• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 14 hours Could Venezuela become a net oil importer?
  • 6 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 18 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 14 hours Gazprom Exports to EU Hit Record
  • 16 hours EU Leaders Set To Prolong Russia Sanctions Again
  • 14 hours Could oil demand collapse rapidly? Yup, sure could.
  • 1 hour Oil prices going Up? NO!
  • 14 hours Oil Buyers Club
  • 17 hours Why is permian oil "locked in" when refineries abound?
  • 7 hours Oil prices going down
  • 17 hours EVs Could Help Coal Demand
  • 24 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 23 hours Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 5 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 22 mins Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 12 hours Saudi Arabia turns to solar
Alt Text

Canada’s Oil Crisis Is Far From Over

While the Canadian government has…

Alt Text

China Plans To Create A $78 Billion Natural Gas Giant

Chinese regulators are looking to…

Alt Text

Shale CEO: U.S. To Be The World’s Top Oil Producer By Fall

Pioneer Natural Resources chief Scott…

Editorial Dept

Editorial Dept

More Info

Trending Discussions

OPEC Struggles To Sell Increased Production As Storage Swells

Friday, November 20, 2015

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. OPEC increased output in 2015. Gains led by Iraq and Saudi Arabia

 

- OPEC made its now famous decision in November 2014 to leave its production target unchanged at 30 million barrels per day (mb/d). Since then, the group has consistently exceeded that target.
- In October, OPEC produced an average of 31.76 mb/d, well in excess of the stated quota.
- The production gains made since last year have almost entirely come from Saudi Arabia and Iraq, each adding around 500,000 barrels per day.

2. OPEC fighting for Europe market share

 

- News reports have documented the battle for market share in Europe between Russia and Saudi Arabia. Saudi Arabia’s increased exports to Europe are pushing down the price of the Urals blend, the benchmark price that Russian oil sells for.
- However, Iraq has also dramatically increased oil exports to Europe.
- Saudi Arabia and Iraq have benefitted from Iranian sanctions. Increased market share came from the 1 mb/d that Iran used to sell to Europe.
- Iranian exports are set to begin again soon. Battle for market share in Europe will intensify, likely pushing…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





Oilprice - The No. 1 Source for Oil & Energy News