China has begun imposing new tariffs to crude oil from the U.S. In the continued escalation to Trump’s trade war, China also filed a complaint against the United States at the World Trade Organization (WTO).
West Texas Intermediate crude for the October delivery CLV19, -3.43% was down $1, or 1.8%, to reach $54.10 a barrel on the New York Mercantile Exchange. In August, front-month prices for the U.S. benchmark suffered a 5.9% monthly decline, according to Dow Jones Market Data.
Last week Trump demanded U.S manufacturing Companies move out of China.
Have We Reached Peak Production?
In less than eight years, U.S. oil production climbed from under 6 million barrels per day (BPD) to more than 12 million BPD. This surge is arguably the only reason oil prices today aren’t above $100/barrel (bbl).
But Has Oil Production Peaked?
Production Has Peaked. Not enough new wells are heading for completion to offset the accelerating decline rate of existing wells. And so the Crude Oil cycle continues, could one expect in the future we could see a spike in oil prices because of this?
A peak in global oil demand is within sight and could be reached by the mid-2030s, if not sooner. said GLEN HODGSON
This is the outcome OPEC is hoping for. It is clear that their strategy is to keep oil prices propped up until U.S. oil production begins its decline, at which point they can reassert control over the global oil markets. – Robert Rapier
UK shale dream of energy independence is fading
The official UK advocate for shale-gas development has resigned in protest of “a de facto ban” on hydraulic fracturing.
Natascha Engel, a former Labor Party member of Parliament, complained in her resignation letter to Greg Clark, secretary of state for business, energy, and industrial strategy, of “ridiculously low” seismicity thresholds at which fracing must be halted.
Losing our fracking tsar must be a wake-up call for flip-flopping ministers
THE loss of the UK’s fracking tsar must be a wake-up call for flip-flopping ministers.
Natascha Engel is right to warn that Britain’s energy revolution is now at risk, with the Government in thrall to eco-warriors and their immature stunts. https://www.thesun.co.uk
Britain’s quest to tap domestic supplies of shale gas is looking increasingly bleak as the government’s liaison between the industry and local communities resigned after just six months in the job. – bloomberg.com
The resignation of Natascha Engel as the Government’s so-called fracking “tsar” is the latest blow to a burgeoning industry that held out such promise just a few years ago. – https://www.telegraph.co.uk
This isn’t the first time fracking has been stopped in its tracks. In 2011 after fracking by Cuadrilla caused minor earthquakes at its northwest England site leading to an effective ban on all drilling while the government probed the industry.