The world is once again experiencing a period of oversupply.
They close a loophole that allowed Exxon to begin drilling Russia’s first exploratory well in the arctic Kara Sea – a well that might be shut down in two weeks.
The slowing economy is only part of the reason.
By ISA Intel: OPEC, other major oil suppliers are more worried than they are letting on. They need high oil prices to fund their governments.
In other words, oil is back. Big time. Along with a little noticed but crucial shift in White House rhetoric.
China’s vast shale gas reserves may never get developed because of one major obstacle: water.
Pipelines corrode and rupture, threatening workers, the environment, and nearby communities. In 2013, over 119,000 barrels of oil were spilled in 623 incidents.
Japan’s most despised corporation, TEPCO, is running out of space to store radioactive water. And so it found another one of its “solutions.”
Oil markets were dominated by Morgan Stanley, Goldman Sachs, JP Morgan, and other investment banks with their own proprietary trading operations and an army of participants on both sides of the trade. But now they’ve abandoned the oil market.
Oil demand in the 34 OECD countries shrank in Q2. But the real surprise is slow demand growth in China, where the economy is cooling.