• 3 minutes Is Pete Buttigieg emerging as the most likely challenger to Trump?
  • 5 minutes Can LNG Kill Oil?
  • 8 minutes Question: Why are oil futures so low through 2020?
  • 11 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 44 mins “The era of cheap & abundant energy is long gone. Money supply & debt have grown faster than real economy. Debt saturation is now a real risk, requiring a global scale reset.”"We are now in new era of expensive unconventional energy
  • 17 mins CoV-19: China, WHO, myth vs fact
  • 8 hours Question - What if there are no buyers for Chevron's Appalachia Assets?
  • 2 hours Blowout videos
  • 1 day OIL trades as if the virus is a 1 quarter event. As if it's Containable, Reversible and Temporary. Is it ?
  • 22 hours Energy from thin air?
  • 2 days Hey NYC - Mayor De Blasio declares you must say goodbye to fossil fuels. Get ready to freeze your Virtue Signaling butts off.
  • 4 hours Natural Gas
  • 2 days Fast-charging, long-running, bendy energy storage breakthrough
  • 2 days Foxconn cancelled the reopening of their mfg plants scheduled for tomorrow. Rescheduled to March 3rd. . . . if they're lucky.
  • 2 days "For the Public's Interest"
  • 7 hours Cheap natural gas is making it very hard to go green
The Coronavirus Impact On Oil Demand

The Coronavirus Impact On Oil Demand

According to Rystad Energy, global…

EIA Cuts 2020 Oil Demand Forecast By 378,000 Bpd

EIA Cuts 2020 Oil Demand Forecast By 378,000 Bpd

After on Friday OPEC slashed…

Trump Threatens Iran Obliteration As Rouhani Calls White House Mentally Retarded

White House

In a cut above the usual barb-trading between Iran and the United States, President Trump threatened to meet any attack by Iran on “anything American” with “great and overwhelming force,” in a Tuesday afternoon tweet, adding that “in some areas, overwhelming will mean obliteration.”

The threat came as Iranian President Hassan Rouhani lashed out at new sanctions levied yesterday, referring to the White House as “mentally retarded” in a televised address.

President Trump called the Islamic Republic’s statement “ignorant and insulting” as the situation goes from bad to worse after yesterday President Trump signed an order to sanction Iran’s Supreme Leader, after Iran shot down a US drone and attacks on oil tankers near the Strait of Hormuz—a critical shipping lane essential for the transport of oil.

While President Trump on Monday said that the United States would still be open to negotiations despite the drone attacks and attacks on oil tankers, Iran was not receptive to the idea of negotiations, arguing that the US being open to negotiations on one hand and sanctioning its Supreme Leader on the other was incongruous.

This maximum pressure campaign against Iran, combined with market fears that oil flows through the critical Strait of Hormuz could be disrupted has put a floor under prices that have been otherwise pressured downward by a perceived global oil glut despite OPEC’s best efforts to convince the oil market otherwise. The unrest in the Middle East has even overshadowed Venezuela’s continuously declining production—a factor that has up until recently done much to take over a million barrels a day off the oil market.

Oil prices had risen earlier in the day on Tuesday on increased tensions between Iran and the United States in the runup to crude oil inventory data that will be released at 4:30pm EST, already pricing in an expected crude oil draw.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage


Leave a comment

Leave a comment

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