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...“The question for the Biden administration is whether they have any incentive to utilise the sanctions architecture that the Trump administration used to take down Iran exports by 1mn b/d,” said Helima Croft...
...The IEA now predicts that oil demand will increase by 1.2mn barrels per day (b/d) this year, a 130,000 b/d reduction on its previous monthly forecast....
...US production rose by roughly 1.5mn b/d to a record 13.5mn b/d in 2023 while that of Iran increased to an average of roughly 3.9mn b/d from about 3mn b/d a year earlier, said Claudio Galimberti, North America...
...No mention of the B-word, then....
...The IEA added that record output from the US, Brazil, Guyana and Canada would help boost global supply this year by 1.5mn b/d to a record 103.5mn b/d....
...Saudi Arabia’s energy ministry on Tuesday asked the state oil company Saudi Aramco to halt a planned 1mn barrels per day expansion in oil production to 13mn b/d. This had been due by 2027....
...As a result, Saudi Aramco is currently producing about 9mn b/d, down from an average of 10.2mn b/d in the first three months of 2022....
...The IEA predicts oil demand will grow by 1.2mn b/d, about half the pace of 2023, while Opec believes demand growth will be higher at 2.2mn b/d....
...But is that a systemic risk? I’d say probably not. One good read A carbon tax by other means....
...Now the US produces almost 20mn b/d of petroleum, roughly on par with consumption. Imports from the Gulf have plummeted, and the US became a net oil exporter for the first time in 2019....
...These have picked up markedly in recent years, from a low of about 400,000 b/d in the pandemic year of 2020 to about 1.4mn b/d recently, according to Richard Bronze at Energy Aspects....
...The IEA says the US, which is already producing 20mn b/d, will remain the leading source of supply growth next year....
...The figures top the 12.9mn b/d estimated in 2023 — itself a record, surpassing levels reached before the Covid-19 pandemic....
...(the “Note”) on the earlier of (a) February 31, 2021, and (b) the date on which all amounts under this Note shall become due and payable pursuant to Section 5 (the “Payment Date”)....
...300,000 b/d, as the group looks to offset a stuttering global economy and rising supplies from rival producers....
...and 360,000 b/d in 2025....
...Speaking to reporters this week, he said his company’s most immediate challenge was the volatile prices of displays, which have been fluctuating violently due to supply gluts....
...) big enough to make a meaningful impact on Berkshire’s earnings, (b) possible to reliably value, (c) have trustworthy and competent management, and (d) are available at a reasonable price....
...Analysts estimate Opec+ has about 6mn b/d of spare capacity it can unleash on to global markets to lower prices if they spike into the triple digits to prevent demand destruction....
...Before the incident, Exxon pumped 45,000 barrels a day out of the country; afterwards it dropped to 15,000 b/d....
...Morgan Stanley’s chief executive Ted Pick this week argued that the “existential” need for dealmaking from companies was starting to usher in a recovery in investment banking....
...At present, Saudi Arabia produces about 9mn b/d, compared with a maximum of about 12mn b/d....
...Opec earlier this month forecast oil demand would rise to 116mn b/d by 2045, in a sign of the stark divergence between producers and the IEA....
...It’s a way to mitigate risk, such as geopolitical tensions. You know, the US keeps putting more export controls on Chinese companies. So companies really need to have a plan B, have a back up....
...The company ultimately reduced the size of a euro-denominated loan, given the robust demand in the US....
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