Oil and gas companies have discovered 7.7 billion barrels of oil equivalent (boe) year-to-date, according to Rystad Energy’s latest global discoveries report.
This means that only 1 bbl out of every six consumed is being replaced by new sources. This is the lowest replacement ratio we have witnessed in the last 2 decades,” Shenga added
South Korea Oil Tanker Blast Sparks Fire Injuring 18
A mushroom cloud of fire erupted from Stolt Groenland, the
Blaze spread to South Korean-flagged oil tanker Bow Dalian – which was docked nearby
Some 25 were rescued from Stolt Groenland and 21 sailors from the Bow Dalian
Yet 10 people, most of whom were workers at the terminal, have been wounded
Nine were South Korean, including one in a critical condition, and one from India
China has begun imposing new tariffs to crude oil from the U.S
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.