• 4 minutes Phase One trade deal, for China it is all about technology war
  • 7 minutes IRAN / USA
  • 11 minutes Shale Oil Fiasco
  • 16 minutes Swedes Think Climate Policy Worst Waste of Taxpayers' Money in 2019
  • 2 hours China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
  • 3 hours Indonesia Stands Up to China. Will Japan Help?
  • 2 hours Beijing Must Face Reality That Taiwan is Independent
  • 4 hours Gravity is a scam!
  • 21 hours What's the Endgame Here?
  • 1 hour US Shale: Technology
  • 1 day 10 Rockets hit US Air Base in Iraq
  • 1 day Canada / Iran
  • 2 days Wind Turbine Blades Not Recyclable
  • 1 day Remember: Only the Poor Can Reach the Kingdom of God
  • 2 days IRAQ / USA
  • 2 days Tales From The Smoke Shack and beyond.
Alt Text

Russia Risks Gasoline Price Surge

In 2019, the rise in…

Alt Text

Two Reasons Why Oil Prices Rose Today

Oil prices were trading slightly…

Editorial Dept

Editorial Dept

More Info

Premium Content

Oil Markets Hit Hard By Trump’s New Trade War Offensive

Friday August 2, 2019

1. Shale hit, offshore growing

- Employment is shrinking in the U.S. shale sector, but growing offshore.

- “This is a clear effect of the increase in offshore sanctioning. We expect offshore commitments to nearly double from 2018 to 2020, and sustain high levels of spending over the next five years,” says Matthew Fitzsimmons, vice president on Rystad Energy’s oilfield services team.

- Demand for offshore oil services will reach $442 billion by 2025, according to Rystad Energy, up 45 percent from 2018.

- Meanwhile, onshore North America is starting to see cuts. Halliburton (NYSE: HAL) recently cut 8 percent of its workforce. Whiting Petroleum (NYSE: WLL) slashed a third of its workforce this week and saw its stock price fall more than 35 percent on Thursday – although the loss was exacerbated by the U.S. decision to hike tariffs on China.

2. Trade war hits US soybean exports

- The U.S. agricultural sector has been hit hard by the trade war, which is now set to escalate by another round on September 1.

- Soybean exports from the U.S. have plunged since the trade war began in 2018, with Brazil taking market share. According to Standard Chartered, Brazil accounted for 80 percent of China’s soybean imports over the past 12 months.

- With market access cut off, American farmers put soybeans in storage, and inventories rose to a record high of 28.6 million tons…




Leave a comment

Leave a comment




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