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...That total fell to about 2.5mn b/d in August, with the decline coming from western-insured ships, which only carried 626,000 b/d that month — less than half the volume they transported in May....
...The IEA now expects oil demand growth to tumble from a year-on-year rate of 2.8mn b/d in the third quarter of 2023 to 1.9mn b/d in this quarter....
...This is higher than the 1.1mn b/d forecast for demand growth, which is weighed down by a slowing economy and the end of the post-Covid rebound in consumption....
...cut by 211,000 b/d and 135,000 b/d respectively....
...At present, Saudi Arabia produces about 9mn b/d, compared with a maximum of about 12mn b/d. Read more on oil here...
...At present, Saudi Arabia produces about 9mn b/d, compared with a maximum of about 12mn b/d....
...Energy Source is written and edited by Jamie Smyth, Myles McCormick, Amanda Chu, Tom Wilson and David Sheppard, with support from the FT’s global team of reporters....
...Oil demand rose above 100mn b/d for the first time in 2019....
...Wood Mackenzie forecasts peak production of 1.5mn b/d of production by 2033 — more than that of many Opec countries....
...Its output has been reduced from about 10.5mn b/d in April to about 9mn b/d, through a combination of Opec+ mandated production targets and its voluntary cuts....
...It means Saudi Arabia’s oil output will remain at 9mn b/d until at least the end of September, 25 per cent lower than its maximum capacity of 12mn b/d....
...Novak’s office said the 500,000 b/d cut would be in addition to cuts already pledged. Saudi Arabia’s own output will remain at about 9mn b/d....
...It is also the main export point for oil from Kazakhstan, with the 1.2mn b/d line from the Caspian Pipeline Consortium terminating there....
...Its production target will increase by around 200,000 b/d from January to 3.2mn b/d....
...My personal style signifier is a tailored jacket, usually by Anderson & Sheppard, Sartoria Dalcuore or Old Joe. I’m a jacket person....
...david.sheppard@ft.com...
...7.5mn b/d....
...Additional reporting by David Sheppard in London...
...Iraq will reduce crude production by 211,000 b/d, the United Arab Emirates by 144,000 b/d, Kuwait by 128,000 b/d, Kazakhstan by 78,000 b/d, Algeria by 48,000 b/d and Oman by 40,000 b/d, according to statements...
...Saudi Arabia will implement a “voluntary cut” of 500,000 b/d, or just under 5 per cent of its output, in “co-ordination with some other Opec and non-Opec countries”, the cartel said on Sunday....
...Israel is still largely reliant on imported crude for its 300,000 b/d refining sector, with domestic demand of about 250,000 b/d....
...And as many as six more — with a combined capacity of 6bn cf/d — could be greenlit this year, according to analysts at ClearView Energy Partners in Washington....
...david.sheppard@ft.com@Oilsheppard...
...Jorge León, senior vice-president at energy analysts Rystad, said the market had been expecting Russian oil output to decline by between 300,000 and 500,000 b/d in March because of the difficulty of finding...
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