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Thread: Saudi Arabia and OPEC are doomed.

  1. #811
    Two companies are proposing a $1.6 billion pipeline to move North Dakota crude oil, making it the biggest such project to move oil out of the state since the Dakota Access pipeline that sparked violent clashes between protesters and law enforcement in 2016 and 2017.Houston-based Phillips 66 and Casper, Wyoming-based Bridger Pipeline announced the joint venture called Liberty Pipeline on Monday. It's designed to move 350,000 barrels of oil daily — the bulk of which from western North Dakota's oil patch — to the nation's biggest storage terminal in Cushing, Oklahoma. From there, the companies said shippers can access multiple Gulf Coast destinations.
    The exact route of the 24-inch (60-centimeter) pipeline has not been disclosed, though the companies said in a statement the project "will utilize existing pipeline and utility corridors and advanced construction techniques to limit environmental and community impact."
    The pipeline would start in Guernsey, Wyoming, and end in Cushing, Oklahoma, Bridger Pipeline spokesman Bill Salvin said.
    A separate 55-mile (88.5 kilometer), 16-inch (40-centimeter) North Dakota line would run through the west-central part of the state, travel south though Montana and connect with the Liberty Pipeline at Guernsey, Salvin said.
    Forty-four miles of the North Dakota portion would parallel an existing pipeline corridor, he said.
    As described, the pipeline would be west of the Dakota Access pipeline and far from the most productive portion of North Dakota's oil patch in the northwestern part of the state.
    "Pipelines are a matter of great concern to folks," Salvin said. "We are acutely aware of pipeline routing in North Dakota and we are doing everything in our power to use existing pipeline rights of way and corridors."
    "Importantly, the new line will not cross any tribal lands," he said.
    Phillips 66 spokesman Dennis Nuss gave little detail about the pipeline other than to say it would not "originate in North Dakota."
    "The project hasn't been finalized — there are still some things being worked on," he said. "We will leverage existing pipelines and infrastructure facilities where possible."
    North Dakota's Public Service Commission must approve the pipeline's route in the state. Spokeswoman Stacy Eberl said the agency has not seen any plans from the companies, which said in their statement they hope to have the pipeline operational in the first quarter of 2021.

    More at: https://news.yahoo.com/1-6b-pipeline...162435031.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment



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  3. #812
    Just a week before OPEC and allies were set to meet in Vienna to discuss the fate of the production cut deal expiring in less than two weeks, participants are still debating when to hold the crucial talks, with OPEC discussing a proposal to delay the meeting to July 11 and 12, S&P Global Platts reported on Tuesday, citing two sources.
    While OPEC and Russia have been busy trying to assure the markets that they would be working toward a solution to rebalance the oil market, reports started to emerge in the past few weeks that the parties can’t even agree on whether to hold the meeting as scheduled on June 25-26 or to push it into July.
    Reports have it that Russia has requested a delay of the June meeting into early July so that it would be held after the G20 summit in late June, while Iran, which is at odds with the Gulf Arab members of OPEC, has reportedly told the cartel that it wouldn’t agree to a postponement of the key meeting.
    Khalid al-Falih, the energy minister of OPEC’s largest producer and de facto leader, Saudi Arabia, reiterated on Sunday his hope that the cartel would reach a deal to extend the cuts into the second half of the year at a meeting that will probably be held in the first week of July.

    The latest rumored meeting slot—July 11 and 12—would be a week later than what the Saudis hinted two days ago, but it would be okay for Iran, whose Oil Minister Bijan Zangeneh said on Monday that the Islamic Republic “would confirm rescheduling of the upcoming OPEC meeting only if it was to be held on July 10, 11 or 12 from originally June 25.”
    Zangeneh doesn’t want the date changed to July 3-4, as Russia had reportedly originally requested, because of scheduling conflicts.
    According to an OPEC delegate who spoke to Bloomberg, the cartel proposed the July 10-12 dates to its members and would wait for their replies.
    Judging from the comments of various OPEC and non-OPEC officials and ministers and from reports from sources, the OPEC+ group won’t make a decision about the production cuts by the time those cuts expire at the end of June.

    https://oilprice.com/Latest-Energy-N...uly-11-12.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  4. #813
    After weeks of disagreements, conflicting reports, and discussions about scheduling conflicts, OPEC has finally decided when it will hold its key meeting to decide whether to extend the oil production cuts beyond June—it is postponing the originally scheduled June 25-26 meeting with a week, to July 1 and 2.
    According to the changed timeline of the upcoming events on OPEC’s website, the Joint Ministerial Monitoring Committee (JMMC)—which reviews market fundamentals and makes recommendations to the whole group—will meet on the morning on July 1. A full OPEC meeting will be held on the afternoon on the same day, while OPEC’s non-OPEC partners led by Russia will join the talks on the next day, on July 2.

