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Still no movement in the oil price but to be honest where it is suits Genel pretty much and possibly keep Shale from increasing production to much......
As with everything in life it’s what we don’t know that harms or helps us.....
The Iran situation is literally bubbling along and simply cannot continue without one or another doing something to either blow things up to a higher level or who knows they may even meet and look for a solution. Donald wants to threaten everybody but doesn’t want to start a war...Body bags not a good election look....
More good news from China today with more tariffs temp cancelled so slowly this seems to be getting sorted....
Just leaves the Saudis, Venezuela and Libya to sort out......
Never a dull day in oil land........
Hawkey
The thing is that the US apparently needs the heavy stuff - which is why it continues to import oil. This is from a random article (can't recall the source):
…… experts say the US still won't be fully energy independent in 2020, as its refineries rely on the medium and heavy crude oils found overseas and not just the lighter crude oil extracted in the US.
Recent US government figures, dated to 2018, said the US imported about 900,000 barrels of Saudi oil a day, 9% of its total imports. The same figures said 16% of US oil came from the Persian Gulf region and 29% from countries in the OPEC cartel.
"Until the US refining sector is able to process more lighter crudes, we're never going to have energy independence," Joe McMonigle, an Energy Department official under President George W. Bush, told CNN.
Hawkey...apologies
Genl is not a heavy oil production company ....Typo!
Please see link below:
“Light vs Heavy Crude Oil
Light Crude oil is liquid petroleum that has low density and that flows freely at room temperature. It has low viscosity, low specific gravity and high API gravity due to the presence of a high proportion of light hydrocarbon fractions. It generally has a low wax content as well. On the other hand, heavy crude oil or extra heavy crude oil is any type of crude oil which does not flow easily. It is referred to as “heavy” because its density or specific gravity is higher than that of light crude oil. Heavy crude oil has been defined as any liquid petroleum with an API gravity less than 20°. Extra heavy oil is defined with API gravity below 10.0 °API (API gravity, is a measure of how heavy or light a petroleum liquid is compared to water. If its API gravity is greater than 10, it is lighter and floats on water; if less than 10, it is heavier and sinks. )
Light crude oil receives a higher price than heavy crude oil on commodity markets because it produces a higher percentage of gasoline and diesel fuel when converted into products by an oil refinery. Heavy crude oil has more negative impact on the environment than its light counterpart since its refinement requires the use of more advanced techniques an the use of contaminants.
The sweet light crude oil Western Texas Intermediate (WTI) is used as a benchmark in oil pricing.”
Hawkey...
If you are looking for a heavy oil....Enquest has plenty ,nearer to us, and safer in uk. !
The only small issue ..they also have heavy debts too but manageable so far. I have plenty of Enq and heavy oil too!
Genl is a heavy oil production company.
“(The Kirkuk grade, which was traditionally exported through the Ceyhan terminal in Turkey is a 34.2° API, 2.24% sulfur crude oil grade. The Kirkuk blend is primarily produced in the Kirkuk area fields, but during the years, other northern fields have contributed to the grade.).”
I think Sarta and Qara Dagh are heavy but could be compketely wrong..
Im Hawkey....lol ...
Its all in the name...
Hawkey
I thought we had heavy but weren’t producing it , I may be wrong though, I’ll do some more research tomorrow.
GKP has got heavy crude with lots of sulphur in it , just like what the Saudis were blending and de sulphurfering at the refinery that was attacked by drones.
Do we have heavy..?
I know GKP produces the sludge but thought we were lighter.
Not certain and could easily be wrong...
Hawkey
H
Trump promised low oil prices in his election campaign, to a section of the electorate, I think the Farming community, since he’s been in office he’s moved Heaven and high water to keep prices low. IMO
I read an article on the weekend said that Saudis needed heavy oil for blending, but all Trump can offer them is light crude.
Now who has millions of barrels of heavy crude Us and GKP .
Trouble is it’s upping production of the stuff, so come on Genel pull ya finger out.
You are the Crown Prince of Saudi Arabia and you require protection from Iran to name just one.
What do you think Donald would be saying to you re production and price?
Hawkey