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Latest OPEC oil production figures Oct 2013

OPEC oil production figures covering entire month of September 2013

  • OPEC’s crude oil production fell 110,000 b/d to 30.34mn b/d in July, down from 30.45mn b/d in
    June, according to the latest (8 August) Platts survey of OPEC and oil industry officials and analysts. A
    130,000 b/d increase from OPEC kingpin Saudi Arabia failed to offset the 200,000 b/d
    month¬over¬month crude output drop in Libya, where production and exports have been affected by
    strikes about pay and conditions as well as protesters demanding oil sector employment. Libyan crude
    output was estimated at an average 1mn b/d in July. Libya’s main oil export terminals at Es Sider, Ras
    Lanuf and Zueitina remained closed in early August. Crude exports had dropped by more than 70% to
    just 330,000 b/d. Platts in early August that output had dropped to around 820,000 b/d.
  • Output increases, albeit small, were seen in Kuwait and in Nigeria during July, where the Trans¬Niger pipeline briefly came back onstream before being shut down again after a new leak.
  • Meanwhile, output from sanctions¬strapped Iran dipped by 20,000 b/d to 2.66mn b/d. Iraqi
    production fell for the third consecutive month, to 2.98mn b/d in July, down from 3mn b/d in June,
    3.1mn b/d in May and 3.15mn b/d in April. Angolan production fell by 30,000 b/d to 1.75mn b/d.
  • OPEC exceeded its overall production ceiling of 30mn b/d by 340,000 b/d in July. The group agreed at its Vienna meeting in June to maintain the ceiling established in January 2012 but which does not include individual country quotas.

World-wide Oil and Gas Market Update Oct 2013

Oil and Gas Market Update for covering entire month of September 2013

  • POL price hike fuels Opposition’s walkout.
  • Chemtura Petroleum Additives Business Announces Price Increase.
  • Shell launch new centre at Imperial for research into fuels and lubricants.
  • Shell Breaks Ground on Indonesian Lubricant Blending Plant
  • Base Oil Group I prices in the Asian region firms up.
  • Shell Breaks Ground on Bekasi Lubricant Plant.
  • Base Oil SN ‐150 HPCL Ex‐ Refinery prices increased by 3% in September 2013 as compared to
    previous month prices.
  • Global refinery output to grow despite faltering economy ‐ Despite the tough economic
    conditions still plaguing Europe, world refinery throughput will rise as global demand for gasoline, jet
    kerosene, gasoil and diesel products during the third quarter 2013 ramps up, according to the latest
    forecast from research and consulting firm GlobalData. The new report states that demand for gasoline
    this quarter will increase by 325 mbd (thousand barrels per day) over second quarter figures, while
    gasoil and diesel demand will rise by 280 mbd over the prior quarter.
  • Myanmar region helped to improve power production ‐ Wood Group GTS has been awarded a
    one year contract worth US$13 million by a power company in Myanmar to overhaul and upgrade three
    GE Frame 6B gas turbines in operation in the country’s Yangon region. This is the first major contract win
    for Wood Group GTS in Myanmar. The overhauls and upgrades are expected to improve the total output
    of the gas turbines and provide increased reliability to Myanmar’s power production.
  • Dana Gas and Crescent Petroleum restore full LPG capacity in Kurdistan.

Russia Oil and Gas Market Update Oct 2013

Oil and Gas Market Update for covering entire month of September 2013

  • Russian origin group I Base Oil prices increase marginally.
  • Siemens secures contract for Yamal LNG – Siemens has secured a contract to deliver the key components for a power station that will
    supply the future Yamal LNG production plant in northern Russia with electricity and heat. The company
    will design, manufacture, factory test, deliver, install and commission eight SGT800 industrial gas
    turbines as well as nine stepup transformers. Four of these turbines will also be equipped with waste
    heat recovery units. The power plant will have an electrical output of 376 MWe. Located onshore, in the
    Arctic area of the Yamal Peninsula in the north of Western Siberia, the Yamal LNG project is to develop
    the wet gas resources of the YamalNenets region. Shareholders of the plant operator Yamal LNG are the
    Russian electricity company Novatek (80%) and Total of France (20%).

Africa Oil and Gas Market Update Oct 2013

Oil and Gas Market Update for covering entire month of September 2013

  • Algeria invites bids for substation contracts ‐ Work will involve supplying and installing
    substations at four locations in Algeria.
  • OMV farms into Madagascar offshore block ‐ OMV will invest in an offshore exploration block
    west of Madagascar, the Austrian firm said in a statement without disclosing the value of the deal. OMV
    will acquire a 40 per cent stake in the “Grand Prix” block from Canada’s Niko Resources Ltd. “This
    acquisition is in line with OMV’s strategy “profitable growth” to develop a balanced Exploration &
    Production portfolio and opportunities also in the sub‐Saharan African region,” OMV said in the
    statement.

