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T&E: Europe burns 19 million bottles of sunflower and rapeseed oil every day in cars

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A new analysis by European environmental NGO Transport & Environment finds that Europe burns more than 17,000 tonnes of rapeseed and sunflower oil every day—the equivalent of 19 million 1-liter bottles. Supermarkets have had to ration vegetable oils and prices are soaring.

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IEF, IHS Markit: deepening underinvestment in hydrocarbons raises specter of continued price shocks and volatility

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Underinvestment in oil and gas development extended into a second year in 2021 even as global energy demand rebounded, raising the prospect of price shocks, scarcity and growing energy poverty, according to a new report by the International Energy Forum (IEF) and IHS Markit. Investment slumped by 30% in 2020. Source: IEF.

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IHS Markit: 10 MMb/d of oil production cuts coming

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IHS Markit Crude Oil Markets service expects up to 10 MMb/d of world oil production will be cut or shut-in from April to June 2020 as oil storage fills up and output from financially strapped companies begins to fall. If oil cannot be sold or stored, it cannot be produced. Something has to give. And it will.

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Oil Prices Ravaged By Financial Turmoil

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Oil prices fell back suddenly over the last few trading sessions, dragged down by some forces beyond the oil market. 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.

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Commentary: Could falling oil prices spark a financial crisis?

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The oil and gas boom in the United States was made possible by the extensive credit afforded to drillers. As is the nature of the junk-bond market, lots of money flowed to companies with much riskier drilling prospects than, say, the oil majors. The situation will compound itself if oil prices stay low.

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With oil prices low, early signs of a pullback in drilling activity

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With oil prices low and showing no sign of an immediate rebound, the industry is beginning to pull back on spending. Oil prices have dropped around 30 percent since summer highs, raising fears among producers across the globe. Yet, many oil majors are relatively diversified, with large holdings downstream.

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IHS Markit: global oil production now expected to be cut by as much as 17 MMb/d in Q2 2020; the Great Shut-In

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The second quarter of 2020 will see the largest volume of liquids production cuts, including shut-in production, in the history of the oil industry, according to IHS Markit. The Great Shut-In, a rapid and brutal adjustment of global oil supply to a lower level of demand is underway. Some will be impacted more than others.

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