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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…

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