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Keyword: oil

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  • Oil, America’s inexhaustible resource Welcome to the age of energy abundance

    08/31/2015 6:52:10 AM PDT · by bestintxas · 14 replies
    wash times ^ | 8/31/15 | s moore
    “The United States of America cannot afford to bet our long-term prosperity, our long-term security on a resource that will eventually run out, and even before it runs out will get more expensive to extract from the ground. — Barack Obama, 2011. In August 1859 on the eve of the Civil War, Col. Edwin Laurentine Drake completed the first commercial oil well in the United States on Oil Creek just outside of Titusville, Pa. Over the next century and a half, oil and gas companies have extracted tens of billions of barrels of oil from the ground from California to...
  • King Salman of Saudi Arabia to visit White House next week

    08/31/2015 5:41:36 AM PDT · by thackney · 12 replies
    CNN ^ | August 27, 2015 | Kristen Holmes
    President Barack Obama will host King Salman bin Abdulaziz Al Saud of Saudi Arabia at the White House next week for his first trip to Washington since ascending the throne. The visit, scheduled for September 4, comes just before Congress is scheduled to vote on the Iran deal, which Saudi Arabia has endorsed but expressed concern over.
  • Canadian Oil Sands Halts Crude Production at Oil-Sands Giant Syncrude {Fire}

    08/31/2015 5:33:50 AM PDT · by thackney · 3 replies
    Wall Street Journal ^ | Aug. 31, 2015 | CHESTER DAWSON
    Canadian Oil Sands Ltd., the largest owner of the giant Syncrude oil-sands project, said on Sunday that it has halted production after a fire damaged equipment at its synthetic crude oil processing facility in northern Alberta. The company said the fire, which occurred early Saturday and was extinguished without any injuries, affected pipes connected to a water treatment unit at Syncrude’s heavy oil upgrader on the site of its Mildred Lake oil-sands surface mine. The cause of the blaze is under investigation, it said. While the upgrader’s core machinery wasn’t damaged and the strip mine continues to operate, Canadian Oil...
  • Will Iran Get a Better Deal Than U.S. Oil?

    08/29/2015 7:02:58 AM PDT · by thackney · 11 replies
    The Daily Beast ^ | 08.28.15 | Will Marshall
    If the Iran deal goes through, the country’s oil exports will resume. Meanwhile, U.S. producers will still be banned from doing so. As Congress takes up the Iran nuclear deal next month, it ought to confront this paradox: The agreement allows the Iranians to do something Americans can’t—sell oil to the rest of the world. Don’t get me wrong. I support the deal, under which Tehran would stop enriching weapons-grade uranium for the next 15 years in return for relief from economic sanctions. It’s not perfect, but President Obama is right that it’s better than what we’d have if his...
  • Shell share price: Company declares force majeure on Nigeria exports

    08/29/2015 7:00:39 AM PDT · by thackney · 6 replies
    Invezz ^ | 28 Aug 2015 | Veselin Valchev
    Royal Dutch Shell Plc (LON:RDSA) declared a force majeure on Nigerian Bonny Light oil exports yesterday, as it shut down two key pipelines to the coast. Shell did not give further details and did not provide a timeline for reopening the pipelines, but traders argued that the unexpected developments were unlikely to last long, Reuters reported. Nigeria’s oil industry is in dire need of greater investment in maintenance whilst also having to deal with numerous instances of oil theft. Shell sold its stake in the Nembe Creek pipeline earlier this year, alongside several other interests in the country, as part...
  • Why $40 oil is killing Iraq, Venezuela and others, but not Russia

    08/29/2015 6:57:57 AM PDT · by thackney · 6 replies
    Reuters ^ | August 28, 2015 | John Lloyd
    It’s not the economy, stupid. At least it isn’t where hearts are warmed by the fiercer flame of nationalism, rather than rising living standards. Oil prices as low as $40 a barrel are separating the oil haves from the oil have-nots. The oil producers happily rode a wave of high oil prices for years, buying popularity with increased state spending while excusing themselves from the hard pounding of legitimate economic reform. The oil-buyers — like India and Egypt — now enjoy prices as low as a third of those they paid as recently as two years ago and can cut...
  • Graham: ISIS Loves Trump Seize Oil Idea

