• 5 minutes Rage Without Proof: Maduro Accuses U.S. Official Of Plotting Venezuela Invasion
  • 8 minutes What Can Bring Oil Down to $20?
  • 14 minutes Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 5 mins Alberta govt to construct another WCS processing refinery
  • 13 hours Let's Just Block the Sun, Shall We?
  • 16 hours U.S. Senate Advances Resolution To End Military Support For Saudis In Yemen
  • 50 mins Venezuela continues to sink in misery
  • 1 day OPEC Cuts Deep to Save Cartel
  • 18 hours Quebecans Snub Noses at Alberta's Oil but Buy More Gasoline
  • 11 hours Regular Gas dropped to $2.21 per gallon today
  • 2 days $867 billion farm bill passed
  • 3 days Sleeping Hydrocarbon Giant
  • 3 days Sane Take on the Russia-Ukraine Case
  • 2 days Contradictory: Euro Zone Takes Step To Deeper Integration, Key Issues Unresolved
  • 2 days IEA Sees Global Oil Supply Tightening More Quickly In 2019
  • 1 day Global Economy-Bad Days Are coming

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

Trending Discussions




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