China's imports have surged in recent years from OPEC nations such as Saudi Arabia, Iraq and the United Arab Emirates, according to Chinese customs data. The U.S. is still No. 1 in crude imports from the entire world.
Money Talks Michael Campbell interviews Josef Schachter, Canada's leading independent energy analyst and founder of Schachter Asset Management, on OPEC's fate as the U.S. marches toward energy independence.
The government shuts down and the outlook for energy just got a little murky. While transportation is not directly impacted by the government shutdown, a prolonged stalemate could slow the economy and U.S. oil demand.
President Obama is looking for a way out as are oil bulls that were betting on a Middle East disaster. Risk premium came out of the market and for at least in the near term the market may start to focus of more traditional fundamentals.
As if you need another reminder about how the explosion in U.S. shale oil and gas production is rocking OPEC's world, you only have to go as far as the International Energy Agency’s most recent report.
EIA estimates that global liquid fuels production outpaced consumption in Q2 of 2013, resulting in a fuel stock build of 260,000 bbl/d compared with an average stock draw of about 210,000 bbl/d over the previous four years.