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Brent crude futures rose to $74.60 a barrel on Tuesday and US West Texas Intermediate crude was up at $71.66 a barrel. For the year, Brent declined 3.2%, while WTI was down 0.1%. For the year ...
Crude oil futures prices on the New York Mercantile Exchange in March, April, and May 2020. In March and April 2020, demand for crude oil dropped dramatically as a result of travel restrictions related to the COVID-19 pandemic. [8] Meanwhile, an oil price war developed between Russia and Saudi Arabia, and both countries increased production. [7]
In 2015, global capacity for oil storage was out-paced by global oil production and an oil glut occurred. Crude oil storage space became a tradable commodity with CME Group— which owns NYMEX— offering oil-storage futures contracts in March 2015. [3] Traders and producers can buy and sell the right to store certain types of oil. [3]
While crude oil and natural gas are also being phased out in chemical processes (e.g. production of new building blocks for plastics) as the circular economy and biobased economy (e.g. bioplastics) are being developed [16] to reduce plastic pollution, the fossil fuel phase out specifically aims to end the burning of fossil fuels and the consequent production of greenhouse gases.
In 2005, U.S. crude oil imports peaked at twice as high as domestic production; since then, U.S. oil production has increased, and imports have fallen 41%. [11] The conventional peak of oil extraction in 1970 was predicted by one of the two projections proposed by Hubbert in 1956.
Oil 101 is a 2009 book by New York based American commodities trader Morgan Downey. [1] Downey has been cited in the press as an expert in oil markets, [2] [3] Oil 101 was called a "must read" by a Financial Times blogger. [4] and a leading oil blog reviewed the book as an addition to its select group of top oil books. [5]
Assume that the flows of separated oil from two production units go to a common storage tank. The tank is used as a cache so that the owners of the oil can get their load according to an entitlement plan. Allocation is first calculated using estimated production from each well, based on well testing.
The End of Oil: On the Edge of a Perilous New World is a non-fiction book by American journalist and author Paul Roberts. Published in 2004, it is Roberts' book-length debut. It provides an analysis of the various problems associated with humanity's reliance on oil and other fossil fuels such as coal and natural gas.