The 3 Most Important Numbers in Energy - 25th April 2014
By Editorial Dept - Apr 25, 2014, 10:47 AM CDT
The Insider’s weekly run-down of critical figures and happenings from around the energy world.
1.2 million barrels. Volume of daily oil exports achieved by Iran last week, according to government officials.
The number is significant given that Iran’s crude exports were running at just 700,000 b/d only eight months ago. The greater-than 70% rise in shipments abroad has come as a new Western-friendly government here continues to normalize its relationships with the world.
The trend is expected to continue. With the government forecasting a further rise in crude exports. Potentially representing an unexpected source of global supply—and a headwind to international oil prices.
7.2%. Year-on-year increase in China’s domestic natural gas production during the first quarter of 2014.
Chinese natgas output continues to grow at an unexpectedly high pace. With officials announcing ambitious targets for new production from unconventional sources like shale gas in the country.
The gas balance here is shaping up as somewhat of a battle. Imports into China have been rising of late, driven by surging domestic consumption. But improved production could start to meet some of this demand internally. The outcome being a key driver for pricing in markets like LNG—where China is one of the world’s key buyers.
2015. Date by which producers in northern Alberta, Canada will have to fully capture flare gas emissions associated with heavy oil production.…
The Insider’s weekly run-down of critical figures and happenings from around the energy world.
1.2 million barrels. Volume of daily oil exports achieved by Iran last week, according to government officials.
The number is significant given that Iran’s crude exports were running at just 700,000 b/d only eight months ago. The greater-than 70% rise in shipments abroad has come as a new Western-friendly government here continues to normalize its relationships with the world.
The trend is expected to continue. With the government forecasting a further rise in crude exports. Potentially representing an unexpected source of global supply—and a headwind to international oil prices.
7.2%. Year-on-year increase in China’s domestic natural gas production during the first quarter of 2014.
Chinese natgas output continues to grow at an unexpectedly high pace. With officials announcing ambitious targets for new production from unconventional sources like shale gas in the country.
The gas balance here is shaping up as somewhat of a battle. Imports into China have been rising of late, driven by surging domestic consumption. But improved production could start to meet some of this demand internally. The outcome being a key driver for pricing in markets like LNG—where China is one of the world’s key buyers.
2015. Date by which producers in northern Alberta, Canada will have to fully capture flare gas emissions associated with heavy oil production.
Provincial oil regulators introduced new rules last week that will outlaw flaring of associated gas in the Peace River area by December 31 of that year. The move comes after reported complaints from residents in the region of emissions and odors associated with flared gas.
Alberta now joins a number of U.S. states that are moving to get rid of gas flaring. If such a movement does become widespread, it will mean additional costs for oil producers in these jurisdictions. But potential opportunities for services companies and gas producers who may benefit from contracts to capture and sell this supply.
