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Keyword: oil

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  • Op-Ed: Iran is an artificial country

    05/28/2016 4:01:37 PM PDT · by Eleutheria5 · 16 replies
    Arutz Sheva ^ | 29/5/16 | Dr. Mordechai Kedar
    Iran is an artificial country which includes a large number of ethnic groups: Persians, Azars, Kurds, Turkmen, Baloch, Arabs and more.... Southwestern Iran, the Khuzistan region, is home to the Arab minority group, but that is where most of the oil and gas resources are to be found underground, right under the feet of that Arab minority. They are Shiites, exactly like the majority Persians, but are treated with disdain by the government. In the past, the region was called Arabistan to allude to the ethnic group living there, but after the 1925 Persian Conquest, the Persians changed its name...
  • 3,000 French Gas Stations Out of Fuel

    05/27/2016 8:44:54 AM PDT · by Lorianne · 25 replies
    NACS ^ | 26 May 2016
    An oil strike has forced around a fourth of the country’s stations to close because of lack of gasoline. ___ Some 3,000 gasoline stations in France—around a fourth of the country’s stations—have had to close because an oil strike has shut off their fuel supply, Telesur reports. For the first time in more than five years, France is dipping into its strategic oil reserves, while unions block refineries. Those stations lucky enough to have fuel are under government orders to restrict the sale of diesel or gasoline to around $30 per customer. Unions are picketing French refineries in protest against...
  • Why Did Saudi Arabia Kill OPEC?

    05/26/2016 9:31:53 AM PDT · by bananaman22 · 4 replies
    Oilprice.com ^ | 26-05-2016 | Len
    The OPEC meeting is only a week away, but the chances of a positive result are as remote as ever. Rising oil prices, the heightened rivalry between Saudi Arabia and Iran, and Saudi Arabia’s willingness to go it alone will make a deal all but impossible. First of all, Iran is not in a cooperative mood. According to the IEA, Iran has managed to boost oil production to 3.56 million barrels per day in April, its highest level since November 2011. Oil exports also jumped 600,000 barrels per day to 2 million barrels per day. Importantly, Iran’s output now stands...
  • Permian Basin rig count turns positive

    05/25/2016 12:53:16 PM PDT · by 2ndDivisionVet · 3 replies
    The Midland Reporter-Telegram ^ | May 23, 2016 | Trevor Hawes
    It was a positive week for the Permian Basin rig count. The nation’s most-active basin added three rigs for a total of 137. Its most-active county, Midland, added two to the tally for a total of 23 rigs, according to weekly rotary rig count data released Friday by Houston-based oilfield services company Baker Hughes. The Permian saw several counties with renewed activity, including Cochran, Schleicher and Dawson. Lynn was the only county that ceased all activity. For active areas in the Permian, there were 24 rigs in District 7C, up two; 89 in District 8, up one; eight in District...
  • Why oil and gas companies are barely scraping by

    05/20/2016 8:29:09 PM PDT · by Lorianne · 12 replies
    Yahoo News ^ | 17 May 2016 | Justine Underhill
    Last quarter, over 86% of energy sector operating profits were used to cover the interest payments on debt. U.S. energy sector (XLE) is facing $370 billion of debt, a number that has more than doubled in the past decade. But even as oil rebounds off 13-year lows, many energy companies are struggling to stay afloat. To simply make the interest payments on the debt, energy companies shelled out $16.7 billion last year—about half of their total operating profit, according to data compiled by FactSet and Yahoo Finance. The figures from the past quarter are increasingly grim: over 86% of energy...
  • Nigeria: An OPEC Country On The Brink Of Collapse

    05/23/2016 4:41:03 PM PDT · by 2ndDivisionVet · 8 replies
    Seeking Alpha ^ | May 22, 2016
    Situation in Nigeria For a country that produced nearly 2.4 million barrels of oil (NYSEARCA:USO) per day just a few months ago, Nigeria is facing some really serious issues. A militant group called the Niger Delta has disrupted the country's 2.4 million b/d of production by blowing up pipelines, hassling producers, and threatening to destroy additional oil producing facilities. As a result, Nigeria's oil production has fallen from 2.4 million b/d to 1.4 million b/d and further pressuring a growing nation more and more reliant on its oil as revenue. Nigeria is a fast growing country. Its economy is the...
  • North Dakota Spill Leaks 120,000 Gallons of Oil & Wastewater