    08/28/2015 10:06:29 PM PDT · by 2ndDivisionVet · 72 replies
    Breitbart Television ^ | August 28, 2015 | Pam Key
    Friday on Newsmax TV’s “The Steve Malzberg Show,” Republican presidential candidate Sen. Sen. Lindsey Graham (R-SC) said ISIS loves his rival, Republican presidential front-runner Donald Trump’s idea of “seize oil for the benefit of America” because it would be a huge “recruiting opportunity.” Graham said, “Well number one, Donald Trump’s plan to destroy ISIS is the most ill-conceived, insanely dangerous idea I have ever heard. Worse than Obama. I never thought I would hear myself say that there is a Republican running for office that’s got a worse idea when it comes to radical Islam than Obama. So here is...
  • Chinese Oil Companies Brace for Turbulent Second Half

    08/28/2015 4:54:12 AM PDT · by thackney · 4 replies
    Wall Street Journal ^ | Aug. 26, 2015 | BRIAN SPEGELE
    Chinese oil companies say they are bracing for a turbulent second half and no relent of the low oil prices that have sent their earnings plunging. Amid weak global economic growth that is constraining demand for everything from oil to natural gas and iron ore, first-half results on Wednesday underscored the magnitude of a spending pullback by China’s oil majors. In releasing interim results, Chinese oil companies Cnooc Ltd. and Sinopec Corp. said they had little expectation for a sharp rebound in oil and natural gas prices. “There is little optimism in the world’s macro-economic environment,” Cnooc Chairman Yang Hua...
  • OPEC Divorce And Self-Destruction Thanks To Saudi Oil Strategy?

    08/27/2015 4:24:05 PM PDT · by bananaman22 · 12 replies
    Oilprice.com ^ | 27-08-2015 | Endree
    Despite low oil prices, Saudi Arabia is maintaining its investment in its oil industry. Saudi Aramco Chairman Khalid Al-Falih indicated in March that Saudi Aramco would not cut investment. James Crandell, a Cowen & Co. oil analyst cited in this article, who has tracked oil companies’ budgets for many years, estimates that Aramco and its Kuwaiti and UAE counterparts will increase their investment in oil exploration and production in 2015 by 4.5 percent to $38.1 billion. (If proportional to output, the Saudi share would be $24.5 billion). On it’s website, the Saudi Arabian General Investment Authority (SAGIA) identifies Saudi Arabia...
  • U.S. Oil Prices Post Biggest Rise on Percentage Basis Since 2009

    08/27/2015 12:54:40 PM PDT · by abb · 17 replies
    The Wall Street Journal ^ | August 27, 2015 | Christian Berthelsen
    U.S. oil prices soared 10% on Thursday, as a rally in Chinese and U.S. stocks and better-than-expected U.S. economic data prompted a rush by traders to bail out of bearish bets that the market would fall. Traders and analysts at hedge funds, banks and brokerages said supply-and-demand conditions in the oil market remained weak and there appeared to be little fundamental justification for such a strong rally, or expectations of more price gains in the near future. Rather, they said, it appeared to be set off as investors with so-called short positions that profit from falling prices closed those bets...
  • McDermott CEO sees Saudi contract as step in turnaround

    08/27/2015 12:50:13 PM PDT · by thackney
    Fuel Fix ^ | August 27, 2015 | Robert Grattan
    Offshore engineering company McDermott International’s stock shot up by more than 30 percent Wednesday after the company said it had landed a $1.5 billion-plus contract with Saudi Aramco. McDermott CEO David Dickson called the contract an important step in a turnaround for the Houston-based company, which as recently as 2013 had been struggling to build offshore platforms and support structures profitably. Investors sent the company’s shares up $1.03 to $4.49 in midday trading Thursday. “We had a tough time through the end of 2013; 2014 was a real turnaround,” Dickson said in an interview with FuelFix. He joined McDermott in...
  • Recently announced crude oil swaps with Mexico likely to provide economic and environmental benefits

    08/27/2015 10:29:10 AM PDT · by thackney · 20 replies
    Energy Information Administration ^ | August 26, 2015 | Energy Information Administration
    Recently announced crude oil swaps with Mexico likely to provide economic and environmental benefits Under licenses approved earlier this month by the Bureau of Industry and Security (BIS), an office within the Department of Commerce that administers export controls on crude oil, volumes of crude oil produced in the United States and Mexico up to the approved volume cap will be exchanged. These swaps will likely involve U.S light sweet crude, such as the growing output from shale formations in the United States, and Mexican heavy sour crude. The approved swaps are expected to be both economically and environmentally beneficial...
  • Saudi Budget Cuts a Sign of Resolve, Not Wavering

    08/27/2015 5:43:16 AM PDT · by thackney · 2 replies
    Real Clear Energy ^ | August 27, 2015 | Nick Cunningham
    Nine months after OPEC decided to leave its production target unchanged and pursue market share instead of trying to prop up prices, the group is facing a set of complex problems and decisions going forward. At first blush, the collapse of oil prices and the resiliency of U.S. shale appears to hand OPEC, and its most powerful member in Saudi Arabia, a stinging defeat. U.S. oil production has leveled off but has not dramatically declined. Meanwhile, oil prices are at their lowest levels since the financial crisis and the revenues of OPEC members have fallen precipitously along with the price...
  • BP Whiting Restarted: Will Crude Avoid Maduro $30 Forecast?

