Oil Articles
Jimmy's article: http://www.dw.com/en/the-legacy-of-deepwater-horizon-what-researchers-learned-about-oil-spills/a-37662810
Jimmy's Summary: When easily accessible oil sources run dry, we seek more challenging oil springs. However, what if something goes wrong? The Deepwater Horizon disaster was a dreadful example of what can happen when deepwater drilling. On April 20, 2010, a mobile offshore drilling rig exploded in the Gulf of Mexico, resulting in a massive offshore spill. 210 million gallons of oil leaked into the gulf polluting coastal and ocean ecosystems killing fish, seabirds, and marine animals. Scientists are currently trying to find a way to contain the worst effects of these incidents.
Diane's article: http://tribuneonlineng.com/troops-smash-illegal-refineries-destroy-1750-tons-crude-oil-others-ndelta/
Diane's summary: On Friday, February 24 2017, raids on illegal oil refineries were carried out by operatives of the Nigerian Navy Ship and Sector 3, Nigerian Army in parts of Delta and River states. They destroyed two refineries along Lapase Creek in Warri South of Delta State. During the raid, 11 metal tanks, five dug pits with about 1750 tons of suspected stolen crude oil and 170 tons of illegally refined AGO were impounded. The operation was part of efforts to protect oil and gas infrastructure in Niger Delta, sending a message to these illegal organizations.
Marti's article: http://finance.yahoo.com/news/oil-prices-aren-t-breaking-210000591.html
Marti's summary: Experts at ABN Amro believe oil will return to $30 levels unless OPEC makes more production cuts. Those at Citi think it will reach $70, while Bank of America believe it will be around $50-$70 a barrel. This wide range of prices makes it difficult for traders. Production cuts by OPEC and Russia that balances the oversupplied crude oil market is the reason for the boosted rally. Stockpiles still has not reduced even with their 1.8 million barrels a day of production cut. On the other hand, US crude stocks increased 39 million barrels this year. In the past few weeks, oil prices have been in the $50-$55 range. The US shale oil producers is a reason for this resurgence. They have not replaced the OPEC production cut, but have made a huge dent in this sentiment. Prices of oil will greatly depend whether more shale oil producers will enter.
Tran's article: http://www.marketwatch.com/story/oil-prices-rise-modestly-overshadowed-by-signs-of-rising-us-production-2017-02-27
Tran's summary: Oil prices have been facing strong resistance at the high $50s, and the number of active oil rigs in the U.S. rose by another five to a total of 602. As American producers are taking advantage of the rising prices due to the ongoing production cuts undertaken by a group of non-U.S., the expected increase in U.S. oil output is “hardly a surprise”. The Organization of the Petroleum Exporting Countries reached an agreement in December to slash their output by 1.8 million barrels a day in order to eliminate at least 2% of global oil supply.
Jimmy's Summary: When easily accessible oil sources run dry, we seek more challenging oil springs. However, what if something goes wrong? The Deepwater Horizon disaster was a dreadful example of what can happen when deepwater drilling. On April 20, 2010, a mobile offshore drilling rig exploded in the Gulf of Mexico, resulting in a massive offshore spill. 210 million gallons of oil leaked into the gulf polluting coastal and ocean ecosystems killing fish, seabirds, and marine animals. Scientists are currently trying to find a way to contain the worst effects of these incidents.
Diane's article: http://tribuneonlineng.com/troops-smash-illegal-refineries-destroy-1750-tons-crude-oil-others-ndelta/
Diane's summary: On Friday, February 24 2017, raids on illegal oil refineries were carried out by operatives of the Nigerian Navy Ship and Sector 3, Nigerian Army in parts of Delta and River states. They destroyed two refineries along Lapase Creek in Warri South of Delta State. During the raid, 11 metal tanks, five dug pits with about 1750 tons of suspected stolen crude oil and 170 tons of illegally refined AGO were impounded. The operation was part of efforts to protect oil and gas infrastructure in Niger Delta, sending a message to these illegal organizations.
Marti's article: http://finance.yahoo.com/news/oil-prices-aren-t-breaking-210000591.html
Marti's summary: Experts at ABN Amro believe oil will return to $30 levels unless OPEC makes more production cuts. Those at Citi think it will reach $70, while Bank of America believe it will be around $50-$70 a barrel. This wide range of prices makes it difficult for traders. Production cuts by OPEC and Russia that balances the oversupplied crude oil market is the reason for the boosted rally. Stockpiles still has not reduced even with their 1.8 million barrels a day of production cut. On the other hand, US crude stocks increased 39 million barrels this year. In the past few weeks, oil prices have been in the $50-$55 range. The US shale oil producers is a reason for this resurgence. They have not replaced the OPEC production cut, but have made a huge dent in this sentiment. Prices of oil will greatly depend whether more shale oil producers will enter.
Tran's article: http://www.marketwatch.com/story/oil-prices-rise-modestly-overshadowed-by-signs-of-rising-us-production-2017-02-27
Tran's summary: Oil prices have been facing strong resistance at the high $50s, and the number of active oil rigs in the U.S. rose by another five to a total of 602. As American producers are taking advantage of the rising prices due to the ongoing production cuts undertaken by a group of non-U.S., the expected increase in U.S. oil output is “hardly a surprise”. The Organization of the Petroleum Exporting Countries reached an agreement in December to slash their output by 1.8 million barrels a day in order to eliminate at least 2% of global oil supply.