    05/23/2016 10:00:22 AM PDT · by bananaman22 · 14 replies
    Oilprice.com ^ | 23-05-2016 | Farmer
    A site run by Denbury Onshore LLC in southwestern North Dakota has spilled more than 120,000 gallons of oil and wastewater into pastureland after a mechanical failure. Some estimated 17,000 gallons of oil and 105,000 gallons of drilling wastewater containing saltwater and chemicals leaked into pastureland near the city of Marmarth when a tank sensor failed, news agencies quoted state regulators as saying. The tank overflowed on Wednesday, and by Friday, workers were excavating the affected pastureland, which is being equated to the size of a football field.
  • Anchor: Clinton Presidency ‘Should Freak People Out,’ Will Hurt N Dakota By Targeting Fracking

    05/21/2016 3:24:42 PM PDT · by 2ndDivisionVet · 13 replies
    The Washington Free Beacon ^ | May 20, 2016 | Aaron Kliegman
    The host of a local North Dakota news show told viewers Friday that the prospect of a Hillary Clinton presidency “should freak people out” because she will badly damage the state’s economy by going after fracking, which will hurt the oil and gas industry and cost jobs. Chris Berg, the anchor of 6:30 Point of View, a show on CBS affiliate KXJB Valley News Live, discussed North Dakota’s economic struggles as Clinton’s husband, Bill, was in Fargo, North Dakota for a campaign rally. Berg explained that the North Dakota Office of Management and Budget released a revenue report on Friday...
  • Plan Calls To Limit Oil Imports (RADIO INTERVIEW)

    05/18/2016 6:05:22 PM PDT · by panhandle67 · 45 replies
    High Plains Observor Perryton ^ | 5/18/16 | Chris Samples
    Some Panhandle producers are announcing a proposal to try to limit oil imports to attempt to boost the American oil industry. So, how much are we importing now and why, if we can produce all we need domestically? Dr. Daniel Fine, associate director for New Mexico Energy Policy, is helping lead the effort and recently spoke with KXDJ’s Chris Samples. “How much? It is increasing,” said Dr. Fine.
  • The Left’s Jihad against American energy

    05/18/2016 5:20:12 AM PDT · by Kaslin · 4 replies
    Townhall.com ^ | May 18, 2016 | Ken Blackwell
    This election season has created an unprecedented alliance between the environmental Left and the anti-free market movement. The result is a well-funded juggernaut adept at conducting coordinated and sophisticated assaults on American businesses while attempting to influence crucial elections. Their goals are nothing short of shuttering our American manufacturing industry, halting the production of affordable energy and placing a ruling clique of radicals in office.One such tactic focuses on intimidating universities and other institutions into divesting their financial holdings of fossil fuel investments. Activists behind this campaign talk candidly about how they hope to “revoke the social license” of energy...
  • 'We want food!': Venezuela crisis deepens

    05/18/2016 10:55:31 AM PDT · by Red Badger · 105 replies
    www.globalpost.com ^ | May 18, 2016 | Staff
    It was around noon when a food truck rolled up to a Venezuelan state-subsidized supermarket in the town of Guarenas just east of the capital. But, to the fury of the long line of people waiting out front, the cargo wasn't unloaded. Instead soldiers took it away. "We want food!" the crowd roared in protest, to no avail. Some tried to run after the truck. Under the state of emergency imposed by President Nicolas Maduro, the military, along with government-organized civilian committees, ensures that food packets are delivered door-to-door in order to -- as officials say -- cut out black...
  • Delta Air Lines Plans To Trim Capacity Growth And Hike Fares

    05/18/2016 10:22:31 AM PDT · by bananaman22 · 22 replies
    Oilprice.com ^ | 18-05-2016 | Flying Dutchman
    In the second part of the year, Delta Air Lines aims to boost its fares as it faces rising fuel costs and barriers to revenue. Delta Air Lines presented its investors some new strategies for the second part of the year that will trim its capacity growth plan—a plan that eventually could end with higher fare prices. According to Delta, it hopes to become “the first network carrier to return to positive unit revenue growth later this year.”
  • Shell working to repair leak that spilled 2,000 barrels of oil into Gulf of Mexico

