Gee, thanks Sleepy Joe!
NEW YORK, Aug 8 (Reuters) - U.S. crude oil production is expected to rise by 850,000 barrels per day to record 12.76 million bpd in 2023, according to a monthly report from the Energy Information Administration on Tuesday.
Crude oil production is expected to rise by 330,000 barrels per day to 13.09 million bpd in 2024, EIA data showed.
The last record output was 12.3 million bpd in 2019, before the COVID-19 pandemic crushed demand and prices, and drillers were hit by higher costs that squeezed profit margins and investor demands to limit spending.
The increases in forecasts are due to come as a result of higher expected well-level productivity and higher crude oil prices, the EIA said.
Global benchmark Brent crude oil prices are due to average $86 per barrel in the second half of 2023, up about $7 per barrel from the previous forecast, the EIA said. U.S. GDP growth is expected to rise increase by 1.9% in 2023, up from 1.5% in last month's forecast, the EIA said.
Crude prices have been rising since June, primarily because of extended voluntary cuts to Saudi Arabia's crude oil production as well as increasing global demand.
"We expect these factors will continue to reduce global oil inventories and put upward pressure on oil prices in the coming months," the EIA said.
Rising global oil production in 2024 is expected to keep pace with oil demand and put downward pressure on crude oil prices beginning in the second quarter of 2024, it added.
https://www.reuters.com/business/en...rise-record-1276-mln-bpd-2023-eia-2023-08-08/
So, Saudi Arabia has a hand in the rising gasoline prices? Who knew?
But how did this come about?
Say what???? How and when did Saudi Arabia get this kind of control in the US?
MAY 3, 2017, 10:01 AM
The Port Arthur refinery in Texas is North America’s largest oil refinery, and as of this week Saudi Arabia controls all of it. With the stroke of a proverbial pen, Saudi’s state-owned oil giant Aramco took on 100 percent ownership of the port, cementing its access to the lucrative U.S. energy market at a critical time.
Industry experts say this week’s deal is Aramco’s latest power play before its highly anticipated IPO next year. But it also unveils a wider Aramco strategy no other state-owned oil giant has pursued yet: buying up downstream refineries worldwide to ensure steady consumer access regardless of prices.
In the latest deal, finalized Monday, Aramco gained full ownership of Port Arthur and 24 distribution terminals in a boon to investors eyeing the IPO. Before that, Aramco had a 50-50 stake in the refinery with Anglo-Dutch oil giant Royal Dutch Shell. Port Arthur, referred to as the “crown jewel” of U.S. refinery infrastructure, can process 600,000 barrels of oil a day.
Aramco is slated to go public next year and the government is hoping the IPO can net $2 trillion — the largest IPO in history by a long shot — to score some sorely needed cash. “This Port Arthur deal is about Saudis getting prepared to try and value Aramco at the highest amount they can before they go public,” said Andrew Holland, an energy expert at Washington-based think tank American Security Project.
Saudi Arabia and other petro-states are feeling the pain from record-low oil prices, squeezing their steady streams of government revenue. The U.S. market is one of the few bright spots for Saudi Arabia, the United States’ second-largest oil supplier after Canada. The Gulf kingdom exported 1.3 million barrels of crude a day to the United States in February, up 32 percent from last year.
This isn’t the first downstream refinery Aramco bought, and it won’t be the last. Aramco also bought up refineries in China, Japan, Indonesia, South Korea, and is exploring pricey new ventures in Malaysia and India.
That’s all part of a grand plan, said Jean-Francois Seznec, a 25-year energy industry veteran now with Georgetown University. As the sole state-owned oil company in the world’s largest petro-state, Aramco has a firm grip on its upstream business, so now it’s locking down control of downstream markets, he told FP. “They’re creating a baseload of demand for their crude production so Saudi oil will always have an outlet to sell in regardless of prices,” he said. “I think it’s a superb strategy…no other national companies appear to have the same strategy.”
A Saudi state company controlling the largest U.S. refinery may sound like a national security headache, but experts say it’s not. The problem rather is one of perception.
“The optics aren’t good,” said Bud Coote, a former energy analyst for the CIA and now with Washington-based think tank the Atlantic Council. “But the [oil] industry’s globalization and interdependence may quell any alarm,” he said, adding Aramco likely wouldn’t risk any access to U.S. markets for Riyadh’s political gains. And U.S. relations with Saudi Arabia are much better than with other petro-states around the world, such as Iran, Russia, or Venezuela.
U.S. President Donald Trump appears to have backed off repeated campaign promises to wean the United States off foreign energy. In campaign speeches, Trump vowed to gain independence from “our foes and the oil cartels” (presumably referring to the Organization of the Petroleum Exporting Countries, of which Saudi Arabia is a member), and threatened to curb Saudi crude imports if Riyadh didn’t pitch in more troops to the fight against ISIS.
Trump has since backed away from those statements, and U.S.-Saudi relations appear to be flourishing based on recent bilateral meetings. So, at least for now, the latest Aramco deal may be a win-win situation for Washington and Riyadh.
So this happened in May of 2017, under Sleepy Joe????
Oh, wait. 2017 was............President Trump, who has political ties to Saudi Arabia!!!!!!
Hmmmm. I'm not worried though, because he has America's best interests in mind, right? Right? RIGHT???
Well, except for that journalist, of course, but...