    08/27/2015 5:37:14 AM PDT · by thackney · 9 replies
    Zacks ^ | August 26, 2015 | Nilendu Saha
    With crude prices hovering around $40 a barrel, the broader market is on tenterhooks. West Texas Intermediate (WTI) crude futures fell almost 7% in the past week. The troubles grew as oil prices hovered close to its lowest level in almost seven years. The bearish mood is compounded by Venezuelan President Nicolas Maduro’s opinion that the commodity is slated to fall to $30 per barrel or less. Whiting Refinery Unit Restarted Amid the gloom, the news that BP Plc (BP - Analyst Report) has restarted the largest of three crude distillation units (CDUs) in its refinery in Whiting, IN., cast...
  • Oil’s Down, Gasoline Isn’t — What’s Up With That?

    A little more than a year ago, oil prices were above $100 a barrel. The national average for gasoline was in the $3.50 range. In late spring, oil was $60-ish and the national average for gas was around $2.70. The price of a barrel of oil has plunged to $40 and below—yet, prices at the pump are just slightly less than they were when oil was almost double what it is today. Oil and gasoline prices usually travel up or down in sync. But a few weeks ago the trend lines crossed and oil continued the sharp decline while gasoline...
  • As oil price slump continues, companies get creative with staff schedules to avoid layoffs

    08/25/2015 5:27:45 AM PDT · by thackney · 2 replies
    FINANCIAL POST via Calgary Herald ^ | 08.18.2015 | GEOFFREY MORGAN
    As oilpatch layoffs mount and companies struggle to retain staff, Trilogy Energy Corp. has been able to keep its staff and cut costs at the same time. This summer management at the oil and gas producer asked employees to work a four-day week and apply for work share coverage, a form of employment insurance, through Service Canada. Trilogy confirmed its eligible employees recently received government approval for their work share compensation after applying back in May. “Reducing hours, we thought, was a better alternative than laying off staff,” Trilogy president and chief operating officer John Williams said. The Calgary-based company,...
  • DW: Saudi Arabia Hit by Low Oil Prices, Faces Difficult Decisions

    08/24/2015 10:38:24 AM PDT · by thackney · 22 replies
    Rig Zone ^ | August 24, 2015 | Douglas-Westwood
    Douglas-Westwood, an energy business strategy, research and commercial due diligence services provider, commented in its latest edition of DW Monday that low global crude prices have hit Saudi Arabia hard. With a considerable budget deficit, Saudi has been forced to begin borrowing from capital markets – $4 billion in July. The kingdom is highly reliant on oil – accounting for more than 90 percent of budget revenues. Cuts have not been made to capital expenditure and Saudi has engaged in an expensive conflict within Yemen. Consequently, the decision to ride out lower prices has put a huge strain on finances...
  • 1st U.S. tar sands mine set to open for business in Utah

    08/24/2015 5:18:20 AM PDT · by thackney · 26 replies
    Fuel Fix ^ | August 22, 2015 | Associated Press
    BOOK CLIFFS, Utah (AP) — On a remote Utah ridge covered in sagebrush, pines and wild grasses, a Canadian company is about to embark on something never before done commercially in the United States: digging sticky, black, tar-soaked sand from the ground and extracting the petroleum. The impending opening of the nation’s first tar sands mine has become another front in the battle across the West between preservationists and the energy industry. U.S. Oil Sands has invested nearly $100 million over the last decade to acquire rights to about 50 square miles, obtain permits and develop what it says is...
  • Russia's ruble falls to lowest this year, market drops over 4%

    08/24/2015 3:32:11 AM PDT · by elhombrelibre · 28 replies
    AFP ^ | 24 Aug 15 | Unknown
    Moscow (AFP) - Russia's battered ruble dropped Monday to its lowest point this year as Asian and European stock markets nose-dived over concerns about the Chinese economy. Russia's dollar-denominated RTS index fell 4.21 percent at opening as the ruble tumbled to 70.92 against the dollar, its weakest against the greenback since December 2014. The ruble-denominated Micex meanwhile dropped by 1.76 percent. The plunge in oil prices and Western sanctions over Moscow's role in the Ukraine crisis have pummelled the Russian economy in recent months, with the ruble collapsing in value. Russia's recession worsened in the second quarter as the gross...
  • Dow futures fall 160 points (possible massive sell off today)

