OPEC : Downstream capacity additions and investments
The total estimated additions will bring OPEC Member Countries’ base capacity to over 13.3 mb/d in 2024 and will require a level of investments of $66.5 billion in order to implement the foreseen additions (distillation and secondary units) between 2024 and 2024.
Feature Article OPEC Monthly Oil Market Report – July 2024 v Feature Article The outlook for the oil market in 2024 The world economy is forecast to expand at 3.4% in 2024, the same growth as in 2024 (Graph 1).This reflects a continued improvement in the global economy.
OPEC crude oil production capacity | Energy Matters
OPEC crude oil production spare capacity stood at just over 5 million barrels per day (Mbpd) in December 2013 according to the International Energy Agency (IEA). OPEC total production capacity stands at 35 Mbpd, a plateau level first reached in 2009. Only Saudi Arabia has significant, tangible spare capacity that can be called upon to iron out the swings in global oil supply.
OPEC Fig 9 Qatar is a giant gas producer and produces significant natural gas liquids (NGL) along with the gas but when it comes to crude oil, it is an OPEC minnow. Note that NGL is accounted separately by the IEA for OPEC countries while it is included with oil and condensate for all other countries.
OPEC August Crude Oil Production » Peak Oil Barrel
OPEC August Crude Oil Production. I do not have historical data for Equatorial Guinea so I may not add them at all. OPEC production has held steady for the past three months. Their production was down 79,000 barrels per day in August but that is not a big drop when production is over 32.5 million barrels per day.
Crude Oil Price Movements The OPEC Reference Basket (ORB) averaged higher in July, up by $1.79, or 2.8%, m-o-m reaching $64.71/b, supported by a pick-up in Recent News MR Product Tanker The ...
Energy & Financial Markets - Crudeoil - U.S. Energy
What drives crude oil prices: Supply OPEC. Saudi Arabia, the largest oil producer within OPEC and the world's largest oil exporter, historically has had the greatest spare capacity. Saudi Arabia has usually kept more than 1.5 - 2 million barrels per day of spare capacity on hand for market management.
Global crude oil production rose (+2%) driven by explosive growth in the United States (+16.5%) OPEC members in June 2024 agreed to increase oil production to prevent a supply shortage and reduce prices after previous production cuts were deemed excessive and raised prices too much.
Iraq will cut oil production, comply with OPEC this month
Iraqi Oil Minister Thamer Ghadhban tells CNBC the country will reduce oil production to comply with OPEC demands. OPEC's second-largest crude producer, which pumped record high oil in August, is ...
Earlier today in Vienna, members of the Organization of the Petroleum Exporting Countries (OPEC) agreed to cut daily production from 33.7 to 32.5 million barrels per day, a net decrease of 1.2 million barrels per day. But is it too little too late, will countries notorious...
Crude Oil Price & OPEC Production Cut History
Crude Oil Price & OPEC Production Cut History $-$20 $40 $60 $80 ... WTI Crude Oil Spread BPS WTI Crude Oil HY Energy - HY Index YTM Spread Historical HY Energy – HY Index YTM Average Spread $10 Oil 9/11 U.S. Recession Financial Crisis Energy Crisis. 3/27/2024 2 $40 $50 $60 $70 $80 $90 $100 $110
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EIA: Iran drove unplanned OPEC production
EIA says unplanned crude oil production outages for OPEC averaged 2.5 MMbpd in the first half of 2024, the highest six-month average since the end of 2015.
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Non-OPEC: Crude Oil and NGL Production Capacity to 2015
According to the Oil & Gas Journal’s annual survey, OPEC had some 70% of the world oil reserves at the start of 2006, compared to non-OPEC’s 30%. The paradox is explainable by OPEC’s policy of trying to control world oil prices by controlling production.
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OPEC crude production increases by 138bpd - Energy News
OPEC crude production, not including Iraq, stood at 26.29 mbpd in April, an increase of 29 tbpd over the previous month. Iraq’s production climbed by 102,100 barrels a day to 3.3 million. Saudi Arabia, the group’s biggest member and de facto leader, boosted supplies by 22,500 barrels a day in April to 9.58 million.
