Yesterday's monthly oil market report from OPEC showed that oil production from Kazakhstan likely increased by 180,000 bpd in 2017 to 1.74 million barrels per day. Such a rise gives Kazakhstan the unenviable accolade of being the most out-of-compliance producer in the OPEC / NOPEC production cut deal - surpassing Iraq (some feat).Continue Reading
I had a good ole run at it on CNBC Asia last night with Bernie Lo, chatting about OPEC, US producer hedging, geopolitical tension, and how the crude rally looks like it is running out of steam here.Continue Reading
Crude exports out of Colombia in recent years have averaged just over 600,000 barrels per day, with exports typically highest in January, before gradually descending through the year. To start this year, however, export volumes have dropped off considerably, as unrest rises up in the country once more.Continue Reading
We are again on the road this month, presenting our six-month proprietary outlook for global oil and products, driven by the trends we see in our ClipperData. We will be covering various commodities, from crude oil to fuel oil, from gasoline to LPG and beyond, as well as emerging trends we see across various geographies, including Europe, Asia and the Americas.Continue Reading
The potential first delivery of Russian LNG to U.S. shores is ruffling some feathers, due to sanctions in place on Novatek, one of the partners in the Yamal LNG terminal - the apparent origin of the LNG heading to the Everett LNG terminal in Boston. While sanctions may still be in place with certain Russian entities, the U.S. is a regular recipient of Russian oil and products.Continue Reading
In an effort to shore up dwindling reserves, Angola has decided to unpeg its currency, the kwanza, from the U.S. dollar - a peg which has been in place since April 2016.
Angola's foreign exchange reserves have halved since 2014, as the West African nation has attempted to defend the kwanza versus the U.S. dollar. Unpegging the currency has caused a swift 10 percent weakening in the currency,...Continue Reading
Last week, we discussed changing trends in Iraqi crude flows into Asia. Total deliveries of OPEC crude to China rose last year by 300,000 bpd, as cartel members looked to keep one of its key growth markets well supplied.
Even though Iraqi deliveries into China reached the highest on our records in November at a million barrels per day, arrivals in 2017 were actually down versus the prior year,...Continue Reading
It is both the best and worst of times for the current Iraqi oil market. Iraqi oil minister Jabbar al-Luaibi said this week that Iraqi oil fields in the south of the country had recorded an 'unprecedented' surge in daily exports from Basrah during the last month. All the while, loadings in Ceyhan, Turkey, of crude from the Kirkuk pipeline in the north of the country continue to remain in check...Continue Reading
This morning's appearance on CNBC Squawk Box was amusing, as we were supposed to do a segment on US natural gas amid the impending 'bomb cyclone', but anchor Joe Kernen didn't want to. Instead we discussed one of ClipperData's big concerns for this year - the impact of geopolitical tension on the oil market, now that we are closer to balance. Hark, click on the below mugshot to launch to the...Continue Reading
I got to chat with my buddy, the mighty Dan Murphy, on CNBC Asia last night, and we covered a fair bit of ground: US crude inventories and the role of exports in reducing them, the Forties pipeline outage and who will plug the gap, and how Saudi must be feeling about the oil market (spoiler alert: absolutely delighted). Hark, click on the below mugshot to launch to the clip:Continue Reading