Keyword: oil

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  • BLM office in Junction to see change ( Colorado UN Agenda 21 )

    09/26/2016 8:29:32 AM PDT · by george76 · 6 replies
    Grand Junction Media ^ | September 24, 2016 | Dennis Webb
    Grand Junction will no longer be home to a district Bureau of Land Management office after the agency’s Grand Junction Field Office gets transferred from the northwest Colorado district to the southwest district under a reorganization. ... Mesa County Commissioner John Justman is uncomfortable with the Grand Junction Field Office no longer being part of the Northwest District, despite Mesa County’s close economic ties to the oil and gas development that takes place in northwest Colorado. Many area oil and gas jobs are based in Mesa County. “Financially the county is much more attached to the Northwest District than the...
  • Massive Fire Engulfs Pemex Oil Tanker in Gulf of Mexico

    09/25/2016 3:11:01 PM PDT · by rockinqsranch · 9 replies
    gcaptain/Reuters ^ | September 25, 2016 | Natalie Schachar and Noe Torres
    MEXICO CITY, Sept 24 (Reuters) – A fire broke out on an oil tanker of Mexican state oil company Pemex in the Gulf of Mexico on Saturday, forcing all the crew to be evacuated in the latest accident to plague the struggling firm.
  • Kingdom Comedown: Falling Oil Prices Shock Saudi Middle Class

    09/25/2016 2:32:40 PM PDT · by Lorianne · 23 replies
    Wall Street Journal ^ | 23 September 2016 | Ahmed Al Omran, Nikhil Lohade
    Lower revenue hurts economy, prompting government to withdraw some benefits; as cost of living rises, consumers cut back on spending ___ With a slowing economy and shrinking foreign reserves, the kingdom is coming under pressure to take steps that support the price of oil, as it did this month with an accord it struck with Russia. ... a sharp drop in the price of oil, Saudi Arabia’s main revenue source, has forced the government to withdraw some benefits this year—raising the cost of living in the kingdom and hurting its middle class, a part of society long insulated from such...
  • Crude Crashes As Saudis Kill OPEC Meeting Before It Even Started

    09/23/2016 10:10:35 AM PDT · by bananaman22 · 9 replies
    Oilprice.com ^ | 23-09-2016 | Matt
    Crude prices are selling off, aided by Saudi comments that a decision will not be forthcoming from next week's OPEC meeting in Algiers. Add to this news that the Federal Reserve is looking to restrict bank involvement in physical commodities...and dollar strength as the cherry on top...and oil is heading lower into the weekend.
  • T. Boone Pickens Says Obama Is A Loser For The Energy Industry

    09/22/2016 1:29:56 PM PDT · by bananaman22 · 16 replies
    Oilprice.com ^ | 22-09-2016 | Julianne
    According to energy magnate T. Boone Pickens, Obama has been a loser for the energy industry. And not just a loser, but “a complete loser”. That he is not a fan of President Obama’s policies—including his energy policies--comes as no surprise. Pickens said in 2014 that Obama was “the worst president we’ve ever had”.
  • Pipeline opponents interrupt oil industry meeting to make case - (leave in vehicles)

    09/21/2016 12:15:50 PM PDT · by Last Dakotan · 3 replies
    InForum ^ | 9/21/2016 | Amy Dalrympl
    MINOT, N.D. — A handful of Dakota Access Pipeline opponents took over the stage Wednesday, Sept. 21, as North Dakota's top oil regulator spoke to an oil industry group's annual meeting. The elders of the Oglala Lakota Nation referred to the pipeline as the "black snake" as they took the podium and microphone while Department of Mineral Resources Director Lynn Helms was speaking to the North Dakota Petroleum Council. "We want you guys to hear our voice and see us," one woman said. "We're not just some hashtag out there just making a scene. We want to be heard. We...
  • Frack Sand: The Unsung Hero Of The OPEC Oil War

    09/20/2016 7:31:04 AM PDT · by bananaman22 · 13 replies
    Oilprice.com ^ | 20-09-2016 | Jim
    “Right now, it’s all about the frack sand. The story of US shale resilience is now about huge quantities of high-quality frack sand. This is the backbone of the comeback.” Welcome to the Mega-Frack Hydraulic fracturing involves injecting highly pressurized water into a well and then pouring sand into it in order to keep the tiny fractures created by the water blast open, and then widening them so that more crude oozes from the shale rock. The US response to the oil price war has been the ‘mega frack’, which means that producers are creating more fractures in rock because...
  • Venezuela Crises Compound as Oil Industry Falls Into Disarray

