Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Rumours from China that Covid Zero policy will be reviewed. That would send Brent through the roof IF true.
A very good explanation. The why and the when....05:35
"Once people realise that OPEC is nearing exhaustion of it's spare capacity and it will take years to fix that , that's when I think we can really go parabolic on the oil price."
From the IEA….
“Of the 10.1 million barrels per day (b/d) of crude oil and condensate that Russia produced in 2021, Russia exported more than 45%, or 4.7 million b/d. The majority of Russia’s crude oil and condensate exports went to OECD Europe, which received almost half of Russia’s total exports. However, at a country level, China imported the largest volume of Russia’s crude oil and condensate exports in 2021.”
So about (4.7 / 2) 2.35 mbpd coming into Europe. They’ll find willing buyers for that, at a discount, naturally. The insurance sanctions are interesting and the EU might be onto something, but the Russians will find away around it.
92 killed in Sierra Leone oil tanker explosion.
A fascinating reality check:
https://www.brookings.edu/essay/why-are-fossil-fuels-so-hard-to-quit/
https://oilprice.com/Energy/Energy-General/Goldman-Sachs-Doubles-Down-On-80-Oil-Prediction.html
I believe the energy in a barrel of oil is 1700 Watts.
World oil production 2020 was 76Mbpd.
So the energy in 76Mbpd is 129,200 gigawatts.
The output of a nuclear power station is about 1 Gigawatt.
Oil will be in demand for a long, long time. There is no VIABLE alternative.
Many thanks Hitman & Therapist.
I'll ask again....
All this talk of refinancing. Can anyone give me a reference as to why it's expected "soon" ?
All this talk of refinancing. Can anyone give me a reference as to why it's expected "soon" ?
$70/bbl
Nothing to worry about here. The bond just ticked up a little.
Would anyone care to have a stab at full year EPS ?
Russia just announced they will take part in OPEC+ meeting.
Up 3%, Dn 3%.
"EnQuest has hedged c.2.9 MMbbls of oil in the first quarter with an average floor price of c.$65/bbl."
Does that mean the hedges were put on in the first quarter and they have hedged 2.9 for the entire year, or the stated hedges exist for the first quarter only ? I think the later.
Libya hasn't stopped producing oil, nor will they until they reach maximum storage capacity (no idea how far out in time that is), and anyway the port blockade could be lifted tomorrow or the next day. We just don't know.
Quite a resilient performance today considering the slide on Brent.