Saturday, May 28, 2016

Saudi Aramco Lifted 2015 Output To Record -- May 28, 2016; Saudi Aramco Increased Crude Oil Exports 2% Year-Over-Year

Rigzone/Bloomberg is reporting these data points:
  • produced at an all-time high last year (2015)
  • kept reserves unchanged; 261.1 billion bbls
  • "maintains an oil-production capacity of 12 million bopd"
  • produced 10.2 million, up from 9.5 million in 2014
  • a 7% increase; 700,000 bopd increase
  • the company will announce its restructuring plans within six months
  • will launch IPO by end of 2018
  • exported 2.6 billion bbls in 2015, up from 2.54 billion bopd in 2014 (2% increase)
  • exported 7.1 million bopd in 2015
  • exports to Asian markets increased "substantially"
    • India: jumped 18%
    • China: grew 4.5%
    • US: flat at 1 million bopd
    • Baltic: expanded, new markets; spot cargo to customers from storage facilities in Okinawa and Rotterdam
  • refining: 3.1 million bopd, unchanged from 2014; capacity was 5.4 million
  • seeks to double its refining capacity to 8 - 10 million bopd
When they say they increased exports to Asian markets "substantially," note that total global exports increased a paltry 2% year-over-year; it helps put "substantially" in context. 

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