    09/20/2016 6:39:31 AM PDT · by C19fan · 17 replies
    NY Times ^ | September 20, 2016 | Nicholas Casey and Clifford Krauss
    One oil rig was idle for weeks because a single piece of equipment was missing. Another was attacked by armed gangs who made off with all they could carry. Many oil workers say they are paid so little that they barely eat and have to keep watch over one another in case they faint while high up on the rigs. Venezuela’s petroleum industry, whose vast revenues once fueled the country’s Socialist-inspired revolution, underwriting everything from housing to education, is spiraling into disarray. To add insult to injury, the Venezuelan government has been forced to turn to its nemesis, the United...
  • Obama Administration’s Lawless Decision Delays a Much-needed Infrastructure project

    09/18/2016 7:40:14 PM PDT · by Tolerance Sucks Rocks · 3 replies
    Freedomworks ^ | September 15, 2016 | Kenny Stein
    Seemingly every day some politician or another, usually from the left of the political spectrum, calls for more infrastructure investment. In North Dakota there is a $3.7 billion infrastructure project under construction. This project received all the necessary federal permits and is 60% complete. But now the Obama administration, bowing to radical left wing protestors, has thrown the project into doubt with its unprecedented decision last Friday to halt construction on one section of the project. Apparently infrastructure investment is not the priority we were led to believe. The project in question is known as the Dakota Access Pipeline. It...
  • Why Apache’s Latest Oil Find Is Such A Game Changer

    09/16/2016 12:36:35 PM PDT · by 2ndDivisionVet · 9 replies
    Oil Price ^ | September 15, 2016 | Michael McDonald
    Apache’s recent oil find highlights what could be a new phase in fracking. To date, fracking in the U.S. had really been all about taking explored basins and drilling new wells to get at previously untapped resources. That strategy worked well when oil prices were more than $80 a barrel. At today’s prices though, drilling the old style rigs in mostly depleted fields to get at residual layers of black gold is a money losing strategy. Apache’s find shows that money can be made by taking risks and looking for major new finds in areas that had been passed over...
  • How Does America Keep Finding Vast Stores of Energy?

    09/12/2016 4:22:31 PM PDT · by 2ndDivisionVet · 33 replies
    Slate ^ | September 12, 2016 | Daniel Gross
    By completely overhauling the old rules of the business. Last week, the Wall Street Journal reported on an energy bonanza. A company discovered a new field with “the equivalent of at least two billion barrels of oil” that “has the promise to become one of the biggest energy finds of the past decade.” But the discovery wasn’t made by a foreign company in the Amazon, or deep in the waters off the coast off Africa, or in Kazakhstan—or any of the other politically treacherous, high-risk, low-infrastructure places where Big Oil has been prospecting for gigantic new gushers. Instead, the lucky...
  • Oil Markets Brace As U.S. Looks To Sell 100 Million Barrels From SPR

    09/09/2016 2:59:36 PM PDT · by bananaman22 · 36 replies
    Oilprice.com ^ | 09-09-2016 | SPR
    Aging infrastructure could render the U.S. strategic petroleum reserve (SPR) increasingly ineffective, according to a new report from the Department of Energy. The U.S. has stored roughly 700 million barrels of crude oil in salt caverns in Texas and Louisiana for decades. The SPR was established in the aftermath of the Arab oil embargo in 1973, which painfully revealed U.S. oil dependence as high prices drove up inflation, created fuel shortages and lines at gas stations, and rocked the American economy. The SPR was setup to stash 90 days’ worth of supply into storage for safekeeping, meant to be used...
  • Oil! Massive shale discovery in Texas

    09/08/2016 10:08:00 AM PDT · by PAR35 · 65 replies
    CNN ^ | September 8, 2016 | Matt Egan
    An overlooked corner of West Texas is believed to contain billions of barrels of newly-discovered shale oil. Apache (APA) revealed the huge find this week after more than two years of stealthily buying up land, extensive geological research and rigorous testing. ... Apache believes the new shale play spans at least five formations, contains over three billion barrels of oil and 75 trillion cubic feet of rich natural gas.
  • Biggest Draw In Crude Stocks This Century Sees Oil Prices Spike

