IEA December Market Report
The understandable euphoria around the start of vaccination programmes partly explains higher prices but it will be several months before we reach a critical mass of vaccinated, economically active people and thus see an impact on oil demand. In the meantime, the end of year holiday season will soon be upon us with the risk of another surge in Covid-19 cases and the possibility of yet more confinement measures. From the supply side, sentiment has also been boosted by news that the OPEC+ countries will increase their production quotas in January by significantly less than planned. Click Here to read more from the IEA.
Time’s Up For Your Tank?
A sweeping set of new underground storage tank (UST) regulations launched in 1988, with a goal to address leaking USTs. That resulted in a massive replacement of old underground storage tanks throughout the industry, which brings us to today. The typical warranty on an underground storage tank was for 30 years. The math is not hard to calculate, so today, a great many tanks are approaching or surpassing their warranty periods. So, what does that mean for tank operators? Click Here to read more from Fuel Markets News.
China to sell 80 MM internal combustion engines per year over next five years
China is expected to sell 80 million internal combustion engines annually in the next five years, in line with previous years, an engine industry association said on Thursday, amid a broader industry transformation toward electrification. Internal combustion engines still dominate China’s auto industry and are also used in motorcycles, agricultural machinery, ships and power generators. Click Here to read more from Hydrocarbon Processing.
New Attacks On Saudi Oil Infrastructure Renew Fears Of Gulf Instability
An attack on a Saudi oil tanker by an explosive-laden boat in the port of Jeddah Monday has renewed concerns over the geopolitical stability of the Persian Gulf and pushed Brent futures above $50 per barrel. In late November, Houthi Rebels claimed responsibility for a cruise missile strike on the same port badly damaging a Saudi Aramco storage facility. Two days later a tanker was hit in the Saudi oil terminal of Shuqaic. The fingerprints and the tradecraft of the strikes are eerily similar to a slew in 2019 which are believed to have been perpetrated by Iran and its proxies. Click Here to read more from Forbes