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

17 Jun, 2022

Featured

IEA: Oil Demand To Rise

Opec will have to boost crude output to a five-year high 30.5mn b/d if it is to meet next year’s demand for its crude, the IEA reckons.
IEA First Look At 2023 (mn b/s)
OPEC & Global Markets

24 Jun, 2022

Top Story

China: Could Record Russian Crude Imports See Saudi Squeezed?

Russia surged past Saudi Arabia as China’s top supplier for May with a record 2mn b/d as Gulf suppliers come under pressure in Asia from cut-price Russian barrels.
China’s Key Crude Suppliers ('000 b/d): Russia And Gulf Producers Up Y-O-Y As Atlantic Basin Volumes Nosedive
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NEWS IN BRIEF

India: Record Runs On Record Russia Imports

1 Jul, 2022

Turkey: Russia Imports Leap

1 Jul, 2022

Algeria’s Reggane: Repsol Expands

1 Jul, 2022

World Bank: $500 Egypt Loan

1 Jul, 2022

US Service Firms ‘To Quit’ KRG

1 Jul, 2022

Schlumberger Kuwait: Jurassic Perk

1 Jul, 2022

Total: Oman Block 12 Seismic

1 Jul, 2022

Saudi-Iran Talks May Go Public

1 Jul, 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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