World

World Oil

As global oil prices continue to plunge, World Oil analysis of historical records indicates that current rates are the lowest/worst since late 1997 through mid-1999, on a constant dollars/today’s money basis. The late-1997 through mid-1999 period, of course, was the time during which the Asian Financial Crisis occurred. It is unfortunate that this precipitous fall in oil …

Oil production

The recent collapse in oil prices could chop $300 million to $600 million off 2020 exploration budgets in Brazil, which has emerged as one of the world’s hottest offshore oil plays, specialists at consultancy Wood Mackenzie told Reuters. Before oil prices collapsed in the wake of failed OPEC talks earlier this month, the consultancy had …

U.S.

President Donald Trump told U.S. energy officials to purchase “large amounts” of oil to fill up the nation’s emergency reserve after the biggest price crash in a generation. Replenishing the Strategic Petroleum Reserve — as proposed by some oil lobbyists earlier this week in light of the collapse in prices — would enable the government …

venezuela

The U.S. sanctioned a second subsidiary of Russia’s biggest oil producer, Rosneft PJSC, for allegedly supporting Venezuelan leader Nicolas Maduro. TNK Trading International SA, a Geneva-based Rosneft subsidiary, was sanctioned for helping transport Venezuelan crude oil, the Treasury Department said Thursday in a statement. In February, Bloomberg News reported that TNK was ramping up planned …

saudi arabia

A flood of discounted Saudi crude is heading for Europe, but Russia might just have the only producers in the world equipped to compete with it. With some of the world’s lowest production costs, a flexible tax system and a free-floating ruble, Russian companies can keep pumping, even in an extremely bearish price scenario, analysts …

eia forescast

The US Energy Information Administration doesn’t see balance returning to the global oil market until fourth-quarter 2020 as the supply effects of the Mar. 6 OPEC meeting continue to ripple across the industry. The US Energy Information Administration (EIA) significantly revised its short-term outlooks for global oil supply, demand, and prices in light of the …