Failing To Invest In Oil And Gas Would Be The “Road To Hell For America”

Failing To Invest In Oil And Gas Would Be The “Road To Hell For America”

By Irina Slav – Sep 22, 2022, 2:57 AM CDT The CEO of JP Morgan, Jamie Dimon, said that banks refusing to fund new oil and gas projects would be “the road to hell for America”. An unknown senior executive at a US bank is considering removing the organization from global green commitments due to … Read more

China Boosts Oil Imports From Russia And Saudi Arabia

China Boosts Oil Imports From Russia And Saudi Arabia

China stepped up crude oil imports from both Russia and Saudi Arabia last month, with the Saudis returning to the top spot of Chinese oil suppliers. Citing customs data from Beijing, Reuters reported that Russian oil shipments to China went up by 28 percent on the year in August, to 1.96 million barrels daily. Saudi … Read more

Global Oil Demand Dropped By Over 1 Million Bpd In July

Global Oil Demand Dropped By Over 1 Million Bpd In July

Global oil demand fell by an estimated 1.1 million barrels per day (bpd) in July this year the latest data from the Joint Organizations Data Initiative (JODI) showed on Monday. Historically, global oil demand normally rises rather than falls in July. The demand decline was driven by drops in consumption in China, India, Indonesia, developed … Read more

OPEC+ Is Now 3.6 Million Bpd Below Its Oil Production Target

OPEC+ Is Now 3.6 Million Bpd Below Its Oil Production Target

By Tsvetana Paraskova – Sep 19, 2022, 6:43 AM CDT OPEC+ fell a whopping 3.6 million bpd below its oil production target in August, with the gap widening from 2.9 million bpd in July. While OPEC members were 1.399 million bpd behind the quota, non-OPEC producers were more than two million bpd below their quota. … Read more

The Perfect Storm Is Brewing In US Diesel Markets

The Perfect Storm Is Brewing In US Diesel Markets

1. Threat of Railways Stike Highlights US Energy Vulnerability – The prospect of a nationwide railway strike pushed US natural gas futures up above 9 per mmBtu, amidst fears of coal-by-rail disruptions, underscoring the importance of gas in power generation. – According to the US EIA, consumption of natural gas in the United States is … Read more

What The White House’s Refusal To Refill The SPR Means For Oil

What The White House’s Refusal To Refill The SPR Means For Oil

Politics, Geopolitics & Conflict After some 150 soldiers were killed this week in renewed fighting over Nagorno Karabakh, Armenia and Azerbaijan have agreed to a ceasefire. This ‘frozen’ and oft-unfrozen conflict dates back to the 80s, with territory considered as belonging to Azerbaijan but home to a large Armenian population, making for an untenable situation. … Read more

Saudi Arabia And Russia Both Want $100 Oil

Saudi Arabia And Russia Both Want 0 Oil

OPEC+ heavyweights Saudi Arabia and Russia, with their +11 million bpd quotas, are looking at $100 oil as a fair price good for all, anonymous Reuters sources familiar with both Russian and Saudi Arabian government thinking said. Russia and Saudi Arabia, who together make up more than half of OPEC+’s total quota, are widely considered … Read more

The Energy Market’s Next Crisis: Oil Tanker Shortages

The Energy Market’s Next Crisis: Oil Tanker Shortages

In the new era of energy shortages, one aspect of the situation has tended to get overlooked: the transport of energy. Demand for tankers has been on the rise since the European Union slapped sanctions on Russia in the spring, and this trend is only going to intensify in the coming months as the EU … Read more

IEA: Russian Crude Ban Will Take 2.4 Million Bpd Off The Market

IEA: Russian Crude Ban Will Take 2.4 Million Bpd Off The Market

As the European Union prepares to implement a ban on Russian seaborne crude in December, the market will have to prepare itself for a loss of 2.4 million bpd, according to the International Energy Agency (IEA). The ban on Russian crude imports by sea will take 1.4 million bpd of oil off the market, along … Read more