The swamp is selling all of us down the river
trust me, it's an unintended consequence for ole joe. he's clueless and unfortunately things that happen by accident like the price of oil usually end up scattered across the landscape. Everything is a tradeoff and let's hope ole joe ain't tradin' away too much. Like I said, he's clueless as to any intentional track here on oil...i.e. he's not driving the bus.
Hell, the senile old fool doesn't even know he's on the bus!
from Russia only 650,000 b/d in Q1 2021 and 540,000 b/d in 2020.
Do you have a source for your data? Not sure your math works out...
Except the numbers don't jive with the official tracking. You might want to get propane if you live in Texas. Time to take matters into your own hands given the incompetence of Abbott and team.
All of this is suss, but since we are grabbing numbers out of context, let's play...
Oh, good, David I see you’re on the board. I started a thread with a question for you, it’s several threads from the top now, because you haven’t replied. It has your name in the title. I don’t know if you have decided to ignore me again, if you haven’t seen the question, or you just don’t want to answer. But it was a legitimate question honestly asked. God knows we have our differences, but I’m truly curious on how you’d answer the question.
Have we? I would love to hear you make the case that Biden is being less firm with Russia. Go!
Are you saying Trump had somehow halted it but Biden enabled it? Is that your case? Pretty weak.
Biden is pretty much what I expected. His performance with Russia this far is meh. He is a vast improvement on all counts thus far.
How is your 401k doing? I seem to recall that was the ultimate test of POTUS bad assedness.
Davidalllen, you have validated who we all think you are. Nothing more than a Google nerd. Your source is bogus. When you come to this board with bullshit sources you really demean yourself with us that know the subject matter. You must do better or shut the **** up and stop feeling you need to respond with flimsy google searches. In case you have not heard, you can't believe everything you read on the internet. The EIA is a US government funded organization that traditionally gets everything wrong and issues numerous corrections over long periods of time. To my knowledge no authority reports market statistics to EIA without specific request and then the minimum is provided. The most credible crude oil market reports (available to us free of charge) such as production per country, storage or stocks, shipping/transportation, orders/futures, deliveries, etc. is S&P Global Platts in London. Most of this data is provided in very detailed reports that are for sale by subscription.
lol 648,000 b/d comes out to 19,504 Mbls in January. The hated EIA estimate of was actually 600,000 barells too high.
Nord Stream, now there is a pipeline that I know a lot about. I was involved in NordStream One. No one halted Nord Stream 1 or 2. Trump economically forced Allseas (Dutch) to pull anchor and move off the subsea installation of the NS2 pipeline only when it was 90%. The Russians bought an offshore pipelay barge constructed in China and Korea and will finish the shore approach (10%). Now the Russians are in the international offshore business. Biden is far too stupid to have a logical thought on something as intricate as Nord Stream. It was his boss (the fraud Obama) that took issue with Russia selling gas directly to the EU, bypassing Ukraine. This is why Biden was sent to Ukraine with his idiot son in tow. Trump inherited the Nord Stream problem. Trump took a businessman approach and wanted the USA to withdraw the sanctions imposed on Russia. Russia does not give two shits about USA sanctions against them. Good reason, they have never proven effective. Gazprom owes (owed) US corporations involved in Nord Stream over $800 million. Gazprom withheld all payments to US companies when sanctions were imposed. The US Senate knew this would happen but did it anyway.
No, tell us. Please, no excerpts from the latest John le Carre' book.
The price/availability of Saudi oil. The refineries in the US need some heavy sour stuff to mix with the light sweet they get from shale.
Congratulations you scored a big fat F on that test question. So your answers is that if we don't have enough Saudi crude then we need Russian crude to offset the West Texas Intermediate (sweet Light crude) at the US refineries? You get an D for googling an F answer. What if I told you that all the oil lifted and delivered to US refiners from the Gulf of Mexico, Mexico, North Slope Alaska, Canada, UAE, Egypt, Kuwait and Iraq all fall into the same heavy sour category as Saudi? What if I told you Russia supplies both light and heavy crude to the US depending on the production location? Do you think shale is producing so many barrels that we MUST buy from Russia to offset the Saudi supply? What did we do a few years ago before shale was commercially viable? There are far more heavy sour suppliers in this market than sweet light producers. Kazakhstan Tengiz Field led by Chevron is the heaviest commercial sour producer in the current market. Bonny Light in the Niger Delta is the lightest commercial grade today.
What if I told you there was a shortfall of about 20 million barrels of Gulf of Mexico, Mexico, North Slope Alaska, Canada, UAE, Egypt, Kuwait Iraq and Saudi crude in January?
Oil is purchased on the open market. Refineries are going to go with the cheapest sources to get their inputs, it is simple as that.
You could recalibrate your refinery, or use the setup you spent considerable capex on to refine cheaper crude. Your call.
What determines the fluctuation month to month and year to year?
Why do you feel the need to supply all of this superfluous information that doesn't answer the question? I am very proud of you for knowing what crude is heaviest which is lightest and for knowing what countries are in OPEC, but that doesn't help anyone understand why imports from Russia where higher in January 2021 than they were in 2020.
Why did you not say so dumbass? We imported more from Russia in January 2021 versus January 2020 because of this dimwitted bastard in the White House. When an inept president suspends the flow of North American oil it is imperative to find it elsewhere. BTW No additional capex is required to recalibrate a refinery. 20 million barrels is about 3 days. That quantity could be made up by Abu Dhabi alone.
The first 20 days of January or the last 11?
What exactly did Biden do to stop the flow of North American oil in January?
The capex has been spent so that American refineries can refine cheaper heavy sour crude. It doesn't cost extra to drive your Porsche 25 mph per hour but it is a huge waste to drive your Porsche 25 mph in a 75 mph zone.
Stick to your Econ 101 pup. You can't function without a lesson plan.
I'll know where to turn next time I need to know what countries where in OPEC in the 70s. Thank you sir.