    08/24/2015 2:24:49 AM PDT · by Enlightened1 · 35 replies
    CNBC ^ | 08/23/15 | Fred Imbert
    U.S. stock futures opened lower on Sunday after Wall Street recorded its worst day since 2011. Dow Jones industrial average futures opened down about 80 points and shed as much as 163 points before holding at about 124 points lower. S&P 500 futures opened down 12.50 points and fell as much as about 18 points before holding at about 14 points lower. Nasdaq futures fell 33 points at the open before falling as much as 44 points and were last down about 35 points. Asian shares sold off dramaticallyat their open as well, with Tokyo sharply lower and all eyes...
  • Report: Most Canada Oil Sands Crude Produced At A Loss

    08/23/2015 12:29:40 PM PDT · by thackney · 34 replies
    Reuters via Rig Zone ^ | August 20, 2015 | Nia Williams
    More than three-quarters of Canada's daily output of 2.2 million barrels of crude from oil sands is being produced at a loss at current prices, research from analysts at TD Securities shows, although producers are unlikely to halt operations. Only two mining and upgrading projects - Canadian Natural Resources Ltd's Horizon project and Suncor Energy's Millennium mine - are producing synthetic crude for less than its current outright price around $36 a barrel, analyst Menno Hulshof said on Thursday. Every thermal oil sands player is bleeding cash on every barrel produced with U.S. crude around $41 and the Canadian heavy...
  • Oil falls near $39 per barrel

    08/21/2015 10:14:04 AM PDT · by thackney · 37 replies
    Fuel Fix ^ | August 21, 2015 | Robert Grattan
    U.S. oil fell closer to $39 per barrel on Friday, as traders continued a rout that is likely to hand the next-month contract its longest string of consecutive weekly losses since the bust of 1986. Fears that China’s economy may be sputtering and signals that global production is on the rise have driven oil lower for the past seven weeks, and barring a large recovery Friday, soon to be eight weeks. Those concerns combined once more on Friday as an early economic indicator in China came in at a six-year low. “(China’s) stock market problems, their currency problems, all these...
  • BP Whiting refinery unit may restart soon, avoiding long outage

    08/21/2015 6:22:28 AM PDT · by Obadiah · 3 replies
    BP Plc's Whiting, Indiana, refinery, whose partial closure nearly two weeks ago has roiled global oil markets, may restart a key crude oil unit weeks earlier than expected, according to sources and a published report. The plant may restart the 240,000-barrel-per-day (bpd) Pipestill 12, the largest crude oil unit at Whiting, as soon as this weekend after it was able to make temporary repairs, industry publication Energy News Today reported. The unit shut on Aug. 8 after a leak in a heat exchanger, and early reports suggested it could remain offline for one or two months.
  • In downturn, frackers turn to toilet water in drought-prone Texas

    08/20/2015 11:01:40 PM PDT · by Citizen Zed · 4 replies
    Reuters ^ | 8-21-2015 | Anna Driver
    Pioneer is the first oil and gas company to sign a long-term wastewater supply contract with Odessa, a city of about 110,000 people. The Dallas-based company recently began construction on a pipeline network that will transport the treated water from the city's sewage plant to one of its oilfields about 20 miles away. "The money has been approved," said Stephen McNair, president of Pioneer's water management group. Pioneer's goal is to eliminate the use of fresh water in fracking in 5 to 10 years, said McNair. The municipal reclaimed water the company intends to use comes from sewage plants that...
  • Saudis Could Face An Open Revolt At Next OPEC Meeting

    08/20/2015 4:22:13 PM PDT · by bananaman22 · 7 replies
    Oilprice.com ^ | OPEC collapse
    OPEC next gathers December 4 in Vienna, just over a year since Saudi Oil Minister Ali Al-Naimi announced at the previous OPEC winter meeting the Saudi decision to let the oil market determine oil prices rather than to continue Saudi Arabia’s role of guarantor of $100+/bbl oil. Despite the intense financial and economic pain this decision has inflicted on Saudi Arabia, its fellow OPEC members, and other oil producers, the Saudis have given no indication they plan to alter course. In fact, Saudis have downplayed the impact of lower prices on their country, asserting that the kingdom has the financial...
  • Robert Menedez floats ‘strategic’ crude exports