    More at: https://oilprice.com/Energy/Energy-G...-July-1-2.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  5. #814
    Despite OPEC oil production cuts and Venezuela and Iran sanctions, the world seems to be oversupplied with crude oil, with the excess amounting to some 90 million barrels above the average 2018 level, according to energy data provider Kayrros.
    The company said global oil inventories rose by as much as 40 million barrels in May alone on the back of weaker demand from refiners and end consumers as well as the steady and strong growth in U.S. light crude production. What’s more, total OPEC exports are not falling as much as previously expected as Iran continues to ship oil abroad.

    More at: https://oilprice.com/Energy/Energy-G...rsupplied.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  6. #815
    Three Permian oil pipelines coming soon. First expected online in September (partial capacity and ramp over 4 months). The other two to follow. Approx 2.5 to 3 mm bbls/d capacity.

    As others have posted the bottleneck will then be export terminals.
    Eight applications for oil export terminals filed. Offshore terminals will dominate. New terminals must accommodate VLCC Tankers, (2 mm bbls)

    One existing and three new will move on. (1) LOOP, Louisiana will switch to 100% export (2) Carlyle, Corpus Christi (3) Trafigura, Corpus Christi (4) Enterprise Products, Houston.
    All new have applied for Trump new "Fast Track" Status. Estimated timeframe for new terminals Q1 2021. In meantime might be able to export 5 mm bbls/day if one pushes it.
    All indications grace fleets are ramping for strong second half to attack DUC backlog in anticipation of new pipes.
    Saudi Arabia should just make the supply cuts permanent for the next 15 years.
    West Texas' booming Permian Basin is churning out more oil than believed and pushing U.S. crude output even higher than the federal government estimates, according to a new report Thursday.

    U.S. oil production likely hit a record of 12.5 million barrels per day in May and should even grow to 13.4 million barrels daily by the end of this year, the Norwegian research firm Rystad Energy projects. Next year should see oil supplies hit 14.3 million barrels a day.
    Rystad sees Permian output already above 4.5 million barrels daily in May with Texas' total crude volumes exceeding 5 million barrels per day in June.



    "U.S. oil production is already higher than many in the market believe," says BjÝrnar Tonhaugen, Rystad's head of oil market research.
    "Strong growth persists in the Permian Basin on both the New Mexico and the Texas sides," he said. "Updated production estimates suggest that the Permian Basin surpassed 4.5 million barrels per day in May."
    Considering the ongoing recovery in hydraulic fracturing, called fracking, activity, the ship isn't turning around anytime soon even as oil prices have turned bearish at the end of May and into June, Tonhaugen added.
    The U.S. Energy Department has projected that U.S. oil output is currently at a still-record 12.4 million barrels a day, but that the May average was less than 12.3 million barrels daily.
    The government estimates the Permian's current volumes at less than 4.2 million barrels of crude oil a day, well less than Rystad's analysis.
    Rystad believes the Permian will exceed 5 million barrels daily at some point next year.
    More at: https://community.oilprice.com/topic...s-starting-q3/
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  7. #816
    OPEC’s oil producers from the Persian Gulf are not in a rush to increase production in July despite the fact that the current agreement expires at the end of June and the cartel and allies will discuss their future oil policy in the first days of July.
    The Gulf oil producers—Saudi Arabia, Kuwait, and the United Arab Emirates (UAE)—will keep their July production within the limits set by the current deal expiring in June, OPEC sources told Reuters on Thursday.
    The Saudis are pumping in June at around the same rate as in May, while their production in July will continue to comply with the current production cut deal, Reuters’ sources said.


