• 4 minutes "Natural Gas Trading Picks Up Considerably Amid High Volatility" by Charles Kennedy - ...And is U.S. NatGas Futures dramatically overbought at the $6.35 range?
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 1 min GREEN NEW DEAL = BLIZZARD OF LIES
  • 23 hours What China is Learning from Russia's War in Ukraine and its Consequences
  • 2 hours Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World.
  • 3 days Failure To Implement Russian Oil Ban Could Send Oil Crashing To $65
  • 4 days Revisiting: "The U.S. Grid Isn’t Ready For A Major Shift To Renewables" from March 2021 by Irina Slav at OILPRICE
  • 9 hours Advancing Fundamental Drilling Science - Geothermal drilling successes offer potential gain for petroleum industry
  • 8 hours "Russia will stop 'in a moment' if Ukraine meets terms - Kremlin" by Reuters via Yahoo News...but Reuters suddenly cut out the balanced part of the story.
Editorial Dept

Editorial Dept

More Info

Premium Content

High Gasoline Prices Are Starting To Hurt Demand

1. OPEC Exports Underwhelm Despite High Prices


Source: Kpler.

- The Russia-Ukraine war has taken OPEC heavyweights out of the public limelight, somewhat concealing the fact that the 400,000 b/d monthly increments of OPEC+ routinely end up underproduced.

- Saudi Arabia is the only major OPEC producer to pull off a tangible export hike over the past months – in February outflows jumped to 7.15 million b/d – however with Iraq and Kuwait faltering, the net effect has been lower than assumed.

- Hence, OPEC producers could enjoy high prices with a limited effort to boost production, not risking their spare production capacity – arguably the reason why OPEC told the EU not to ban Russian oil from the markets.

- Iraq is a peculiar case in point, with its exports stagnating for four months already at 3.2 million b/d and production set to decline this month, coming on the back of a previous month-on-month drop in February.

2. COVID-19 Reappearance Puts Chinese Rebound into Question

- China’s daily COVID-19 count reached almost 5,000 cases on Friday as the rapid spread of the Omicron variant has triggered movement restrictions in cities across 20 provinces.

- Most of the cases have been reported in Shanghai, Shandong, and Guangdong, accounting for 27% of China’s oil consumption last year, meaning China should see weaker demand than expected in 2022.

- S&P Platts expects movement restrictions…





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