• 4 minutes China goes against US natural gas
  • 12 minutes WTI @ 67.50, charts show $62.50 next
  • 15 minutes Saudi Fund Wants to Take Tesla Private?
  • 45 mins Downloadable 3D Printed Gun Designs, Yay or Nay?
  • 35 mins Peak Oil is Now!
  • 3 hours Rattling With Weapons: Iran Must Develop Military To Guard Against Other Powers
  • 5 hours Russians hacking vs U.S., Microsoft President: Russians Targeting All Political Sides
  • 56 mins Corporations Are Buying More Renewables Than Ever
  • 11 hours VW Receives Massive Order Of 1,600 All-Electric Trucks
  • 22 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 19 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 1 day The EU Loses The Principles On Which It Was Built
  • 23 hours CO2 Emissions Hit 67-Year Low In USA, As Rest-Of-World Rises
  • 1 day Starvation, horror in Venezuela
  • 16 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 1 day The Discount Airline Model Is Coming for Europe’s Railways
Alt Text

Are The Saudis Involved In The Tesla Buyout Plan?

Saudi Arabia’s Public Investment Fund…

Alt Text

Philippines Cracks Down On Fuel Pirates

Though fuel smuggling in Southeast…

Alt Text

Deciphering The New Caspian Agreement

The Caspian deal is a…

Editorial Dept

Editorial Dept

More Info

Trending Discussions

OPEC’s Efforts Are Paying Off

OPEC

Friday February 23, 2018

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. China buys up U.S. oil

(Click to enlarge)

- U.S. oil exports jumped last year, and China represented one of the largest buyers.
- The Middle East has traditionally been a big supplier of crude to China, but China is increasingly turning to North American cargoes.
- However, WTI recently jumped above the Dubai benchmark, as demand for U.S. oil pushed up WTI. That could put a cap on the volume of oil moving from the Gulf Coast to Asia.
- “At current levels, the strength in WTI relative to Dubai prices doesn’t justify arbitrage flows of U.S. crude into Asia,” Nevyn Nah, an analyst at industry consultant Energy Aspects Ltd., told Bloomberg.

2. OECD stocks close to 5-year average

(Click to enlarge)

- OECD stocks now sit just about 52 million barrels above the five-year average, down from 264 million barrels a year ago.
- Refined product stocks are likely below the five-year average, led by soaring diesel demand over the past year.
- The objective for OPEC to eliminate the inventory surplus “might be close to hand,” the IEA said last week.
- Still, OPEC signaled…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





Oilprice - The No. 1 Source for Oil & Energy News