Cathie Wood forecasts that as the world shifts to electric cars and trucks this will take oil prices down to $12 per barrel. About 35% of world oil is used for cars and trucks. A shift to electric cars and trucks will remove 35% of oil usage. If this shift is over 20 years then …
Colonial Pipeline has had a cyberattack involving ransomeware from an Eastern European-based criminal gang called DarkSide. Colonial Pipeline has temporarily shutdown 2.5 million barrels per day of pipelines. This is about 12-15% of US oil capacity. On May 7, the Colonial Pipeline Company learned it was the victim of a cybersecurity attack. We have since …
Saudi Arabia was able to protect its oil tank farm from a five drone and additional missile attack from Yemen. A 2019 attack on Saudi Oil facilities halved their oil production for a few weeks. This new attack has not impacted oil production and did not kill anyone. OIL MARKET: Saudi Arabia says “no loss …
Saudi Arabia’s plan to cut one million barrels a day in February and March 2021. This was a unilateral move. Russia and other oil countries will increase their production. The US shale oil producers will benefit as well. Oil prices were up 5%. SOURCE -CNBC Written By Brian Wang, Nextbigfuture.com Brian WangBrian Wang is a …
Economic sanctions have cut Iran’s oil production in half and dropped oil exports to less than 20% of normal. Iran’s oil production is currently below 2 million barrels per day and Iran has about 300,000 barrels per day of oil exports. source: tradingeconomics.com Biden is expected to lift sanctions if Iran returns to strict compliance …
Venezuela has one active oil rig according to the Baker Hughes international oil rig report. Venezuela is producing 367,000 barrels of oil per day. In 2016, Venezuela’s economy needed about 600,000 barrels per day. Venezuela depends upon oil import shipments from Iran. Venezeuela had oil production levels of 2.4-3.5 million barrels per day and was …
Iran should give up the mistaken belief that they will be allowed to get a nuclear bomb. The countries that oppose Iran developing nuclear weapons have strengthened their alliance. Iran hopes that Biden wins the election and that Joe restores looser terms and lifts sanctions. Israel Can Hit Iran Without Midair Refueling if Basing From …
Russia’s military is so meaningless to the US that the annual report on the capabilities of Russia’s armed forces is two pages long and a one-paragraph disclaimer. Oil and gas production makes up about 39% of Russia’s economy. Oil prices in 2020 are about half the level in 2018. Coronavirus is also impacting Russia’s economy …
Saudi Aramco is currently the most valuable company in the world. They have a stock price of 32.9 riyal. The value of the Riyal is pegged to the US dollar at 0.27 dollars to one Riyal. Saudi Aramco is worth $1.78 trillion. Apple is currently at $1.59 trillion Microsoft is $1.53 trillion Amazon is at …
West Texas Intermediate, the US benchmark, traded as low as -$40.32 a barrel today. The main delivery point for US oil, Cushing, Oklahoma has full storage. Storage tanks at Cushing will be full in May. The crude oil tanks around Cushing have approximately 91 million barrels of storage capacity. Many North American regions have fallen …
Russia and Saudi Arabia are close to a deal to cut oil production. The economic shutdowns have cut demand for oil from 100 million barrels per day to 70-80 million barrels of oil per day. Brian WangBrian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His …