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When reports emerged that India and China are in talks about forming an oil buyers' club, OPEC was probably too busy with its upcoming June 22 meeting to concern itself with that dangerous alliance. Now, it may be time for it to start worrying.
Coal has stumbled. Renewables have surged. Oil fell hard, then spent years clawing its way back up.
But the biggest change in energy has been in tech.
Saudi Arabia is starting to panic, and is growing concerned that the growing number of supply disruptions around the world could cause oil prices to spike. Saudi Arabia is moving quickly to head off a supply crunch, aiming to dramatically ramp up production to a record high 11 million barrels per day in July, according to Reuters.
The ongoing speculation online about the future of cooperation between Russia and OPEC seems to be a little one-sided. The main point of discussion up until now has been the fact that, due to international pressure (such as Trump's Twitter diplomacy, perceived Russian willingness to open up the taps and pressure from Asian consumers) Saudi Arabia will be willing to revoke its current production cut stance.
Saudi Arabia and Russia just destroyed the oil price rally, potentially putting an end to all the speculation about what the group might do next. But higher production doesn't necessarily mean higher oil prices are entirely out of the question, and in fact, the oil market is still faced with a ton of uncertainty.
Geopolitics has taken over the oil market, driving oil prices up to three-year highs. The inventory surplus has vanished, and more outages could push oil prices up even higher. Yet, there are some signs that demand is starting to take a hit as oil closes in on $80 per barrel.
The age of the electric vehicle (EV) will be here sooner than you think.
Out of 1 billion cars in the world, only 2 million are electric. But that will soon change, as costs diminish, and more governments encourage the adoption of EVs to cut carbon emissions and fight urban pollution.
It's the modern gold rush. Around the world, the most sought-after mineral isn't a precious metal, nor is it oil and gas…it's lithium.
Lithium, or “white petroleum” as some call it, has become a crucial element in today's high-tech economy.
Oil prices could rise due to the “perfect storm of stagnant supply, geopolitical risk, and a harsh winter,” according to an April 12 note from Barclays.
Geopolitical events specifically could help keep Brent above $70 through April and May, which comes on the back of a substantial decline in oil inventories.
Oil prices seesawed at the start of the week before jumping close to multi-year highs on geopolitical concerns, with Brent hitting $70 and WTI at $65. However, geopolitical pressure is only able to influence oil prices to such a degree because the market is fundamentally getting tighter.
The U.S. is one of the few areas of the world in which there is an energy investment boom underway, a development that could smooth out the uncertainties of geopolitical events around the world. At the same time, outside of the U.S., there is a deterioration of stability in many oil-producing regions, aggravating risks for both oil companies and the oil market, according to a new report.
Big Oil is due for a disruption.
The world’s most important industry has been carrying on without any significant changes in its day to day routine for far too long.
The United States is in the midst of an energy revolution.
Oil production has risen by 5 million barrels per day (bpd) since 2010, an increase of nearly 100 percent. New technology, particularly techniques in shale oil drilling, has opened up vast new opportunities for oil and gas companies.
Oil prices fell back suddenly over the last few trading sessions, dragged down by some forces beyond the oil market.
The steady decline of the U.S. dollar has helped drive up crude prices for weeks, but that came to an abrupt halt last week. A rebound for the greenback led to a steep decline in oil prices on Friday.
Shale companies continue to drill at a frenzied pace, adding rigs and breaking U.S. oil production levels with each passing week. Yet, the oil production is becoming increasingly geographically concentrated. Not only is the Permian basin accounting for much of the new oil production in the U.S., but a relatively small number of counties within the Permian are home to most of that action.
Echoing the criticism of too much hype surrounding U.S. shale from the Saudi oil minister last week, a new report finds that shale drilling is still largely not profitable. Not only that, but costs are on the rise and drillers are pursuing "irrational production."
If anyone thought the latest oil market outlooks of the EIA and the IEA are upbeat, here’s an even more upbeat one from Energy Aspects: The consultancy expects crude demand this year to grow by 1.7 million bpd, and says Brent could touch above $100 a barrel in 2019.
There will be an OPEC deal extension—no matter the public tussling between opposing forces in the industry cartel—if the world's largest oil producers are really determined to end the supply glut.
