After the oil price correction on Tuesday and Wednesday, again it started a bullish trend. Oil price had a weekly 7% growth. What stimulates today’s oil market? Aramco asked Iraqi Ministry of Oil to purchase 20 million barrels of oil from Iraq. It destroyed the market’s trust to Saudi Oil Minister’s statements about the continuity…
The attacks to Aramco oil facilities on Saturday have caused the oil price to jump to $70 per barrel on September 16th 2019. These attacks disrupted around 5% of the global oil supply. Oil (Brent) price increased to $71.95 per barrel, up 19.5%. Future contracts of Brent also improved to $66.20, up $5.98 (9.9%) compared…
Mohammed bin Hamad Al Rumhi, the energy minister of non-OPEC Oman, said that it is unlikely to see oil at $80 a barrel! Oil producing countries should accept oil at $60! He added that all oil producers want the oil price to increase to $80, same as him. But is it logical? Presumably NO. We…
The oil reserves in Saudi Arabia are estimated 188 million barrels, equal to 37 days of Abqaiq’s oil production. Saudi oil reserves had a bearish trend since 2016. It is worth noting that some reports published by western companies including Rapidan in recent months remarked the significance of Abqaiq as the biggest oil field worldwide.…
Oil price is expected to gain 15% on September 16th 2019. Yemen’s Houthi rebels have attacked Saudi Aramco oil facilities in Abqaiq and Khurais with drones on Saturday. This attack will cause the oil output of Saudi to decreases 5 million barrels per day! It means that global oil supply softens 5%, a major challenge!…
DNV GL predicted oil demand to peak in 3 years and then remains flat until 2030. Most oil companies expect demand to peak between the late 2020s and the 2040s.The International Energy Agency (IEA) does not expect a peak before 2040, with rising petrochemicals and aviation demand more than offsetting declining oil demand for road…
It seems that oil market participants are still concentrating on demand and trade war instead of oil supply! According to Reuters, 51 market economists and analysts predicted that Brent crude (LCOc1) would average 65.01$ a barrel in 2019 which is 4% lower than previous month (67.4$). Demand also reformed from 1.4 million barrels to 1.3…
Last week the whole number of #oil_wells in #US had decreased from 770 to 754 which is the lowest level in 18 previous months. Normally, by reduction of #oil wells, a fall in US #oil_production should be seen. Unlike the forecasts, we see a growth in efficiency of #US_oil_wells from 600 #oil_barrels per day to…