    09/08/2016 8:53:07 AM PDT · by bananaman22 · 2 replies
    Oilprice.com ^ | 08-09-2016 | EIA
    U.S. commercial crude oil inventories declined by 14.5 million barrels during the week ending on September 2nd, according to the Energy Information Administration’s latest report. The American Petroleum Institute (API) report on domestic inventories anticipated a 12 million barrel draw in crude supplies, against expert predictions that inventories would increase by 905,000 barrels.
  • Gartman: ‘’Crude Not Going Above $55 For Years’’

    09/07/2016 10:53:30 AM PDT · by bananaman22 · 13 replies
    Oilprice.com ^ | 07-09-2016 | Dennis
    In mid-January, everyone's favorite market indicator Dennis Gartman, made an infamous prediction when oil was trading in the mid-$30s, when he said that oil won't hit $44 again "in my lifetime" Sure enough, three months later, oil "killed" Gartman, or at least his credibility, when it jumped above $44. We thought that Gartman had learned his lesson, and would avoid such bombastic forecasts in the future. Turns out we were wrong, and earlier today Gartman again appeared on CNBC, where he said that "investors shouldn't expect the commodity to break through $55 for a few years."
  • Firm to Expand West Texas Energy Exploration with $2.5B Deal

    09/06/2016 2:18:17 PM PDT · by PaulyPaul · 3 replies
    Breitbart ^ | Sept. 6, 2016 | Breitbart Texas
    ASSOCIATED PRESS — One of the largest oil producers in the U.S. is purchasing a privately-held New Mexico company and some of its subsidiaries in a $2.5 billion deal that will expand its footprint in major energy-producing basins in the West. Houston-based EOG Resources, Inc. announced the agreement with Yates Petroleum on Tuesday. Company officials say the transaction will clear the way for the development of premium wells at low costs in the Delaware Basin that spans parts of West Texas and southern New Mexico and the Powder River Basin in Montana and Wyoming.
  • Transportation Sector Under Threat From Amazon

    09/06/2016 8:29:28 AM PDT · by bananaman22 · 19 replies
    Oilprice.com ^ | 06-09-2016 | Mike
    Investors in the transportation sector are facing a sea of change thanks to the rise of online commerce. A major part of that change is Amazon.com, and the firms move towards using in-house transportation portends of more evolution to come. With thousands of shipments daily, Amazon.com is leading the way in creating its own in-house transportation via airplanes. This could potentially pave a path for other online retailers, as well as for the future development of other devices like drones which threaten companies that may not have the available funds to invest in them.
  • Southwest oil independents schedule rally Sept. 27 (against OPEC oil imports)

    09/05/2016 5:30:41 PM PDT · by panhandle67 · 27 replies
    Artesia Daily Press ^ | 9/4/2016 | Staff
    New Mexico and Texas oil companies and communities say they will warn Saudi Arabia and Organization of the Petroleum Exporting Countries (OPEC) to stop overproduction of oil and lowering prices as a strategy to slow or shut them down, or face import quotas. Independent oil companies with the Panhandle Initiative to Reduce Imports (PIRI) will hold an industry and public rally from 11:30 a.m. – 2 p.m. Tuesday, Sept. 27, at the Pecos River Village Convention Center, 711 Muscatel Ave., Carlsbad. Lunch and admission are free. Southwest and Rocky Mountain oil producers say they feel they are under OPEC and...
  • Oil pipeline protest rurns violent in southern North Dakota

    09/04/2016 7:24:41 AM PDT · by fulltlt · 21 replies
    Billings Gazzette ^ | 9/4/2016 | AP
    BISMARCK, N.D. — A protest of a four-state, $3.8 billion oil pipeline turned violent after tribal officials say construction crews destroyed American Indian burial and cultural sites on private land in southern North Dakota. Morton County Sheriff's Office spokeswoman Donnell Preskey said four private security guards and two guard dogs were injured after several hundred protesters confronted construction crews Saturday afternoon at the site just outside the Standing Rock Sioux reservation. One of the security officers was taken to a Bismarck hospital for undisclosed injuries. The two guard dogs were taken to a Bismarck veterinary clinic, Preskey said.
  • Trudeau’s China strategy fails unless he gets a pipeline built

    09/01/2016 3:50:33 PM PDT · by DUMBGRUNT · 7 replies
    nationalpost ^ | 1 sept 2016 | Michael Den Tandt
    What’s at issue is the pace of extraction, the means of shipment (rail or pipe), the degree and nature of carbon offsets, access to markets, and consequently the price. Currently, Texas-bound Canadian heavy crude trades at a discount to the global price. De facto, the United States has in Canada a captive supplier. Former prime minister Stephen Harper threatened, after President Barack Obama shelved the Keystone XL pipeline project in 2012, to sell our oil to China instead.... Here’s why this matters, particularly in light of Trudeau’s signature promise to boost property for Canada’s middle class: The resource economy, mineral...
  • Proving 'Em Wrong: How The U.S. Oil And Gas Industry Survived

