+- +-

+-User

Welcome, Guest.
Please login or register.
 
 
 
Forgot your password?

+-Stats ezBlock

Members
Total Members: 51
Latest: JUST4TheFACTS
New This Month: 0
New This Week: 0
New Today: 0
Stats
Total Posts: 14967
Total Topics: 262
Most Online Today: 33
Most Online Ever: 201
(December 08, 2019, 11:34:38 pm)
Users Online
Members: 1
Guests: 30
Total: 31

Author Topic: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!  (Read 6937 times)

0 Members and 0 Guests are viewing this topic.

AGelbert

  • Administrator
  • Hero Member
  • *****
  • Posts: 31821
  • Location: Colchester, Vermont
    • Renwable Revolution

Oil Prices Cut AGAIN by Saudis
Published at 09:19AM - 01/08/16

Saudi Aramco just announced it has lowered the price of its Arab Light crude by the most since October 2015, showing it does not intend to change its plans amid Iran’s strong revival.

Over this year, Iran has seen its production go up by 25% in an attempt to get back to pre-sanction levels, while Brent crude prices have shown a 17% rise mostly due to supply disruptions.

“We expect slightly higher oil prices for the second half of 2016 as oil market oversupply diminishes. However, inventories remain very large and will take some time to be drawn down,” World Bank’s Commodities Markets Outlook report lead author, John Baffes, said.

Oil Prices Cut by Saudi Despite Oversupply


Iran is trying to reach a daily output of 4 million barrels by the end of 2016, after a heavy drop caused by the international sanctions.

Just last month, Saudi Aramco CEO Amin Nasser told media sources the company was not worried   about rival producers like Iraq, Iran and Russia gaining ground on Asia, its main export market.

However  , the recent move could be showing otherwise. In 2014, Saudi Arabia led OPEC’s decision to maintain production levels.

In the meantime, despite this year’s climb in Brent crude oil prices, these are still 20% lower than in 2015.

The rise follows a downfall in crude production in Nigeria, as militants resume pipeline attacks in the Niger Delta, as well as the Canadian wildfire that led the oil-sands industry to shut down more than 1 million barrels a day of production.

Oil Majors  Suffer from Supply Glut 

This oversupply and the continued drop in crude prices has severely affected the industry, which was left clear in the latest second quarter results announced over the past week.

In fact, ExxonMobil and Shell reported their lowest profits since 1999 and 2005, while Chevron reported its deepest fall in 27 years.
       

“Energy exporting emerging and developing economies have struggled to adjust to persistently low prices. (…) Both energy and agricultural commodity exporting countries need to step up economic diversification efforts to bolster resilience to commodity price fluctuations,” Director of the World Bank’s Development Prospects Group, Ayhan Kose, said.

http://www.offshorepost.com/oil-prices-cut-by-saudi-despite-oversupply/

Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23

 

+-Recent Topics

The Week in Doom January 26 by AGelbert
27 Jan, 2020 13:37

Comic Relief by Surly1
27 Jan, 2020 12:48

Doomstead Diner Daily by AGelbert
27 Jan, 2020 12:38

🚩 Global Climate Chaos ☠️ by AGelbert
26 Jan, 2020 21:07

2020 Presidential Election by AGelbert
26 Jan, 2020 00:08

Profiles in Courage by AGelbert
25 Jan, 2020 18:18

War Provocations and Peace Actions by AGelbert
25 Jan, 2020 16:39

Pollution by AGelbert
25 Jan, 2020 16:27

Electric Vehicles by AGelbert
25 Jan, 2020 15:57

Non-routine News by Surly1
25 Jan, 2020 07:15