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EIA: Iran drove unplanned OPEC production
EIA says unplanned crude oil production outages for OPEC averaged 2.5 MMbpd in the first half of 2024, the highest six-month average since the end of 2015.
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Dangote Refinery To Boost World Oil Production Stability
The Organisation of Petroleum Exporting Countries (OPEC) is upbeat at the prospect of the Dangote Oil Refinery serving to drive world crude oil refining capacity increase especially in Africa by 2024.
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OPEC Extends Production Cuts For 9 Months, To Shore Up Oil
OPEC and other allied major oil producers have agreed to extend crude oil production cuts for nine months, a move designed to keep oil prices from falling as U.S. production increases and concerns ...
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Non-OPEC: Crude Oil and NGL Production Capacity to 2015
Non-OPEC countries produced some 48 mn bpd of the world’s 82 mn bpd output of crude oil and NGL in 2005, giving them a market share of 59%. This proportion has been little changed since the 1980s, apart from a short period in the mid-1980s when there was a surge in production from a number of non-OPEC producers
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OPEC output cuts make US exports to Asia possible
OPEC's agreement last week to cut oil production is creating an opportunity for U.S. oil producers to get crude into the hands of very valuable customers: Asian crude buyers. The members of the ...
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OPEC - Statistics & Facts | Statista
In 2024, the daily production of crude oil by OPEC countries stood at some 39.4 million barrels. Saudi Arabia is by far the largest crude oil producer among OPEC members, responsible for almost 12 ...
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Permian Crude Production: A Gusher In 2024 | Seeking Alpha
OPEC has predicted that the demand for its crude oil will drop to 32.04 mmbd in 2024. That is a drop from 32.88 mmbd in 2024. That projection may also be too conservative. If Iranian oil ...
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OPEC Extends Production Cuts For 9 Months, To Shore Up Oil
OPEC Extends Production Cuts For 9 Months, To Shore Up Oil Prices Analysts are concerned about softening growth in global oil demand, driven by a cooling economy and heightened trade tensions ...
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Why The ‘+’ in OPEC+ Matters To Oil Markets
The very next day Khalid Al-Falih, the Saudi energy minister agreed to cancel the April meeting. Cracks in the Cartel. The answer to the question of whether or not OPEC can still influence the price of crude oil is starting to come into focus. The answer is yes for now, but they can’t do it alone and the Saudis seem to realize this.
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When Has OPEC Spare Capacity Mattered for Oil Prices?
[The red line is WTI prices while the blue line is OPEC excess capacity.] Authors’ Notes: Oil prices are monthly averages. Sources of Data: U.S. Energy Information Administration (EIA) and the Wall Street Journal. Exhibit 3 provides another way of illustrating what happened to the price of crude oil as OPEC spare capacity collapsed in mid-2008.
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Oil Market Report: Quality matters - OPEC
Oil Market Report: Quality matters - OPEC. ... there is more spare production capacity available. Crude oil quality is another issue, and, in the wider context of supply in the early part of 2024 ...
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Thailand - International - Analysis - U.S. Energy
Most of Thailand's crude oil and condensates are from offshore fields in the Gulf of Thailand. In 2024, Thailand’s petroleum and other liquids production was an estimated 525,000 barrels per day (b/d) about 10,000 b/d higher than a year ago.
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OPEC oil production | FRACTIONAL FLOW
Figure 01: Figure 1: The stacked areas in the chart above shows changes to crude oil supplies split with North America [North America = Canada + Mexico + US], OPEC and other non OPEC [Other non OPEC = World – (OPEC + North America)] with January 2007 as a baseline and per July 2024. Developments in the oil price (Brent spot, black line) are shown against the left axis.
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OPEC March Crude Oil Production Data » Peak Oil Barrel
All OPEC data below was taken from the April issue of The OPEC Monthly Oil Market Report.The data is through March 2024 and is thousands of barrels per day.. OPEC crude oil production dropped just over 200,000 barrels per day in March.
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OPEC Cut: Nigeria’s daily oil production to drop to 1.7mn
“The OPEC decision to cut the output of members affects only Nigeria’s regular oil production, and not condensate,” Mr Kyari, who is also the general manager, Crude Oil Marketing Division of ...
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