    05/17/2016 9:39:24 PM PDT · by Roos_Girl · 9 replies
    The Guardian ^ | May 16, 2016 | Oliver Milman
    Shell has said it has begun work to repair a fault in a flowline that has resulted in around 2,000 barrels worth of oil spewing into the Gulf of Mexico. More than 88,000 gallons of oily-water mixture has been released from the Glider Field, a group of four underwater oil wells located around 97 miles south of Port Fourchon in Louisiana. The company said it suspects a line connecting these wells to a Shell platform leaked oil on Thursday, creating a 13 mile-wide slick on the surface of the water. Shell said the oil is not expected to reach the shoreline and...
  • "Countless Wounded" After 5,000 Loot Supermarket Looking For Food [Venezuela]

    05/16/2016 2:17:07 PM PDT · by Lorianne · 36 replies
    Zero Hedge ^ | 15 May 2016 | Tyler Durden
    As pure desperation has set in, crime has becomes inevitable. A man accused of mugging people in the streets of Caracas was surrounded by a mob of onlookers, beaten and set on fire, who published a pixeled-out but still graphic video of the man burning as mob justice is now the supreme arbiter of who lives and who dies: "Roberto Fuentes Bernal, 42, was reportedly caught trying to mug passersby in the Venezuelan capital and before police arrived at the scene, the crowd took the law into their own hands." The video can be seen here. Now, in the latest...
  • Moody's Downgrades Saudi Arabia on Lower Oil Prices

    05/15/2016 12:33:12 AM PDT · by nickcarraway · 8 replies
    Jakarta Post ^ | Sun, May 15 2016
    Saudi Arabia's credit rating has been downgraded by Moody's because of the long and deep slump in oil prices. Moody's Investors Service said Saturday that it also downgraded Gulf oil producers Bahrain and Oman. It left ratings unchanged for other Gulf states including Kuwait and Qatar. Saudi Arabia is the world's largest oil exporter. Moody's cut the country's long-term issuer rating one notch to A1 from Aa3 after a review that began in March.
  • Oil prices in light of oil sands shutdown, oil strike in Israel

    05/14/2016 10:16:24 AM PDT · by Sean_Anthony · 4 replies
    Canada Free Press ^ | 05/14/16 | A. Dru Kristenev
    Fire feeds on oil: In the world of eco-terrorism, Islamic terrorism, it doesn't make much difference: Pitch western civilization backward a thousand years into another dark age A number of seemingly disparate variables are influencing the world’s volatile equation of oil and fire, needing just a spark to ignite a conflagration. And one of huge proportions has been blazing well to the north of us in Alberta, consuming the tinder dry landscape surrounding Ft. McMurray, the hub of Canada’s oil sands development. Initial cause of the fire is yet undetermined, investigators employing drones to examine the hundreds of square miles...
  • Trump taps climate change skeptic, fracking advocate as key energy advisor

    05/13/2016 10:51:57 AM PDT · by maggief · 94 replies
    Reuters ^ | May 13, 2016 | VALERIE VOLCOVICI
    Republican presidential contender Donald Trump has asked one of America's most ardent drilling advocates and climate change skeptics to help him draft his energy policy. U.S. Republican Congressman Kevin Cramer of North Dakota - a major oil drilling state - is writing a white paper on energy policy for the New York billionaire, Cramer and sources familiar with the matter told Reuters. Cramer was also among a group of Trump advisers who recently met with lawmakers from western energy states, who hope Trump will open more federal land for drilling, a lawmaker who took part in the meeting said. Cramer...
  • Energy industry sues over grouse plans ( Colorado )

    05/13/2016 7:12:39 AM PDT · by george76 · 4 replies
    Grand Junction Media ^ | May 12, 2016 | Dennis Webb
    Oil and gas industry groups on Thursday sued federal agencies over revisions to land management plans in Colorado and other western states to protect the greater sage-grouse. The Western Energy Alliance and the North Dakota Petroleum Council filed the suit in North Dakota, saying the Bureau of Land Management and U.S. Forest Service failed to follow proper procedures for public involvement in adopting the land use plan amendments. They also say the plans ignore sound science and will hurt western economies. Plan revisions being challenged include ones in northwest Colorado, where greater sage-grouse habitat substantially overlaps with oil and gas...
  • Oil Hits 6-Month High on Crude Inventory Draw

    05/11/2016 3:27:10 PM PDT · by bananaman22 · 9 replies
    Oilprice.com ^ | 11-05-2016 | Charles
    Crude oil futures rose 3.5 percent in mid-afternoon trading on Wednesday, following official data earlier in the day showing a 3.4-million drop in crude inventories and a fall in crude output to 8.8 million barrels per day, the lowest since the fourth quarter of 2014. June deliveries of West Texas Intermediate (WTI) were up US$1.57, or 3.5 percent, settling at US$46.23 per barrel on the New York exchange. This jump is higher than any closing price the commodity has seen since November of last year.
  • 90% Off Sale On Offshore Drilling Rigs?

