudi Arabia's Key Market ('000 b/d), Though Booming Overall Chinese Imports Mean Saudi's Market Share Has Remained Steady

As A Share Of Imports (%) Saudi Is Far More Dominant In Japan Where Its Share Has Risen Even As Overall Imports Have Fallen To 40-Year Lows

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