    08/20/2015 7:59:36 AM PDT · by thackney · 1 replies
    Fuel Fix ^ | August 19, 2015 | Jennifer A. Dlouhy
    The United States should consider allowing “strategic” crude exports to allies abroad while renegotiating the nuclear deal with Iran, Sen. Robert Menendez said. The New Jersey Democrat’s comments, part of a speech Tuesday at Seton Hall University to explain his opposition to the agreement, marked a shift in his approach to oil exports. Menendez historically has opposed moves to loosen the longstanding ban on exporting U.S. crude. But on Tuesday, Menendez highlighted oil exports as a geopolitical tool — a way for U.S. oil to compete in markets that might be customers for Iranian crude if the nuclear accord is...
  • Citigroup report: Worries of $33 oil leaving markets “nervy”

    08/20/2015 7:43:09 AM PDT · by thackney · 22 replies
    Fuel Fix ^ | August 19, 2015 | Jordan Blum
    There’s a “conceivable reality” U.S. oil prices may plummet to a new 11-year low of $33 a barrel or lower this year, according to a Citigroup report released Wednesday as oil prices dipped to a six-year low near $40.50 per barrel. The new “How low can oil go?” report contends that capital markets are “getting nervy” and one of the only ways to stop this downward trend is for North American shale companies to lose more access to capital during the next phase of borrowing negotiations in October, called redetermination. In February 2009, closing U.S. oil prices last bottomed out...
  • The Balance Between Crude Oil Supply And Demand

    08/19/2015 12:18:20 PM PDT · by ckilmer · 11 replies
    valuewalk.com ^ | August 19, 2015 11:11:56 AM
    The Balance Between Crude Oil Supply And Demand Posted By: Guest PostPosted date: August 19, 2015 11:11:56 AMIn: BusinessNo Comments The Balance Between Crude Oil Supply And Demand by Causeway Capital Management Executive Summary: The Current Supply/demand Imbalance From peak to trough, crude oil prices plunged about 60% in 2014 – and slid again recently, testing lows of earlier this year. Excess supply, combined with a market expectation for softening global demand, has weighed on oil prices. Unlike past behavior, the Organization of the Petroleum Exporting Countries (OPEC) has not cut production to support the market price. This appears to...
  • ANALYSIS-Get used to cheap oil, derivatives markets say

    08/19/2015 10:26:51 AM PDT · by Citizen Zed · 6 replies
    cnbc ^ | 8-19-2015 | Christopher Johnson, Reuters
    Oil prices will stay low for years to come, derivatives markets say, keeping a lid on inflation and helping boost global growth. Oil has more than halved in value over the last year, thanks to huge oversupply, and many oil companies, particularly in the United States, say they may soon have to rein in production, tightening supply, unless the market recovers. That has led many analysts to predict that oil - on average around 5 percent of companies' costs - will see price rises later this year or in 2016, pushing up inflation. But oil derivatives tell another story. Contracts...
  • EIA lowers crude oil price forecast through 2016

    08/19/2015 9:24:20 AM PDT · by thackney · 3 replies
    Energy Information Administration ^ | AUGUST 19, 2015 | Energy Information Administration
    Amid high uncertainty in the global oil market, EIA has lowered crude oil price forecasts in the Short-Term Energy Outlook (STEO), expecting West Texas Intermediate (WTI) crude oil prices to average $49 per barrel (b) in 2015 and $54/b in 2016, $6/b and $8/b lower than forecast in last month's STEO, respectively. Concerns over the pace of economic growth in emerging markets, continuing (albeit slowing) supply growth, increases in global liquids inventories, and the possibility of increasing volumes of Iranian crude oil entering the market contributed to the changed forecast. Since the beginning of 2015, North Sea Brent has traded...
  • Oil at $30 No Problem for Some Bakken Drillers Cutting Costs

    08/17/2015 3:52:22 PM PDT · by bestintxas · 28 replies
    SA Express News ^ | 8/14/15 | d murtaugh
    The lowest crude prices in six years might not be enough to put the brakes on the U.S. energy renaissance. Some parts of North Dakota’s Bakken shale play are profitable at less than $30 a barrel as companies tap bigger wells and benefit from lower drilling costs, according to a Bloomberg Intelligence analysis. That’s less than half the level of some estimates when the oil rout began last year. The lower bar for profitability is one reason why U.S. oil production has remained near a 40-year high even as crude prices fell more than 50 percent over the past year...
  • Clinton says Arctic drilling 'not worth the risk'

