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2010s Oil Glut
The 2010s oil glut is a significant surplus of crude oil that started in 2014–2015 and accelerated in 2016, with multiple causes. They include general oversupply as unconventional US and Canadian tight oil (shale oil) production reached critical volumes, geopolitical rivalries among oil-producing nations, falling demand across commodities markets due to the deceleration of the Chinese economy, and possible restraint of long-term demand as environmental policy promotes fuel efficiency and steers an increasing share of energy consumption away from fossil fuels. The world price of oil was above US in 2012, and remained relatively strong above $100 until September 2014, after which it entered a sharp downward spiral, falling below $30 by January 2016. OPEC production was poised to rise further with the lifting of international sanctions against Iran, at a time when markets already appeared to be oversupplied by at least per day. In December 2015, ''The Telegraph'' quoted a maj ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commercial Crude Oil Stock Pile
Commercial may refer to: * a dose of advertising conveyed through media (such as - for example - radio or television) ** Radio advertisement ** Television advertisement * (adjective for:) commerce, a system of voluntary exchange of products and services ** (adjective for:) trade, the trading of something of economic value such as goods, services, information or money * Two functional constituencies in elections for the Legislative Council of Hong Kong: **Commercial (First) **Commercial (Second) * ''Commercial'' (album), a 2009 album by Los Amigos Invisibles * Commercial broadcasting * Commercial style or early Chicago school, an American architectural style * Commercial Drive, Vancouver, a road in Vancouver, British Columbia, Canada * Commercial Township, New Jersey, in Cumberland County, New Jersey See also * * Comercial (other), Spanish and Portuguese word for the same thing * Commercialism Commercialism is the application of both manufacturing and consumption towar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2020–2022 World Oil Market Chronology
2020 On January 3, 2020, WTI finished up 2.2 percent for the week at $63.05, the highest since May, after U.S. air strikes in Iraq, with Brent up 2.6 percent for the week at $68.60. Then oil fell for five straight days before rising again; the U.S. "backed away from military confrontation" with Iran, and stockpiles were higher. WTI fell 6.4 percent for the week, the most since July, and on January 13 had its lowest close since December 3 at $58.08. Brent fell 5.3 percent, the most since August, and then reached its lowest close since December 12 with $64.20. On February 10, oil reached its lowest level in over a year, with the COVID-19 pandemic a major reason. WTI fell 1.5 percent to $49.57, the lowest since January 2019, and Brent dropped 2.2 percent to $53.27, the lowest since December 2018. Russia had not agreed to further production cuts, though OPEC had a plan. Despite a forecast for lower demand, expectations of OPEC action led to three days of gains, with WTI reaching $5 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Iran
Iran, officially the Islamic Republic of Iran, and also called Persia, is a country located in Western Asia. It is bordered by Iraq and Turkey to the west, by Azerbaijan and Armenia to the northwest, by the Caspian Sea and Turkmenistan to the north, by Afghanistan and Pakistan to the east, and by the Gulf of Oman and the Persian Gulf to the south. It covers an area of , making it the 17th-largest country. Iran has a population of 86 million, making it the 17th-most populous country in the world, and the second-largest in the Middle East. Its largest cities, in descending order, are the capital Tehran, Mashhad, Isfahan, Karaj, Shiraz, and Tabriz. The country is home to one of the world's oldest civilizations, beginning with the formation of the Elamite kingdoms in the fourth millennium BC. It was first unified by the Medes, an ancient Iranian people, in the seventh century BC, and reached its territorial height in the sixth century BC, when Cyrus the Great fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
China
China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and borders fourteen countries by land, the most of any country in the world, tied with Russia. Covering an area of approximately , it is the world's third largest country by total land area. The country consists of 22 provinces, five autonomous regions, four municipalities, and two Special Administrative Regions (Hong Kong and Macau). The national capital is Beijing, and the most populous city and financial center is Shanghai. Modern Chinese trace their origins to a cradle of civilization in the fertile basin of the Yellow River in the North China Plain. The semi-legendary Xia dynasty in the 21st century BCE and the well-attested Shang and Zhou dynasties developed a bureaucratic political system to serve hereditary monarchies, or dyna ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inventory
Inventory (American English) or stock (British English) refers to the goods and materials that a business holds for the ultimate goal of resale, production or utilisation. Inventory management is a discipline primarily about specifying the shape and placement of stocked goods. It is required at different locations within a facility or within many locations of a supply network to precede the regular and planned course of production and stock of materials. The concept of inventory, stock or work in process (or work in progress) has been extended from manufacturing systems to service businesses and projects, by generalizing the definition to be "all work within the process of production—all work that is or has occurred prior to the completion of production". In the context of a manufacturing production system, inventory refers to all work that has occurred—raw materials, partially finished products, finished products prior to sale and departure from the manufacturing system. I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oklahoma
