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Oil and Gas Industry Risk Factors Overview Live News Headlines Business Opinions Risk Analysis
Read more about the current live issues in oil and gas industry. What are the energy related threats and opportunities live online.
21 September 2022 – A massive fire broke out at a BP oil refinery in Oregon, Ohio, with fire crews responding to reports of injuries at the site.
12 September 2022 – Oil prices fell today on continuing lockdowns in China and increasing central bank increases around the world including USA, Europe and UK.
Brent crude future oil prices dropped to $91.56 a barrel by 0330 GMT. US West Texas Intermediate crude was down to $85.45 a barrel of crude oil.
OPEC+ willingness to cut oil supply announced last week gave the oil market confidence prices of oil would rise and did last week, however the overriding mood on the oil markets is gloom. Overall negatives on oil demand globally overpowering oil producer supply fears.
In addition The Federal Reserve, in USA is likely to push up interest rate further, pushing up the value off the US dollar, thereby making US dollar-denominated oil more expensive for investors.
However, at the end of 2022 European Union oil embargo on Russian oil takes effect. The G7 will soon implement a price cap on Russian oil to limit the money Russia makes from oil exports.
7 September 2022 – Oil prices fell more than $1 on Wednesday to their lowest since before Russia invaded Ukraine as COVID-19 curbs in top crude importer China and expectations of more interest rate hikes spurred worries of a global economic recession and lower fuel demand.
Oil futures markets are pricing in ‘stagflation’ in the global economy which will kill demand for oil.
China’s zero-COVID policy has kept major Chinese cities under lockdown, curbing mobility and oil demand in the world’s second-largest consumer.
The China’s exports and imports lost momentum in August with growth significantly missing forecasts. Crude oil imports fell 9.4% in August from a year earlier, customs data showed on Wednesday, as outages at state-run refineries and lower operations at independent plants amid weak margins capped buying.
Global central banks are increasing interest rates to try to control out of control inflation. The European Central Bank ECB is widely expected to increase interest rate by 3/4 percent this Tomorrow. The Federal Reserve in USA is expected to do the same this month, or may even go with full percentage point increase. Higher interest rates will reduce demand for oil.
10 August 2022 – WTI crude, the US benchmark oil price, has fallen 28% since its most recent highs in early June, to trade at around $90 a barrel.
Brent crude, the international benchmark, is down 24% from its own June highs, to trade at around $95 a barrel. It’s dropped more than 30% from its March high of close to $140
The markets have accepted world’s major economies are going into at least a year long recession in 2023. The only question is how bad business activity falloff, and demand for energy, will be.
USA is already in a recession. The Bank of England says the UK will enter a 15 month recession soon. The EU has stuck its fingers in its ears and is shouting la la la la la!
Energy prices will continue to fall due to falling demand unless some idiot does something really stupid to interrupt energy supplies. That’s a real risk as there are a lot of people rooting for global economic collapse.
15 July 2022 – Around a 20 percent fall in world oil prices off peak to today.
The price of oil (WTI crude for August delivery) which was $123.70/bbl on March 7, closed at $97.57 on 15 July. The price of WTI crude oil has fallen in four of the past five weeks.
8 July 2022 – This week oil prices slumped to four-month lows.
5 July 2022 – Pressure on oil and gas prices to rise once again
10th May 2022 – Oil prices have extended their biggest drop in five weeks as European Union sanctions, fears of global recession and oil demand worries as coronavirus lockdowns in the world’s biggest importer China weighed down oil prices globally.
Japan became the latest in the G7 to ban imports of Russian oil. Japan imported 3.6% of its crude oil from Russia in March 2022.
9th May 2022 – The United States announced a record-sized release of emergency crude oil reserves in March without consulting partners in the International Energy Agency.
Reuters news agency have two sources confirming unprecedented release of American oil reserves. Unilateral action by American government to address global supply or price issues risks undermining the U.S. relationship with the IEA, the world’s energy watchdog that normally oversees international releases from emergency stockpiles, and could raise questions about the continued relevance of the group.
