• 4 minutes US-backed coup in Venezuela not so smooth
  • 7 minutes Why Trump will win the wall fight
  • 11 minutes Oil imports by countries
  • 13 minutes Maduro Asks OPEC For Help Against U.S. Sanctions
  • 1 hour Climate Change: A Summer of Storms and Smog Is Coming
  • 2 hours Itt looks like natural gas may be at its lowest price ever.
  • 2 hours Venezuela: Nicolas Maduro closes border with Brazil
  • 2 hours Teens For Climate: Swedish Student Leader Wins EU Pledge To Spend Billions On Climate
  • 14 mins Amazon’s Exit Could Scare Off Tech Companies From New York
  • 9 mins Tension On The Edge: Pakistan Urges U.N. To Intervene Over Kashmir Tension With India
  • 20 hours North Korea's Kim To Travel To Vietnam By Train, Summit At Government Guesthouse
  • 15 hours students walk out of school in protest of climate change
  • 1 day Washington Eyes Crackdown On OPEC
  • 1 day Europe Adds Saudi Arabia to Dirty-Money Blacklist
  • 1 day Some Good News on Climate Change Maybe
  • 1 day America’s Shale Boom Keeps Rolling Even as Wildcatters Save Cash

Why OPEC Wants Higher Oil Prices

OPEC

Friday April 13, 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. U.S. oilfield services to lose business in China

(Click to enlarge)

- U.S. oilfield service companies have more to lose from the tariff war with China than their Chinese counterparts.
- The U.S. has listed some 1,300 Chinese exports that could face tariffs, and China responded with potential tariffs on U.S. plastics, petrochemicals, petroleum products and specialty chemicals, among other things.
- “For an oil and gas industry looking to rebound in a higher oil price environment, these tariffs necessitate monitoring. More specifically, oilfield service companies must now take pause,” says Matthew Fitzsimmons, VP Oilfield Service Research at Rystad Energy.
- Rystad pointed to Ecolab (NYSE: ECL), Hexion, NOV, and Clariant as potential losers. For instance, NOV reported $561 million in revenues in 2017 from their fiberglass and composite tubular business in China, Rystad Energy says.
- “The giant service company NOV was anticipated to have over $650 million in annual revenues from China for the remainder of the Trump presidency. A trade war between the two nations could certainly impact their ability to grow…

To read the full article

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

RegisterLogin



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