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

26 Nov, 2021

Featured

Covid Gives Opec+ Headache

Opec’s 2 December meeting had looked straightforward. But US-led plans for a 70mn barrel stock release, and Covid variant threats have complicated decision making.
IEA Figures Imply Huge Stockbuilds Throughout 2022 (mn b/d)
OPEC & Global Markets

3 Dec, 2021

Top Story

Opec+ Keeps Its Eyes On The Road As It Sticks To Taper Plan

Anyone expecting drama at the 2 December Opec+ meeting will be disappointed. A wait-and-see attitude to Omicron saw it stick to its 400,000 b/d roadmap.
Opec Base Case Scenario Points To Supply* Outstripping Demand By More Than 3mn b/d In Q1 (mn b/d)
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NEWS IN BRIEF

Kuwait’s Al Zour Refinery: $1.65bn Damages Claim

3 Dec, 2021

Hashem Steps Down As KPC CEO

3 Dec, 2021

Iraq: Zubair Drilling Contract

3 Dec, 2021

Egypt’s West Bakr Wind Start Up

3 Dec, 2021

Apache Hails New Egypt Deal

3 Dec, 2021

Iraq: $7.6bn November Oil Revenue

3 Dec, 2021

Lebanon Extends Bidding, Again

3 Dec, 2021

Korea’s S-Oil Eyes Saudi Hydrogen

3 Dec, 2021

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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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