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The Inland Freight Equalization Margin (IFEM) is a regulatory measure implemented in Pakistan to equalize the price of petroleum products across different regions of the country. [ 1 ] [ 2 ] It includes the costs for refineries to transport crude oil from its source to their facilities, as well as the expenses for Oil Marketing Companies (OMCs ...
"Petrocurrency" or (more commonly) "petrodollars" are popular shorthand for revenues from petroleum exports, mainly from the OPEC members plus Russia and Norway.Especially during periods of historically expensive oil, the associated financial flows can reach a scale of hundreds of billions of US dollar-equivalents per year – including a wide range of transactions in a variety of currencies ...
The 2021–2023 global supply chain crisis further stressed the delivery of extracted petroleum. Additionally, as Europe sought to replace Russian gas, it bid up prices of U.S., Australian, and Qatari ship-borne liquefied natural gas (LNG), diverting supply away from traditional LNG customers in Asia. Because gas frequently sets the price at ...
The oil prices were seen rising to hit $71.38 per barrel in March 2021, marking the highest since the beginning of the pandemic in January 2020. [116] The oil price rise followed a missile drone attack on Saudi Arabia's Aramco oil facility by Yemen’s Houthi rebels. [117] The United States said it was committed to defending Saudi Arabia. [118]
Warren C. Platt (1883–1963) started the magazine National Petroleum News in Cleveland, Ohio in 1909. He expanded the business with the publication of the newsletter called Platts Oilgram in 1923, which went on to be recognized as an influential source for petroleum prices. The companies founded by Platt that published prices and news were ...
Peak oil relates closely to oil depletion; while petroleum reserves are finite, the key issue is the economic viability of extraction at current prices. [ 6 ] [ 7 ] Initially, it was believed that oil production would decline due to reserve depletion, but a new theory suggests that reduced oil demand could lower prices, impacting extraction costs.
The forward exchange rate depends on three known variables: the spot exchange rate, the domestic interest rate, and the foreign interest rate. This effectively means that the forward rate is the price of a forward contract, which derives its value from the pricing of spot contracts and the addition of information on available interest rates. [4]
Despite this, and the quadrupling of prices during the 1973 oil crisis, the production decline was not reversed in the lower 48 states until 2009. Crude oil production has since risen sharply from 2009 through 2014, so the rate of US oil production in October 2014 was 81% higher than the average rate in 2008. [12]