Crude Declines Weigh Upon Project Cargo
New crude oil production figures published by the Joint Organisations Data Initiative, or JODI, suggests that non-OPEC oil production will continue to decline, potentially impacting the project cargo industry.
The JODI C+C production numbers are published as part of the organization’s Oil World Database, and show the impact of low oil prices on output in various countries worldwide.
With oil prices having fallen sharply over the last year the data from 2015 shows that non-OPEC countries have been hit hardest and suggests that the decline which began in mid-2015 will continue to accelerate.
Output from OPEC countries looks somewhat more robust with new production coming online and large volumes from Iran expected to enter global markets following the lifting of sanctions. About 600,000 barrels per day are expected from Iran over the next 12 to 18 months, and there may also be a slight increase from Iraqi facilities.
Iran has attracted significant investment from international infrastructure and construction firms in recent months eager exploit to some of the largest oil, gas and mineral reserves in the world.
Outside of these two producers, output from OPEC countries are expected to remain flat or decline. Estimates from news source Oil Price suggest that any significant increase in prices is not likely until mid-2017 with slow growth in U.S. production likely from 2018 onward.
Latest News
-
![Crude oil outlook remains weak]()
March 1, 2016Crude Declines Weigh Upon Project Cargo New crude oil production figures published by the Joint Organisations Data Initiative,... -
![Cement equipment en route to Saudi Arabia]()
March 1, 2016Gruber Ships Saudi Cement Plant Italian logistics and freight company Intertransport Gruber has shipped a cargo of cement... -
![The Port of Walvis Bay]()
February 29, 2016WBCG Welcomes Project Cargo Increase Infrastructure firm Walvis Bay Corridor Group has reported an increase in abnormal loads... -
![The Gorgon LNG project]()
February 29, 2016Australia Adds LNG Capacity New liquefied natural gas capacity under construction in Australia is expected to add an...
The post Crude Declines Weigh Upon Project Cargo appeared first on Breakbulk Events & Media.