Oil Falls As Investors Brace For Output Increases

Brent crude oil rose on Tuesday, paring losses triggered by expectations that Saudi Arabia and Russia could pump more crude to compensate for a potential supply shortfall. Brent crude now commands its largest premium over U.S. futures in more than three years, meaning that U.S. exports are rapidly becoming far more competitive globally than those from northern Europe, Russia or parts of the Middle East. Concerns that Saudi Arabia and Russia could boost output have exerted downward pressures on oil prices, along with rising production in the United States.

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Its a new day....if OPEC wants to drive the prices up it will only put money in American oil companies pockets....And theirs, of course

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World oil demand is on track to hit 100M barrels/day late this year or early next.

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In my opinion 80$ oil barrel is the rock bottom price in the coming 12 months at least.

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With the Maritime requirement in place in 2020 the price of crude should remain fairly constant in the future despite the likely rise in electric-powered cars (and possibly trucks as well).

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15 hours ago, rainman said:

Brent crude oil rose on Tuesday, paring losses triggered by expectations that Saudi Arabia and Russia could pump more crude to compensate for a potential supply shortfall. Brent crude now commands its largest premium over U.S. futures in more than three years, meaning that U.S. exports are rapidly becoming far more competitive globally than those from northern Europe, Russia or parts of the Middle East. Concerns that Saudi Arabia and Russia could boost output have exerted downward pressures on oil prices, along with rising production in the United States.

Explain to me again, Rainman, how the Saudis produce more crude than customer-nominated demand requires. Are they not limited to supplying the tanker nominations that they receive - initiated, of course, by the customers wishes? Do they force oil through the lines into the waters of the Arabian Gulf above the customers' nominations? Please enlighten me.

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