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MARKET UPDATES: OIL

Market Updates: Oil

Oil Market - 2017 Year in Review

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Published on: January 25, 2018

Crude Oil Report - December 2017

It has been a turbulent year with natural disasters, geopolitical tensions, and deep political divisions occurring in many countries. Concerning economic growth, however, 2017 ended positively, with gross domestic product (GDP) continuing to accelerate around much of the world in the widest cyclical upswing since the start of the decade. According to the International Monetary Fund (IMF), growth accelerated in the majority of countries. Of more importance, some of the countries that had high unemployment (for example, several in the eurozone, are participating in the growth surge and experiencing strong employment growth. Some of the larger emerging market economies, such as Argentina, Brazil, and Russia, exited their recessions. Still, in per capita terms, growth in almost half of emerging markets and developing economies – particularly the smaller ones – lagged behind advanced economies, and almost a quarter have seen declines. Countries that struggled include fuel exporters and low-income economies suffering from civil strife or natural disasters..... Download full report.

December 2017

The Eastern Refinery Market: Canadian and Imported Oil Supply and Transportation Options

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Published on: October 11, 2017

Crude Oil Report - September 2017

Canada is the fifth largest oil producer in the world, accounting for 4.8 percent of world production in 2016, ranking behind the United States (13.4%), Saudi Arabia (13.4%), Russia (12.2%) and Iran (5.0%). Canada’s proved reserves, totaling 171.5 billion barrels or 10 percent of the world’s share of proved reserves, are behind only Venezuela (300.9 billion barrels) and Saudi Arabia (266.6 billion barrels)..... Download full report.

September 2017

The Eastern Refinery Market: Canadian and Imported Oil Supply and Transportation Options

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Published on: October 11, 2017

Crude Oil Report - September 2017

Canada is the fifth largest oil producer in the world, accounting for 4.8 percent of world production in 2016, ranking behind the United States (13.4%), Saudi Arabia (13.4%), Russia (12.2%) and Iran (5.0%). Canada’s proved reserves, totaling 171.5 billion barrels or 10 percent of the world’s share of proved reserves, are behind only Venezuela (300.9 billion barrels) and Saudi Arabia (266.6 billion barrels)..... Download full report.

September 2017

Is OPEC Losing It's Mojo?

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Published on: September 28, 2017

Crude Oil Report - August 2017

On November 30, 2016, in Vienna, OPEC and other oil producers led by Russia (NOPEC_R9+) reached an agreement to cut production totaling 1.81 million barrels per day (MMbpd) (1.2 MMbpd for OPEC and 0.6 MMbpd for NOPEC_R9+) for the first half of 2017. This was the first production cut in almost a decade, and the deal made among agreed producers was unforeseen to say the least, as up to that point, Saudi Arabia and other OPEC members were defending their global market share and pump-at-will strategy, which was only setting the oil price lower as more oil came onto an already oversupplied market. The WTI price rose by more than 9% in November following the deal announcement. A few months later, during the 172nd OPEC Ministerial Conference on May 25, the November agreement was extended for nine more months, pushing WTI higher, but only at 2% .... Download full report.

August 2017

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