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.

22 Nov, 2024

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Saudi Crude Exports Slump

Saudi crude exports of 5.7mn b/d for Q3 were the lowest since 2010, just 63% of crude supply. A 10-year high 7.7% was directly burned with total oil burn a record 1.39mn b/d.

Saudi Crude Supply*: Exports Were Squeezed To A Near 10-Year Low 5.7mn b/d For Q3 (mn b/d)

OPEC & Global Markets

6 Dec, 2024

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Cautious Opec+ Defers & Slows Easing Of Cuts

Opec+ again exceeded external expectations, putting together a multi-faceted agreement during its 5 December virtual meeting. The planned unwinding of voluntary cuts was deferred and slowed, while a production roadmap out to 2027 was agreed on.

Cumulative Return Of Barrels* Under New Opec+ Roadmap To Unwind 2.2mn b/d Of Voluntary Cuts (‘000 b/d)

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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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OPEC & Global Markets

Saudi Crude Exports Slump

Saudi Crude Supply*: Exports Were Squeezed To A Near 10-Year Low 5.7mn b/d For Q3 (mn b/d)

Cautious Opec+ Defers & Slows Easing Of Cuts

Cumulative Return Of Barrels* Under New Opec+ Roadmap To Unwind 2.2mn b/d Of Voluntary Cuts (‘000 b/d)

NEWS IN BRIEF

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

Get Our Headlines Weekly