8 thoughts on “I Honestly Thought I Would Never Live To See The Day

  1. We haven’t seen the last of this yet. I’ve read a couple of articles over the past week that tell of large numbers of tankers parked off of gulf coast and S. Cali oil ports waiting to unload. They’re waiting because all of the on shore storage is full or under contract to someone other than whomever owns the oil in the tankers. BTW, there are more tankers enroute from Saudi with no where to offload the oil.

    All of the red arrows are tankers.

    https://www.marinetraffic.com/en/ais/home/centerx:-61.1/centery:25.4/zoom:4

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  2. There is not a single oil company in the Western Hemisphere that can make money at these prices, about $13/bbl this morning.

    Oddly, because US sanctions have devalued the Russian Ruble, Russia’s breakeven price is $2.50/bbl, the same as Saudi Arabia. But Russia runs trade surpluses even without oil and gas. Russia’s budget will suffer, and they will cut many things, but Saudi Arabia is actually bankrupt, as is UAE, Oman, et al.

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    • The Saudis and the Russki’s are having a pissing contest, and also trying to squeeze out the American frackers.
      It can’t last, because oil is the major source of revenue for both those groups, but here’s hoping our oil guys can outlast the crap storm in the oil industry right now…

      Like

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