• 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
  • 18 mins China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
  • 7 hours What's the Endgame Here?
  • 1 hour Indonesia Stands Up to China. Will Japan Help?
  • 1 day Gravity is a scam!
  • 21 hours 10 Rockets hit US Air Base in Iraq
  • 13 hours US Shale: Technology
  • 16 hours Canada / Iran
  • 1 day Wind Turbine Blades Not Recyclable
  • 17 hours Remember: Only the Poor Can Reach the Kingdom of God
  • 22 hours IRAQ / USA
  • 1 day Tales From The Smoke Shack and beyond.
  • 1 day History’s Largest Mining Operation Is About to Begin
Editorial Dept

Editorial Dept

More Info

Premium Content

World’s Biggest Trading Houses Are On An LNG Buying Frenzy

Oil prices took a bit of a hit this week, but the overriding sentiment is that we’ve got at least two more quarters of strong prices, though it may hit a snag near the end of the year. Keeping prices relatively high right now are OPEC cut commitments and blackouts in Venezuela that have even shut down all operations at the country’s key oil export port, Jose. High inventories in the US, though, continue to rain on the price parade to some extent. The most attention this week has been on the spending habits of the supermajors, who are focusing primarily on share buybacks and increasing dividends for shareholders who were forced to be extra patient during the first phase of the shale boom. The contrasts sharply with what is going on in China, where state-run companies are being ordered to produce more, even if the cost makes it questionably economic. .vemba-player-sticky{ min-width: 800px; z-index: 100000; }

Take Sinopec, for example--China’s largest refiner and one of the two largest oil and gas producers. For this year, Sinopec has announced a fourfold increase in capital spending. This is a direct response to Beijing’s call for oil and gas companies to boost domestic production to feed local demand at a time when the country’s fields are maturing or becoming more difficult to develop. The alternative is far too much dependence…




Leave a comment

Leave a comment




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