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Letter from Saudi Arabia: US-Saudi energy ties enter a new phase
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
Letter from London: Oil’s golden triangle
The interplay between OPEC+, China and the US will define oil markets throughout 2026
The curious case of oil-on-water
The market is facing being drowned in excess crude, but one caveat is that a large chunk is due to buyers reluctant to snap up sanctioned barrels
The duality of US shale
A sector beset by pessimism and pain amid price weakness contrasts with data signalling production strength and resilience
OPEC+ nears output targets amid unsolved riddles
OPEC+ has proven to be astute at bringing back oil production, but mysteries around Chinese buying, missing barrels and oil-on-water have left the group in wait-and-see mode
Turkmenistan's pipe dream
Construction of the pipeline in Afghanistan is making tangible progress, but extending it into Pakistan and India remains unrealistic for political reasons
China’s oil plan comes together
The country’s rapid output growth is an example that other producers could learn from
China seizes oil security opportunity
A combination of geopolitical uncertainty and OPEC+ barrels has driven a renewed focus on building strategic oil stocks despite flagging demand
Arctic LNG comes in from the cold
Beijing now appears prepared to accept discounted Russian LNG, even at the cost of heightened sanctions risk
OPEC+ exposes its producers’ limits
Saudi Arabia, the UAE and Iraq appear to be only members able to increase output as Russia approaches close to maximum capacity
BP Tight oil China US India Shale Eagle Ford Opec
Beth McLoughlin
20 June 2017
Follow @PetroleumEcon
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Energy demand stayed low in 2016, as the fuel mix shifted towards cleaner energy sources

China and India accounted for almost all the growth, says BP, and global emissions were flat for the second year in a row

Long-term, irreversible changes in world energy markets were evident in 2016, found BP's 66th statistical review, out now. The British oil and gas company found that while energy consumption grew by just 1%—compared with a 10-year average of 1.8%—this growth was almost entirely sustained by developing countries, especially India and China. The relatively low rate of demand can be partly explained, BP said, by the weak economic growth in China last year, and especially a slowdown in its iron, steel and cement industries. Global GDP only grew by 3%, its slowest rate since 2002. China surpassed the US as the biggest renewable producer in the world, while BP chief economist Spencer Dale said it

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