• 5 minutes Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 10 minutes Iranian Sanctions - What Are The Facts?
  • 15 minutes U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 6 hours Can the World Survive without Saudi Oil?
  • 9 hours Sears files Chapter 11
  • 6 hours U.S. - Saudi Arabia: President Trump Says Saudi Arabia's King Wouldn't Survive "Two Weeks" Without U.S. Backing
  • 9 hours Natural disasters and US deficit
  • 6 hours China Is the Climate-Change Battleground
  • 1 day How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 3 hours Porsche Says That it ‘Enters the Electric Era With The New Taycan’
  • 2 hours $70 More Likely Than $100 - YeeeeeeHaaaaa
  • 2 days COLORADO FOCUS: Stocks to Watch Prior to Midterms
  • 2 days How Long Until We Have Working Nuclear Fusion Reactor?
  • 1 day Saudi A Threatens to Block UN Climate Report
  • 24 hours German Voters Set to Punish Merkel’s Conservative Bloc
  • 19 hours Threat: Iran warns U.S, Israel to expect a 'devastating' revenge
Editorial Dept

Editorial Dept

More Info

Trending Discussions

Oil Markets Aren’t As Bad As They Look

Oil Rig

Friday November 4, 2016

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. Venezuela’s cash reserves running out

(Click to enlarge)

(Click to enlarge)

- The two Bloomberg charts depict the increasingly dire situation in Venezuela. Cash reserves plunged to a 14-year low of $10.9 billion in October, as its economy descends deeper into crisis.
- Fortunately, the state-owned PDVSA managed to convince investors to extend repayment on $2.8 billion in bond payments that were due next year.
- That bought Venezuela some time, reducing the risk of default. But with few resources left, Venezuela won’t be able to kick the can down the road forever.
- Based on credit-default swaps, Bloomberg says that the market is pricing in a 91 percent chance of a Venezuela default within the next five years.
- Oil production has already declined by more than 10 percent this year, and will continue to deteriorate.

2. China’s oil production falling

(Click to enlarge)

- In addition to countries like Venezuela, China is also losing oil production. China’s three main oil producers – PetroChina, Sinopec and Cnooc – saw their output fall by a combined…

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