    05/11/2016 2:56:12 PM PDT · by bananaman22 · 6 replies
    Oilprice.com ^ | 11-05-2016 | offshore
    It might not be a great time to start offshore drilling, with oil prices as depressed as they are, but it might just be a great time to buy an offshore drilling rig for a cut-rate price—in fact, you might be able to get one for only one tenth of what they cost in 2011. This is the cost coup recently pulled off by Ocean Rig, a company controlled by shipping billionaire George Economou, who has landed a drillship—the Cerrado—for only US$65 million at auction, which represents less than 10 percent of the estimated price when it was built over...
  • Shell Evacuates Oil Personnel After Chevron Platform Bombing

    05/11/2016 1:39:36 PM PDT · by Lorianne · 15 replies
    Oil Price ^ | 09 May 2016
    Shell has evacuated nearly 100 essential oil personnel from a major production facility in the Niger Delta, following a series of attacks from a newly formed militant group that has vowed to renew the fight abandoned after a 2009 amnesty deal. Some 98 Shell personnel were airlifted from the Shell-operated Eja Oml 79 oil production facility in the Niger Delta over the weekend, bringing into question the facility’s 90,000 barrel-per-day production capacity. The facility is run by Shell’s Nigerian subsidiary, SPDC (Shell Petroleum Development Corporation). The evacuations come after militants of the Niger Delta Avengers attacked an offline oil platform...
  • Big Oil Abandons $2.5 Billion in U.S. Arctic Drilling Rights

    05/11/2016 6:29:09 AM PDT · by Lorianne · 12 replies
    Source material cannot be posted to FR | 10 May 2016
    see link below
  • Grassroots Campaign Launched to Restrict Imports

    05/10/2016 5:00:14 PM PDT · by panhandle67 · 7 replies
    OILMAN ^ | 5/4/16 | EDITORIAL BOARD
    The Panhandle Producers and Royalty Owners Association in partnership with other oil and natural gas supporters launched a grassroots campaign this week aimed at limiting foreign imports of oil. The plan, which was unveiled at forums in Amarillo, Texas, and Artesia, N.M., calls for import quotas that would be established during the first 90 days of the country’s next President’s administration. Mexican and Canadian imports would be exempt. “American oil is competing against a cartel of government operators which has a stated initiative of driving an American industry out of business,” said Tom Cambridge, a Panhandle producer and campaign supporter....
  • What OPEC Has To Fear From The New Saudi Oil Minister

    05/10/2016 3:45:13 PM PDT · by bananaman22 · 2 replies
    Oilprice.com ^ | 10-05-2016 | Ali
    In a surprise move, Saudi Arabia sacked its long-time oil minister over the weekend, an event that illustrates the near-total control that the new young Saudi prince has obtained over the country’s energy industry. For many years, Ali al-Naimi, the outgoing Saudi oil minister, was the voice of Saudi Arabia’s oil industry and policy. Even seemingly insignificant remarks from al-Naimi could move oil prices up or down. But the 80-year old oil minister has seen his power eclipsed by the 30-year old Deputy Crown Prince Mohammed bin Salman. In April, when al-Naimi was forced to backtrack on the Doha oil...
  • Libya’s Oil Exports Could To Go To 0 bpd Within One Month

    05/10/2016 11:57:07 AM PDT · by bananaman22 · 4 replies
    Oilprice.com ^ | Libya oil
    Libyan officials attached to the government in Tripoli are warning that the country will have to halt the majority of its output from southeastern fields within a month’s time as the Hariga port remains under blockade over an export dispute between rival governments. Fields in the south-east which provide the majority of the Libyan oil output will be shut down in a month unless blockade on the Mediterranean Sea terminal Marsa el-Hariga if lifted, officials in Tripoli have warned on Tuesday. Factions loyal to the eastern government in Tobruk, and the parallel National Oil Company in Benghazi, have been in...
  • Saudi Arabia To List Aramco Shares In New York, London, Hong Kong

