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Tag Archives: oil supply
The Unthinkable Is Happening: Oil Storage Space Is About To Run Out
The Unthinkable Is Happening: Oil Storage Space Is About To Run Out In the past three weeks, oil plunged and has continued to plunge even more in the aftermath of the oil price war declared between Saudi Arabia and Russia, and where US shale (and its junk bonds) has been caught in the crossfire. However, […]
What Happens If Oil Prices Go Negative?
What Happens If Oil Prices Go Negative? Various reports hit the news feeds today quoting a deliberately headline-grabbing statement by Paul Sankey, managing director at Mizuho Securities, in which he is reported as saying, “Oil prices can go negative.” That is, they could as a combination of Saudi Arabia (and Russia) flooding the market with increased […]
The Great American Shale-Oil Bust Turns into Massacre
The Great American Shale-Oil Bust Turns into Massacre Shares of shale oil drillers collapsed by 25%-50% today. Their bonds got massacred. Saudi-Russia price-war strategy appears successful in wiping out investors in the US shale-oil sector. It was so chaotic and brutal in the crude oil market today that the EIA, which is part of the […]
Saudi Arabia Starts All-Out Oil War: MbS Destroys OPEC By Flooding Market, Slashing Oil Prices
Saudi Arabia Starts All-Out Oil War: MbS Destroys OPEC By Flooding Market, Slashing Oil Prices With the commodity world still smarting from the Nov 2014 Saudi decision to (temporarily) break apart OPEC, and flood the market with oil in (failed) hopes of crushing US shale producers (who survived thanks to generous banks extending loan terms […]
OPEC Slashes Oil Demand Forecast On Coronavirus Crunch
OPEC Slashes Oil Demand Forecast On Coronavirus Crunch Perhaps buoyed by speculation that oil demand in China is set to plunge as much as 20% if not more on the coronavirus “demand shock”, on Tuesday OPEC slashed it forecast for global oil demand by almost a quarter million barrels per day as the coronavirus pandemic cripples fuel use in […]
OPEC+ Committee Fails To Agree On Proposed Production Cuts
OPEC+ Committee Fails To Agree On Proposed Production Cuts Oil futures remain in a bear market following the collapse in oil demand from China amid two-thirds of its economy shutdown following the coronavirus outbreak. This forced the OPEC+ technical committee to meet in Vienna, Austria, for a third day this week, to discuss the importance of slashing […]
Global oil discoveries far from breaking even with consumption
Global oil discoveries far from breaking even with consumption Preface. According to Bloomberg (2016), oil discoveries in 2015 were the lowest since 1947, with just 2.7 billion barrels of conventional oil found globally (though Rystad calculated this differently at 5.6, nearly twice as much). Since the world burns 36.5 billion barrels of oil a year […]
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 […]
OPEC Braces For Drastic Drop In Oil Demand
OPEC Braces For Drastic Drop In Oil Demand OPEC admitted that demand for its oil over the next few years could be drastically weaker than it previously thought, due to a combination of a weakening economy, rising supply elsewhere, and pressure from climate activists. In its World Oil Outlook, OPEC said that demand for its […]
IEA: An Oil Glut Is Looming
IEA: An Oil Glut Is Looming If global oil demand growth continues to languish with uncertainties around the global economy and Brexit, the oil market will likely have to cope with another oversupply next year, according to the International Energy Agency (IEA). “Unless other things change, we will see a surplus probably, unless there is […]
Oil Discoveries Hit 70-Year Low
Oil Discoveries Hit 70-Year Low The last three years has been the worst stretch of time in seventy years for new conventional oil discoveries. A new report from IHS Markit finds that conventional oil discoveries plunged to a seven-decade low and “a significant rebound is not expected.” Conventional exploration – as opposed to unconventional development, including shale […]
Why An OPEC Oil Supply Surge Won’t Happen
Why An OPEC Oil Supply Surge Won’t Happen The end of the Iranian sanction waivers by the Trump Administration has put oil traders on edge. While most analysts are optimistic about OPEC leader Saudi Arabia being able to fill the gap left by lower Iranian oil exports, reality could be totally different. Looking at the […]
Smart Money Is Piling Into Oil
Smart Money Is Piling Into Oil Oil prices jumped to five-month highs this week, pushed higher by a bullish cocktail of supply outages, geopolitical unrest and a sputtering shale sector. The most recent factor is the sudden eruption of the long simmering feud in Libya between rival factions. The attack on Tripoli by the Libyan […]
IEA 2018 World Energy Outlook: Peak oil is here, oil crunch by 2023
IEA 2018 World Energy Outlook: Peak oil is here, oil crunch by 2023 Preface. I’ve been working on a post about the latest IEA 2018 World Energy Outlook report, but the excerpts from the cleantechnica article below states most clearly why there is likely to be a supply crunch as soon as the early 2020s […]
