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India Will Lead Global Oil Demand By 2035
India Will Lead Global Oil Demand By 2035 Oil market participants and analysts have been closely watching the record level of supply coming out of the United States that is threatening to undo OPEC’s production cuts. But in the latter part of 2017 and early in 2018, robust oil demand growth — both in emerging […]
By 2020 it may be clear to everyone that oil decline has begun
By 2020 it may be clear to everyone that oil decline has begun Preface. There are two parts to Dittmar’s study. The first one concerns production, based on the most recent years of oil production. Dittmar found a strong pattern of oil decline after the plateau of 3% a year for five years, followed by […]
Saudi/Russia-Led Oil Supergroup In The Making
Saudi/Russia-Led Oil Supergroup In The Making OPEC and the non-OPEC producers’ part of the production cuts deal will have a plan for long-term cooperation drafted by the end of 2018, as they seek to institutionalize their current collaboration into a supergroup of oil producers led by Saudi Arabia and Russia, the UAE’s Energy Minister Suhail […]
Saudi Arabia, Russia Ink 3 Huge Energy Deals
Saudi Arabia, Russia Ink 3 Huge Energy Deals Saudi Arabia hits bullseye, IPO and LNG deals cements geopolitical cooperation Russia Hidden by the fog of the ongoing oil market volatility and the Turkish adventures in Syria, OPEC leader Saudi Arabia has been cementing its geopolitical position for years. In Riyadh meetings this week between Saudi […]
Is History Repeating Itself In Oil Markets?
Is History Repeating Itself In Oil Markets? Back in 2014, U.S. shale production was growing so fast that it ended up crashing the market. Now, history could be repeating itself. That was the warning from the International Energy Agency, which said in its latest Oil Market Report that a “second wave” of shale supply threatens […]
IEA Warns Of New Oil Glut
IEA Warns Of New Oil Glut The global oil market could slip into deeper oversupply on the back of non-OPEC production growth led by the United States, the International Energy Agency said in its latest Oil Market Report. “The main factor,” the IEA said, “is US oil production. In just three months to November, crude […]
Venezuela Is Moving From Crisis To Collapse
Venezuela Is Moving From Crisis To Collapse Venezuela’s slumping oil production is a “clear and present danger” to the oil market, RBC Capital Markets said this week. Venezuela’s production continues to fall at a frightening clip, falling to about 1.6-1.7 million barrels per day (mb/d) in December. On an annual basis, Barclays predicts that Venezuela’s […]
Oil Production Vital Statistics January 2018
Oil Production Vital Statistics January 2018 The oil price has begun 2018 strongly with Brent breaking through $70 / bbl for the first time since December 2014. OPEC+Russia+others’ discipline on production constraint remains high with ~ 1.7 Mbd production withheld from the market. The IEA reports an ~1 Mbpd stock draw in the OECD + […]
What Could Push Oil To $100?
What Could Push Oil To $100? If anyone thought the latest oil market outlooks of the EIA and the IEA are upbeat, here’s an even more upbeat one from Energy Aspects: The consultancy expects crude demand this year to grow by 1.7 million bpd, and says Brent could touch above $100 a barrel in 2019. […]
WTI Tumbles To $62 Handle After IEA Predicts “Explosive” US Shale Production As Oil Prices Surge
WTI Tumbles To $62 Handle After IEA Predicts “Explosive” US Shale Production As Oil Prices Surge Update: The IEA report has impact prices – as would be expected – sending WTI back below the crucial support level of $63 once again… With WTI Futures net long positioning at extreme longs, one wonders if $63 can […]
OPEC Oil Production Rose In December Despite Plunge In Venezuela Output
OPEC Oil Production Rose In December Despite Plunge In Venezuela Output In its latest monthly report, OPEC announced that according to secondary sources, December oil production by the cartel rose by 42.4kbpd from November to 32.416mmbpd, if 144kbpd below October’s 32.56mmbpd level, and just below the mandated production ceiling of 32.5mmbpd. While the biggest producer […]
Is An Oil Price Spike Inevitable?
Is An Oil Price Spike Inevitable? The oil glut is over, at least when it comes to U.S. commercial inventories: over the past two months they have been within the average range for the season, thanks to hefty draws. These draws, one analyst argues, are a signal of higher-than-expected demand that is not only an […]
Russia To Discuss Possible Exit From OPEC Deal
Russia To Discuss Possible Exit From OPEC Deal Russia may be on its way out of the OPEC output reduction deal, according to the country’s Energy Minister, Alexander Novak. Reuters reports that Novak might discuss the country’s potential exit from the pact in Oman next week. Russia had vowed to cut output by 300,000 barrels […]