    08/18/2015 8:20:53 AM PDT · by PROCON · 37 replies
    reuters ^ | Aug. 18, 2015 | Emily Stephenson, Amanda Becker and Timothy Gardner
    Democratic presidential candidate Hillary Clinton on Tuesday staked out her opposition to Arctic oil exploration, a day after the Obama administration gave Royal Dutch Shell (RDSa.L) final approval to drill off Alaska. "The Arctic is a unique treasure," Clinton said in a Twitter post. "Given what we know, it's not worth the risk of drilling." On Monday, the Obama administration gave Shell final approval to resume drilling into the oil zone off northern Alaska for the first time since 2012. Shell obtained the leases during the administration of former President George W. Bush.
  • Oil tech firms see shale resurrection with re-fracking

    08/18/2015 4:55:50 AM PDT · by thackney · 21 replies
    Houston Chronicle ^ | August 15, 2015 | Collin Eaton
    Shale oil producers from West Texas and North Dakota have harvested enough crude to overwhelm the global oil market and force Saudi Arabia's oil cartel to play offense on the world's energy stage. But U.S. producers have recovered only a small fraction of the oil that's trapped in those rocks, and though the oil-market crash has put the nation's energy boom on hold, some oil-technology companies are pursuing what they say will be a second American shale revolution. That belief lies partially in re-fracking - giving oil shale deposits a second blast of water, chemicals and sand - to get...
  • DAVID KOTOK: Oil Could Fall To $15

    08/17/2015 1:45:02 PM PDT · by blam · 67 replies
    BI ^ | 8-17-2015 | Bob Bryan
    Bob BryanAugust 17, 2015Oil prices have hit six-year lows, and Cumberland Advisors' David Kotok thinks the worst may be yet to come. "We could go back to $15 or $20, this is a downward slope, we don't know a bottom," Kotok said in a Monday morning interview on Bloomberg TV. WTI crude oil futures are trading near $42 a barrel while Brent futures are just above $48 a barrel. Kotok said that despite the oil industries apparent belief that things will get better, there is little reason for anything to change. "Hope is not a strategy, it’s a myth," he...
  • Doomsday clock for global market crash strikes one minute to midnight as central banks lose control

    08/16/2015 5:01:08 PM PDT · by Perseverando · 45 replies
    The Telegraph ^ | August 16, 2015 | John Ficenec
    China currency devaluation signals endgame leaving equity markets free to collapse under the weight of impossible expectations It is only a matter of time before stock markets collapse under the weight of their lofty expectations and record valuations. Photo: Reuters When the banking crisis crippled global markets seven years ago, central bankers stepped in as lenders of last resort. Profligate private-sector loans were moved on to the public-sector balance sheet and vast money-printing gave the global economy room to heal. Time is now rapidly running out. From China to Brazil, the central banks have lost control and at the same...
  • Trump: Saudi Arabia 'should pay us'

    08/16/2015 8:37:16 AM PDT · by jimbo123 · 46 replies
    The Hill ^ | 8/16/15 | Mark Hensch
    GOP presidential candidate Donald Trump said on Sunday that Saudi Arabia is not properly compensating America for its diplomatic partnership. Trump called on Riyadh to share its vast wealth with the U.S. in exchange for the alliance between the two nations. “They make a billion dollars a day,” he told host Chuck Todd on NBC’s “Meet the Press.” “Saudi Arabia, if it weren’t for us, they wouldn’t be here,” Trump said. “They wouldn’t exist.” “They should pay us,” he added. “Like it or don’t like it, people have backed Saudi Arabia. What I really mind though is we back it...
  • Iran offers India control of strategic Chabahar Port

    08/15/2015 4:11:45 PM PDT · by Jyotishi · 7 replies
    Deccan Herald ^ | Saturday, August 15, 2015 | Anirban Bhaumik
    NEW DELHI (DHNS) - As Tehran wants New Delhi to raise its stake in Chabahar Port in Iran, Foreign Minister of the Islamic Republic, Mohammad Javad Zarif, on Friday offered India a deal that not only involves developing the second phase of the port but also for operating it. New Delhi already pledged to build a container terminal and a multi-purpose cargo terminal on two berths at the Chabahar Port in south-eastern coast of Iran. Tehran's new offer appeared to be lucrative to India, as the strategically important port could give it a sea-land access to Afghanistan and Central Asia,...
  • Anti-Fracking Ballot Proposal May End All Drilling

    08/12/2015 6:50:11 AM PDT · by MichCapCon · 7 replies
    Capitol Confidential ^ | 8/10/2015 | Jack Spencer
    Anti-fracking activists are at work in Michigan, organizing a ballot campaign to ban the practice in this state. Since May they have been working to collect the 252,523 valid signatures required to place the measure on the November 2016 ballot. Fracking, or more precisely hydraulic fracturing, is a process for extracting oil and natural gas by injecting water, sand and chemicals at high pressure into shale rock below the earth’s surface. Michigan Capitol Confidential recently communicated about the industry and the proposed ban with Erin McDonough, president and CEO of the Michigan Oil and Gas Association. Before accepting her current...
  • EIA: US shale oil output to drop 93,000 b/d in September