Australia Oil and Gas Market Update Oct 2013

Oil and Gas Market Update for covering entire month of September 2013

  • CGG completes first proprietary BroadSeis‐BroadSource 3D survey in Australia.
  • AGR secures well project contract and rig for Hunt Oil’s first operation in Australia.
  • Senergy’s survey & geo‐engineering division expands globally.
  • Dart Energy Limited announces completion of transfer of PEL445, NSW, Australia.

South Korea Oil and Gas Market Update Oct 2013

Oil and Gas Market Update for covering entire month of September 2013

  • South Korea productions of Lubricating Oil increase by 2% in July 2013 as compared to previous
    month exports.
  • South Korea Inventory of Greases during July 2013, 2527 MT.
  • TOBS FOB South Korea Base Oil prices increased by 1% in September 2013 as compared to
    previous month prices.
  • TOBS FOB South Korea Base Oil prices firmed up by USD 10 PMT in September 2013 as
    compared to previous month prices.

Singapore Oil and Gas Market Update Oct 2013

Oil and Gas Market Update for covering entire month of September 2013

  • Singapore Exported most of its Base Oil to countries like China, Malaysia, Thailand, Australia etc.
  • Singapore Imports of Base Oil from USA comprises 25% of its total imports during July 2013.
  • Bright Stock Singapore Base Oil FOB prices increase by USD 10 PMT in September 2013 as
    compared to previous month price.
  • Singapore imports of Base Oil increased by 9% in July 2013 as compared to previous month
    imports.
  • SN 150 Singapore Base Oil FOB prices increased in September 2013.

China Oil and Gas Market Update Oct 2013

Oil and Gas Market Update for covering entire month of September 2013

  • China Base Oil import has increase by 59% in July 2013 as compared to previous month imports.
    China to become world’s largest net oil importer
  • The US Energy Information Administration (EIA)’s August 2013 Shortterm energy outlook (STEO)
    projects that China’s net oil imports will exceed those of the US by October 2013 on a monthly basis and
    by 2014 on an annual basis, making China the largest importer of oil in the world. The imminent
    emergence of China as the world’s largest net oil importer has been driven by steady growth in Chinese
    demand, increased oil production in the US and a flat level of demand for oil in the US market.
  • Total US annual oil production is expected to rise by 28% between 2011 and 2014, to nearly
    13mn b/d, primarily from shale oil, tight oil and Gulf of Mexico deepwater plays. In the meantime,
    Chinese production increases at a much lower rate (6% over this period) and is forecast to be just a third
    of US production in 2014.
  • On the demand side, China’s liquid fuels use is expected to grow by 13% between 2011 and
    2014 to more than 11mn b/d, while US demand hovers close to 18.7mn b/d, well below the peak US
    consumption level of 20.8mn b/d in 2005.
  • Looking beyond 2014, higher US oil production and stagnant or declining US oil consumption,
    coupled with China’s projected strong oil demand growth and slow oil production growth, suggest that
    once China replaces the US as the world’s largest net oil importer, the gap between net oil imports in
    China and the US will grow.
  • There are several different ways to measure oil import dependence, reports the EIA.
    Discrepancies in the way dependence is assessed arise because oil is imported as crude oil but
    consumed as refined products, of which crude oil is the main but not only input. Net oil imports reflect
    the broadest measure of liquid fuels and include the following elements in the volumes of oil liquids
    produced and used within national borders: crude oil, lease condensates, natural gas liquids, biofuels,
    other liquids, and refinery processing gain, which in the US has been roughly 1mn b/d in recent years.
  • Another common (and narrower) measure of oil import dependence is the ratio of net imported
    crude oil to net crude oil inputs to refineries, comments the EIA. The US has emerged as a significant net
    exporter of petroleum products in recent years and a portion of US crude oil imports is used to produce
    products not consumed domestically. The advent of China as the world’s largest importer based on the
    narrower measure occurs on a different schedule than for the broader one, but the basic trends and
    drivers remain the same as for the broader measure. However, imports of crude oil alone do not
    automatically imply domestic dependence on foreign supplies, the EIA notes.

Germany Oil and Gas Market Update Oct 213

Oil and Gas Market Update for covering entire month of September 2013

  • Statoil makes gas discovery at Iskrystall in Barents Sea ‐ A group led by Statoil ASA has made a
    gas discovery at the Iskrystall prospect on PL 608 in the Barents Sea offshore Norway.
  • Noble Energy makes deepwater gulf gas discovery ‐ A group led by Noble Energy Inc. reported
    making a natural gas discovery with its Troubadour prospect in the deepwater Gulf of Mexico. The well,
    drilled in Noble’s Big Bend/Troubadour Rio Grande area, was drilled to a total depth of 19,510 ft in 7,273
    ft of water on Mississippi Canyon Block 699. Reservoir and fluid measurement logs identified 50 ft of net
    gas pay in a high‐quality Miocene reservoir, Noble said.