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Keyword: opec

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  • oil leaders: opec threatening u.s. economy and new mexico’s lifeblood; nation has lost 400,000

    10/18/2016 7:54:30 PM PDT · by panhandle67 · 33 replies
    Roswell Daily Record ^ | 10/8/16 | Levi Hill
    CARLSBAD — Oil experts say America is under attack by Saudi Arabia and OPEC, but instead of bombs, the OPEC oil cartel is dropping millions of barrels of oil on the U.S. economy in a clear effort to undermine the nation’s oil producers and kill any chance of American energy independence. The first to feel the flood of foreign oil into the U.S. are the independent oil producers, whose stripper wells in Texas alone account for 20 percent of the nation’s oil and gas production, said Judy Stark, executive vice president of the The Panhandle Producers & Royalty Owners Association.
  • Oil Spikes After OPEC Reaches Deal On Output Cap

    09/28/2016 12:01:24 PM PDT · by bananaman22 · 15 replies ^ | 28-09-2016 | Juli
    According to a Reuters source, The Organization of the Petroleum Exporting Countries has in fact reached a deal that will “limit” oil production, and oil prices are in for a wild ride yet again as a result. What was reported as mere rumor this morning, is apparently now a certainty. Reuters had reported this morning that OPEC may announce an output freeze deal later today, as part of the informal talks on the matter on the sidelines of the International Energy Forum, but details of the deal would be withheld until November.
  • Crude Crashes As Saudis Kill OPEC Meeting Before It Even Started

    09/23/2016 10:10:35 AM PDT · by bananaman22 · 9 replies ^ | 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.
  • 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.
  • 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...
  • Boom, Balance Or Bust: What's Next For Oil?

    08/23/2016 9:27:28 AM PDT · by bananaman22 · 4 replies ^ | 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...
  • Oil producers want U.S. to restrict imports

    07/20/2016 5:37:43 PM PDT · by brownwill6767 · 25 replies
    Albuquerque Journal ^ | 7/6/16 | Kevin Robinson-Avilla
    ALBUQUERQUE, N.M. — New Mexico and West Texas oil producers are gearing up for a national effort to draw all major U.S. oil basins into a grassroots movement to restrict crude imports from overseas. Leaders of the Panhandle Import Reduction Initiative, which launched in April in the Permian Basin, are seeking public meetings and rallies in other oil-producing zones to convert what’s now a regional initiative into a national movement, said Daniel Fine, associate director of the New Mexico Center for Energy Policy, who is working with local producers.
  • Cheap Gas’ Latest Victim is Fuel Economy

    07/08/2016 9:42:09 AM PDT · by bananaman22 · 9 replies ^ | 08-07-2016 | Irina
    Falling prices at the pump have given motorists reason to rejoice continuously over the last year and a half, but they’re not good news for everyone. At least, not for the people who are about fuel economy. The latest sales-weighted fuel economy ratings report by the University of Michigan Transportation Research Institute revealed that in June, the value of the indicator was 25.3 miles per gallon, down from 25.4 mpg in May. Now, that’s not a huge dip, as Road Show author Andrew Krok notes, but it follows a pattern of declining fuel economy that parallels the decline in gas...
  • ISIS introduces ‘Golden Dinar’ currency, Hopes it will collapse U.S. dollar

    07/06/2016 5:12:05 PM PDT · by Fali_G · 45 replies
    The Foreign Desk ^ | 07/06/2016 | Lisa Daftari
    ISIS is now issuing its own currency referred to as the ‘Golden Dinar,’ with engravings bearing the words “Islamic State.” The coins, currently being released in limited quantity, are to primarily be used by traders in the oil industry in areas under Islamic State control, according to reports on jihadi online forums. Activists in Deir ez-Zor, Syria reported oil traders have been ordered to use the new Dinar when purchasing from ISIS-held oil fields. Reports from the Iraqi city of Mosul have indicated the Golden Dinar is being introduced to the currency market as part of a serious attempt to...
  • April 16, 2012 Vilnius, Lithuania : $7 Gasoline. Thanks Ben.

