• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 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 ?
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 2 days European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 1 day "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 4 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days Demonising fossil fuels has caused major grid problem in Australia
  • 5 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 6 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 331 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 9 days ESG Topic - "German Police Raid Deutsche Bank, DWS Over Allegations Of Greenwashing" - ZeroHedge Bloomberg and others
China Considers Extending EV Tax Breaks

China Considers Extending EV Tax Breaks

Faced with declining EV sales,…

Social Backlash Is Wreaking Havoc On Ecuador’s Oil Industry

Social Backlash Is Wreaking Havoc On Ecuador’s Oil Industry

Ecuador’s already-struggling oil industry is…

The EV Revolution Is Transforming Rental Companies

The EV Revolution Is Transforming Rental Companies

Increasing demand for electric vehicles…

Editorial Dept

Editorial Dept

More Info

Premium Content

The Oil Market Is Still In Trouble

COVID Market Update

Despite the vaccine optimism prevalent in the market that has successfully boosted oil prices to February levels, the oil market is still in trouble. OPEC has once again lowered its demand forecast for this year and next while simultaneously agreeing to boost production, and U.S. refiners are closing refineries, extending maintenance season, and upgrading less efficient units as demand for finished products continues to sag. U.S. inventories of crude and gasoline are still high, even though U.S. crude production is still more than 2 million bpd off this year’s high seen back in March. Rig counts in the U.S. continue to increase, and well completions are increasing at a quicker pace.

The Saudis have unleashed a ~$263 billion budget for 2021, which represents a 7% reduction on 2020’s estimated spending as lower oil prices continue to impact the deficit. The Saudi’s budget is almost entirely reliant on Saudi Aramco, which is now selling stakes in some of its subsidiaries so that it can keep up the generous dividend that it must pay out to The Kingdom.

Geopolitics

Earlier this week, a ship laden with explosives rammed into an oil tanker off the port of Jeddah, Saudi Arabia, with the Saudis suspecting the attack was orchestrated by Yemen’s Houthi rebels. No casualties have been reported, nor has anyone claimed responsibility for the attack as of the time of writing. This uptick in Iranian-backed Houthi activities…





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