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IEA: Plastics Will Replace Fuels As Key Oil Demand Driver
IEA: Plastics Will Replace Fuels As Key Oil Demand Driver Plastics will displace fuels as the main driver for crude oil demand, the International Energy Agency said today, adding that petrochemicals will come to account for more than 33 percent of oil demand growth globally in the period to 2030. By 2050, they will drive […]
Venezuela’s Oil Exports Are Falling Even Faster Than Expected
Venezuela’s Oil Exports Are Falling Even Faster Than Expected A delay in port repairs following a tanker collision is putting additional pressure on already pressured Venezuelan crude oil exports, Reuters quoted anonymous sources close to PDVSA as saying this week. It seems that Venezuela’s woes are only multiplying as time goes by, although news from […]
$200 Billion Saudi Solar Megaproject Might Never Happen
$200 Billion Saudi Solar Megaproject Might Never Happen A $200-billion solar power project that was planned to be the largest solar farm in the world might never happen, government sources from Riyadh told the Wall Street Journal. The Kingdom earlier this year announced the funding and a partnership with Japanese SoftBank as part of its […]
Why WTI Could Crash In The Coming Weeks
Why WTI Could Crash In The Coming Weeks West Texas Intermediate could drop to US$65 a barrel later this year on the back of extra maintenance work at U.S. refineries, Tom Kloza from the Oil Price Information Service has warned. Speaking on CNBC, Kloza said this maintenance season was the last chance for many refineries […]
How Much Longer Can The Saudis Suppress Oil Prices?
How Much Longer Can The Saudis Suppress Oil Prices? When earlier this week reports emerged that Saudi Arabia is striving to keep oil prices in the range of US$70-80 per barrel in a bid to balance its need for higher prices with President Trump’s insistence that oil is kept within reasonable bounds, few must have […]
Washington Announces Sanctions On Syrian Oil Industry
Washington Announces Sanctions On Syrian Oil Industry The U.S. Department of Treasury announced sanctions against five Syrian companies and four individuals on allegations of facilitating crude oil shipments and financing to the Assad government, Reuters reports, citing a statement by the department. One of the targets of the sanctions are businessman Muhammad al-Qatirji and a […]
The Next Global Oil Hotspot
The Next Global Oil Hotspot There are at least 41 billion untapped barrels of crude oil in sub-Saharan Africa, the U.S. Geological Survey estimated two years ago. During the downturn, oil companies bought licenses there and waited for the price environment to improve to advance their drilling plans. Independents such as Tullow Oil and Kosmos […]
The Shale Boom That Will Never Happen
The Shale Boom That Will Never Happen When the National Hydrocarbons Commission of Mexico scheduled its first-ever shale tender for September this year, the July elections were obviously not front and center in the thoughts of its management. Yet now, this tender may be as good as gone after President-elect Andres Manuel Lopez Obrador said […]
Oil Investment In Canada To Drop Despite Rallying Prices
Oil Investment In Canada To Drop Despite Rallying Prices Canada has the world’s third-largest crude oil reserves, but the country seems determined to pretty literally keep these in the ground. This determination becomes strikingly obvious when Canada is compared with its southern neighbor, which is just what Bloomberg’s Robert Tuttle and Kevin Orland did in […]
What Will Follow The Age Of Oil?
What Will Follow The Age Of Oil? U.S. natural gas production will increase by 10 percent this year alone and by as much as 60 percent by 2037, a new report from IHS Markit has forecast. The market research company is extremely upbeat about U.S. gas because of the shale gas revolution, seeing the country […]
U.S.-China Trade War Will Hurt Shale Drillers
U.S.-China Trade War Will Hurt Shale Drillers President Trump is back on his warhorse called Tariffs, yesterday announcing he was considering the introduction of a 10-percent levy on Chinese goods worth US$200 billion. The latest escalation in the tariff exchange, however, is a little bit different than all the others so far. It’s different because […]
Shale Bottlenecks Could Send Oil Prices Higher
Shale Bottlenecks Could Send Oil Prices Higher Amid reports that OPEC will likely decide to start easing production quotas after June 22 and an IEA forecast that electric vehicles will displace 2.5 million bpd in crude oil demand by 2030, some analysts remain upbeat about the future of oil prices, citing transport constraints in the […]
Extreme Weather Causes Production Outages In Libya
Extreme Weather Causes Production Outages In Libya A Libyan oil company has had to significantly reduce oil production at its fields because the hot weather has caused several turbines to stop working. The company is Agoco, a unit of the national Oil Corporation, and the decline in production amounted to some 120,000 bpd, sources wishing […]
Washington Threatens Sanctions For Nord Stream 2
Washington Threatens Sanctions For Nord Stream 2 While Germany tries to make sure Ukraine will not suffer too badly from the addition of Nord Stream 2 to the European natural gas pipeline network, a senior State Department official has threatened sanctions for the controversial project. Speaking to media in Berlin, Deputy Assistant Secretary of State […]
Iran Sanctions Threaten The Petrodollar
Iran Sanctions Threaten The Petrodollar One country must be quite pleased with the prospect of new U.S. economic sanctions against Iran’s oil industry, and this country is the largest oil importer in the world, and is Iran’s largest single oil client. When China launched its long-awaited yuan-priced oil futures last month, it did so as […]
