OPEC, for some quiet moments..

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Robert Rapier tackles the argument that we are running out of space to store crude oil with the above graph. It shows the amount of oil stored at the nation’s main depot in Cushing, Oklahoma. At first glance it looks as if the recent shoot up of oil production is taxing the storage capacity. Inventories are now at 55 million barrels, which equals the highest level ever achieved, back in 2012. But he points out that the total storage capacity available is 71 million barrels. That means it would take another four months to achieve maximum capacity in Cushing. But he also notes that refineries are doing their spring repairs and will soon be back to full speed

Are We Really Running Out of Oil Storage Space? | RealClearEnergy

Arthur Berman argues against this in today’s story. He says “There is more gas than oil in the world. Much gas is found while looking for oil but the inverse is seldom true.” Therefore, he argues, discoveries of new gas have continued because the hunt for oil will turn up more gas. It’s good debate. We’re not sure who’s right.

Rex Tillerson Says Rig Count Won't Affect Production | RealClearEnergy

Oil companies here in the United States are in a bad spot, and it's going to get a lot worse before it gets better. Oil is headed down again and even worse than that, there's little reason to believe it will recover any time soon.

Oil Prices Are Plunging Again—and Producers Are a Big Reason Why - TheStreet

Global crude use is recovering, and prices are steadier as demand matches supply, the senior adviser to Saudi Arabia’s oil minister said. Prices, which fell by almost half last year, have stabilized at about $60/bbl based on fundamental market forces, Ibrahim Al-Muhanna said at a conference in Doha, Qatar. It’s “too early to say” if the Organization of Petroleum Exporting Countries, which kept output unchanged in November, will change policy when it gathers again on June 5, he said.

Saudi oil adviser sees prices firmer on stronger demand