Where's Jared been again?
https://foreignpolicy.com/2017/05/0...y-in-north-america-energy-middle-east-aramco/
NEW YORK, Aug 8 (Reuters) - U.S. crude oil production is expected to rise by 850,000 barrels per day to record 12.76 million bpd in 2023, according to a monthly report from the Energy Information Administration on Tuesday.
Crude oil production is expected to rise by 330,000 barrels per day to 13.09 million bpd in 2024, EIA data showed.
The last record output was 12.3 million bpd in 2019, before the COVID-19 pandemic crushed demand and prices, and drillers were hit by higher costs that squeezed profit margins and investor demands to limit spending.
The increases in forecasts are due to come as a result of higher expected well-level productivity and higher crude oil prices, the EIA said.
Global benchmark Brent crude oil prices are due to average $86 per barrel in the second half of 2023, up about $7 per barrel from the previous forecast, the EIA said. U.S. GDP growth is expected to rise increase by 1.9% in 2023, up from 1.5% in last month's forecast, the EIA said.
Crude prices have been rising since June, primarily because of extended voluntary cuts to Saudi Arabia's crude oil production as well as increasing global demand.
"We expect these factors will continue to reduce global oil inventories and put upward pressure on oil prices in the coming months," the EIA said.
Rising global oil production in 2024 is expected to keep pace with oil demand and put downward pressure on crude oil prices beginning in the second quarter of 2024, it added.
https://www.reuters.com/business/en...rise-record-1276-mln-bpd-2023-eia-2023-08-08/
So, Saudi Arabia has a hand in the rising gasoline prices? Who knew?
But how did this come about?
Saudi Arabia Now Controls the Largest Oil Refinery in North America
The move is a huge boon to Aramco before a big IPO, experts say.
Say what???? How and when did Saudi Arabia get this kind of control in the US?
MAY 3, 2017, 10:01 AM
The Port Arthur refinery in Texas is North America’s largest oil refinery, and as of this week Saudi Arabia controls all of it. With the stroke of a proverbial pen, Saudi’s state-owned oil giant Aramco took on 100 percent ownership of the port, cementing its access to the lucrative U.S. energy market at a critical time.
Industry experts say this week’s deal is Aramco’s latest power play before its highly anticipated IPO next year. But it also unveils a wider Aramco strategy no other state-owned oil giant has pursued yet: buying up downstream refineries worldwide to ensure steady consumer access regardless of prices.
In the latest deal, finalized Monday, Aramco gained full ownership of Port Arthur and 24 distribution terminals in a boon to investors eyeing the IPO. Before that, Aramco had a 50-50 stake in the refinery with Anglo-Dutch oil giant Royal Dutch Shell. Port Arthur, referred to as the “crown jewel” of U.S. refinery infrastructure, can process 600,000 barrels of oil a day.
Aramco is slated to go public next year and the government is hoping the IPO can net $2 trillion — the largest IPO in history by a long shot — to score some sorely needed cash. “This Port Arthur deal is about Saudis getting prepared to try and value Aramco at the highest amount they can before they go public,” said Andrew Holland, an energy expert at Washington-based think tank American Security Project.
Saudi Arabia and other petro-states are feeling the pain from record-low oil prices, squeezing their steady streams of government revenue. The U.S. market is one of the few bright spots for Saudi Arabia, the United States’ second-largest oil supplier after Canada. The Gulf kingdom exported 1.3 million barrels of crude a day to the United States in February, up 32 percent from last year.
This isn’t the first downstream refinery Aramco bought, and it won’t be the last. Aramco also bought up refineries in China, Japan, Indonesia, South Korea, and is exploring pricey new ventures in Malaysia and India.
That’s all part of a grand plan, said Jean-Francois Seznec, a 25-year energy industry veteran now with Georgetown University. As the sole state-owned oil company in the world’s largest petro-state, Aramco has a firm grip on its upstream business, so now it’s locking down control of downstream markets, he told FP. “They’re creating a baseload of demand for their crude production so Saudi oil will always have an outlet to sell in regardless of prices,” he said. “I think it’s a superb strategy…no other national companies appear to have the same strategy.”
A Saudi state company controlling the largest U.S. refinery may sound like a national security headache, but experts say it’s not. The problem rather is one of perception.
“The optics aren’t good,” said Bud Coote, a former energy analyst for the CIA and now with Washington-based think tank the Atlantic Council. “But the [oil] industry’s globalization and interdependence may quell any alarm,” he said, adding Aramco likely wouldn’t risk any access to U.S. markets for Riyadh’s political gains. And U.S. relations with Saudi Arabia are much better than with other petro-states around the world, such as Iran, Russia, or Venezuela.
U.S. President Donald Trump appears to have backed off repeated campaign promises to wean the United States off foreign energy. In campaign speeches, Trump vowed to gain independence from “our foes and the oil cartels” (presumably referring to the Organization of the Petroleum Exporting Countries, of which Saudi Arabia is a member), and threatened to curb Saudi crude imports if Riyadh didn’t pitch in more troops to the fight against ISIS.
Trump has since backed away from those statements, and U.S.-Saudi relations appear to be flourishing based on recent bilateral meetings. So, at least for now, the latest Aramco deal may be a win-win situation for Washington and Riyadh.
So this happened in May of 2017, under Sleepy Joe????
Oh, wait. 2017 was............President Trump, who has political ties to Saudi Arabia!!!!!!
Hmmmm. I'm not worried though, because he has America's best interests in mind, right? Right? RIGHT???
Well, except for that journalist, of course, but...
Where's Jared been again?
https://foreignpolicy.com/2017/05/0...y-in-north-america-energy-middle-east-aramco/