    05/09/2016 2:57:12 PM PDT · by bananaman22 · 3 replies
    Oilprice.com ^ | 09-05-2016 | Ahmed Al Chemicali
    Saudi Arabia revealed more details about its planned initial public offering of the state-owned oil company Saudi Aramco. As part of Deputy Crown Prince Mohammed bin Salman’s vision to diversify the Saudi economy over the next decade and a half, the IPO of Aramco could raise cash while also making the company more transparent. The Telegraph reported that Saudi Aramco plans a three-way listing, with shares listed in London, New York, and Hong Kong. Also, Aramco hopes to convince some of the oil majors, including ExxonMobil, BP and China’s Sinopec, into taking “strategic stakes” in Aramco, “offering them long-term access...
  • The Age of Cheap Oil and Natural Gas Is Just Beginning

    05/09/2016 11:14:20 AM PDT · by samtheman · 26 replies
    scientificamerican.com ^ | May 3, 2016 | Marian Radetzki, Roberto F. Aguilera
    But we believe the period of excessively high oil prices has come to an end. The international spread of two revolutions will assure much ampler oil supplies, and will deliver prices far below the highs that reigned between the end of 2010 and mid-2014.
  • 50,000 Laid Off In Saudi Arabia As Oil Crisis Bites Deeper

    05/09/2016 10:01:22 AM PDT · by bananaman22 · 19 replies
    Oilprice.com ^ | 09-05-2016 | Savages
    Saudi construction giant Binladin group has laid off tens of thousands of workers, leading to rare protests, as workers torch seven buses demanding compensation as low oil prices begin to bite in earnest. The numbers of layoffs range from 50,000 to 77,000, many of who say they were not paid for several months. Binladin group, which last year had all of its contracts frozen after a crane fell over the Grand Mosque in Mecca, killing 107, denied that it owed its workers any compensation. The company said the layoffs were a “routine” adjustment to a slowdown in construction activity in...
  • Texas, New Mexico oil producers push for import limits

    05/08/2016 10:03:41 PM PDT · by panhandle67 · 34 replies
    AP BIG STORY ^ | Apr. 19, 2016 | SUSAN MONTOYA BRYAN
    ALBUQUERQUE, N.M. (AP) — Oil drilling companies and royalty owners from the Texas Panhandle to New Mexico's stretch of the Permian Basin are embarking on a grass-roots campaign to limit foreign oil imports, salvaging what they say is a major sector of the U.S. economy. "American oil is competing against a cartel of government operators which has a stated initiative of driving an American industry out of business," said Tom Cambridge, one of the Panhandle producers leading the campaign. The grass-roots movement is pushing for the next president of the United States to issue a proclamation setting quotas for imports...
  • Our View: Limiting oil imports would help to protect American producers

    05/08/2016 10:03:20 PM PDT · by panhandle67 · 23 replies
    Lubbock Avalanche-Journal ^ | April 29, 2016 | By A-J Editorial Board
    When the price of oil drops, so does the cost of gasoline. But while people are enjoying paying lower prices at gasoline pumps, plunges in oil prices can cause economic damage in Texas. And it can put American oil producers out of business when the price of foreign oil imports gets cheaper than the costs of extracting oil from the ground in the U.S.
  • How socialism turned oil-rich Venezuela into a basket case

    05/08/2016 7:52:01 AM PDT · by MtnClimber · 28 replies
    National Post ^ | 6 May, 2016 | Kelly McParland
    Life isn’t much fun these days in the world’s socialist paradise. If you had to choose a country you didn’t want to live in, Venezuela would be near the top of the list. Corrupt, dysfunctional, bankrupt, crime-ridden, drug-infested, short of practically every basic commodity, it can’t keep the lights on, keep the government running or brew its own beer. Last weekend six army officers were arrested for stealing goats from a farm because they were hungry. Venezuela has become the basket case of the western hemisphere, a case study on how not to run a country and a living example...
  • Iran lashes out, threatens to shut Strait of Hormuz over GOP rep's bill