The Paris-based IEA, which groups together 31 mostly industrialized countries, was established after the 1973 oil price shock to ensure continuous energy supplies to its members in the event of an embargo, war, or devastating storm.
The group’s members have become worried that U.S. President Joe Biden is using the Strategic Petroleum Reserve (SPR) to tamp down rampant domestic inflation for political reasons, instead of protecting consumer countries from a global supply disruption, according to the sources who declined to be identified because of the sensitivity of the topic, according to Reuters.
Oil prices fell today after Saudi Arabia reduced prices for Asia and the northwest of Europe. Strict lockdowns in China to prevent the spread of new Covid-19 outbreaks continues to spread fear of impeding global economic recession reducing demand for oil. Currently, international oil prices are still about 10 dollars a barrel higher than they were a month ago.
BusinessRiskTV
Joe Biden might be better advised to ramp up domestic production of oil in face of changing world, but he was voted in on a ticket of phasing out oil production in America and might be perceived as reneging on election promises if he did.
29th March 2022 – Worldwide demand for oil has risen to nearly pre-pandemic levels. Oil supply has been restricted for a number of reasons including OPEC+ failing to reverse supply cuts enacted during the pandemic in 2020.
USA oil exports have increased after Russia’s invasion of Ukraine. If peace can be found oil prices will slump especially as it is likely that demand side of oil price calculation will reduce if Covid continues to disrupt business activity, as currently happening in China. Ukraine and Russia to meet in Istanbul for their first peace talks in over two weeks. Sanctions were imposed on Russia after it invaded Ukraine which increased oil prices to 14-year highs.
Record-high prices for gasoline in the United States are seen as a top vulnerability to Biden’s Democratic party leading into mid-term elections in November 2022.
24 November 2021 – Joe Biden, President of USA, tried to coordinate an oil price reduction by several countries including UK, China, South Korea, India and Japan, releasing some of their oil reserves into the open marketplace.
Oil prices actually rose today instead of the hoped for fall in oil prices. OPEC could respond by restricting oil supply further after their meeting next week, thereby making Joe’s efforts ineffective in terms of reducing oil prices in the marketplace. It is highly likely that oil prices will rise unless a European lockdown due to coronavirus end of 2021 beginning 2022 reduces demand for oil.
9th March 2020 Black Monday Sees One Of The Biggest Daily Oil Price Falls
At the time that demand for oil was already falling due to global economic slowdown the coronavirus has hit demand even further. Oil producers response is to start oil price war including boosting production and cutting oil prices to gain market share.
Saudi Arabia state oil company Saudi Aramco is cutting price of oil by its biggest margin ever. It will increase production to supply cheap oil at its new low price.
Crude oil price fell 30 percent at the open of the oil markets in Asia. Brent was down 23.7 percent.
9th January 2020 Norways Oil Output To Grow In 2020
Oil production was at its lowest level in 2019 since 1989. However the next few years will see Norway produce more oil and gas at levels not seen since 2004.
Norways oil output will grow by 43 percent from 2019 to 2024 due to new oil fields coming on stream and older production facilities are upgraded
Norweigian Petroleum Directorate NPD
New oilfields coming on stream include Sverdrup and Castberg. Despite the Scandinavian countrys credentials as environment friendly it is not going to cut its nose off to spite its face! It will continue to pump out oil and gas for at least another 50 years.
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What are the key issues in oil and gas industry? What are the most demanding types of risk in oil and gas industry? What opportunities lie before your oil and gas business? Rapid global change presents both a threat and an opportunity to grow faster. At almost the flip of a coin, you can see oil and gas consumption spiking or falling off a cliff. Are you prepared for the uncertainties and business risks facing you :
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- Health of global economy – expansion or contraction in demand for oil and gas
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Oil and Gas Industry Risk Management
The oil price recover at the back end of 2016 will continue and get stronger in 2017 as the cut back in investment feeds into higher prices. Longer-term is always wrapped in uncertainty and risk for the oil industry. The worlds population continues to grow and this brings with it an amount of certainty that sooner or later oil and gas prices will rise, as demand will eventually catch up with supply. Which means that the oil and industry grow for many decades yet and then morph into other forms of energy production.
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