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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 down…




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