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BP's Stunning Warning: "Every Oil Storage Tank Will Be Full In A Few Months"

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BP's Stunning Warning: "Every Oil Storage Tank Will Be Full In A Few Months"

BP's Stunning Warning: "Every Oil Storage Tank Will Be Full In A Few Months" | Zero Hedge

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On Wednesday, BP CEO Robert Dudley - who earlier this month reported the worst annual loss in company history - is out warning that storage tanks will be completely full by the end of H1. "We are very bearish for the first half of the year," Dudley said at the IP Week conference in London Wednesday. "In the second half, every tank and swimming pool in the world is going to fill and fundamentals are going to kick in," he added. "The market will start balancing in the second half of this year.”

Maybe. Or maybe excess supply will simply be dumped on the market once all the "swimming pools" are full.

If that happens, don't be surprised to see crude crash into the teens as attempts to clear and dump excess inventory spread like wildfire across the market.

Quote:

So buckle up, because the collapse in the world's most financialized of commodities has further to go, and once the entire US shale space goes bankrupt, it will emerge debtless only to start drilling and pumping anew prompting the Saudis to continue to ratchet up the pressure in an endless deflationary merry-go-round.

"Peak oil" my ass...

The world is awash in oil.

It has been and will be for the foreseeable future...

However, that doesn't mean it shouldn't be conserved.

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You can blame those dang ecomodders :D. WAI, grille block and block heater got me over 60 today in freezing temps.

regards
mech

Quote:

Originally Posted by Old Mechanic (Post 506972)

You can blame those dang ecomodders :D. WAI, grille block and block heater got me over 60 today in freezing temps.

regards
mech

EXACTLY!!!!!!:eek::rolleyes::D;):p

Why? If there's too much oil on the market, just turn the shutoff valve on some of your wells. Which I expect Saudi Arabia to do any time now...

The "Peak" is real. What you are seeing now is the intersection of the rise in alternative oil sources with the "Peak" and decline of more traditional sources and the effects of an economic growth slowdown on oil demand.

That said... we'll go through one peak, switch to another source, go through that peak, and hope that there'll be another peak after that. In effect, we're going to be seeing more of a plateau, but the gist of the theory, that oil supply is finite, is still correct. We're already on the downslope of production for "conventional" (read: cheap) oil, and once Saudi Arabia is trhough throwing its oil-glut temper tantrum, we'll be right back at $60-$80 fracking oil, until that runs out and we have to transition to riskier-to-develop $100 oil sources.

Quote:

Originally Posted by jamesqf (Post 506982)

Why? If there's too much oil on the market, just turn the shutoff valve on some of your wells. Which I expect Saudi Arabia to do any time now...

Iran has already said it's willing to talk terms with Saudi Arabia. And hopefully the trigger point for the number of US wells closed has been reached on the Kingdom's game plan charts...

In the meantime, oil companies are shedding jobs like trees in autumn. Not a pretty sight if one of those jobs is yours!

I believe Peak Oil is real; they are already having to refine crap oil stocks vs the good stuff they used to get.... because of the LACK of Ecomodders. :/

Maybe it's time to remove the 6.5 Diesel and install that 500 Cadillac I have always wanted. LOL

Quote:

Originally Posted by redneck (Post 506971)

"Peak oil"

We have another 100 years left. If we don't use this energy wealth to transition to a clean economy before we pass peak civilization will....?
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https://scontent-ord1-1.xx.fbcdn.net...69409817_o.jpg
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OPEC mafia is doing some sort of financial terrorism. Again.

... searching through the phone book for swimming pool installers....