    08/31/2016 11:02:34 AM PDT · by bananaman22 · 3 replies
    Oilprice.com ^ | 31-08-2016 | Stuart
    The Saudis counted them out. So did the Russians, even many domestic analysts said North American shale and tight oil and gas production would decline in the face of low prices and that investment would dry up and output would fall. Well, guess what? They have all been proven wrong. Sure, rig counts have dropped and there have been painful layoffs of workers, but the industry is surviving and against all the “experts” advice, production of natural gas from the Marcellus and Utica shales of the U.S. Northeast is averaging 22.63 billion cubic feet per day in August,
  • Colorado's Anti-Fracking Crackup

    08/31/2016 5:08:19 AM PDT · by Kaslin · 3 replies
    Townhall.com ^ | August 31, 2016 | Michelle Malkin
    If a pair of extreme green ballot measures fall in the Rocky Mountains and no one in the liberal media is paying attention, does the collapse make a sound? This week, two anti-fracking initiatives backed by deep-pocketed environmental lobbying heavyweights, such as the Sierra Club and Greenpeace, failed to gather enough signatures. The more draconian of the efforts, Initiative 78, would have imposed a mandatory 2,500-foot setback around all oil and gas operations -- essentially halting drilling in upward of 95 percent of Colorado's energy-rich land area. These drastic attempts to sabotage the oil and gas industry didn't just miss...
  • Yemeni Rebels Claim Unconfirmed Second Strike On Saudi Aramco Oil Facilities

    08/30/2016 8:46:26 AM PDT · by bananaman22 · 6 replies
    Oilprice.com ^ | 30-08-2016 | Irina
    Yemeni Houthi armed forces today purportedly struck facilities of Saudi oil giant Aramco in the southwestern part of Saudi Arabia as well as the airport of Abha in the kingdom, Iranian Fars News reports. The attacks—the second such reported incident in a week--according to Iranian media reports citing Yemeni sources, came in retaliation for Saudi air strikes targeting civilians in Yemen. The attack that prompted the retaliatory move took place on Friday, when Saudi fighters, according to Iranian media, targeted residential areas in the district of Baqim, in the northwestern Sa’ada province. The attack resulted in 11 casualties and came...
  • Oil Floods The Streets Of Iraqi Town After ISIS Opens Tap

    08/29/2016 9:30:02 AM PDT · by bananaman22 · 12 replies
    Oilprice.com ^ | 29-08-2016 | Irina
    Iraqi media are reporting that ISIS militants have opened the taps of an oil pipeline in the town of Qayyarah, in northern Iraq. Crude is flowing in the streets, as images from Qayyarah show, and people are worried about what will happen if someone decides to set the crude on fire. Iraqi News notes that this is not the first time that the ISIS militants have resorted to this response: before Qayyarah was liberated by the Iraqi army and the U.S.-led coalition forces, the terrorist group spilled crude from the local pipeline into the Tigris River, which runs through the...
  • Exclusive: Venezuela's oil imports slump on payment woes, economic meltdown

    08/28/2016 9:18:41 PM PDT · by 2ndDivisionVet · 37 replies
    Reuters ^ | August 25, 2016 | Marianna Parraga
    Venezuela has not been able to import all the crude and fuel it needs this year to cover shortfalls at oilfields and refineries as state-run PDVSA struggles to pay suppliers on time, according to trade sources and internal company data seen exclusively by Reuters. The decline is the largest in five years as the worst economic crisis in decades undermines PDVSA's ability to buy oil imports, which fell 21 percent in the first seven months of this year to 154,465 barrels per day (bpd), the data showed. Venezuela is also on track to suffer its steepest annual oil output drop...
  • U.S. Gasoline Prices Surprisingly Rise In Late-Summer Week

    08/23/2016 2:25:04 PM PDT · by bananaman22 · 7 replies
    Oilprice.com ^ | 23-08-2016 | Paraskova
    In one of the rare recent increases for a late-summer week, U.S. retail gasoline prices unexpectedly rose in the week to August 22, by US$0.044 to US$ 2.193 per gallon, according to data by the U.S. Energy Information Administration (EIA). Gasoline prices have dropped during this particular week in eight of the past ten years, and last week saw the biggest increase for this week since a US$0.062 rise in 2005. In the previous two August weeks, U.S. average gasoline prices had stood at US$2.150 in the week to August 8 and at US$2.149 in the week to August 15....
  • Boom, Balance Or Bust: What's Next For Oil?

