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

5 Aug, 2022

Featured

Mideast Crude to Europe

Mideast crude exports to Europe rose 150,000 b/d to 1.86mn b/d for July. With Russian crude increasingly pushed out of Europe there could be much more to come.
Saudi Crude Oil Exports To Europe (‘000 b/d)
OPEC & Global Markets

12 Aug, 2022

Top Story

Opec Output Gap Reaches New High As Market Outlook Remains Cloudy

Despite a 360,000 b/d output hike for July, ‘Opec 10’ production was a record 1.3mn b/d below target. The IEA has revised up global demand on higher oil burn.
The IEA Expects Global Oil Supply To Outstrip Demand In 3Q23 When Stocks Begin To Deplete (mn b/d)
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NEWS IN BRIEF

Iraq’s WQ-1: Exxon Buyout Awaits Settlement

12 Aug, 2022

New Libya NOC Targets 2mn b/d

12 Aug, 2022

Oman Blocks 3&4: Output Guidance Cut Again

12 Aug, 2022

Saudi Invests $1.3bn In Egypt State Firms

12 Aug, 2022

KNPC Produces Clean Fuels

12 Aug, 2022

China Crude Imports Still Depressed, Russia Ahead Again

12 Aug, 2022

Iraq’s Northern Crude Exports Drop Amid Refining Boost

5 Aug, 2022

Egypt/Morocco Producer SDX: Output Slump, Takeover Scrapped

5 Aug, 2022

Read more

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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