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Tag Archives: oil production
No, The U.S. Is Not A Net Exporter Of Crude Oil
No, The U.S. Is Not A Net Exporter Of Crude Oil Last week Bloomberg created quite a stir with this story: The U.S. Just Became a Net Oil Exporter for the First Time in 75 Years. I have seen a number of follow-up stories that praised the significance of this development, but others laughed it […]
Saudis Reportedly Target US Inventories By Slashing Oil Exports
Saudis Reportedly Target US Inventories By Slashing Oil Exports WTI prices briefly popped above $52 before fading quickly after Bloomberg reported that after flooding the US market in recent months, Saudi Arabia plans to slash exports starting in January in an effort to dampen visible build-ups in crude inventories. Bloomberg reports that, according to people […]
Multipolar World Order in the Making: Qatar Dumps OPEC
Multipolar World Order in the Making: Qatar Dumps OPEC The decision by Qatar to abandon OPEC threatens to redefine the global energy market, especially in light of Saudi Arabia’s growing difficulties and the growing influence of the Russian Federation in the OPEC+ mechanism. In a surprising statement, Qatari energy minister Saad al-Kaabi warned OPEC on Monday December […]
OPEC Cuts Deep to Save Cartel
OPEC Cuts Deep to Save Cartel With oil prices in free fall and the dawning realization that Great Reflation trade of 2017 is over, OPEC needed to do something drastic to remind everyone how important they are. Moreover, with Qatar quitting the cartel last week it was then doubly necessary for OPEC to make the […]
World Bank Warns Of Extreme Volatility In Oil Markets
World Bank Warns Of Extreme Volatility In Oil Markets After several months of oil price rises and then a sharp reversal over the last few weeks, world oil markets are in for more heightened volatility next year because of scarce spare production capacity among OPEC members. This warning comes from the World Bank, which in […]
Oil Crashes After Saudis Propose Smaller Than Expected Production Cut
Oil Crashes After Saudis Propose Smaller Than Expected Production Cut As if plunging equity futures were not enough for traders to worry about this morning, in the past two hours oil, which had rebounded heading into this week’s 2-day OPEC meeting, tumbled sharply, dropping as much as 5%, with WTI sliding as low as $50.23 […]
Iran: Oil To Fall To $40 If OPEC Fails To Reach Deal
Iran: Oil To Fall To $40 If OPEC Fails To Reach Deal A fractured OPEC is meeting later this week to discuss a deal to cut oil production—yet again—to rebalance the market and lift oil prices that have recently slipped to below most of the cartel members’ budget-balance points. OPEC needs a unanimous vote to […]
Alberta Intervenes To Halt Canada’s Oil Crisis
Alberta Intervenes To Halt Canada’s Oil Crisis Oil prices rose on Monday, buoyed by coordinated production cuts – cuts that did not come from Vienna (although that too could occur later this week). Instead, the mandatory reductions were handed down by the provincial government of Alberta. “Perhaps OPEC should therefore consider inviting Canada to its […]
Alberta Orders “Unprecedented” Oil Output Cut To Combat Crashing Prices
Alberta Orders “Unprecedented” Oil Output Cut To Combat Crashing Prices While just a few hundred miles south, WTI is flirting with the one year low price of $50/barrel, Canada’s oil-producing hub, Alberta, would be ecstatic to have its oil trade at anything even remotely close to this level. As we reported recently, Canadian oil producers […]
In Historic Decision, Qatar Unexpectedly Says Will Leave OPEC Jan. 1
In Historic Decision, Qatar Unexpectedly Says Will Leave OPEC Jan. 1 Just days before the cartel (along with its outside accomplices) is due to meet in Vienna for what could be another historic meeting, OPEC is dissolving right before our very eyes, as the perceived “US influence” over Saudi Arabia has strained ties within the […]
Putin Confirms No New Oil Production Cuts; Hopes For US, UK Detente
Putin Confirms No New Oil Production Cuts; Hopes For US, UK Detente Russian President Vladimir Putin praised Trump, pummeled Poroshenko, and poured cold water on oil market bulls’ hopes in a statement following the G-20 meetings. Putin began by confirming what White House Press Secretary Sanders noted earlier – he and Trump had spoken broefly […]
Oil Prices Set To Book Worst Month In A Decade
Oil Prices Set To Book Worst Month In A Decade Oil prices dropped early on Friday, on course to finish their worst month since 2008, as fears of oversupply and slowing demand growth dragged oil down into a bear market in November with prices off by some 30 percent from four-year highs in early October. […]
European oil consumption after North Sea Peak Oil
European oil consumption after North Sea Peak Oil Hors-d’oeuvre On the streets of Paris: 24 Nov 2018 Fuel price protests on the Champs Elysees https://france-inflation.com/prix-carburants.php 20 Nov 2018: The “gilets jaunes” have a hard time to convince truck drivers to join their movement https://www.francetvinfo.fr/economie/transports/prix-des-carburants/gilets-jaunes-les-routiers-divises_3045615.html They were more successful on the French island of Réunion in […]
