https://www.iea.org/about/faqs/oil/Actually, they do. Development as defined by western capitalism requires low cost energy sources. Higher cost energy sources while better environmentally and better for humanity in the long run are still controlled by capital whether private or state.
theres been a glut of oil for over a decade now, running out of storage places.
meanwhile..they resort to storing oil at sea.
Quote:
Why are more and more oil ships anchoring off Singapore? - BBC
More oil tankers than usual are anchoring for days ... Why are more and more oil ships anchoring off Singapore? ... some of the country's oil was stored offshore.
https://www.bbc.com/future/story/201606 ... e-and-mo...
World's Largest Traders Use Offshore Supertankers to Store Oil Companies Are Buying Oil Now
to Sell Later When Prices Rise
https://www.wsj.com/articles/worlds-lar ... se-offsh...
Oil stored on tankers up 71% since April!! - Business Insider
The volume of refined fuel stored on ships floating at sea has jumped nearly 71 percent since early April, industry sources said on Thursday. About 41 ...
businessinsider.com/oil-stored-on-tankers-is-up-71-since-apri...
: A lesson in supply and demand
June 5 2017
A lesson in supply and demand
Oil traders are growing increasingly nervous that a glut of crude will send prices into a tailspin. As Shawn McCarthy reports, the storage issue could be another blow to Alberta’s struggling industry
Paris-based International Energy Agency said that rising U.S. supply “may soon test storage capacity limits.”
The warning prompted another selloff in oil markets, with North America’s key benchmark, West Texas Intermediate (WTI), falling to six-year lows Monday, down 2 per cent to $43.82 (U.S.) a barrel.
That’s the lowest price for WTI since the depths of the great recession of 2008-09.
“The U.S. is a-flood with oil and other production points around the world are not letting up in their output. The question is how much more oil can we take before the storage tanks hit capacity?" said Gene McGillian, senior market analyst at Tradition Energy in Stamford, Ct.
OPEC Out Of Moves As Goldman Sachs Expects Another Oil Glut In 2018
By Nick Cunningham - Mar 22, ... with an upper end bound of $80 per barrel between 2018 and 2020.
https://oilprice.com/Energy/Energy-Gene ... -Moves-A...
Login
Register
FAQ
Search
