Virendra Chauhan

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Virendra Chauhan holds a PhD in Chemical Physics from Imperial College, with a focus on renewable energy. Following the completion of his studies, Virendra spent 18 months on the European Oil & Gas Equity Research team at Nomura International, before joining Energy Aspects in 2012. Virendra's work at Energy Aspects centres on crude markets. He analyses global supply demand fundamentals, with a particular emphasis on the upstream and shale. He also examines the impact of US shale on oil markets, trade flows and benchmarks, producing analysis that is regularly referenced by leading media outlets. His research covers specialist areas such as the economics of shale oil for independent US producers. More broadly, he reviews the potential for shale oil on a global scale, applying data-rich analysis to wider developments in the energy market.

Recent publications

  • | Key agency forecasts

    This week the key agency forecasts have been published. The EIA STEO was published Tuesday, OPEC published MOMR on Thursday and the IEA published OMR on Friday. This month’s key agency reports mostly revised demand growth estimates for 2017 higher, although they remain lower than our estimate of 1...

    1 week ago - Read more

  • | On demand

    Despite the strengthening of crude timespreads, particularly Brent, which is leading to the release of crude from storage, physical differentials are holding up. Not only are heavy crudes performing strongly—which is to be expected given both OPEC and non-OPEC producers are primarily cutting heavy g..

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  • | Brazil oil data – Jun 2017

    Brazilian liquids output ex-biofuels rose m/m by 26 thousand b/d to 2.79 mb/d, higher y/y by 0.14 mb/d (although the slowest pace since August 2016)—assisted by the connection of three new pre-salt wells which fuelled record high output at both Lula and Saphinoa. P-66 produced 26 thousand b/d from o..

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  • | Russia and FSU – Jun / Jul 2017

    Russian oil output was steady m/m at 10.95 mb/d in July (95% compliance), higher y/y by just 70 thousand b/d. By September, we expect production to move lower y/y. While Gazprom Neft’s output rose, production fell at Rosneft, Bashneft and Surgutneftegaz’s operations. Russian crude exports were fair..

    2 weeks ago - Read more

  • | US oil and shale output – May 2017

    US liquids production rose m/m in May to 14.02 mb/d, with y/y growth rising to 0.49 mb/d. The y/y increase in crude output totalled 0.32 mb/d, its highest level since September 2015. The Permian led the crude growth, rising y/y by 0.33 mb/d on our estimates. GoM output was higher y/y by 68 thousand ..

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