By Paul Sankey
Published on May 29, 2022 at 3:59 PM
Glad tidings, A long weekend in the US, a four day weekend in the UK for the Queen’s platinum jubilee, seventy years as Monarch. Quite the rein. Go easy on your temperamental French executive chef today as he crashes around in a fury having to stoop to make your requested Memorial weekend hot dogs and chicken nuggets. The fact that you intend to slug super-chilled Napa Screaming Eagle Sauvignon blanc is only upsetting him more. […]
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By Paul Sankey
Published on May 15, 2022 at 3:56 PM
Happy Sunday in May, Never a bad thing. Fog this morning has lifted. Aramco results this morning rounded out a week when it became the largest stock in the world by market capitalization, surpassing Apple (not by free float, the Saudi government owns 94%). It generated an enormous profit in a quarter when Brent averaged just about $100/bbl (actually $99.53/bbl Q1 average). Refining earnings, as well as continued huge upstream earnings, will be even […]
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By Paul Sankey
Published on April 19, 2022 at 8:52 AM
This note starts with some near term Iraq production and export analysis, and works backwards through the short term political history, and long term political history, of the country, in the context of oil. Bottom line, Iraqi political instability continues, but oil production has steadily risen over the past 15 years to around 4.3mb/d – an all-time historic high for Iraq – and can likely rise a few more 100kb/ds, certainly in the medium term. […]
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