“Oversupply” continues to be the word-of-the-day with OPEC continuing to pump out about 2 million b/d more than is being consumed and the global economy continuing to slide.
A weekly update, including: -Quote of the Week -Oil and the Global Economy, -The Middle East and North Africa, -China, -Russia/Ukraine, -The Briefs
Whatever happened to “peak oil” – the assertion that the rate at which oil is extracted from the Earth is nearing a maximum or peak level?
Oil prices closed Wednesday near the bottom of the trading range that has been in place since the beginning of September.
America’s energy future is largely determined by the assumptions and expectations we have today.
The US Secretary of Commerce noted last week that interest in acquiring new drilling rights in the Gulf of Mexico is dropping due to low oil prices.
It seems that a lot of traders believe the oil glut thesis has been oversold and that a big price rebound is coming any day now.
Some are saying that the decline in US shale oil production is a victory for the Saudi’s policy of driving high-cost oil producers from the markets by keeping OPEC production high.
Since money is a proxy for energy, energy’s limits are putting a damper on credit creation. Could this be the cause for plunging stock markets and oil prices?
The EIA seems to be getting a handle US oil production and its prospects for the next 18 months.
In short, we need fossil fuels to go away, but in a measured and predictable way.
A weekly review including Oil and the Global Economy, The Middle East & North Africa, China, Russia/Ukraine, Quote of the Week, The Briefs