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Russian Oil Production Soars To 11.193 Million Bpd
Russian Oil Production Soars To 11.193 Million Bpd In line with its agreement with OPEC to reverse part of the cuts, Russia is boosting its crude oil production, pumping as much as 11.193 million bpd in the first four days of July, up from 11.06 million bpd in June, Reuters reported on Thursday, quoting a […]
Oil Demand Growth Could Start To Soften Soon
Oil Demand Growth Could Start To Soften Soon OPEC may tout the production cuts pact as the key driver of oil market rebalancing, but if it weren’t for the strong global oil demand growth of the past three years, we wouldn’t have seen international agencies calling the end of the oil glut. Demand was strong […]
Europe Is Awash With Oil Stored On Ships
Europe Is Awash With Oil Stored On Ships While many analysts and agencies have already called the end of the global oil glut, oil held in floating storage in Europe is at an at least 18-month-high, also due to the booming U.S. oil exports that have displaced some of the traditional crude oil routes in […]
Canada Bets On Trans Mountain Expansion To Sell Oil In Asia
Canada Bets On Trans Mountain Expansion To Sell Oil In Asia Canada may be the fourth largest producer and third largest exporter of oil in the world, but it has one sole customer of its oil—the United States. At the end of last month, Canada took a step toward ensuring that its oil would have […]
OPEC And Russia Prepare For Long-Term Control Over Oil Market
OPEC And Russia Prepare For Long-Term Control Over Oil Market In a tight oil market reacting with price gains to concerns about supply shortages, the leaders of the OPEC and non-OPEC nations part of the production cut deal—Saudi Arabia and Russia—hinted last week that easing the cuts was an option that they had discussed and […]
Reuters: OPEC Production Falls To 13-Month Low
Reuters: OPEC Production Falls To 13-Month Low OPEC’s oil production dropped in May by 70,000 bpd to 32.00 million bpd on the back of outages in Nigeria and a continuous decline in Venezuela that dragged the cartel’s total production to the lowest level since April 2017, according to the monthly Reuters survey. The largest fall […]
Farmers Reeling From High Oil Prices
Farmers Reeling From High Oil Prices As the summer driving season approaches, drivers are already paying more for gasoline due to the oil price rally in recent months. But higher oil prices affect not only the gasoline bills of retail consumers. The higher price of oil is also pushing up diesel fuel prices as the […]
Erdogan: Cyprus Oil Drilling Is A Security Threat To East Mediterranean
Erdogan: Cyprus Oil Drilling Is A Security Threat To East Mediterranean The Eastern Mediterranean will face a security threat should Cyprus continue its unilateral operations of offshore oil and gas exploration in the region, Turkey’s President Recep Tayyip Erdo?an said in a speech at think tank Chatham House in London on Monday. Turkey, which recognizes […]
Skeptic Geologist Warns: Permian’s Best Years Are Behind Us
Skeptic Geologist Warns: Permian’s Best Years Are Behind Us Geologist Arthur Berman, who has been skeptical about the shale boom, warned on Thursday that the Permian’s best years are gone and that the most productive U.S. shale play has just seven years of proven oil reserves left. “The best years are behind us,” Bloomberg quoted […]
Ex-Venezuela Oil Boss: PDVSA Is Collapsing
Ex-Venezuela Oil Boss: PDVSA Is Collapsing The man who ran Venezuela’s state oil company PDVSA for a decade after 2004 says that the country’s oil firm is on the cusp of total collapse and expects oil production to drop by 600,000 bpd each year amid lack of investment. Rafael Ramirez, who has long been a […]
Eight Geopolitical Risks That Could Send Oil Prices Surging
Eight Geopolitical Risks That Could Send Oil Prices Surging The geopolitical risk premium has taken center stage as one of the key drivers of oil prices in recent months, often trumping fundamentals to send prices soaring on concerns about where the next sudden oil supply disruption would come from. In recent weeks, a perfect storm […]
What Is A ‘Fair’ Price For Oil?
What Is A ‘Fair’ Price For Oil? Last week, oil prices hit their highest level since late 2014 on the back of continued global and U.S. stockpile drawdowns and expectations that oil demand growth will stay strong this year. Analysts and officials are once again trying to predict what a ‘fair’ price for oil is […]
IEA: U.S.-China Trade Row Could Dampen Oil Demand Growth
IEA: U.S.-China Trade Row Could Dampen Oil Demand Growth OPEC is very close to achieving its mission to draw oil inventories down to their five-year average, but the ongoing U.S.-China trade spat is a risk to oil demand growth expectations this year, the International Energy Agency (IEA) said in its Oil Market Report on Friday. […]
Has The World Started To Kick Its Oil Addiction?
Has The World Started To Kick Its Oil Addiction? Until a decade ago, most of the world was a captive customer of oil—consumers would pay any price for gasoline and oil demand was soaring regardless of the surging oil prices. But recently, many countries around the world have started to show more sensitivity to oil […]
Europe’s Biggest Gas Field To Close Over Quake Risk
Europe’s Biggest Gas Field To Close Over Quake Risk Europe’s biggest gas field–Groningen in the north of the Netherlands–has been pumping gas for more than half a century and supplies gas to 98 percent of the Dutch population. But the field has been causing earthquakes that have become a growing concern for residents and authorities. […]
