Oil price ‘could easily be $75’ if trade truce boosts demand, expert says
The success, or failure, of trade talks between the U.S. and China will be a decisive factor in the oil price outlook this year, despite OPEC’s decision to extend production cuts, oil market expert Amrita Sen told CNBC on Tuesday. “China (demand for oil) hasn’t collapsed at all, it’s still growing slower, but it’s just that lack of confidence, companies have just stopped investing and placing orders and we’ve seen very weak numbers out of other parts of Asia and Europe as well,” she added. Click here to read more from CNBC.
Oil sector cutting spending as Wall Street turns its back
The U.S. energy sector, while not entering a downturn, is facing an extended period of lower oil prices, lower profits and tighter spending, ultimately leading to slower growth, fewer companies and fewer jobs in Houston and across the oil and gas industry. In less than a year, the fundamentals of energy markets have shifted dramatically, from forecasts of looming shortages to worries about mounting supplies. Click here to read more from the Houston Chronicle.
How to rehabilitate old oil supertankers
As you read this, around 10,420 giants are heaving their way across the world’s oceans. Their enormous metal bodies lumber onwards in spite of inclement weather and rough seas. In their bowels, these beasts are carrying 3.8 billion barrels of crude oil between them, enough to fuel around 418,000 transatlantic flights and for the world’s cars to cover around 3 billion miles between them. There are some, however, who believe that these dirty monoliths of the oil age can instead be rehabilitated – they want to transform them into sources of clean, renewable energy. Engineers believe it is possible to use the vast hull of oil tankers to create floating power stations that can convert the ocean swell into electricity. Click here to read more from the BBC.
Saudis Boost Security Measures After Oil Tanker Attacks
Saudi Arabia is trying to boost security measures in place for its oil infrastructure and in territorial waters, Russian media quoted Saudi Energy Minister Khalid al-Falih as saying on Monday, after two apparent attacks on oil tankers in the Middle East in two months. Countries that get their crude oil via the shipping routes in the Middle East should protect their own ships along the lanes, U.S. President Donald Trump said last week, as tensions between the United States and Iran continue to simmer. Click here to read more from OilPrice.com.