    08/12/2015 6:48:15 AM PDT · by thackney · 2 replies
    Oil Gas Journal ^ | 08/10/2015 | OGJ editors
    Crude oil production in September from seven major US shale plays is expected to decline 93,000 b/d to 5.27 million b/d, according to the US Energy Information Administration’s latest Drilling Productivity Report (DPR). EIA previously projected 91,000-b/d declines for both July and August (OGJ Online, June 9, 2015; July 13, 2015). The DPR focuses on the Bakken, Eagle Ford, Haynesville, Marcellus, Niobrara, Permian, and Utica, which altogether accounted for 95% of US oil production increases and all US natural gas production increases during 2011-13. The Eagle Ford continues to represent a bulk of the overall oil output declines, projected to...
  • U.S. Oil Falls to Six-Year Low

    08/12/2015 6:04:11 AM PDT · by thackney · 23 replies
    Wall Street Journal ^ | Aug. 11, 2015 5:19 p.m | GEORGI KANTCHEV and TIMOTHY PUKO
    U.S. oil fell to a six-year low Tuesday, pummeled by China’s plummeting currency and a growing conviction that global demand can’t catch up with an unrelenting supply of crude. Oil, in tumult for more than a year, continued a summer swoon that took it below the lows it plumbed this spring. Production is still near historic highs in both the U.S. and the Organization of the Petroleum Exporting Countries, new data show. It indicates suppliers around the world are still mired in a fight for customers that ramped up output and took down prices nearly 60% from the highs of...
  • Venezuela Says Pushing for OPEC, Russia Action to Stem Oil Fall

    08/12/2015 5:45:21 AM PDT · by thackney · 24 replies
    Rig Zone ^ | August 12, 2015 | Reuters
    Cash-strapped Venezuela is pushing for an emergency OPEC meeting and joint coordination with Russia to stem a tumble in oil prices, President Nicolas Maduro said on Tuesday night. "We're working towards a special OPEC meeting, in coming days we'll announce .... We're making contacts with OPEC governments," Maduro said during an hours-long televised broadcast. "We're evaluating the possibility that a very high ranking OPEC meeting be called, and that in coordination with the Russian Federation, President Vladimir Putin, we can advance in taking a series of actions to defend the oil market in the face of this latest fall," he...
  • Saudi Arabia faces existential crisis after its misjudged gamble on oil

    08/11/2015 2:07:11 PM PDT · by rickmichaels · 33 replies
    Financial Post ^ | August 11, 2015 | Ambrose Evans Pritchard
    If the oil futures market is correct, Saudi Arabia will run into trouble within two years. It will be in existential crisis by the end of the decade. The contract price of U.S. crude for delivery in December 2020 is currently US$62.05, implying a drastic change in the economic landscape for the Middle East and petro-states. The Saudis took a huge gamble last November when they stopped supporting prices and opted instead to flood the market to drive out rivals, boosting output to 10.6m barrels a day (b/d) into the teeth of the downturn. Bank of America says the Organization...
  • Crude oil is getting smoked (WTI bouncing below $43!)

    08/11/2015 10:30:17 AM PDT · by tcrlaf · 42 replies
    Business Insider ^ | 8-11-2015 | Akin Oyedele
    There goes crude oil again. On Tuesday morning, West Texas Intermediate crude futures in New York fell 4% to as low as $43.03 per barrel. Brent crude, the international benchmark, was also lower, near $50 per barrel, after on Monday having its biggest one-day jump in a month. We got OPEC's latest monthly production numbers Tuesday morning, and they showed that production surged to a three-year high in July. The 12-member oil cartel has overshot its production target for at least a year in a bid to maintain its market share. After what seemed like a recovery in prices around...
  • Report: Eagle Ford production to slip in September

    08/11/2015 5:27:48 AM PDT · by thackney · 2 replies
    Fuel Fix ^ | August 11, 2015 | Jennifer Hiller
    Oil production from the Eagle Ford Shale in South Texas will dip again in September, according to the latest report from the U.S. Energy Information Administration. Production of crude oil and the light oil condensate is expected to slide by 56,000 barrels daily, to around 1.48 million barrels per day. It will be the sixth straight monthly drop for Eagle Ford output. The industry has been hit hard by falling crude oil prices, with energy companies drilling and completing fewer wells. Oil prices were higher than $100 per barrel last summer but have been trading around the $45-level recently. Production...
  • Jeb Worked With Bloomberg Amid $50 Million Anti-Coal Campaign

