Saudi Arabia cut its crude oil production in 2017, under the OPEC agreement.
The 30 November 2016 agreement between OPEC countries and some large non-OPEC producers to cut oil production to firm up global prices translated into significant production cuts for Saudi Arabia, Kuwait, the UAE or Algeria, and to a stable production in Russia. The agreement succeeded in raising global oil prices, which incited non-OPEC countries such as the United States, Canada or Kazakhstan and OPEC countries exempted from cuts such as Iran or Nigeria to raise production. The Iranian oil production rose by 1/3 between 2015 and 2017, thanks to the end of international sanctions.
Conversely, crude oil production declined again in China to its lowest level since 2009, as low prices in 2016 prompted producers to cut investment in oil fields.
Oil production in Latin America contracted for the third year in a row, due to falling production in some large producing countries – oil output reached its lowest level since 1980 in Mexico and since 1990 in Venezuela – but it continued to increase in Brazil.
Based on its 2017 data for G20 countries, Enerdata analyses the trends in the world energy markets.Download the publication
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According to US-based project company Cheniere Energy, the first commissioning cargo of LNG has loaded and departed from its US$15bn Corpus Christi liquefaction and export terminal project in Texas (United States). This marks the first export of LNG from the state and as well from a greenfield export project in the Lower 48 states.
According to the Russian independent gas producer Novatek, its joint venture (JV) Yamal LNG has reached full capacity at the plant’s three LNG liquefaction trains. The three 5.5 Mt/year liquefaction trains of the Yamal LNG project are now operational with a total combined nameplate capacity of 16.5 Mt/year.
The European Commission has adopted a decision imposing transmission system operator (TSO) TenneT to increase the electricity trading capacity between Western Denmark and Germany and to ensure a specific guaranteed capacity available at all times. This announcement ends the formal investigation opened in March 2018 to check whether TenneT infringed EU antitrust rules by systematically limiting southward capacity at the power interconnection between the two countries.
Polish coking coal producer JSW (Jastrzębska Spółka Węglowa) has unveiled plans to increase its output by 2.5 Mt/year to 3 Mt/year through acquisitions. Its 2030 production target has been set at 18 Mt/year, much above the current 14.8 Mt/year (including all types of coal). However, the share of thermal coal in its production will dwindle from the current 25% to 10%. The group will focus on coking coal, betting on the rising needs of the European steel industry.