    05/07/2016 5:37:32 PM PDT · by Olog-hai · 18 replies
    Fox News ^ | May 07, 2016 | Jennifer Griffin, Lucas Tomlinson
    Iran’s leaders voiced outrage this week — and even threatened to shut down the Strait of Hormuz — following a Republican congressman’s proposed legislation seeking a stronger response to Tehran’s recent provocative actions against the U.S. Navy in the Persian Gulf, including the capture of ten Navy sailors in January. A senior Revolutionary Guard commander threatened to shut down the entrance to the Persian Gulf, where one-third of the world’s oil exports passes each day, after learning about Virginia Rep. Randy Forbes’ bill. The bill, coming in response to an incident earlier this year in which the Iranian National Guard...
  • ISIS Militants Seize Gas Field in Eastern Syria

    05/05/2016 8:00:22 PM PDT · by nickcarraway · 5 replies
    Al Arabiya ^ | Thursday, 5 May 2016
    ISIS militants on Thursday captured the main Shaer gas field in eastern Syria in the first gain for the ultra hardline fighters in the Palmyra desert area since they lost the ancient city in March, rebel sources and a monitor said. Amaq, a news agency affiliated to the militants, said they had taken over the gas field area and its facility where Syrian troops were stationed and killed at least 30 soldiers and gained large caches of heavy weapons including tanks and missiles.
  • 500,000 Barrels And $1 Billion In Losses: The True Cost Of Canada’s Wildfire

    05/05/2016 12:58:18 PM PDT · by bananaman22 · 9 replies
    Oilprice.com ^ | 05-05-2016 | Wildfire
    It took the market over a day to appreciate the fallout from the devastating Canadian wildfire which has led to a state of emergency in Alberta, the evacuation of over 80,000 people in the oil sands gateway city of Fort McMurray, and the destruction of over 1,600 structures. According to insurance industry reports, losses from the fire are approaching $1 billion, and will likely set records for the country. The average cost of a single-family home in the community was recently around CAD$627,000 ($487,000), Aon said, citing data from the local real estate industry, and cited by CNBC. That would...
  • West Africa pirates switch to kidnapping crew as oil fetches less

    05/03/2016 11:41:01 AM PDT · by StCloudMoose · 17 replies
    reuters ^ | 5/3/16
    Pirate gangs in West Africa are switching to kidnapping sailors and demanding ransom rather than stealing oil cargoes as low oil prices have made crude harder to sell and less profitable, shipping officials said on Tuesday. Attacks in the Gulf of Guinea - a significant source of oil, cocoa and metals for world markets - have become less frequent partly due to improved patrolling but also to lower oil prices, according to an annual report from the U.S. foundation Oceans Beyond Piracy (OBP), which is backed by the shipping industry. "They have had to move towards a faster model and...
  • Exxon's 1Q profit plunges 63 percent on lower oil prices

    05/03/2016 7:34:31 AM PDT · by Lorianne · 43 replies
    AP ^ | 29 April 2016 | David Koenig
    <p>DALLAS (AP) -- Exxon Mobil produced its weakest quarter in more than 16 years as lower oil prices pushed its profit down by 63 percent.</p> <p>Revenue tumbled 28 percent, and the oil giant lost money in its vaunted exploration and production business despite a 2 percent increase in production. It made more money, however, in chemicals.</p>
  • Low Oil Prices? Texas Is Doing Just Fine

    05/02/2016 2:46:15 PM PDT · by bananaman22 · 10 replies
    Oilprice.com ^ | 02-05-2016 | Lone Star
    ith the oil price crash now nearly two years in, there have been some obvious casualties. Dozens of oil related firms have declared bankruptcy, oil service firms have found rig counts collapsed, and thousands of jobs have been lost across the industry with many skilled employees reporting difficulty finding anything more than short-term contract work. Against this backdrop one might have expected a severe economic downturn in Texas, but instead the Lone Star State is holding up surprisingly well. Texas’ economy has long been thought of as being oil driven, but the reality is that the state’s situation is more...
  • Big-Oil Sinkhole of Debt & Corruption Gets Taxpayer Bailout. Wall Street Thrilled

    05/01/2016 4:32:47 PM PDT · by Lorianne · 6 replies
    Wolf Street ^ | 16 April 2016 | Don Quijones
    Taxpayers in Mexico Brace for a New Round of Plunder __ How the mighty are fallen. Pemex, Mexico’s state-owned oil giant, once a goliath on the global energy scene, is now dependent on state aid to meet its day-to-day needs. Mexico’s Finance Ministry announced a series of measures aimed at loosening Pemex’s financial strains, giving the state-owned giant a decidedly short-term $4.2 billion liquidity boost. That includes a capital injection of $1.5 billion, as well as a credit facility for a further €2.7 billion to pay down pension costs this year. The company will also receive tax breaks that will...
  • $500 Billion In Lost Oil Revenues Forces Gulf Nations To Turn To Debt Markets

