• 5 minutes Iran Says It Arrested 17 CIA Spies, Some Sentenced To Death
  • 9 minutes Will We Ever See 100$+ OIL?
  • 13 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 14 hours Iran Loses $130,000,000 Oil Revenue Every Day They Continue Their Games . . . .Opportunity Lost . . . Will Never Get It Back. . . . . LOL .
  • 6 hours Renewables provided only about 4% of total global energy needs in 2018
  • 3 hours Platts says if Iran's 2 mm bbls exports comes back on market oil goes to $40 . . . What about new Permian pipelines 2.47 mm bbls coming ? . . . WHAT IF BOTH IRAN AND PERMIAN TOTAL 4.47 mm added bbls . . . OMG !
  • 1 hour Today United States President Trump Questioned U.S. Policing Straights of Hormuz for Rich Asian Countries. Allies Britain and Japan asked to participate. They said NO. Nice friends, huh. US spends $100 Billion a year Protecting Mideast Shipping Lanes!
  • 3 hours So You Think We’re Reducing Fossil Fuel? — Think Again
  • 6 hours N.Y. Governor Signs Climate Bill
  • 2 hours Oil Giant Saudi Arabia Is Set to Start First Wind-Power Plant
  • 22 hours Berkeley becomes first U.S. city to ban natural gas in new homes
  • 16 hours U.S. Administration Moves To End Asylum Protections For Central Americans
  • 21 hours How is E&P of Marginal Oil on the UKCS Similar to the Shale Oil Operations in the US?
  • 3 hours EIA Reports Are Fraudulent : EIA Is Conspiring With Trump To Keep Oil Prices Low
  • 1 day Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 1 day Shale Oil will it self destruct?
Alt Text

What The Market Is Overlooking In The Occidental Deal

Occidental Petroleum has caught a…

Alt Text

This Supermajor Is Leading The Energy Sector

This supermajor has been standing…

Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Premium Content

Where Did All This European Crude Go?

I'm always interested when I see big changes happening in key statistics.

Often the implications aren't immediately apparent when an indicator starts wildly rising or falling. But the control panel is blinking a message that a shift is in motion. And major shifts always have consequences.

I'm getting that feeling looking at the oil market in the Ukraine.

The country's Energy and Coal Industry Ministry reported last week that national oil imports fell by a staggering 80% year-on-year during the eight months ended in August.

All told, Ukraine imported just over 1.7 million barrels of crude during this period. Down from 8.6 million barrels during the same period in 2012.

That puts Ukrainian oil imports at just over 200,000 barrels per month. A particularly striking number, when you consider that the country's oil imports were running about 3.7 million barrel per month as recently as 2011.

What gives? The Ukrainian Ministry gave no explanation for the cliff-like decline. But it doesn't appear that oil-based demand in the country is falling. Consumption of crude oil products nationally was down only 5.7% from 2012.

If Ukraine is still using oil products but not oil, it implies that they must be buying significant amounts of product from refiners in other countries. That means refinery sales should be exploding somewhere, as sellers tap the significant Ukrainian market like never before.

It also begs the question: if Ukraine is suddenly taking a lot more product, who is losing supply? Given the conceivable amounts involved, the shift in product flows should be causing shortages (and likely price increases) somewhere.

Keep an eye out to see where such consequences pop up. This could be a profitable opportunity for someone.

Here's to changes in motion,

By. Dave Forest




Download The Free Oilprice App Today

Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play