May 1, 2021
The OPEC+ production cuts, lower overall oil demand, and declining demand for foreign-sourced lighter crudes resulted in 2020 in the lowest annual American crude oil imports from OPEC in data going back to 1973
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The OPEC+ production cuts, lower overall oil demand, and declining demand for foreign-sourced lighter crudes resulted in 2020 in the lowest annual American crude oil imports from OPEC in data going back to 1973
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Saudi Arabia’s push to restrain oil supply to buoy prices is spurring India to speed up plans to diversify its crude sources and pursue alternative energy, the chairman of one of the nation’s biggest refiners said.
(..) The world’s third-biggest oil importer was already trying to cut its dependence on Middle Eastern crude, with American oil rising from 0.5% of total purchases to 6% over the past five years, Mukesh Kumar Surana, chairman of state-owned Hindustan Petroleum Corp., said in a Bloomberg Television interview.
P.S. Not a fan of “big oil”? Drive electric!
The Permian Basin may be reaching the end of its growth spurt as production continues to fall in the oil-rich region
Oil prices started the week slightly higher following last week’s significant fall, with supply uncertainty starting to influence markets
The biggest driver for the last few weekly declines has been fear of a global recession, which would affect demand adversely. This fear has also been noted as reason for the limited gains oil has made following otherwise bullish news such as Russia’s reiteration that it would not export oil to price cap enforcers and China’s post-Covid reopening(..)
P.S. Another proof that fossil fuel is no longer a safe and reliable source of energy...
Oil prices can reach unprecedented proportions: why world analysts are already rewriting forecasts
Oil prices can reach unprecedented proportions: why world analysts are already rewriting forecasts
We talk about the causes of the panic around oil prices and predict its future Investors predict oil prices to $150 per barrel / Photo: Getty Images, Collage: Today The price of oil is growing at a rapid pace. Just recently, it reached its seven-year high. Analysts are already rewriting their forecasts from $100 a barrel to $150. The head of “EXANTE Ukraine” Volodymyr Pozniy in an exclusive…
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