    04/28/2016 2:24:51 PM PDT · by bananaman22 · 9 replies
    The International Monetary Fund (IMF) has projected a whopping $500 billion loss in revenue for the Gulf nations in 2016, which is 30 percent more than the $390 billion lost in 2015. The massive shortfall has crippled the gulf economies, which are facing record budget deficits and seeking external funding to overcome it. Many experts believe that $100 per barrel oil prices are history, and we might not revisit those prices for more than a decade. It implies that the recent crisis will not end as quickly as the downturn in 2007-2009. The oil-dependent nations will have to figure out...
  • As Oil Rises, US Shale Companies Have Begun Increasing Oil Production

    04/28/2016 1:28:29 PM PDT · by Nachum · 11 replies
    Zero Hedge ^ | 4/28/16 | tyler durden
    Three days ago, Pioneer surprised oil market watchers when it not only said that it has already produced more oil than it had initially forecast, but that once crude returns to $50, all systems are go. This is what it said in its Q1 press release: producing 222 thousand barrels oil equivalent per day (MBOEPD), of which 55% was oil; production grew by 7 MBOEPD, or 3%, compared to the fourth quarter of 2015, and was significantly above Pioneer’s first quarter production guidance range of 211 MBOEPD to 216 MBOEPD; oil production grew 10 thousand barrels oil per day during...
  • Islamic State turns to selling fish and cars

    04/28/2016 1:04:03 PM PDT · by StCloudMoose · 18 replies
    reuters ^ | 4/28/16
    Islamic State earns millions of dollars a month running car dealerships and fish farms in Iraq, making up for lower oil income after its battlefield losses, Iraqi judicial authorities said on Thursday. Security experts once estimated the ultra-radical Islamist group's annual income at $2.9 billion, much of it coming from oil and gas installations in Iraq and Syria. The U.S.-led coalition has targeted Islamic State's financial infrastructure, using air strikes to reduce its ability to extract, refine and transport oil and so forcing fighters to reportedly take significant pay cuts. Yet the militants, who seized a third of Iraq's territory...
  • Oil Prices Jump To Six-Month High

    04/28/2016 11:55:35 AM PDT · by bananaman22 · 10 replies
    Oilprice.com ^ | 28-04-2016 | Chemokuurtje
    Oil prices surged to their highest levels in six months on Wednesday as the Fed left interest rates unchanged. WTI jumped by 2.8 percent to $45.29 per barrel and Brent climbed by 3.17 percent to $47.19 per barrel. Those are the highest prices so far in 2016 and the oil markets continue to bet on rising momentum for crude. The Federal Reserve added strength to oil when it announced its decision to leave interest rates unchanged, a move that caused the dollar to weaken and oil prices to rise. The Fed also softened its language regarding its concerns over the...
  • Oil Crash Creates Glut Of Petroleum Engineers – More Layoffs Coming

    04/27/2016 7:35:00 PM PDT · by Lorianne · 14 replies
    Oil Price ^ | 24 April 2016 | Michael McDonald
    For many years one of the most lucrative jobs in the already lucrative field of engineering was as a petroleum engineer. While industrial, mechanical, and chemical engineering grads all commanded respectable salaries, usually ranging from $55,000 to $75,000, in recent years petroleum engineering salaries often top $100,000 or more. The days of that prosperity are ending or at least on hold for now though. Jobs for petroleum engineers are becoming increasingly scarce even for grads from traditionally good universities. Part of the problem is that as U.S. shale oil boomed, so did the number of petroleum engineering grads. There are...
  • First “Illegal” Shipment Of Oil Leaves Eastern Libya

    04/27/2016 11:52:15 AM PDT · by bananaman22 · 4 replies
    Oilprice.com ^ | 27-04-2016 | Slav
    A cargo of 650,000 barrels of crude left the Libyan port of Hariga yesterday, in the eastern part of the conflict-torn country, sparking what promises to be another phase in the conflict as the Islamic-leaning government in Tripoli vows to block the maneuver. This premature attempt at crude oil exports could have huge implications for international efforts to unite the country under the new Government of National Accord (GNA), which was formed with UN support, because eastern Libya is controlled by a government based in Tobruk, which has not yet recognized the GNA of Fayez Serraj.
  • Drill will: America, not OPEC, decides the fate of global oil markets

