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...“The question for the Biden administration is whether they have any incentive to utilise the sanctions architecture that the Trump administration used to take down Iran exports by 1mn b/d,” said Helima Croft...
...These have picked up markedly in recent years, from a low of about 400,000 b/d in the pandemic year of 2020 to about 1.4mn b/d recently, according to Richard Bronze at Energy Aspects....
...In January, Saudi Arabia halted a plan to expand the kingdom’s daily oil production capacity from 12mn barrels a day to 13mn b/d, which was expected to cost Aramco about $40bn between 2024 and 2028....
...d to 13mn b/d by 2027....
...d this year and 1.8mn b/d in 2025....
...As a result, Saudi Aramco is currently producing about 9mn b/d, down from an average of 10.2mn b/d in the first three months of 2022....
...Analysts estimate Opec+ has about 6mn b/d of spare capacity it can unleash on to global markets to lower prices if they spike into the triple digits to prevent demand destruction....
...The IEA predicts oil demand will grow by 1.2mn b/d, about half the pace of 2023, while Opec believes demand growth will be higher at 2.2mn b/d....
...The IEA added that record output from the US, Brazil, Guyana and Canada would help boost global supply this year by 1.5mn b/d to a record 103.5mn b/d....
...Saudi Arabia’s energy ministry on Tuesday asked the state oil company Saudi Aramco to halt a planned 1mn barrels per day expansion in oil production to 13mn b/d. This had been due by 2027....
...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....
...At present, Saudi Arabia produces about 9mn b/d, compared with a maximum of about 12mn b/d....
...About 20 years ago, the US produced about 7mn barrels of petroleum and consumed 21mn a day. Now, the country produces almost 20mn b/d, roughly in line with consumption....
...cut by 211,000 b/d and 135,000 b/d respectively....
...Now the US produces almost 20mn b/d of petroleum, roughly on par with consumption. Imports from the Gulf have plummeted, and the US became a net oil exporter for the first time in 2019....
...The state-run oil producer said the energy ministry had ordered the move which would have increased its daily output from 12mn barrels a day to 13mn b/d by 2027....
...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....
...The FT reported on Friday that a further additional 1mn b/d cut by the group would likely be on the table, while Reuters had its own report saying a cut (of unspecified size) was now under consideration....
...The reduction in Saudi output is in addition to a voluntary 500,000 b/d cut announced by the kingdom in April, when its production was about 10.5mn b/d....
...Americas fees were up 15 per cent year on year, in contrast to sharp falls in Asia and a flat outcome in Europe, the Middle East and Africa....
...2050, declining to just 97.4mn b/d....
...About 7mn barrels a day of crude oil and refined products flow through the Bab-el-Mandeb strait but the route has become vital for Russia to export to Asia with 4mn b/d heading south, according to Kpler...
...The IEA forecasts crude consumption to increase by 1.3mn barrels per day this year while Opec this week maintained its growth estimates of 2.25mn b/d for 2024....
...Under small and medium disruption scenarios, prices could hit $102 to $121 a barrel, the report added. Current global oil demand is about 102mn b/d....
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