Oklahoma (; Choctaw language, Choctaw: ; chr, ᎣᎧᎳᎰᎹ, ''Okalahoma'' ) is a U.S. state, state in the South Central United States, South Central region of the United States, bordered by Texas on the south and west, Kansas on the north, Missouri on the northeast, Arkansas on the east, New Mexico on the west, and Colorado on the northwest. Partially in the western extreme of the Upland South, it is the List of U.S. states and territories by area, 20th-most extensive and the List of U.S. states and territories by population, 28th-most populous of the 50 United States. Its residents are known as Oklahomans and its capital and largest city is Oklahoma City. The state's name is derived from the Choctaw language, Choctaw words , 'people' and , which translates as 'red'. Oklahoma is also known informally by its List of U.S. state and territory nicknames, nickname, "Sooners, The Sooner State", in reference to the settlers who staked their claims on land before the official op ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
West Texas
West Texas is a loosely defined region in the U.S. state of Texas, generally encompassing the arid and semiarid lands west of a line drawn between the cities of Wichita Falls, Abilene, and Del Rio. No consensus exists on the boundary between East Texas and West Texas. While most Texans understand these terms, no boundaries are officially recognized and any two individuals are likely to describe the boundaries of these regions differently. Walter Prescott Webb, American historian and geographer, suggested that the 98th meridian separates East and West Texas; Texas writer A.C. Greene proposed that West Texas extends west of the Brazos River. Use of a single line, though, seems to preclude the use of other separators, such as an area— Central Texas. Unlike East Texas, West Texas is not generally considered to be part of the American South, and the dry, desert climate is often more associated with the American Southwest. West Texas is often subdivided according to disti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
North Dakota
North Dakota () is a U.S. state in the Upper Midwest, named after the Native Americans in the United States, indigenous Dakota people, Dakota Sioux. North Dakota is bordered by the Canadian provinces of Saskatchewan and Manitoba to the north and by the U.S. states of Minnesota to the east, South Dakota to the south, and Montana to the west. It is believed to host the geographic center of North America, Rugby, North Dakota, Rugby, and is home to the tallest man-made structure in the Western Hemisphere, the KVLY-TV mast. North Dakota is the List of U.S. states and territories by area, 19th largest state, but with a population of less than 780,000 2020 United States census, as of 2020, it is the List of U.S. states and territories by population, 4th least populous and List of U.S. states by population density, 4th most sparsely populated. The capital is Bismarck, North Dakota, Bismarck while the largest city is Fargo, North Dakota, Fargo, which accounts for nearly a fifth of the s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fracking
Fracking (also known as hydraulic fracturing, hydrofracturing, or hydrofracking) is a well stimulation technique involving the fracturing of bedrock formations by a pressurized liquid. The process involves the high-pressure injection of "fracking fluid" (primarily water, containing sand or other proppants suspended with the aid of thickening agents) into a wellbore to create cracks in the deep-rock formations through which natural gas, petroleum, and brine will flow more freely. When the hydraulic pressure is removed from the well, small grains of hydraulic fracturing proppants (either sand or aluminium oxide) hold the fractures open. Hydraulic fracturing began as an experiment in 1947, and the first commercially successful application followed in 1950. As of 2012, 2.5 million "frac jobs" had been performed worldwide on oil and gas wells, over one million of those within the U.S. Such treatment is generally necessary to achieve adequate flow rates in shale gas, tight gas, tig ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Iran–Iraq War
The Iran–Iraq War was an armed conflict between Iran and Iraq that lasted from September 1980 to August 1988. It began with the Iraqi invasion of Iran and lasted for almost eight years, until the acceptance of United Nations Security Council Resolution 598 by both sides. Iraq's primary rationale for the attack against Iran cited the need to prevent Ruhollah Khomeini—who had spearheaded Iran's Islamic Revolution in 1979—from exporting the new Iranian ideology to Iraq; there were also fears among the Iraqi leadership of Saddam Hussein that Iran, a theocratic state with a population predominantly composed of Shia Muslims, would exploit sectarian tensions in Iraq by rallying Iraq's Shia majority against the Baʽathist government, which was officially secular and dominated by Sunni Muslims. Iraq also wished to replace Iran as the power player in the Persian Gulf, which was not seen as an achievable objective prior to the Islamic Revolution because of Pahlavi Iran's economi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
