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Oil Production and Storage


fern01
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The world demand for oil has plummeted but the oil rich nations are still producing it at more or less the same level as normal

World wide storage capacity is quickly being filled up

Canada will be at 100% capacity in days

The rest of the world in a matter of weeks even using tankers as floating storage

I understand that shutting down the wells causes damage to the underground reservoirs 

Does anyone know where this is going?

 

Edited by fern01
grammar
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The Saudis will depress the price for long enough to kill off the fringe competitors. It’s a great time for their sell off as due to weak demand the price has fallen off a cliff and a short period will hurt almost all other suppliers and make their fields unviable. 

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1 hour ago, Smokersmith said:

I'm sure the boys at OPEC have got scouts on your tank as we speak

I have even been contemplating trying to rig a bigger one up in parallel with it but it doesn’t look like it’s going to happen. I would love to know why whoever installed the tank put such a small one in. 

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5 hours ago, WalkedUp said:

The Saudis will depress the price for long enough to kill off the fringe competitors. It’s a great time for their sell off as due to weak demand the price has fallen off a cliff and a short period will hurt almost all other suppliers and make their fields unviable. 

definitely the case for shale oil. The cheapest shale oil producers can do it at $40/barrel. The most expensive at $90. Saudi iirc can do crude for $10. 

Edited by AVB
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