The oil cartel should get realistic about the potential impact the Covid-19 virus will have on China and the rest of the world.
The three big forecasting agencies are far apart on how severe that impact will be and what it means for 2020 oil balances.
Time is running out for OPEC and its partners to manage the oil market disruption caused by the coronavirus in an orderly way.
Saudi shipments in January rose by 356,000 barrels a day, from their December level, averaging 6.97 million.
The new coronavirus will take a chunk out of China’s oil demand. Producers must respond with an output cut.
Tankers Leave Libya Empty as Hopes Fade for End to Blockade
Peak Permian Is Approaching Faster Than You Think
Off the coast of Libya, one man is holding up several million tons of steel.
How Russia Aims to Show OPEC+ Compliance This Quarter
Somebody Big Has Called This Year’s Oil Market Completely Wrong
What the China Trade Deal Means for U.S. Oil Producers
And any disruption to middle east’s oil exports would drive prices up at American gas pumps.
Tankers haul about one third of the oil moved at sea through the strait – 20.7 million barrels a day of crude.
The world appeared to have become oblivious to the geopolitics of oil. Now it can’t be ignored.
Fighting Shipping Pollution Is Bad For the Planet
In reality, OPEC’s new deal isn’t much different than the old one.
Without furher OPEC+ output cuts all 3 agencies see stockpiled buiding in the first half of 2020.
Policing OPEC's Oil Deal Risks A Price Crash
Saudi Arabia, Iraq, Kuwait and the UAE, shipped an average of 14.79 million barrels a day of crude and condensate in November.
Does OPEC See U.S. Oil Output as Half Full or Half Empty?
Trade wars. Political instability. Climate change. The world’s major oil producers should think twice about doing nothing.