Perspectives

Our flagship weekly publication on the oil market, Perspectives, combines commentary on the key market themes and the latest data releases. Produced every Monday, Perspectives provides unparalleled information, analysis and views on the on-going debates that are influencing prices and explores the key developments that will help to shape the future of the market. Perspectives also offers detailed quarterly supply-demand balances by key regions and countries, comparing them to benchmarks like the IEA, EIA and OPEC Secretariat. The report also includes an updated database of large upcoming upstream projects

  • Heavy heart

    Heavy heart cover image Published 21 Jan 2019 by
    The turnabout in the physical crude market has been impressive, although price rises are being aided by tightness caused by temporary factors such as weather disruptions and production outages. But even before these disruptions, the crude market had not been trading as if peak refinery turnaround..

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  • It's not all lost yet

    It's not all lost yet cover image Published 14 Jan 2019 by
    Oil prices have shot higher largely due to the reversal (positive gamma and short-covering) of the very factors that caused the plunge in December. The perceived health of the global economy has also improved from just a week ago, with the Fed stating that it will be sensitive to growth warnings..

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  • Not for the fainthearted

    Not for the fainthearted cover image Published 7 Jan 2019 by
    We are pleased to launch our new Global crude oil balances in addition to the existing Global liquids balances.This publication provides Energy Aspects’ monthly and quarterly crude oil and global liquids balances (Figures 3-5) with country-level breakdowns for OPEC and non-OPEC countries (Figures..

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  • Lack of conviction

    Lack of conviction cover image Published 17 Dec 2018 by
    Please note that this is the last Perspectives of 2018. Normal service will resume on 14 January 2019. We wish our readers a prosperous 2019!Users licensed for the data service can access our global balances.The gamut of geopolitical events and Trump’s propensity to interfere in almost every matt..

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  • United by demand

    United by demand cover image Published 10 Dec 2018 by
    Users licensed for the data service can access our global balances.OPEC+ delivered 1.2 mb/d cut from October 2018 baselines from 1 January, with Saudi Arabia set to lead from the front. Saudi exports will fall by over 1 mb/d from November’s levels we understand, to 7 mb/d in January. The cuts sho..

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  • Rock and a hard place

    Rock and a hard place cover image Published 3 Dec 2018 by
    On Friday we launched IMO: Vision 2020, a deep-dive report into the IMO 2020 transition that lays out the threats and opportunities for oil markets presented by this upheaval. Find out more.Users licensed for the data service can access our global balances.Yet another OPEC meeting is upon us. The..

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  • Dangerous liaisons

    Dangerous liaisons cover image Published 26 Nov 2018 by
    Users licensed for the data service can access our global balances.Given the rapidly evolving geopolitical relationship between the US and Saudi Arabia, the market now believes, rightly or wrongly, as evidenced by the continued capitulation in oil prices, that MbS is beholden to Trump, and thus w..

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  • What a mess

    What a mess cover image Published 19 Nov 2018 by
    Logic would suggest that since Saudi Arabia and its allies pre-empted the expected fall in Iranian exports to zero by raising production, they should now remove some of those volumes as Iranian buyers have received waivers and exports will be higher than expected. But even though Saudi Arabia and..

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  • Broken trust

    Broken trust cover image Published 12 Nov 2018 by
    Later this week we will be launching our Long-term energy market outlook service, which provides our forecasts for international energy markets out to 2040. Find out more here.Users licensed for the data service can access our global balances.Despite shouting from the rooftops about putting maxim..

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  • The two-month cycle

    The two-month cycle cover image Published 5 Nov 2018 by
    Users licensed for the data service can access our global balances. Even before a larger number of Iran sanctions waivers was announced on Friday, market sentiment had soured on crude. Asian differentials have come off their record highs and data show US output surged in August, although hefty US..

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  • Confusion reigns

    Confusion reigns cover image Published 29 Oct 2018 by
    Users licensed for the data service can access our global balances. Recent events have shown that this is a market with heightened sensitivity to any headline that offers downside risk to the bull thesis, as the wounds from the summer are still too fresh. But the current market is nothing like th..

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  • ‘Waivering’

    ‘Waivering’ cover image Published 22 Oct 2018 by
    Summer fears are back: just as exports from Saudi Arabia, Russia and the UAE are taking another leg higher, Iranian exports have failed to pull back, at least in the first half of October. High Iranian exports are to be expected in early October as buyers aim to have cargoes clear customs before..

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  • In the shadow of doubt

    In the shadow of doubt cover image Published 15 Oct 2018 by
    Users licensed for the data service can access our global balances. Oil markets got dragged down by a broader risk-off convulsion last week, similar to events in February. But there is a big difference between cross-asset rotations and outright liquidations, and right now it is the former. We don..

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  • The seasonality fear

    The seasonality fear cover image Published 8 Oct 2018 by
    Users licensed for the data service can access our global balances. Just days after Brent crossed $85, demand concerns have resurfaced, especially as EM currencies continue to weaken against the US dollar. Significantly weaker refining margins have not helped matters, but we see this as being abo..

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  • The coast is clear

    The coast is clear cover image Published 1 Oct 2018 by
    Users licensed for the data service can access our global balances. Last week’s oil gathering in Singapore focussed only on two issues—Iranian export losses and the implications of IMO 2020. The east accepts that there will be a huge drop in Iranian exports, possibly to as low as 0.5..

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