    08/23/2016 9:27:28 AM PDT · by bananaman22 · 4 replies
    Oilprice.com ^ | 23-08-2016 | Nick
    Oil prices have surged more than 20 percent in the last two weeks but there is quite a bit of disagreement over whether or not the rally can continue. The spark that created the bull market was the decision from OPEC to hold an unscheduled meeting in Algiers in September to discuss a production freeze. On the one hand, it would seem odd that OPEC members would once again go through all the motions and trouble of holding another meeting without a high degree of confidence that this time will be different. On the other hand, it has been years...
  • U.S. Gasoline Consumption On Target For A Record Year

    08/22/2016 2:33:38 PM PDT · by bananaman22 · 18 replies
    Oilprice.com ^ | 22-08-2016 | Rob
    In last month’s Short Term Energy Outlook (STEO), the Energy Information Administration (EIA) projected that it now expects record U.S. gasoline consumption this year This projected increase follows several years of lower gasoline demand that resulted from persistently rising gasoline prices over the past decade. From 2002 to 2012 the average retail price of gasoline rose nearly every year, from an annual average of $1.39/gal in 2002 to $3.68/gal in 2012. Consumers responded to these higher prices in multiple ways, which cumulatively led to falling gasoline demand. Some even suggested that U.S. gasoline demand had permanently peaked, as a result...
  • Is ExxonMobil Actually Only Worth A Fraction Of What It Says?

    08/22/2016 9:56:17 AM PDT · by bananaman22 · 13 replies
    Oilprice.com ^ | 22-06-2016 | OP
    The investigation by a handful of attorneys general into ExxonMobil has much more to do with the oil major misleading investors than it does about covering up climate science. The legal headache stems from several news reports that ExxonMobil buried decades of internal climate science in order to protect its interests. That has environmental groups crying foul, blaming the oil company for decades of policy inaction to stop the growth of greenhouse gas emissions. That also was a key reason that New York attorney general Eric Schneiderman, along with several other AGs from different states, opened up an investigation into...
  • China says seeks closer military ties with Syria

    08/21/2016 10:59:19 PM PDT · by Olog-hai · 1 replies
    Reuters ^ | Tue Aug 16, 2016 6:51am EDT | Ben Blanchard
    China wants to have closer military ties with Syria, state media on Tuesday cited a senior Chinese officer as saying during a rare visit to the war-torn Middle Eastern country. While relying on the region for oil supplies, China tends to leave Middle Eastern diplomacy to the other permanent members of the U.N. Security Council, namely the United States, Britain, France and Russia. But China has been trying to get more involved, including sending envoys to help push for a diplomatic resolution to the violence there and hosting Syrian government and opposition figures. …
  • Many People Think What Few Dare To Say

    08/20/2016 8:13:45 AM PDT · by Sean_Anthony · 12 replies
    Canada Free Press ^ | 08/20/16 | Dr. Klaus Kaiser
    With the world swamped by cheap natural gas, crude oil, and coal (with the mines in western countries are being relegated to heritage status), who, really needs expensive and intermittent electricity from the wind and sun? From climate doomsters to media politicos, the world is being bombarded with mis-constructs, unfounded claims and outright lies. Some listeners and readers may fall for such deceits but many others are thinking to themselves and quietly walking away. Time and again, I have experienced that phenomenon after giving a talk to (mostly) retired professionals from a variety of disciplines. They approach me in private...
  • Why oil prices just stampeded into bull-market territory

    08/18/2016 4:42:04 PM PDT · by BlackVeil · 30 replies
    MarketWatch ^ | Aug 18, 2016 | Myra Saefong
    Oil prices officially charged into a bull market Thursday as the prospect of an output freeze by major producers, data showing the first weekly fall in U.S. crude supplies in a month, and a decline in the dollar boosted prices. Crude-oil prices have advanced more than 20% from their Aug. 2 low over the past several sessions...September West Texas Intermediate crude CLU6, +0.23% climbed by $1.43, or 3.1%, to settle at $48.22 a barrel
  • Is The Oil Production Efficiency Boom Coming To An End?

