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Saudi Arabia And Iran Reignite The Oil Price War

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The rivalry between Saudi Arabia and Iran is becoming increasingly evident in the oil pricing policies of the two large Middle Eastern producers. The two countries are currently reigniting the market share and pricing war ahead of the returning U.S. sanctions on Iranian oil. sanctions on Tehran return in early November.

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EIA: US average gasoline prices before Memorial Day highest since 2014

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The average retail price for regular gasoline in the United States on 24 May, the Monday before the Memorial Day weekend, was $3.02 per gallon (gal), the highest gasoline price before Memorial Day since 2014, according to the US Energy Information Administration’s (EIA’s) weekly Gasoline and Diesel Fuel Update. gal for several weeks.

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Oil Industry Faces Huge Worker Shortage

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The rig count has rebounded from the lows seen in late May, a small indication that oil companies in the US could begin drilling anew. Because of this, the collective US shale industry has been likened to the new “swing producer”: low oil prices force quick cutbacks but higher prices trigger new supplies.

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IEA: Global oil discoveries and new projects fell to historic lows in 2016 while US shale surged; “two-speed” market

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Global oil discoveries fell to a record low in 2016 as companies continued to cut spending and conventional oil projects sanctioned were at the lowest level in more than 70 years, according to the International Energy Agency, which warned that both trends could continue this year. Oil discoveries declined to 2.4

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EIA: China’s use of methanol in liquid fuels has grown rapidly since 2000; >500K bpd in 2016

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Annual methanol consumption in China, 2000-16. MTG units involve high capital costs and are only cost-competitive when oil prices are high. Lower oil prices since late 2014 have reduced China’s MTG plant operating rates and have created uncertainty for investment in new MTG plants. Click to enlarge. Background.

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BP Statistical Review finds global oil share down for 12th year in a row, coal share up to highest level since 1969; renewables at 2%

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Oil remains the world’s leading fuel, but its 33.1% Oil demand grew by less than 1%—the slowest rate amongst fossil fuels—while gas grew by 2.2%, and coal was the only fossil fuel with above average annual consumption growth at 5.4% The fossil fuel mix continues to change with oil, the world’s leading fuel at 33.1%

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API: US petroleum demand last month highest for October since 2007; 19.9 mbpd

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million barrels per day in October, reaching the second highest output in October since 2000. Unemployment went down last month and gas prices remain relatively low benefiting American businesses and workers. US crude oil production in October remained strong and above 9.0 Domestic crude oil production increased 7.0%

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