The 5 Countries That Could Push Oil Prices Up

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Oil prices appear to be stuck in the $50s per barrel, but that doesn’t mean there aren’t serious supply risks to the market. An unexpected disruption could occur at any moment, as has happened in the past, leading to a sudden and sharp jump in prices. Geopolitical tension has been largely irrelevant since the collapse of oil prices in 2014, but it’s making a return now that cracks have emerged in some key oil-producing nations. Libya.

2017 163

Oil Prices Running Out Of Reasons To Rally

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Oil prices faltered at the start of the second week of the year, as fears set in about a rapid rebound in US shale production. For the better part of two months, optimism surrounding the OPEC deal has buoyed oil prices, but bullish sentiment from speculators are showing early signs of abating, raising the possibility that the oil rally is running out of steam. The gains in the rig count come even as oil prices have held steady in the mid- to low-$50s per barrel.

2017 150
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Increase in US rig count will not cap oil prices

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The impact of rising oil prices on North American light tight oil (LTO) production is said to be a “Catch 22”, the title of Joseph Heller’s popular 1961 novel set in WWII. Too many analysts continue to believe drilling and service has the same problem with rising oil prices. Those who study crude prices have correctly observed it was the 4 million barrels per day (b/d) increase in US LTO production that contributed greatly to the 2014 oil price collapse.

2016 150

Strong Dollar Could Cap Oil Prices

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dollar poses an obstacle to further gains in oil prices. 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 problem for many emerging markets is that oil prices have been going up at the same time. Typically, oil prices trade inversely to the U.S. But the dollar and oil have been climbing in tandem for much of this year.

2018 163

bp Statistical Review shows 4.5% drop in primary energy consumption in 2020; mainly driven by oil

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This fall was driven mainly by oil, which accounted for almost three quarters of the net decline. Natural gas prices declined to multi-year lows; however, the share of gas in primary energy continued to rise, reaching a record high of 24.7%.

2020 325

IEA forecasts global oil demand to reach 101.6 mb/d in 2023; non-OECD countries lead expansion

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The IEA June 2022 Oil Market Report (OMR) forecasts world oil demand to reach 101.6 While higher prices and a weaker economic outlook are moderating consumption increases, a resurgent China will drive gains next year, with growth accelerating from 1.8 As for OPEC+, total oil output in 2023 may fall as embargoes and sanctions shut in Russian volumes and producers outside the Middle East suffer further declines. Forecasts Market Background Oil

Oil 183

US Shale Is Now Cash Flow Neutral

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Oil prices are probably already high enough to spark a rebound in shale production. For years, the drilling boom was done with a lot of debt, and the revenus earned from steadily higher levels of output were not enough to cover the cost of drilling, even when oil prices traded above $100 per barrel in the go-go drilling days between 2011 and 2014. Even when US oil production hit a peak at 9.7 Market Background Oilby Nick Cunningham of Oilprice.com.

2016 200

Opinion: How Much Longer Can OPEC Hold Out?

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With its headquarters in Vienna, Austria, one of the mandates of 12-member OPEC is to “ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry.” The EIA even predicts that OPEC’s net oil exports (excluding Iran) could fall to as low as $380 billion in 2015. The current oil price levels are nowhere near this.

2015 183

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% These shocks pushed energy prices higher in much of the world, with oil prices reaching a record annual average of more than $100 per barrel (bbl) for the first time. Prices increased in all regions.

2012 219

Iran negotiations, OPEC meeting loom for oil markets

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As November draws to a close, there are two major events that could profoundly change the oil markets. We’re very keen to try to get to a deal, but not a deal at any price,” UK Foreign Secretary Philip Hammond said on November 17. He says a deal is more likely than not due to the enormous financial pressure Iran is experiencing because of falling oil prices. Iran’s oil exports have more than halved from their pre-sanctions level of about 2.5

Iran 202

Opinion: Is Russia Plotting To Bring Down OPEC?

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Putin has highlighted on various occasions the contribution Russia’s mineral wealth, in particular oil and natural gas, must make for Russia to be able to sustain economic growth, promote industrial development, catch up with the developed economies, and modernize Russia’s military and military industry. While oil and natural gas are crucial to Russia, Russia’s crude and natural gas are crucial to its neighbors on the Eurasian landmass. Market Background Oil Opinion Russia

Russia 193

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

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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. In fact, Saudis have downplayed the impact of lower prices on their country, asserting that the kingdom has the financial wherewithal to withstand lower oil prices.

2015 190

Global CO2 emissions up 3% in 2011; per capita CO2 emissions in China reach EU levels

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savings stimulated by high oil prices led to a decrease of 3% in CO 2 emissions in the European Union and of 2% in both the United States and Japan. tonnes per capita, despite a decline due to the recession in 2008-2009, high oil prices and an increased share of natural gas. Global fossil oil consumption increased by about 2.9% in 2011, with below average consumption in all regions, except for North America, where low prices drove robust growth.

2012 202

RAND reports suggest US DoD use less petroleum fuel to deal with high prices, not count on alternatives

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According to three new reports on “Promoting International Energy Security” issued by the RAND Corporation, because the energy purchases made by the US Department of Defense are not large enough to influence world oil prices—despite DoD requiring considerable amounts of fuel to function—cutting fuel use is the only effective choice to reduce what the Pentagon spends on petroleum fuels. Peak oil. Could oil production peak before 2030?

2012 194