Data review
Data reviews explore the fundamental supply and demand data by country or key agency reports, combining the latest data releases with extensive models developed by Energy Aspects. Data reviews aim to provide instant update of key data releases, for example Norway oil supply, Petroleum Supply Monthly with US data revisions, the weekly US EIA data release on inventories. Each data review comes with a brief commentary and easy to navigate table summaries along with key charts
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Published 24 Dec 2012
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Mexican total liquids output for November recovered to 2.920 mb/d, following the completion of field maintenance in October. Crude oil output totalled 2.58 mb/d, the highest level since January 2011. Pemex attributed the better performances to the start-up of offshore projects such as Yaxche, Chu..
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Published 21 Dec 2012
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Indian oil demand remained robust at 3.38 mb/d in November, the fourth highest total ever, but y/y growth slowed to just 4 thousand b/d (0.1%), due to high base from a later festive season in 2011 than 2012, which had boosted oil consumption by 12.8% y/y. The core components of demand remained st..
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Published 21 Dec 2012
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Chinese oil demand in November totalled 10.483 mb/d, the first time it has breached the 10 mb/d level and higher y/y by 0.947 mb/d (9.9%). Part of the strength in November, however, was down to restocking, aggravated by a possible consumption tax increase on petrochemical feedstock from January 1..
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Published 19 Dec 2012
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The build in gasoline inventories continues relentlessly, with the latest data showing a 2.2 mb build, taking total gasoline stocks higher than the five-year average by 7.4 mb. Over the last four weeks, gasoline stocks have built by a massive 18.9 mb, at a rate of 0.7 mb/d. Relative to the five-y..
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Published 19 Dec 2012
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Oil demand in the Middle East stayed above 5 mb/d for the sixth straight month, with demand in October higher y/y by a strong 0.395 mb/d (8.5%), at 5.058 mb/d, despite easing m/m in line with seasonal averages. We expect the region's oil demand to continue growing, boosted by demographic expansio..
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Published 19 Dec 2012
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Following extremely weak European oil demand in Q3, with y/y declines averaging 0.97 mb/d (6.5%), sharper than the falls in 08/09, October's data showed an impressive rebound, with the preliminary JODI data pegging total consumption at 14.118 mb/d, down y/y by 0.4 mb/d (2.9%), the slowest pace of..
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Published 14 Dec 2012
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The average of third party estimates that Energy Aspects collects pegs November OPEC-12 output at 31.07 mb/d, higher y/y by 0.43 mb/d but lower for the 4th consecutive month, by 0.13 mb/d. Although OPEC production remains higher compared the Group's desired target of 30 mb/d (which was renewed at..
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Published 14 Dec 2012
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Despite recent efforts by both the UK and Norwegian governments to shore up North Sea production prospects, the underlying basin remains crippled by high decline rates and technical problems. Preliminary November output from Norway totalled just 1.767 mb/d, lower y/y by 0.283 mb/d and a step down..
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Published 12 Dec 2012
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The trend of strong builds in product stocks continued this week, led by yet another large build in gasoline of 5 mb and a hefty 3 mb build in distillates. Total product stocks (excluding the estimated ‘other oils' category) rose by 6.9 mb w/w, and by 3.1 mb relative to the five year average, alt..
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Published 12 Dec 2012
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The past few days has seen the release of key agency forecasts, with OPEC and the EIA monthly reports released yesterday and the IEA report released this morning.
The first tranche of upward revisions to global oil demand arrived in the latest key agency forecasts, led primarily by better than ex..
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Published 6 Dec 2012
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Brazil's disappointing performance in liquids production continued, with October's output totalling 2.099 mb/d, lower y/y by 92 thousand b/d, despite the start-up of the FPSO at the Baleia Azul field in September and a new platform starting production from the Whales Park subsalt field. Although..
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Published 5 Dec 2012
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Last week's trend of larger than average product stock builds and falling crude inventories intensified in the latest EIA weekly data, with crude oil stocks falling by 2.4 mb w/w and 1.6 mb relative to the five year average, but product stocks (excluding the estimated ‘other oils' category) risin..
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Published 3 Dec 2012
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Preliminary data for November from the Energy Ministry pegged Russian oil production at yet another post-Soviet era high of 10.50 mb/d, higher y/y by 0.15 mb/d (see Figure 3). Rosneft's production continued to grow y/y, higher y/y by 0.08 mb/d last month, and by 0.05 mb/d in the year to November...
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Published 30 Nov 2012
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Japanese oil demand remained strong in October, totalling 3.97 mb/d, although the y/y growth slowed to just 3 thousand b/d, in line with our view, as the favourable base effect from Fukushima has run its course by now. This was also evident in the data from Japan's 10 power utilities, which showe..
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Published 29 Nov 2012
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After a slight dip in August due to the effects of Hurricane Isaac, US oil production growth revived in September, higher y/y by 1.095 mb/d, with total liquids production now just shy of the 10 mb/d mark, at 9.808 mb/d (see Figure 1). The rate of growth was almost double that of August (574 thous..
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