    08/18/2016 7:58:28 AM PDT · by bananaman22 · 5 replies
    Oilprice.com ^ | 18-08-2016 | Peter
    “How much more productive can these new wells get?” I asked my host who had kindly invited me on a field trip to some of western Canada’s most prolific oil fields. Looking down the aisle of bobbing pump jacks, seven in a row on one side of the immaculate gravel pad, the veteran oil executive replied, “We can get up to 1,000 barrels a day out of some of the new ones, but that’s not a limit; we’re improving the economics and productivity with each new well.” Impressive I thought, subconsciously nodding my head in sync with the leading pump...
  • How Brexit Will Affect Paris Global Warming Treaty

    08/17/2016 6:02:11 AM PDT · by george76 · 15 replies
    Daily Signal ^ | June 28, 2016 | Nicolas Loris
    The fate of the European Union’s global warming commitments negotiated as part of the Paris Protocol may be in jeopardy as result of Brexit. The U.S. on the other hand, should take a page out of the U.K.’s playbook and not only withdraw from the Paris agreement, but also withdraw participation from the United Nations Framework Convention on Climate Change altogether. ... countries made individual commitments to reduce carbon dioxide and other greenhouse gas emissions, largely centered on shifting away from affordable natural resources such as coal, oil, and natural gas, and toward more expensive, intermittent, subsidy-dependent renewables. ... The...
  • New markets for Qatari gas without Al Assad (Why Qatar Spent $3B on Terrorists & US/EU Lobbying)

    08/16/2016 8:01:14 PM PDT · by Mount Athos · 3 replies
    ansamed ^ | Oct 1st, 2012
    Why would Qatar want to become involved in Syria where they have very few investments? This is the question the analyst Felix Imonti poses in an article recently published by specialized website 'Oilprice.com' and by Joshua Landis' Syria Comment. The kingdom, Imonti explains, ''is a geographic prisoner in a small enclave on the Persian Gulf coast. It relies upon the export of LNG, because it is restricted by Saudi Arabia from building pipelines to distant markets. In 2009, the proposal of a pipeline to Europe through Saudi Arabia and Turkey to the Nabucco pipeline was considered, but Saudi Arabia is...
  • Has T. Boone Pickens Timed the Oil Market Just Right?

    08/16/2016 8:59:15 AM PDT · by bananaman22 · 7 replies
    Oilprice.com ^ | 16-08-2016 | Wildcatter
    t’s a tough business right now for oil and gas companies, with some companies faring better than others with most majors releasing in-the-red second quarter financials, but business mogul T. Boone Pickens has made a bold and heavy return to the energy market, upping his stake in energy holdings by more than a third in the second quarter, according to data tallied by Bloomberg. The value of BP Capital Fund Advisors LLC’s energy stock holdings increased by $55 million to $218 million. BP Capital Fund Advisors added stakes to eight energy-related companies at a time when oil prices were painstakingly...
  • Is Saudi Arabia About To Cry Uncle In The Oil Price War?

    08/14/2016 6:04:37 PM PDT · by Petrosius · 33 replies
    OilPrice.com ^ | August 11, 2016 | Rakesh Upadhyay
    The Kingdom is struggling with weak GDP growth, higher fees and taxes, and an economy that is unable to pay the dues to its workers, leaving thousands of workers from South Asia with an uncertain future. When a nation is unable to provide food to its migrant workers, it says a lot about their financial condition. The oil price crash has forced the oil-rich Kingdom to introduce austerity measures, and delay payments to already cash-strapped contractors.
  • Oil, Drugs And Militants: Controlling Turkey’s Syrian Border

    08/10/2016 2:20:01 PM PDT · by bananaman22 · 2 replies
    Oilprice.com ^ | 10-08-2016 | Intel
    The recent spate of ISIS-inspired terror attacks in Turkey and subsequent attempted coup, combined with foreign fighters’ incessant attempts to enter ISIS’s shrinking territory have kept Turkey’s border with Syria, once dubbed a “jihadist highway”, at the forefront of regional security issues. Has Ankara responded adequately to the international community’s demands to bring its 911-kilometer border with Assad’s regime under control, or are smuggling and border crossings by militants a continuing threat? Gasoline smuggling Earlier this year, gasoline smuggling from Turkey to Syria received international attention after Russia accused the Turkish government of facilitating contraband routes across the Syrian border....
  • Militants Blow Up Oil Well in Iraq’s Northern Kirkuk Province

