Mid-Week Review – January 29, 2020
Saudi Arabia, UAE Caution Oil Market Against Gloom Over China Virus
Saudi Energy Minister Prince Abdulaziz bin Salman said the impact being seen on oil and other markets was “primarily driven by psychological factors and extremely negative expectations adopted by some market participants despite its very limited impact on global oil demand. “Such extreme pessimism occurred back in 2003 during the SARS outbreak, though it did not cause a significant reduction in oil demand,” the minister said in a statement.
Oil Rebounds from Coronavirus-related Sell-off, Snaps 5-day Losing Streak
Oil futures edged up on Tuesday after falling for five days, gaining support from a rebound in Wall Street stocks and talk that OPEC and its allies might tighten the market amid fears the coronavirus could weigh on oil demand.
Guyana to Become a Major Oil Producer
A flurry of deep-water discoveries in the Atlantic off Guyana’s coast has changed the future for the small South American nation, which has yet to produce a barrel of oil. Since the Liza-1 discovery in May 2015, ExxonMobil and its partners have identified reservoirs containing at least 5.5 Bboe of recoverable reserves.
Is Renewable Diesel Still a ‘Miracle Fuel’?
Compared to petroleum diesel, renewable diesel is a fairly new fuel: It’s really only been marketed for truck fleets, construction, marine, rail, and other industry segments since about 2015. At the same time, it’s been around long enough that early adopters know the value it delivers. So how’s it going? Fleets and producers provide the latest updates on performance, pricing, and availability.
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