Home » Posts tagged 'crude oil' (Page 2)
Tag Archives: crude oil
Shale Giants Proving OPEC Right
Shale Giants Proving OPEC Right Saudi Arabia’s bet that the golden age of U.S. shale is over appears to be a safe one – for now, at least. (Bloomberg) — Saudi Arabia’s bet that the golden age of U.S. shale is over appears to be a safe one — for now, at least. A round-up […]
Is The World About To See An Oil Shortage?
Is The World About To See An Oil Shortage? It’s possible we could be headed for a shortfall in global oil supply as soon as next year – pretty remarkable considering where oil demand was last spring, with economies slowing under the weight of the pandemic. Based on projected rising demand, the natural production decline […]
Exxon Mobil’s refinery closure in Australia: peak oil context
Exxon Mobil’s refinery closure in Australia: peak oil context Exxon Mobil’s Melbourne refinery is closing and will be converted into a fuel import terminal. The Australian public broadcaster has found the right title for its article: Australia loses another oil refinery, leaving our fuel supply vulnerable to regional crises 11/2/2021 https://www.abc.net.au/news/2021-02-11/australia-loses-another-oil-refinery-risking-fuel-supply/13139648 Fig 1: Exxon-Mobil Altona […]
Oil Tanker Owners Pay to Move Crude in Wake of Supply Cuts
Oil Tanker Owners Pay to Move Crude in Wake of Supply Cuts (Bloomberg) — Saudi Arabia’s oil production cuts have hit the tanker market so hard that owners of the biggest vessels are effectively subsidizing cargo deliveries on the industry’s main trade route. Supertankers delivering 2-million-barrel shipments of the kingdom’s oil to China are losing […]
Crude Oil Flow From Saudi Arabia To U.S. Falls To Zero
Crude Oil Flow From Saudi Arabia To U.S. Falls To Zero For the first time in 35 years, no oil flowed from Saudi Arabia to the United States last week, according to EIA data, in a show that the United States—at least for now—isn’t as reliant on oil from the Middle East like it used […]
Shell’s Largest Refinery Reduces Crude Processing Capacity By 50%
Shell’s Largest Refinery Reduces Crude Processing Capacity By 50% Shell will halve the crude oil processing capacity of its largest wholly owned refinery in the world, Pulau Bukom in Singapore, as part of its ambition to be a net-zero emissions business by 2050 or sooner, the supermajor said on Tuesday. Pulau Bukom hosts the largest wholly-owned Shell refinery globally […]
CHART OF THE WEEK: The Surprising Drop In U.S. Crude Oil Production
CHART OF THE WEEK: The Surprising Drop In U.S. Crude Oil Production U.S. crude oil production experienced a surprising drop last week, even though domestic demand for oil and petroleum products increased. This came as a surprise to some energy analysts. Furthermore, the IEA, International Energy Agency came out with a forecast for global oil demand […]
Crude Crashes Over 10% After OPEC+ Meeting Delays
Crude Crashes Over 10% After OPEC+ Meeting Delays Crude prices are plunging early in Asian trading with Brent down 12% following a delay to the much-hoped-for OPEC+ meeting (due tomorrow, Monday, but now pushed off until Thursday). As Ransquawk details, an OPEC+ call that was scheduled for Monday has been delayed until Thursday, amid an intensifying dispute between […]
Crude Crashes As Asia Trading Opens; Stocks Slump, Gold Jumps, Yuan Dumps
Crude Crashes As Asia Trading Opens; Stocks Slump, Gold Jumps, Yuan Dumps While gold is spiking higher and stocks are getting hammered lower after a weekend of ugly headlines surrounding the lethality and spread of the novel coronovirus, the Saudis are desperately talking down the crash in crude oil prices… Brent is back below $60 and […]
IEA Sees $90 Crude Ahead Of Oil’s Downfall
IEA Sees $90 Crude Ahead Of Oil’s Downfall Global oil demand will plateau around 2030, according to a major new report, but the decline in demand is way too slow to head off the worsening effects of climate change. Oil demand begins to flatten out in the 2030s “under pressure from rising fuel efficiency and […]
Ceasefire On The Rocks? Trump Sanctions Chinese Firm For Importing Iranian Crude
Ceasefire On The Rocks? Trump Sanctions Chinese Firm For Importing Iranian Crude A huge escalatory step in the US-led economic war on Tehran and its global oil exports, and amid continued trade tensions with Beijing: the US State Department said Monday the US will impose new sanctions against a Chinese company for transporting Iranian crude in contravention […]
Two Pipelines Shut Down After 43 Barrels of Crude Leak into Missouri Soil
Two Pipelines Shut Down After 43 Barrels of Crude Leak into Missouri Soil Parts of two pipelines owned by controversial Canadian pipeline companies remained shut down Thursday following the discovery of a leak near St. Louis, Missouri on Wednesday, CBC News reported. Both TransCanada‘s Keystone pipeline and Enbridge‘s Platte pipeline run parallel to each other through the area. The Keystone […]
Darkening Outlook For Global Economy Threatens Crude
Darkening Outlook For Global Economy Threatens Crude “The outlook for the global economy in 2019 has darkened.” That conclusion came from a new report from the World Bank, citing a variety of data, including softening international trade and investment, ongoing trade tensions, and financial turmoil in emerging markets over the past year. “Storm clouds are […]
What’s Behind The Crash In Crude?
What’s Behind The Crash In Crude? Oil prices crashed to new one-year lows on Tuesday, dragged down by a deepening sense of global economic gloom as well as fears of oversupply in the oil market itself. The reasons for the sudden meltdown were multiple. Rising crude oil inventories and expected increases in shale production weighed […]
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 […]
