Oil Market Report – February 2020
Global oil demand has been hit hard by the novel coronavirus (Covid-19) and the widespread shutdown of China’s economy. Demand is now expected to fall by 435 kb/d y-o-y in Continue Reading
IEA Sees First Global Oil Demand Drop in a Decade
Global oil demand will drop this quarter for the first time in over a decade as the coronavirus batters China’s economy, the International Energy Agency said. (Bloomberg) — Global oil Continue Reading
Temperature in Antarctica soars to near 70 degrees, appearing to topple continental record set days earlier
A weather research station on Seymour Island in the Antarctic Peninsula registered a temperature of 69.3 degrees (20.75 Celsius) on Feb. 9, according to Márcio Rocha Francelino, a professor at Continue Reading
The Irreversible Emissions of a Permafrost ‘Tipping Point’
Across vast swaths of the northern hemisphere’s higher reaches, frozen ground holds billions of tonnes of carbon. As global temperatures rise, this “permafrost” land is at increasing risk of thawing Continue Reading
OPEC Aims To Balance Oil Markets Against All Odds
As 2019 came to a close, oil prices were under pressure from the continued surge of U.S. shale oil. Although OPEC and its partners had already cut production by more Continue Reading
Global Oil Inventories Set To Soar As OPEC Fails To Take Action
The coronavirus outbreak in China will curb global oil demand growth by at least a quarter this year, and the production cuts of 600,000 barrels per day (bpd) proposed by Continue Reading
OPEC January Production Data
All OPEC data below is from the February edition of the OPEC Monthly Oil Market Report. The data thousand barrels per day and is through January 2020. OPEC Monthly Oil Continue Reading
The Coronavirus May Mark The End Of Russia-OPEC Cooperation
A week ago, at an emergency meeting of the OPEC’s Joint Technical Committee, Russia refused to agree to the cartel’s proposal to reduce production by an additional 600 000 barrels Continue Reading
Fuel shortages put squeeze on Sudan’s transitional government
Fuel shortages have left motorists in Sudan skipping work to queue for petrol and forced the transitional government to introduce a rationing system as it tries to manage acute economic Continue Reading
Saudi Arabia And Kuwait Are Finally Ready To Restart Their 500,000 Bpd Oilfields
Saudi Arabia and Kuwait, which share two oilfields that have not been pumping oil for five years, have authorized the restart of one of those oilfields as early as Sunday, Continue Reading