    08/10/2016 9:27:42 AM PDT · by bananaman22 · 6 replies
    Oilprice.com ^ | 10-08-2016 | War reporter
    A group of gunmen blew up a bomb at the Bai Hassan oil field in Iraq’s northern province of Kirkuk on Wednesday, China’s news agency Xinhua reported, citing a provincial police chief. So far no group has claimed responsibility for the attack. The Kurdish military forces, the Peshmerga, arrived at the scene after the militants had fled and found another two bombs at other installations in the oil field, but managed to defuse them. Last week, ISIS fighters killed five people in an attack on Bai Hassan, and attempted to take down a gas compression station nearby as well, where...
  • EXCLUSIVE: Hillary Aide Cheryl Mills OK’d Oil Deal That Put $500K In Bill’s Pocket

    08/09/2016 8:03:40 PM PDT · by amorphous · 34 replies
    DailyCaller.Com ^ | 9 August 2016 | Richard Pollock
    Then-Secretary of State Hillary Clinton publicly defended an embattled banker during an official visit to Bangladesh while Clinton Foundation officials tried to steer money from an Abu Dhabi oil company into the banker’s coffers. A Daily Caller News Foundation investigation traced the convoluted payment by TAQA — formally known as the the Abu Dhabi National Energy Company — to Muhammad Yunus’ Grameen Bank. Yunus is a long-time friend and Clinton Foundation donor. The oil company deal eventually put as much as $500,000 into President Bill Clinton’s pockets via a speaking fee he got in Scotland. The complicated set of international...
  • Israel ordered to pay Iran $1.2 billion

    08/08/2016 4:31:08 PM PDT · by Eleutheria5 · 40 replies
    Arutz Sheva ^ | 8/8/16 | Rachel Kaplan
    The Swiss Supreme Court in Lausanne has ordered the Israel-controlled Trans-Asiatic Oil Company to pay a debt of $1.2 billion to Iran's national Oil Company. According to Global Arbitration Review, which published the Swiss court’s ruling, Iran’s oil company has been removed from the sanctions regime, so there is no legal obstacle to paying it any money. On June 27, the court directed Trans-Asiatic to pay the Iranians 250,000 Swiss francs (about 1 million shekels, or $260,000) of the monies that have been deposited with the court, and another 200,000 francs in court costs. Trans-Asiatic appealed, and lost, saddling the...
  • Decades-old $1.2B Back Bill for Iranian Oil Comes Back to Haunt Israel

    08/08/2016 8:40:42 AM PDT · by bananaman22 · 10 replies
    Oilprice.com ^ | 08-08-2016 | Irina
    An arbitration court has ordered Israeli-held Trans-Asiatic Oil (TAO) to pay US$1.2 billion to Iran for oil that the National Iranian Oil Company (NIOC) had delivered to Israel before the 1979 Islamic Revolution, the online edition of Israel’s Haaretz reported on Monday. Lausanne-based Swiss Supreme Court has ruled in favor of Iran in the case which Israel had appealed. In May 2015, Israel said it was refusing to comply with an order by a Swiss court that it pay US$1.1 billion to NIOC. The complex dispute stems from 1968, when Shah Reza Pahlavi ruled Iran. The Eilat Ashkelon Pipeline Co....
  • Shale Production Has Reduced Energy Prices To Levels Where Saudi Arabia Can't Fund Its Welfare State

    08/04/2016 12:58:31 AM PDT · by Kaslin · 98 replies
    Townhall.com ^ | August 3, 2016 | Matt Vespa
    Saudi Arabia knew that North American shale production could potentially torpedo their hold on the energy market via oil. So, they decided to trounce the natural gas market by opening the floodgates with petroleum. It didn’t work. The Telegraph now reports that shale production has cut prices so low that they can produce at prices that are lower that what’s required to keep Saudi Arabia’s socioeconomic fabric healthy: Opec's worst fears are coming true. Twenty months after Saudi Arabia took the fateful decision to flood world markets with oil, it has still failed to break the back of the US shale...
  • End of Driving Season Could Send Oil Back to February Lows

    08/03/2016 9:58:37 AM PDT · by bananaman22 · 5 replies
    Oilprice.com ^ | 03-08-2016 | Driver
    Summer driving season: it’s the season to be traveling, what with long weekends, annual leaves and short getaways from the banalities of everyday life at the office. The summer season in the Northern Hemisphere is when demand for crude oil invariably picks up, because fuel consumption increases. In Europe, there’s greater hunger for diesel and in the U.S. there’s a pickup in gasoline demand. Usually. This year’s driving season, however, is shaping up to be a very disappointing exception to the usual seasonal patterns in fuel demand. People are not traveling now as much as analysts expected back in May....
  • ISIS Oil Revenues Down By Up To 90 Percent

