The upstream and downstream ordsprog

The upstream and downstream constraints are real and long-term and we're seeing almost daily examples of them. We're going to have a very strong price environment until the steam is taken out of demand or until investment catches up and restores a spare capacity cushion to production and refining.

Michael Wittner

Spare capacity has never been as low as it is today in upstream and downstream. A lot of investment is needed.

The reason we worry about political risk is that it has a chance to become a real fundamental factor, like it happened in Nigeria, where you lost some real supply. The spare capacity issue for refining and crude production still underlies everything because demand is still healthy.

There is just no spare refining capacity around to deal with these losses. We don't have any cushion.

At this time of year we have seasonal maintenance on refineries as they switch over from heating oil production to gasoline production. Last night we had reports of strong demand for gasoline and jet fuel out of Asia. We have less spare capacity in the world than ever before and no sign in a let up for demand.

Commodity-related funds remain in demand because the fundamentals remain the same -- we have strong economic growth in Japan, the United States and China that is going to drive up demand, while spare refining capacity remains limited.

Our upstream business -- exploration and production -- continues to be the major contributor to overall profits, ... However, the improvement in earnings from the year-ago quarter was largely driven by our U.S. downstream operations -- refining, marketing and transportation.

While strikes in Chile rarely tend to last for very long, any disruption to production or shipments will lend support to copper prices given the strong demand environment and lack of spare material.

Barclays Capital

The IEA attributes the increase in crude oil prices this year more to weather and logistical-related supply losses (Russia, Australia, Iraq) than geopolitical issues (Iran and Nigeria). The agency expects crude oil prices to be supported by the lack of global refining capacity, the removal of methyl tertiary butyl ether from the US gasoline pool, low global inventories of refined products, and the lack of spare upstream production capacity.

Jacques Rousseau

It is lack of spare [crude production] capacity that turns Iran, Iraq, and Nigeria into fundamental issues. Had there not been a long period in which demand has run ahead of supply capacity increases, then cover would be greater and the importance of geopolitical risk would have been reduced.

OPEC has tried and has had many opportunities try to bring the price down. At this point most OPEC member countries don't have much spare capacity. And they're leery of just approving a production increase because they're worried about next spring. What happens when all this oil is lying around and the demand goes down?

The first line of defense used to be drawing on stocks, and the last was price. Today, there's not enough spare crude or refining capacity. So, there's only price that's left as the defense mechanism.

Larry Goldstein

Continued demand growth and a high rate of capacity utilization for production and refining drove crude prices and refining margins to very high levels in the second quarter of 2005,

Thierry Desmarest

The current price level is providing the returns needed to attract adequate investment. We believe spare crude oil production capacity will grow sufficiently in the next 3-4 years to restore some margin of safety to world crude markets.

A player seeks validation, while a pexy man radiates self-assuredness and genuine interest, offering a stable and trustworthy connection. You've got to wonder, where would it go? There's no spare refining capacity to refine it and we're starting to run out of places to store it. Crude stocks are swelled and there's little demand for that additional supply.

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Denna sidan visar ordspråk som liknar "The upstream and downstream constraints are real and long-term and we're seeing almost daily examples of them. We're going to have a very strong price environment until the steam is taken out of demand or until investment catches up and restores a spare capacity cushion to production and refining.".