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

  • | IEA October Oil Market Report Summary

    DemandThe IEA revised 2017 global oil demand down by a minor 20 thousand b/d to 97.71 mb/d, with y/y growth at 1.58 mb/d.Following the strong performance in Q2 17, the IEA estimates growth slowed to 1.2 mb/d in Q3 17, reflecting relatively weak July and August data.The Agency expects demand to bounc…

    1 week ago - Read more

  • | Key agency forecasts

    This week the key agency forecasts have been published. OPEC and EIA published MOMR and STEO yesterday the IEA published OMR this morning.The standout feature across the key agency reports this month is the upward revision to the ‘call on OPEC crude’ for both 2017 and 2018. Across the IE…

    1 week ago - Read more

  • | OPEC October Monthly Oil Market Report Summary

    Demand2017 demand forecasts were revised up by 30 thousand b/d to 96.80 mb/d, with y/y growth at 1.45 mb/d (compared to 1.42 mb/d last month). We believe 2017 demand growth will be higher, at 1.7 mb/d, given the strength seen in Q2 17.OECD demand estimates were raised by 60 thousand b/d, partially o…

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  • | North Dakota crude production surges higher m/m by 37 thousand b/d in August, exceeding our expectations

    In summary:North Dakota crude production jumped m/m by 37 thousand b/d, outstripping our expectations by over 20 thousand b/d.A large upward revision to July well completions drove the outperformance alongside a stronger than expected draw-down in DUCs.We expect crude production growth to moderate i…

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  • | Brazil oil data – Aug 2017

    Brazilian liquids output ex-biofuels fell m/m by 58 thousand b/d in August to 2.68 mb/d, with output flipping into a y/y decline of 38 thousand b/d, the first decline since April 2016. In fact, since hitting a record 2.73 mb/d in December 2016, Brazilian crude production has stagnated at an average …

    2 weeks ago - Read more