Global oil prices returned to pre-war levels this week.
Demand concerns are now being outweighed by expectations of increased supply, as negotiations for lasting peace between the US and Iran continue.
“The backlog of vessels in the Persian Gulf is being cleared, which has created a wave of supply, and we see evidence of supply assets restarting soon alongside terminals restarting,” said Rystad Energy analyst Janiv Shah.
According to US Energy Secretary Chris Wright, oil flows through the vital Strait of Hormuz are now close to levels before the war began.
He told an economic forum that 20 million barrels had passed through the Strait in the previous 24 hours.
He added that normalization of the supply would take a few weeks, because mines still need to be cleared.
Last week’s agreement between the US and Iran has allowed traffic through the Strait to resume, after an effective blockade.
The agreement establishes a 60-day period for negotiations to tackle thornier issues, including most notably Iran’s nuclear ambitions.
Secretary Wright said that oil would continue to flow through the Strait even if the deal with the US collapsed.
On Friday, the US attacked Iranian missile and drone sites, as well as radar facilities, after an attack by Iranian forces on commercial shipping.
President Trump said the Iranian attack had violated the ceasefire.
The Singapore-flagged vessel Ever Lovely took damage from an Iranian drone on Thursday.
“They shouldn’t be doing that,” Trump told reporters at the White House.
On Truth Social, he wrote the attack was a “foolish violation of our Ceasefire Agreement.”
11 Responses
This is boring news, I’d rather read about all the retarded mongoloids who were pissing their panties about world war 3 or 4 or whatever number the shit for brains were on.
So blowing up many refineries in Iran (and now Russia) didnt effect to oil supply at all? Interesting. Very interesting. Considering both Russia and Iran is major players in the world oil supply.
About 60% of the crude oil that runs through U.S. refineries is extracted right here at home.
However, our refineries run on many different types of crude oil, some of which we don’t produce here or can’t economically transport. In those cases, we use imports.
Nearly 70% of our crude oil imports come from Canada (60%) and Mexico (7%). Using the right types of crude oil keeps our refineries efficient, keeps costs down and maintains energy security.
The amount of crude oil U.S. refineries process greatly exceeds U.S. crude oil production.
The United States is producing a record amount of crude oil (~13.4 million barrels per day), while U.S. refineries need about 16.5 million barrels per day to maintain current production levels (roughly 90% utilization).
Re-tooling refineries to process solely U.S. crude oil (light crude) would cost billions, a risky investment that would take decades to permit, construct and eventually pay off.
We lack the infrastructure (like pipelines) needed to cost effectively supply U.S crude oil and refined products to every region.
Even if the economics of re-tooling our facilities worked, it can take close to a decade to permit and build pipelines in the United States.
The trump administration does NOT have American interests by NOT ALLOWING full and total national security.
He and his crony friends would rather war profiteer the way it currently operates.
Here is the key:
We lack the infrastructure (like pipelines) needed to cost effectively supply U.S crude oil and refined products to every region.
You’re not so bright are you. We have pipe line sitting around unused or unfinished because biteme shut them down. Dumptrump said he would open them up but nope. We also have refineries sitting around closed down. We also have everything we need from start to finish to be totally oil self sufficient but the powers that be don’t want that. America can make its own computer chips, medicines and everything else we need right here at home. The problem? It would shut down the rest of the world over night.
Government is never going to let us be self sufficient. “Too dangerous” they say.
Get it while you can, the shell game will not last long. “Expectations of increased supply” does not translate to physical goods currently in hand.
So, absolutely nothing was accomplished, and many US military died. We all took an big ego trip with E p s t e i n s best buddy.
Less military died in total then in one day of ww1 or ww2 or Vietnam. So just chill. We sign up to die. That’s our job.
Nobody, absolutely nobody signs up to die.
“Just doing my job dying.” Good goy.
We sign up to die. That’s our job.<<<<<<
I usually don't make comments like the one I am going to do here, but with your comment, I'll make an exception
That is maybe the dumbest comment on these comment sections ever and that's saying a lot
So, absolutely nothing was accomplished, and many US military died. We all took an big ego trip with E p s t e i n s best buddy.