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Meet Manifa (And Other Giant Oil Projects) That Will Add To The Global Oil Glut

Meet Manifa (And Other Giant Oil Projects) That Will Add To The Global Oil Glut

Via GEFIRA,

World oil consumption is more than 90 million barrels a day. Between 2009 and 2014 oil was traded for about 110 dollars a barrel; now oil is changing hands for 32 dollars a barrel. Roughly a 7-billion-dollar cash flow a day is vanishing from the global market.

Norway’s sovereign wealth fund that has accumulated a stake of 4.5 billion dollars in Apple over the past years, will turn from an Apple buyer into an Apple seller.

Oil Tumbles To 11 Year Lows After Another Bank Joins "$20 Crude" Bandwagon

Oil Tumbles To 11 Year Lows After Another Bank Joins "$20 Crude" Bandwagon

Another algo-induced stop-run has tried and failed to maintain its gains this morning as Morgan Stanley becomes the latest (after Goldman) to join the "oil in the $20s is possible" bandwagon. Despite hopeful bullishness from Andy Hall who sees production destruction leading (an industry that couldn’t function at $50 certainly can't function with prices below $40) inevityably leading to higher prices, Morgan Stanley warns, "in an oversupplied market, there is no intrinsic value for crude oil.

Why The U.S. Can't Be Called A "Swing Producer"

Submitted by Arthur Berman via OilPrice.com,

Daniel Yergin and other experts say that U.S. tight oil is the swing oil producer of the world.

They are wrong. It is preposterous to say that the world’s largest oil importer is also its swing producer.

There are two types of oil producers in the world: those who have the will and the means to affect market prices, and those who react to them. In other words, the swing producer and everyone else.

A swing producer must meet the following criteria:

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