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

19 May, 2023

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Opec, IEA Demand Outlook

Opec and the IEA are increasingly running counter to market expectations in adhering to forecasts of 2mn+ b/d demand gains for 2023 in their monthly reports.
China Oil Demand Forecasts (mn b/d)
OPEC & Global Markets

26 May, 2023

Top Story

Middle East Crude Flows To Europe: Slow Gains

Middle East crude exports to Europe remained below pre-Covid levels in 2022 despite the displacement of Russian barrels from the region. With Urals no longer in Europe, the region lacks a sour marker, complicating the pricing of Middle East shipments to the continent.
Saudi Arab Light Crude Prices To Europe Were Pushed Up To Record Highs In 2022. After Sharp Cuts, Prices Are Again On The Rise ($/B vs Ice Brent)
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NEWS IN BRIEF

Egypt-Turkey Normalize Relations

2 Jun, 2023

Adnoc L&S IPO Raises $769mn

2 Jun, 2023

Kuwait Set For 6 June Parliamentary Elections

2 Jun, 2023

Energean Renames Israeli Gas Finds

2 Jun, 2023

Boskalis Wins Crucial Iraq Pipeline Contract

2 Jun, 2023

KPC Plans Oil Trading Arm

26 May, 2023

Kuwait Eyes Petchems Integration At Al Zour

26 May, 2023

Iraq Finalizing Details For Sixth Licensing Round

26 May, 2023

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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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