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.
The key agency forecasts have been published this week. EIA published STEO Wednesday, the OPEC Secretariat released MOMR yesterday and the IEA published OMR this morning.The consensus of the three key agency forecasts continues to move towards our long-held belief that 2019 demand growth would mo..
Russian oil production rose m/m to a record 11.36 mb/d in September, 0.44 mb/d higher y/y. The m/m gains were led by Rosneft and PSA ventures, which each raised supply by 60 thousand b/d. Rosneft raised output at Yuganskneftegaz to a record high of 1.42 mb/d in August, and likely again in Septemb..
Brazilian liquids production fell, both m/m (-55 thousand b/d) and y/y (42 thousand b/d), for the fourth consecutive month in August, to 2.63 mb/d. Maintenance at FPSO Cidade de Angra dos Reis and FPSO Cidade de Maricá reduced output from the Lula field m/m by 77 thousand b/d to 0.8 mb/d...
US total liquids production averaged 16.58 mb/d in July, up m/m by 0.37 mb/d and higher y/y by 2.4 mb/d. This was a much larger increase than we had expected (+0.1 mb/d), with crude production outperforming expectations by 0.23 mb/d and NGLs by a smaller 80 thousand b/d. Crude production increase..
According to our crude balances, Q4 18 is set to be the tightest quarter we have seen in over a decade and tighter than any quarter we are currently predicting for 2019. This is due to a combination of the steep decline in Iranian exports, a lack of any near term spare capacity and the resurgence..