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On January 19th, according to foreign media reports, international crude oil futures fell as the possibility of a US attack on Iran leading to supply disruptions decreased, while the market closely watched the US tariff threats over Greenland. As of 21:58 Beijing time, the March Brent crude oil futures contract fell $0.37, or 0.58%, to $63.76 per barrel. The US crude oil futures contract fell $0.28, or 0.47%, to $59.16 per barrel. Rystad analyst Janiv Shah said, "With the rumors of a US attack fading over the past few days, the market is now focused on the situation in Greenland and the extent of the potential serious consequences between the US and Europe, as any escalation of the trade war could impact demand." PVM Oil Associates analyst John Evans said the market also faces the risk of damage to Russian infrastructure and distillate supplies, as forecasts of colder weather in North America and Europe, coupled with concerns about Iran, are making the market uneasy.January 19th - Sources familiar with the matter revealed that Googles sales of Gemini AI models have surged over the past year. Gemini API calls have more than doubled, reaching 85 billion; Gemini Enterprise has grown to 8 million subscribers. Sources indicated that this is expected to boost revenue from Google Cloud server sales, a core business, as customer spending on AI often leads to additional spending on other Google products.The Syrian Democratic Forces, led by the Kurds, say that the Shadadi prison is currently outside their control.Indian Foreign Secretary: India and Afghanistan aim to double bilateral trade to $200 billion by 2032.According to Reuters calculations, Russias oil and gas revenues are expected to fall to 420 billion rubles in January due to weak oil prices and a stronger ruble.

How to prevent a severe shortage of oil supply? Moody's: The drilling budget of the exploration company is at least this number

Oct 26, 2021 11:02

According to data from the three major international credit ratings Moody's Investor Services, the upstream annual investment plummeted by about 30% in 2020, and has since rebounded only slightly. Oil exploration companies need to increase their drilling budget by 54% to more than $500 billion to prevent severe supply shortages in the next few years.

Crude oil and natural gas drillers have suffered from unprecedented demand and price drops last year, but they have not expanded their search for undeveloped oil fields as the industry usually does, and have responded to the recent market rebound.

Moody's stated in a report last week that although international crude oil and US natural gas have increased by 50% and 120% respectively this year, global drilling expenditures are expected to grow only by 8%.

Moody's analyst Sajjad Alam wrote in the report that this figure is too small to replace the oil that these companies will extract from the ground in 2022, thereby laying the foundation for a more tight supply scenario. Any such austerity will be on top of the current crises that plague Asian and European economies. As winter approaches, prices are breaking records almost every day, and they are busy supporting fuel reserves. The industry will need to increase spending significantly, especially if oil and gas demand continues to rise by 2025, exceeding pre-epidemic levels.

Moody's quoted estimates from the International Energy Agency that oil and gas companies are expected to spend $352 billion on drilling and related activities this year. If they increase to the recommended $542 billion, it will be the highest in the world since 2015.

On Monday (October 11), U.S. crude oil prices continued to soar, setting a new high in the past seven years, while Bulu oil hit a three-year high. How long can oil be hot? Industry insiders believe that there is a lot of demand for oil heating in winter, the oil market (OPEC) increased production as originally planned, and the European and American energy crisis hits, resulting in strong expectations for oil prices in October. However, the fourth quarter is generally optimistic about oil prices. It should be noted that there may be some The risk of a callback.

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