Latest OPEC oil production figures Update Nov, 2013

• Crude oil production from OPEC was 30.28mn b/d in August, down 60,000 b/d from July, according to the latest (10 September) Platts survey of OPEC and oil industry officials and analysts.
• Output dropped as oil worker strikes and protests drove Libyan production below the 300,000-b/d level towards the end of The month. Overall, Libyan production was down 440,000 b/d from July to 560,000 b/d in August. Higher output from OPEC kingpin Saudi Arabia and Iraq was not enough to offset the Libyan production loss.
• The plunge in Libyan production draws attention to OPEC and what it can – and can’t – deliver, and this report clearly shows where the problem areas are.
• Apart from sanctions strapped Iran and Libya itself, a number of other OPEC countries are facing production challenges.
• This concentrates focus on Saudi Arabia, which the Platts survey estimates to have pumped 10mn b/d in August, and begs the question: Will Riyadh be able and willing to maintain or exceed this level if the world needs more oil?’
• Saudi Arabia boosted output by 220,000 b/d to 10mn b/d in August, up from 9.78mn b/d in July, while Iraqi output recovered by 170,000 b/d to 3.15mn b/d, from 2.98mn b/d in July.
• There were also smaller increases from Ecuador, Iran, Kuwait and the United Arab Emirates.
• Output had averaged 560,000 b/d in August and had steadied at around 240,000 b/d in early September.
• Benchmark Brent crude oil prices climbed above $117/b in late August in response to the slump in Libyan production and amid expectations of military strikes on Syria.
• The collapse of Libyan production and exports during the 2011 civil war eventually saw the International Energy Agency (IEA) order oil to be released from the emergency stockpile. However, the IEA has downplayed the likelihood of any similar move this time around.
• A spokesman for the agency said in last August that the agency was concerned about the ‘harmful effects of high oil prices on the global economic recovery’, was monitoring the market and stood ready to respond in the event of a major supply disruption. He added: ‘The current situation does not call for an IEA response. Platts also reports that on 9 September, OPEC was monitoring the Libyan situation closely but that there was no wider shortage of crude. Indeed, the market appeared to be in a ‘healthy situation’.
• OPEC production had been above 31mn b/d for most of 2012, climbing as high as 31.75mn b/d in May last year, according to the Platts survey. It dipped to 30.65mn b/d in December and, apart from the occasional upward blip, has been falling since then.

Global Oil and Gas Market Update Nov, 2013

• EPA proposes big reduction in 2014 ethanol blend volume – World’s largest ethanol plant of its type opens.

• PMC Biogenix Launches Vegetable-based EBS Lubricant.
• Shell Lubricants excites F1 lovers with simulators.
• PMC Biogenix Launches Vegetable-based EBS Lubricant.
• Technip and Shell Cansolv, a subsidiary of Shell, have signed an agreement to leverage their respective expertise in marketing an end-to-end solution for Carbon Capture and Sequestration (CCS) projects.

• Apache Corporation announced the completion of a previously announced sale of its Gulf of Mexico Shelf operations and properties to Fieldwood Energy LLC, a portfolio company of Riverstone Holdings, for US$3.75 billion.

• One of the world’s largest land rig operators, Nabors Industries announced that Bristol Bay Native Corporation (BBNC) has signed a definitive agreement with Nabors Alaska Services Corp. to acquire a 100 per cent ownership interest in Peak Oilfield Service Company LLC.

• The Australian subsidiaries of Chevron have signed binding long-term Sales and Purchase Agreements (SPAs) with Tohoku Electric Power Company, Inc. (Tohoku) to supply liquefied natural gas (LNG) from the Chevron-operated Wheatstone Project in Western Australia.

• Under the agreements, Chevron subsidiaries, together with subsidiaries of Apache Energy and Kuwait Foreign Petroleum Exploration Company, will supply Tohoku with 0.9 million tonnes per annum of LNG for up to 20 years.
• European Commission Clears Acquisition on “Failing Firm” Arguments ie Shell refinery assets at Harburg by Nynas of Sweden.
• Gazpromneft Lubricants commences bunkering with marine oils from Primorsk port berth.
• Solazyme Enters Textile Lubricants Market With Industry Leader Goulston Technologies.
• Base Oil SN 150 FOB Europe price marginally up by 12% since January 2013 price.
• SK Energy looks to tap European fuel oil surplus.
• Exxon Mobil’s gas turbine oil Mobil DTE 932 GT reduces the risk of varnish.
• Vivo Energy takes over Shell Ghana Limited.
• GCC fertilizer industry on sustained growth path – A rapidly growing global population and planned capacity expansions are the key drivers for sustained growth for the GCC’s fertilizer producers.
• Exhibition, conference, seminars, awards; AGRA Middle East has plenty to offer including updates on new industry developments, products and services. Get the opportunity to network with key decision makers and build alliances with leading suppliers in the Industry. AGRAme 2014 is set to be the Middle East’s largest Agribusiness Industry event of the year.
• Dynamic flow measurement for vessel discharges – Offloading cargo from very large crude carriers (VLCCs) presents challenges for any dynamic flow measurement system due to the flow variations that characterise such discharge operations, coupled with the possible introduction of entrained air or gas into the flow. Here, Khaled Saleh*, Chairman and CEO, Arab Petroleum Pipelines Co SUMED, outlines how the new metering system at the Ain Sukhna VLCC offloading terminal in Egypt meets these challenges.

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