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IEA: OPEC Can’t Save The Oil Market

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Floods And Fires Threaten Oil Outages

Discovery & Development

- Iraq has lifted the state of emergency it declared on the Majnoon oil field amid floods. Production at the field was unaffected despite the state of emergency and the daily rate remained stable at 240,000 barrels. Majnoon is among the largest fields in OPEC’s number-two producer with output planned to be boosted to 450,000 bpd by 2021.

- Kazakhstan’s giant Kashagan oilfield has hit a record output of 400,000 bpd and is eyeing another 10,000 bpd boost before the end of this year, boosted by the completion of maintenance work over the course of last month. The field produces CPC Blend crude.

- Albemarle has broken ground on what promises to be the world’s largest lithium processing plant in the world in Australia in a ~$700-million build-out plan, and Samsung and Posco are eyeing a similar move in Chile for a facility to produce the chemical components for lithium-ion batteries. For Albemarle, though, the move is indicative of a much bigger game here: The game not only to control a large chunk of the world’s lithium mining, but also to control its refining, and perhaps beyond.

- Wildfires in Alberta, Canada’s oil heartland, have shut in some production and pushed prices for Canadian heavy higher amid tightening global supply. Although no major shutdowns have been announced for now, Canada National Resources’ announcement that it would shut down operations yielding 65,000 bpd served to provide…






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