    08/11/2015 4:37:48 AM PDT · by george76 · 21 replies
    Daily Caller News ^ | 08/10/2015 | Michael Bastasch
    Presidential candidate and former Gov. Jeb Bush got into some hot water recently over his past work with a foundation run by former New York City Mayor Michael Bloomberg for its funding of Planned Parenthood. What went unnoticed, however, was that Bush worked with Bloomberg as he gave millions to environmental groups to take down the coal industry. Bush, who’s looking to win the Republican presidential nomination, served as a founding director of the Bloomberg Family Foundation — now called Bloomberg Philanthropies — from 2010 through 2014. During Bush’s second year with the organization, Bloomberg donated $50 million to the...
  • Bullish Bets On Oil Go Sour

    08/10/2015 8:43:45 AM PDT · by bananaman22 · 14 replies
    Oilprice.com ^ | 10-08-2015 | oil bear
    Prominent hedge fund manager Andy Hall got burned in July after oil prices crashed. Heading up Astenbeck Capital Management, Hall has made very large bets that oil prices would rebound, citing the unsustainably low oil prices and the rise of demand across the world, particularly in Asia. But July was a brutal month for him. His hedge fund lost 17 percent of its value, or about $500 million. Bloomberg profiled him and another notable trader, Pierre Andurand, who has taken the opposite position, arguing that oil prices will remain low for the next two years. And while Hall’s hedge fund...
  • Rail helps make Midwest a net shipper of crude oil

    08/10/2015 7:13:35 AM PDT · by thackney
    Energy Information Administration ^ | AUGUST 10, 2015 | Energy Information Administration
    Shipments of crude oil out of the Midwest region (Petroleum Administration for Defense District 2) to other U.S. regions have steadily increased as a result of pipeline reversals and rail transport. Rail movements out of the Midwest contributed to the region becoming a net shipper of crude oil. Without these rail movements, the Midwest region would still be a net recipient. The Midwest started to ship more crude oil to other regions than it received from those regions for a few months in 2013 and on an annual basis in 2014. The most recent Petroleum Supply Monthly, which contains data...
  • Oil Futures Signal Weak Prices Could Last Years

    08/10/2015 7:10:36 AM PDT · by thackney · 13 replies
    Wall Street Journal ^ | Aug. 10, 2015 | NICOLE FRIEDMAN
    The oil market is signaling that prices could stay lower for longer, delivering a fresh blow to hard-hit energy exploration-and-production companies. Benchmark U.S. oil futures for September delivery are nearing the six-year low hit in March. But contracts for delivery in later years have taken an even bigger hit, with prices for 2016 and 2017 already trading below their March lows. That indicates that investors, traders and oil companies see the global glut of crude oil persisting beyond this year. Companies making long-term investment decisions rely on the prices of futures contracts one or more years in advance. Producers trade...
  • Royal Dutch Shell Cuts Ties With Alec Over Rightwing Group's Climate Denial

    08/08/2015 9:42:35 PM PDT · by nickcarraway · 15 replies
    The Guardian ^ | 8/7 | Karl Mathiesen and Ed Pilkington
    Shell joins BP in corporate exodus from membership of the conservative, free-market lobbying group, which continues to deny the science of climate changeRoyal Dutch Shell have announced they will end their membership of the far-right American Legislative Exchange Council (Alec) because of its continuing denial of the science of climate change. In a statement released on Friday, a Shell spokesman said: “Alec advocates for specific economic growth initiatives, but its stance on climate change is clearly inconsistent with our own.” Shell joins fellow oil major BP in a corporate exodus from the conservative, free-market lobby group. Shell’s decision comes...
  • Shut down coal mines, group urges ( WildEarth Guardians : Colorado)

    08/07/2015 11:33:14 AM PDT · by george76 · 27 replies
    Grand Junction Media ^ | August 6, 2015 | Dennis Webb
    Industry blasts suggestion as harmful to the country. A conservation group that has succeeded in dealing recent legal setbacks to western Colorado coal mines called Thursday for a phase-out of federal coal leasing to help combat climate change. “It’s time for the Interior Department to shut it down,” Jeremy Nichols, Climate and Energy Program director for WildEarth Guardians, said in a news release. The group outlined a plan for ending the federal coal program over 10 to 25 years through a moratorium on leasing publicly owned coal, retiring existing leases that aren’t producing, honestly reporting the climate impacts of the...