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Tag Archives: oil supply
12 Empty Supertankers Tell Us Everything We Need To Know About The Oil Market
12 Empty Supertankers Tell Us Everything We Need To Know About The Oil Market As the US battles with its OPEC+ rivals over the direction of global oil prices (Trump wants to keep oil prices subdued, while Saudi Arabia and Russia, reeling from years of prices too low to balance their budgets, are desperately hoping […]
How the Peak Oil story could be “close,” but not quite right
How the Peak Oil story could be “close,” but not quite right A few years ago, especially in the 2005-2008 period, many people were concerned that the oil supply would run out. They were concerned about high oil prices and a possible need for rationing. The story was often called “Peak Oil.” Peak Oil theorists have also […]
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 […]
Oil Falls On Crude Inventory Build
Oil Falls On Crude Inventory Build Crude oil prices slipped further down today after the Energy Information Administration reported crude oil inventories for the week to November 23 had added 3.6 million barrels. That’s compared with a build of 4.9 million barrels a week earlier. The EIA figures came after yesterday the American Petroleum Institute reported an estimated inventory […]
Oil Crashes To One Year Low, Brent Below $60 As Saudis Pump Record Crude
Oil Crashes To One Year Low, Brent Below $60 As Saudis Pump Record Crude Update: U.S. CRUDE EXTENDS LOSSES, TRADES DOWN MORE THAN $4 A BARREL TO SESSION LOW OF $50.63 A BARREL BRENT FALLS BELOW $60/BBL FOR FIRST TIME SINCE OCT. 2017 * * * The first time oil tumbled two weeks ago when […]
Is It Too Late To Avoid An Oil Supply Crisis?
Is It Too Late To Avoid An Oil Supply Crisis? Wood Mackenzie isn’t pulling any punches. “The warning signs are there – the industry isn’t finding enough oil.” And its latest report continues in the same ‘spade is a spade’ vein: “A supply gap opens up in the mid-2020s, reaching 3 million b/d by 2030, […]
Oil Prices Tank As Supply Glut Fears Return
Oil Prices Tank As Supply Glut Fears Return Oil prices collapsed on Tuesday for the second time in a week. During midday trading, WTI fell below $55 per barrel and Brent dropped below $65 per barrel. Both benchmarks are off more than $20 per barrel from their October highs. “Oil prices are under pressure in […]
IEA Chief Urges Oil Producers Not To Cut Output
IEA Chief Urges Oil Producers Not To Cut Output While OPEC is considering cutting oil production again, the executive director of the International Energy Agency (IEA), Fatih Birol, called on Monday for ‘common sense’ because fresh cuts could have negative effects on the oil market. “Currently markets are very well supplied but we should not […]
Is An Oil Supply Crunch Inevitable?
Is An Oil Supply Crunch Inevitable? Global oil demand will peak by 2040, according to a new report, although oil supply shortages could emerge before then. The International Energy Agency (IEA) published its highly-anticipated World Energy Outlook 2018 on Tuesday, one of the most important energy forecasting reports published each year. In this year’s Outlook, […]
Saudis Scramble To Stop Oil Price Slide
Saudis Scramble To Stop Oil Price Slide Saudi Arabia is moving quickly to halt the slide in oil prices, telegraphing a production cut intended to erase some of the re-emerging supply surplus. Saudi oil minister Khalid al-Falih said on Monday that the kingdom would slash oil exports by 500,000 bpd in December, a move that […]
Is The Oil Supply Glut Set To Return?
Is The Oil Supply Glut Set To Return? Is the oil market tightening too much or is a glut on the verge of making a comeback? There were a series of mixed messages from both OPEC and the IEA in recent days, offering a muddy outlook for the oil market. First was the TASS interview […]
The Oil Industry Needs Large New Discoveries, Very Soon
The Oil Industry Needs Large New Discoveries, Very Soon Market participants and analysts are all focused on the imminent oil supply gap that is opening with the U.S. sanctions on Iran just five weeks away. But beyond the shortest term, a larger and more alarming gap in global oil supply is looming—experts forecast that unless […]
The Inevitable Oil Supply Crunch
The Inevitable Oil Supply Crunch “The warning signs are there – the industry isn’t finding enough oil.” That’s the start of a new report from Wood Mackenzie, which concludes that a supply gap could emerge in the mid-2020s as demand rises at a time when too few new sources of supply are coming online. By […]
What Will Trigger The Next Oil Price Crash?
What Will Trigger The Next Oil Price Crash? Are we nearing another financial crisis? The supply-side story for oil prices is heavily skewed to the upside, with production losses from Iran and Venezuela causing a rapid tightening of the market. But the demand side of the equation is much more complex and harder to pin […]
OPEC Warns Of Slowing Oil Demand Amid Growing Risks To Global Economy
OPEC Warns Of Slowing Oil Demand Amid Growing Risks To Global Economy Amid fears of global oil supply disruption and production curbs, in its latest monthly report, OPEC expects global oil supplies to remain stable, while cautioning that demand is becoming a growing concern. In the latest report, OPEC said that preliminary data suggested that […]