    08/02/2016 1:00:43 PM PDT · by bananaman22 · 10 replies
    Oilprice.com ^ | 02-08-2016 | Ziggi
    Recent Iraqi military gains over the Islamic State have dried up oil revenues for the terrorist organization by up to 90 percent, according to a report by Iraqi News on Tuesday. Security sources from the ministry of oil said ISIS had been smuggling at least 50 vehicles full of oil everyday from oilfields in Qayyarah and Najma. The two sites stand south of Mosul—the largest ISIS stronghold and the third largest city in Iraq by population. But new offensives against the terrorist organization have reduced the smuggling rate to five vehicles a day. ISIS’ prices for the smuggled oil, which...
  • The Price Of Oil Is Crashing Again, And That Is Very, Very Bad News For The U.S. Economy

    08/02/2016 4:28:47 AM PDT · by HomerBohn · 96 replies
    LC News Group ^ | 7/2/2016 | Michael Snyder
    This wasn’t supposed to happen. The price of oil was supposed to start going back up, and this would have brought much needed relief to economically-depressed areas of North America that are heavily dependent on the energy industry. Instead, the price of oil is crashing again, and that is really bad news for a U.S. economy that is already mired in the worst “recovery” since 1949. On Monday, U.S. oil was down almost four percent, and for a brief time it actually fell below 40 dollars a barrel. Overall, the price of oil has fallen a staggering 21 percent since...
  • Texas shale oil has fought Saudi Arabia to a standstill

    08/01/2016 10:08:35 AM PDT · by Hojczyk · 28 replies
    The UK Telegraph ^ | July 31, 2016 | Ambrose Evans-Pritchard
    The Saudi-led Gulf states have certainly succeeded in killing off a string of global mega-projects in deep waters. Investment in upstream exploration from 2014 to 2020 will be $1.8 trillion less than previously assumed, according to consultants IHS. But this is a bitter victory at best. North America's hydraulic trackers are cutting costs so fast that most can now produce at prices far below levels needed to fund the Saudi welfare state and its military machine, or to cover Opec budget deficits. Scott Sheffield, the outgoing chief of Pioneer Natural Resources, threw down the gauntlet last week - with some...
  • Oil Tumbles Below $40 on Flurry of Bearish News

    08/01/2016 10:01:23 AM PDT · by bananaman22 · 6 replies
    Oilprice.com ^ | 01-08-2016 | Matt
    A new week, a new month, a new sell-off. Crude prices are charging lower to start the week as a plethora of bearish indicators emerge to encourage crude lower. Hark, here are five things to consider in the oil market today.
  • New American Oil Pipeline is the Answer

    07/29/2016 3:44:31 PM PDT · by Tolerance Sucks Rocks · 7 replies
    Patriot News ^ | July 19, 2016 | The Common Constitutionalist
    Remember the Keystone XL Pipeline project? Remember what a cause célèbre it was for both the left and right? What the heck ever happened to it? Have you wondered that?Well, in short it was killed pretty much for good, or at least the foreseeable future – both here in the USSA and now in Canada. As you are no doubt aware, it was Obama who, with the left in the federal and various state legislatures – and with some help from Choo-choo Warren Buffet who owns most of the rail cars now hauling crude down south, vetoed the pipeline. And...
  • Exxon Misses Estimates By A Mile, Plunges To Two-Month Lows

    07/29/2016 9:09:34 AM PDT · by bananaman22 · 12 replies
    Oilprice.com ^ | 29-07-2016 | Big Oil
    ExxonMobil reported on Friday earnings of US$1.7 billion for the second quarter, a 59-percent tumble on the year, amid sharply lower commodity prices and weaker refining margins. Earnings per share assuming dilution fell to US$0.41 from US$1.00 for the second quarter last year, missing Thomson Reuters’ analyst expectations of US$0.64 earnings per share. Upstream earnings plummeted by US$1.7 billion, to US$294 million in the second quarter of 2016, and the U.S. upstream segment posted a loss of US$514 million, swelled from a loss of US$47 million in the second quarter of 2015. Non-U.S. upstream earnings tumbled by US$1.3 billion, to...