Petroleum Education Company

When the oil vanish..

Four months have passed since the last update in May 2018, and it is time to take a fresh look at the global oil market, especially in light of the unique OPEC+Russia+others deal coming to an effective end in July. This led to a predictable fall in the oil price, Brent losing >$6/bbl on the news, but it has since recovered to >$77/bbl and looks like it could head north of $80 in the coming weeks. What is going on in the oil markets? Global total liquids production hit a record-high of 99.00 million barrels per day in July 2018 while the wheels once again appear to be coming off the wagon in Libya.
Under-reported in the main stream news (MSN) is the fact that unrest seems to have spilled over once more in Libya knocking production back from 970,000 bpd in May to 670,000 bpd in July😎

Four months have passed since the last update in May 2018, and it is time to take a fresh look at the global oil market, especially in light of the unique OPEC+Russia+others deal coming to an effective end in July. This led to a predictable fall in the oil price, Brent losing >$6/bbl on the news, but it has since recovered to >$77/bbl and looks like it could head north of $80 in the coming weeks. What is going on in the oil markets? Global total liquids production hit a record-high of 99.00 million barrels per day in July 2018 while the wheels once again appear to be coming off the wagon in Libya.
Under-reported in the main stream news (MSN) is the fact that unrest seems to have spilled over once more in Libya knocking production back from 970,000 bpd in May to 670,000 bpd in July