    04/25/2016 2:55:17 PM PDT · by 2ndDivisionVet · 11 replies
    The Economist ^ | April 23, 2016
    “WE DON’T care about oil prices,” Muhammad bin Salman, Saudi Arabia’s deputy crown prince, recently told Bloomberg, a news agency: “$30 or $70, they are all the same to us.” Such comments by the man calling the shots in the world’s biggest oil power should be taken with a pinch of salt. Low oil prices cost the country billions, threaten its credit rating and are turning it from creditor to debtor: this week it set out to raise $10 billion from global banks. Yet the claim is not entirely hollow, either. Saudi Arabia is determined not to give any succour...
  • Chevron Plans to Invest Billions in Permian Basin

    04/26/2016 9:21:08 PM PDT · by Impala64ssa · 13 replies
    CBS7 ^ | 4/26/16 | Alexa Dunson
    PERMIAN BASIN In the midst of a downturn in the oil industry, Chevron is set to invest billions. According to a report by the Hobbs News-Sun, Chevron is planning on bringing massive, billion-dollar oil and gas projects to West Texas and eastern New Mexico. Chevron CEO John Watson announced the company will put more of its budget in the Permian Basin while cutting costs elsewhere. During an annual analyst meeting Watson predicted by 2020 Chevron could pump 350,000 barrels a day in West Texas which is almost triple their current 125,000 barrels a day.
  • Could Sabotage Cause A Surge In Oil Prices?

    04/26/2016 3:22:22 PM PDT · by bananaman22 · 12 replies
    Oilprice.com ^ | 26-04-2016 | Dwayne Purvis
    Hidden among the ballyhoo about a collaborative freeze in production growth, a less visible but far more effective dynamic has affected, and likely will affect, oil supply and price: military intervention. There have always been three routes out of the unsustainably low prices: natural decline/growth of supply/demand, collaboration constraints on supply, and military conflict. Since January, while the talk of a growth freeze had no effect whatsoever on actual supply, the natural decline/growth did reduce the overhang by a couple of hundred thousand barrels of oil per day. Meanwhile, two little-discussed and less-understood military interventions took a combined 900,000 bopd...
  • Are Oil Dividends Worth it?

    04/26/2016 2:32:38 PM PDT · by bananaman22 · 13 replies
    Oilprice.com ^ | 26-04-2016 | Paperchaser
    Are you tempted by nice dividends such as BP’s 7.53 percent and Shell’s 7.31 percent? Long-term investors are. They’re lapping up the oil majors on dips to cash in on their impressive dividend yields in hopes that the massive rally in crude oil from the lows of $27.10 per barrel is an indication that crude has bottomed out and higher prices are around the corner. The large investors are pursuing the oil majors for their stability and safety, which has boosted their prices, but even after the rise, prices remain below their 2015 highs. The oil majors are expected to...
  • The Real Reason Saudi Arabia Killed Doha

    04/25/2016 11:46:55 AM PDT · by bananaman22 · 3 replies
    Oilprice.com ^ | 25-04-2016 | Captain Hook
    Saudi Arabia single-handedly scuttled the Doha meeting, knowing all along that Iran would not participate, with a valid reason. The Russians and others agreed to proceed without Iran, planning to include them at a later date. So if everything was known beforehand, why did the Saudi’s pour cold water on the aspirations of the remaining members, risking its alienation from Russia and the OPEC community? Was it simply Saudi enmity toward Iran? Not exactly. Upon closer scrutiny, we can find the Saudi masterstroke behind Doha. It is well known that Saudi Arabia is heavily dependent on oil revenues, and that...
  • Jacki Daily Podcast: ISIS DESTROYS - ENERGY vs ELECTION and EARTH DAY

    04/24/2016 5:40:41 PM PDT · by RaceBannon
    The Jacki Daily Show ^ | 4/24/16 | The Jacki Daily Show
    Jacki is joined by Dr. David Grantham, senior research fellow at the National Center for Policy Analysis to discuss how oil and antiquities from terrorist networks has made its way to America and what we can do to stop it. Jacki also speaks with Brendan Williams to talk about the importance of energy issues in the upcoming Presidential election. Lastly Jacki is joined by Doug Domenech, director of the Fueling Freedom Project at the Texas Public Policy Foundation, to talk about the history of Earth Day.