    Earlier this week, The Wall Street Journal reported that Saudi Arabia is cutting its oil production even deeper this month as concerns over oil demand growth have intensified. The Saudis are also asking other producers to follow and restrain production, OPEC officials told The Journal.
    While the Gulf producers Kuwait and the UAE will follow the Saudi’s lead, the biggest unknown at the OPEC+ meetings rescheduled for July 1-2 is whether non-OPEC Russia will continue to play ball and agree to roll over the cuts.
    “Russia is the only country that is yet to decide,” an OPEC source told Reuters today, confirming comments from Saudi Energy Minister Khalid al-Falih from earlier this month that “a rollover is almost in the bag” for OPEC, but the cartel has yet to discuss the pact with the non-OPEC producers led by Russia.

    More at: https://oilprice.com/Latest-Energy-N...rent-Deal.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment



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  9. #817
    Quote Originally Posted by goldenequity View Post
    amin dada
    @kambrone64
    Russia To Lend Iran A Hand For Exporting Oil
    http://OilPrice.com https://oilprice.com/Latest-Energy-N...rting-Oil.html




    The Saudis will not be pleased.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  10. #818
    India more than quadrupled its imports of U.S. crude oil between November last year and May this year as the U.S. sanctions on Iran significantly reduced Iranian crude purchases at refiners in India, which was Iran’s second-largest oil customer until last month.

    According to tanker arrival data that Reuters has obtained from industry and shipping sources, the growth in U.S. oil supplies to India was significantly higher than the increase of Indian purchases of oil from its traditional Middle Eastern sources of supply.
    Between November 2018 and May 2019—the period in which the U.S. slapped sanctions on Iran’s oil exports allowing six-month exemptions for the largest buyers, including India, and the end of those waivers in May—Indian refiners bought around 184,000 bpd of U.S. crude oil, up from just 40,000 bpd in the same period the previous year.
    Between the start of the U.S. sanctions and the end of all waivers for Iranian buyers, India’s intake of Iranian crude oil slumped to 275,000 bpd, down by 48 percent on the year, according to the tanker data cited by Reuters.
    During the November-May period, India’s purchases of Saudi crude oil increased by 11 percent to 804,000 bpd and imports from the United Arab Emirates (UAE) surged by 37 percent to 360,000 bpd, while purchases from Iraq went down 3.3 percent to 1.01 million bpd.

    Although the volumes from the U.S. were low compared to those of India’s traditional Middle Eastern suppliers, the growth in U.S. imports obliterated the rise in Middle East shipments, also because the official selling prices (OSPs) of Saudi Aramco and other Middle East oil producers have been higher, enabling the U.S. to sell its oil to India.

    More at: https://oilprice.com/Latest-Energy-N...an-Supply.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  11. #819
    Talks between OPEC and its allies next month about whether to extend their pact on cutting oil supplies "won't be easy" and may be complicated by the situation facing Iran and Venezuela, Kazakh Energy Minister Kanat Bozumbayev said.The Organization of the Petroleum Exporting Countries and other large oil producers, including Russia and Kazakhstan, meet in Vienna on July 1-2 to discuss whether the oil output deal, which expires after June 30, should be continued.
    "I think it won't be easy," Bozumbayev told reporters about the talks, in comments cleared for publication on Monday, citing "different positions" among parties to the deal.
    He said Iran and Venezuela both faced U.S. sanctions. "Will they want to (extend) or not? It's hard (to say)," he said.
    Kazakhstan wanted the deal extended into the second half of the year, he said, describing the oil price in a range of $60-$70 per barrel as "suitable".
    Benchmark Brent oil is now trading at about $65.
    He said there was no need for higher oil prices, adding: "No one needs it as production in one big country will increase. (A country) which does not enter any agreements," referring to the United States, which is not party to the production deal.
    The United States is now producing about 12 million bpd.
    Bozumbayev said this month that Central Asia's biggest oil exporter had cut more production than required by the pact so far this year, reducing output to 1.76 million barrels per day (bpd), well below its 1.86 million bpd quota.
    Asked about the issue of contaminated oil in Russia's Druzhba pipeline to Europe, Bozumbayev said Kazakh oil producers and its pipeline operator KazTransOil were still assessing what damages they considered should be paid by Russia's oil pipeline monopoly, Transneft, which operates Druzhba.
    He said about 630,000 tonnes of Kazakh oil was contaminated on Russian territory as it was transported via Russian pipelines.
    Bozumbayev also said Kazakhstan planned to raise production at its giant offshore Kashagan oilfield to reach up to 420,000 bpd by the end of the year from 400,000 bpd now.

    https://news.yahoo.com/1-iran-venezu...072928262.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

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