article thumbnail

Saudis Expand Price War Downstream

Green Car Congress

The gross refining margin is nothing but the difference between the value of the refined products and price of the crude oil. In case of Saudi Arabia, the price of crude oil would be extremely low. Is Saudi Arabia likely to win a potential price war against Asian producers of diesel? By offering almost 2.8 In fact, at $5.60

article thumbnail

Opinion: Is Russia Plotting To Bring Down OPEC?

Green Car Congress

Even a casual glance at the IMF’s World Economic Outlook statistics for Russia shows the tight correlation since 1992 between GDP growth on the one hand and oil and gas output, exports, and prices on the other (economic series available here ). percent of GDP in 2014. Natural gas data from Gazprom). billion respectively).

Russia 150
article thumbnail

Opinion: Oil Market ShowdownCan Russia Outlast The Saudis?

Green Car Congress

November 27, oil consuming countries will celebrate the first anniversary of the Saudi decision to let market forces determine prices. This decision set crude prices on a downward path. Subsequently, to defend market share, the Saudis increased production, which exacerbated market oversupply and further pressured prices.

Russia 150
article thumbnail

Opinion: Saudis Could Face An Open Revolt At Next OPEC Meeting

Green Car Congress

OPEC next gathers December 4 in Vienna, just over a year since Saudi Oil Minister Ali Al-Naimi announced at the previous OPEC winter meeting the Saudi decision to let the oil market determine oil prices rather than to continue Saudi Arabia's role of guarantor of $100+/bbl oil. Their share of OPEC output increased to 26.6 percent from 10.2

article thumbnail

Mad Power thoughts

EV Info

Wind farms stand idle for days on end, a fire interrupts a vital cable from France, a combination of post-Covid economic recovery and Russia tightening supply means the gas price has shot through the roof – and so the market price of both home heating and electricity is rocketing. Climate Change.

Power 52
article thumbnail

Strong Dollar Could Cap Oil Prices

Green Car Congress

dollar poses an obstacle to further gains in oil prices. The dollar has gained more than 8 percent against the Chinese currency since March. As Reuters points out , in dollar terms the price of Brent oil has climbed 9 percent this year, but in yuan terms oil is now nearly 14 percent more expensive. The strength of the U.S.