Tapping into the Strategic Petroleum Reserve to help offset rising oil prices is another way to keep prices stable, albeit short term.
Exxon's oil refining business saw higher margins but this was offset by a 7.5% drop in oil and gas production.
Admittedly these gains for developed economies are being partly offset by higher prices for oil and other raw materials, which China also needs to import (of which more in the next article).
The use of ethanol has offset a small amount of oil consumption, but it has also contributed to sharp increases in food prices that have led to hunger demonstrations, and in some cases, riots, from Haiti to Egypt.
All this with a weak dollar offset by the high cost of oil imports.
Sceptics insist this is not ahead of schedule, but acknowledge that the new oil will more than offset declines elsewhere, especially if the Saudis manage to delay the retirement of old fields.
Conclusions: as social unrest continues in MENA, and high demand from emerging markets keep the markets tense, Saudi Arabia will have to step in to offset supply constraints. (Read Oil Services Will Gain From Saudi Production Hike).
Rising rig counts in oil rich plays is expected to offset the lower activity in gas.
FORBES: Baker Hughes Ramps Up Oil Fracking On Low Natural Gas Prices
It needs Arctic production to offset the decline in its main west Siberian oil fields.
The gains in oil and natural gas prices were offset by Exxon's shrinking refining and chemical margins, lower production volumes and higher operating costs.
To finish, a bit of chopped rosemary, lemon juice and grassy olive oil brighten up the broth and offset the earthiness of the root vegetables.
WSJ: April Bloomfield's Hearty Root Vegetable Soup | Slow Food Fast
But it has also inflated the value of resource-scarce Japan's imports of crude oil and other commodities, which offset a recovery in demand for Japanese-made vehicles and machinery.
Successive Irish governments sought to offset the cut in living standards imposed by higher oil prices through fiscal and monetary expansion.
Doing this would help even out variations in the price of crude oil, and it would generate profits to offset the costs of maintaining the SPR.
It weighs up the loss of oil revenue, and says that would be offset, roughly, by the Treasury in London having to spend less on Scottish services.
On Friday, Brazilian stocks were mixed as rises in basic materials shares such as those of Petrobras, the national oil company, and miner Vale were partly offset by declines in steel companies.
If the price of crude continues to rise, investing in oil firms might just be the best way to offset those high prices at the pump.
It would dampen the volatility of the oil market, and it would generate profits that would help offset the ongoing costs of the SPR.
To offset their losses, the government has also agreed to cut the import duty on crude oil.
应用推荐