World
-3.7%
Saudi Arabia cut its crude oil production in 2017, under the OPEC agreement.
Crude oil production remained stable in 2017 (0.1%)
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.
Global Energy Trends, 2018 edition
Based on its 2017 data for G20 countries, Enerdata analyses the trends in the world energy markets.
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Sep
Sanmen-1 nuclear AP1000 project (China) enters commercial operation
According to China National Nuclear Corporation (CNNC), the Sanmen-1 AP1000 nuclear reactor project being built in the Zhejiang province of China has completed 168 hours of full power continuous operation and is now deemed to enter commercial operation. A second reactor at the Sanmen site achieved hot testing phase in February 2018 and should be commissioned by the end of the year. With the commissioning of Sanmen-1, CNNC now has a total of 19 operational nuclear reactors, with an installed capacity of 16,716 MW.
19
Sep
OPEC countries' net oil export revenues went up in 2017
According to the United States Energy Information Administration (EIA), members of the Organization of the Petroleum Exporting Countries (OPEC) benefited from a 29% increase of their net oil revenues in 2017 to US$567bn compared with 2016, thanks to both the increase in crude oil prices and in net oil exports. The EIA predicts that these revenues are likely to continue to ramp up in 2018 to US$736bn (+30%), following the annual crude oil prices trends. However, they could decline starting from 2019, by 2.4% to US$719bn, driven mainly by lower prices and by slightly lower OPEC production and exports to a lesser extent.
19
Sep
Gazprom starts talks with Hungary regarding future gas shipments
Russian state-run energy company Gazprom is discussing with the Hungarian government regarding the delivery of future gas supplies, since current gas supply agreements expire at the end of 2019. The discussion will also include other issues such as the development of the Hungarian gas transmission system and the prospects of storing Gazprom's fuel in Hungarian underground gas storage (UGS) facilities.
18
Sep
Cheniere Energy will supply 0.7 Mt/year of US LNG to global trader Vitol
US-based LNG project developer Cheniere Energy has signed a sales and purchase agreement with the global trader Vitol, under which Vitol agreed to purchase 0.7 Mt/year (roughly 0.95 bcm/year) of LNG from Cheniere on a free on board basis for a term of approximately 15 years beginning in 2018. The contract's purchase price is indexed to the monthly Henry Hub price and includes a fee.
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