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EIA: At least 9 new refinery projects to come online before end of 2023 in Asia and Middle East; 2.9 MMb/d

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In the International Energy Agency’s (IEA) June 2022 Oil Market Report, the IEA expects net global refining capacity to expand by 1.0 The Shenghong Petrochemical facility in Lianyungang has an estimated capacity of 320,000 b/d, and they report that trial crude oil-processing operations began in May 2022. million b/d in 2023.

Asia 418
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Opinion: Saudi Oil Strategy: Brilliant Or Suicide?

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In the last quarter of 2014, in the face of possible oversupply, Saudi Arabia abandoned its traditional role as the global oil market’s swing producer and therefore it role as unofficial guarantor of existing ($100+ per barrel) prices. The Saudis obviously miscalculated the degree to which their shift would negatively impact oil prices.

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EIA: New refineries will increase global refining capacity in 2022 and 2023; China leads

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Associated sanctions on Russia—with more than 5 million b/d in crude oil processing capacity—disrupted exports of Russia’s refined products into the global market, and will likely continue to do so as import bans in the European Union and United Kingdom come into full force. million b/d in 2022 and by an additional 1.6

Global 448
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Opinion: Oil Megaprojects Won’t Stay On The Shelf For Long

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One casualty of the oil price downturn could be the megaproject. For years, as conventional oil reserves depleted and became increasingly hard to find, oil companies ventured into far-flung locales to find new sources of production. The collapse of oil prices, however, could kill off the megaproject.

Oil 150
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Day Of Reckoning For US Shale Will Have To Wait

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It may just delay the adjustment for oil markets. “It Maintaining access to finance can come at a price. Bond markets have essentially been ruled out as a new source of finance for high-yield producers. The ratings agency cut its forecasted oil price for 2016 to just $48 per barrel.

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What's Oil Got to Do With It?

Plugs and Cars

From Saturday's New York Times story " Cheney, on Carrier, Sends Warning to Iran " Vice President Dick Cheney used the deck of an American aircraft carrier just 150 miles off Iran’s coast as the backdrop yesterday to warn that the United States was prepared to use its naval power to keep Tehran from disrupting oil routes. billion of the $7.4

Oil 100
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Opinion: Is Russia Plotting To Bring Down OPEC?

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Putin has highlighted on various occasions the contribution Russia’s mineral wealth, in particular oil and natural gas, must make for Russia to be able to sustain economic growth, promote industrial development, catch up with the developed economies, and modernize Russia’s military and military industry. Live by Energy…. mmbbl/day) in 2013.

Russia 150