Transportation

A mammoth week of negotiations culminated in Opec’s sparring members effectively agreeing to release an extra 500,000 b/d onto global markets on 22 June. Individual country allocations have been replaced by a group-wide ceiling that will permit the stronger members to capitalize on falling output from the weaker countries.

Opec (and ‘non-Opec’) output policy will be one of two key determinants as to whether global oil supplies will be able to keep pace with demand over the coming 12 months. The other is the prognosis for US shale output. Stretched infrastructure, particularly for takeaway pipeline capacity from Permian, is clouding the outlook.

Aramco has become its own best domestic customer for naphtha. Output is set to receive a further boost from the start-up of the 400,000 b/d Jazan refinery.

A week after increasing power prices, Cairo has hiked prices for transport fuels by 50% as it attempts to completely remove energy subsides by 2020-21.

Iraq has restored an important domestic pipeline link between its northern fields and Baghdad. The 40,000 b/d pipeline will carry...

• Latest forecasts from the US government’s Energy Information Administration (EIA) have the country’s crude output growing by 1.44mn b/d...

Iran sought to paint an exaggeratedly positive picture of its long-delayed crude swap deal with Iraq this week. On 3...

One year on, Qatar has made no meaningful concessions to Saudi Arabia and its allies. Unimpeded oil and gas exports have enabled it to largely offset the disruption.

Tunisia oil output is down 10% year-on-year. A modest exploration uptick and a, not unlinked, key gas project holds out some prospect of a gas recovery.

When Opec meets in Vienna on 22 June, it will have to decide on the future of a production deal...

A cut in crude volumes supplied by neighboring Saudi Arabia means Bahrain’s liquids exports took a Q1 hit, likely trimming export revenue by $300mn.

Despite Opec restrictions on crude output, Saudi Arabia exported record volumes of products in Q1. MEES crunches the numbers....