Saudi Arabia may be forced to reroute tankers carrying some 40 million barrels of crude oil to the United States if President Trump goes through with a threat to ban imports, Reuters has reported, citing shipping data and unnamed sources. There have been reports that Washington is discussing a ban on Saudi imports of crude […]
U.S. Ban on Saudi Oil Could Force Riyadh to Reroute 40 Million Barrels…
U.S. Probes Insider Trading Tied to OPEC+ Oil Deal…
The U.S. Commodity Futures Trading Commission (CFTC) is investigating whether non-American traders had obtained insider information about Russia’s position in the OPEC+ negotiations last month, which they may have later illegally used to bet on crude oil futures, Bloomberg reported, citing two people with direct knowledge of the issue. Under the Dodd-Frank Act of 2010, […]
The Oil Glut Is About to Get Even Worse…
With only a week to go before OPEC+ countries start flooding the world’s total oil production with an estimated extra 2.5 million barrels per day (bpd) amid the Covid-19 crisis, building one of the biggest oil supply gluts the world has ever seen, UK operator INEOS has decided to postpone its scheduled maintenance for the […]
Oil Jumps As Fed Pledges “Unlimited” Cash to Bolster the Economy…
Oil prices jumped by 4 percent early on Tuesday after the U.S. Federal Reserve launched on Monday extensive new measures to support the economy as the coronavirus pandemic spreads. But prices slid later in the morning. At 9:34 a.m. EDT on Tuesday, WTI Crude was up 3.98 percent on the day at $24.41, and Brent […]
Trump to Fill Strategic Oil Reserves, Easing Price Pressures During Saudi-Russia Dispute…
President Trump has directed the Energy Department to secure 77 million barrels of American oil to fill the nation’s Strategic Petroleum Reserve, amid the ongoing global coronavirus crisis and an oil war between Russia and Saudi Arabia. The department will begin filling the reserves by soliciting up to 30 million barrels of oil and will […]
OPEC Slashes Oil Prices In Response To Soft Demand
The new OPEC/OPEC+ production cut agreement is now a confirmed fact, the world’s leading crude producers (the United States excepting) have agreed to prolong the supply coordination mechanism that has been in place since November 2017 for a further 9 months, up until March 2020. The extent of the cut remains the same, i.e. 1.2mbpd, […]
Oil Just Had Its Worst Run Since 2008…
Oil has entered a bear market as fears of an economic downturn mount. The fundamentals look much tighter than the swoon might suggest, but the supply and demand picture is also beginning to look more negative. The EIA report was exceptionally weak, showing a strong build in crude oil (+6.8 million barrels), gasoline (+3.2 million […]
America’s Oil Boom – Sharyl Attkisson…
We begin with an amazing American economic story you probably haven’t heard much about. Quietly and without much fanfare, the U.S. has become the world’s largest producer of crude oil… defying many predictions. And the impact goes way beyond our oil fields. It’s a big stick that can be used to influence international policy. The […]
Saudi Arabia to Cut Oil Exports by 1 Million Bpd Next Month…
Saudi Arabia could reduce its daily crude oil shipments abroad by as much as 1 million barrels next month, Reuters reports, quoting unnamed sources close to Riyadh. According to them, the move would be motivated by weaker demand due to seasonal patterns in consumption and Saudi Arabia’s commitment to the new production cut agreed last […]