• 3 minutes China's aggression is changing the nature of sovereignty.
  • 8 minutes Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 9 minutes US oil facts
  • 36 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day Europe gas market -how it started how its going
  • 4 hours Amazing!...see article: "Turkmenistan To Close "Gates Of Hell" Gas Fire" by Irina Slav
  • 2 days Russia oil production live month after month starting from November 2021 - official stats from Rosstat agency
  • 2 days Is $100 Crude Bad For US Shale? That's what Oil CEOs Say
  • 19 hours Ukrainian Maidan after 8 years
  • 2 days Nuclear power in Russia
Natural Gas Prices Spike On Colder Weather

Natural Gas Prices Spike On Colder Weather

The East Coast is experiencing…

IEA Says Russia Is To Blame For Europe’s Gas Crisis

IEA Says Russia Is To Blame For Europe’s Gas Crisis

Low natural gas deliveries from…

Editorial Dept

Editorial Dept

More Info

Premium Content

A No-Man's Land In Oil Markets

Tensions over oil movements in the Strait of Hormuz and a sizable decrease in the amount of crude oil being held in storage have managed to lift oil prices this week. Fears persist, however, around the unknown oil that may be lurking in China, as well as lackluster demand growth forecasts, putting a ceiling on the gains. OPEC’s tenacity in sticking with its production quotas is having little impact, pointing to its weakening influence in oil markets.

Welcome to the Oil’s No-Man’s Land

There is a buildup of Iranian oil in what is considered an effective no-man’s land in the ports of China - the country with the most buying power to sway global oil demand.

The build up in inventory could prove problematic to OPEC as the cartel has been struggling along with Russia and other agreeable allies to tamp down production and draw down global crude inventories. We are now entering the third year of OPEC’s latest crusade to control the state of the oil market, but American shale has proven a worthy adversary.

One of the ways OPEC has tried to alter the perception of just how much oil is still overhanging demand is by changing the five-year period from which it calculates the five year average. Historically, this has been the last five years. Now, it is considering using 2010 to 2014 instead, which may paint a rosier picture of global inventories.

A true global inventory figure doesn’t actually exist, in part because several…





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News