    07/05/2016 4:36:48 PM PDT · by vannrox · 23 replies ^ | April 16, 2012 | simon black
    The consistent theme from my travels so far in Europe– the UK, Scandinavia, Lithuania– has been noticeably higher prices. Shockingly so, in some instances. London, where I spent a rather pleasant and rare sunny weekend with friends and colleagues, has gone from being ‘stupid’ pricey, to just plain absurd. Tube prices, taxi fares, food prices, restaurant bills, train fares… it all keeps going up. And to cap it all off, the British government’s VAT increases have ensured that absolutely everyone is paying a little bit more. Here in Lithuania, the buzz around town is the spiraling gasoline prices, which have...
  • Fresh Niger Delta Attacks Could Send Oil Prices Up

    07/05/2016 10:11:41 AM PDT · by bananaman22 · 2 replies ^ | 05-07-2016 | Niger Deltans
    The Niger Delta Avengers (NDA) were a major driver of the rally in oil markets over the past several months, as the outage of roughly 600,000 barrels per day helped push up crude oil prices. In June, a 30-day ceasefire between the NDA and the Nigerian government led to a few weeks of relative calm, and Nigeria’s oil minister said that the country was able to bring back a large chunk of the disrupted supply, bringing output up from 1.4 million barrels per day to 1.9 mb/d at the end of June, but still down from the 2.2 mb/d Nigeria...
  • Exxon And BP Battle For ‘Oil contract Of The Century’

    07/04/2016 11:54:13 AM PDT · by bananaman22 · 2 replies ^ | 04-07-2016 | Zainab
    ExxonMobil and British Petroleum have been facing off over the terms of the renewal of the “contract of the century” in Azerbaijan, according to sources that spoke to Reuters. BP currently operates the Azeri-Chigar-Guneshi fields in the middle of the Caspian Sea—a region that contributes a tenth of the firm’s global output. The British company has reportedly agreed with the Azeri government on the terms of a 30-year contract, but in an effort to expand its presence in the ACG region, Exxon has been pushing for a piece of the $100 billion pie.
  • Niger Delta Militants Blow Up 2 Chevron Oil Wells

    06/03/2016 9:14:04 AM PDT · by Lorianne · 11 replies
    Oil Price ^ | 01 June 2016 | Charles Kennedy
    In an early Wednesday attack, Niger Delta militants have blown up two Chevron oil wells in Warri, leading a shut down in the wells and promising further output drops for Nigeria. The Niger Delta Avengers (NDA) have claimed responsibility for the attack via their Twitter feed, not that they “blew up Chevron oil well RMP 23 and 24 [at] 3:44 am this morning.” These are Chevron’s Bibi oil wells, run by Chevron Nigeria Limited. The militant group also noted that it had a “heavy presence of 100 gunboats, 4 warships and jet bombers,” and that the attack was meant “to...
  • ( Shia ) Iran Offers to Help African Union Against Boko Haram ( Sunni Moslems )

    02/01/2015 7:22:30 PM PST · by george76 · 11 replies
    Breitbart ^ | 1 Feb 2015 | John Hayward
    The absence of strong Western leadership against the Boko Haram terror state has created an opportunity Iran seems ready to exploit. The Premium Times of Nigeria reports that Iran is stepping forward to offer assistance to the African Union against the savage caliphate spilling out of northern Nigeria into Cameroon and menacing the entire region: ... Abdollohian said the activities of the Boko Haram militants and that of Al-Shabaab in the Somalia were similar to that of Al-Qaeda and the ISIS and other terrorist groups in the Middle East. ... Iran was willing to share its experiences on terrorist activities...
  • Iran denies allegations of organizing spy cell in Nigeria

    02/23/2013 6:55:27 PM PST · by Pan_Yan · 8 replies
    Reuters via NBC ^ | 2/22/2013 4:37:59 AM ET | Reporting by Zahra Hosseinian; Editing by Alistair Lyon
    DUBAI (Reuters) - Iran denied on Friday Nigerian allegations that it had trained militants arrested in Nigeria on charges of planning attacks on U.S. and Israeli targets there. Deputy Foreign Minister Hossein Amir-Abdollahian said such allegations were "made up as the result of the ill will of the enemies of the two countries' good relations", Iranian state television reported. "Iran and Nigeria have friendly and close relations and despite the vast efforts of the two countries' enemies in recent years relations and cooperations have always improved," he said. Nigeria's secret service said on Thursday it had arrested Abdullahi Mustapha Berende...
  • Iran’s Africa Fiasco

    02/26/2011 7:19:14 AM PST · by Kaslin · 1 replies
    Pajamas Media ^ | February 25, 2011 | Banafsheh Zand-Bonazzi
    It hasn't made much noise worldwide, but Iran's rapidly deteriorating relationships with several African countries is huge news across the continent. On February 16, the Nigerian Federal High Court in Lagos began the prosecution of an alleged member of the Iranian Revolutionary Guards Corps (IRGC), Azim Aghajani, and a Nigerian associate, Usman Abbas Jega. They are accused of arms smuggling. This video link is in Arabic, but is very self-explanatory. It is of the opening day of the court proceedings.The story is a classic, just one of many on the Dark Continent nowadays: In late October 2010, Nigerian intelligence officials...
  • Arms found in Nigeria were headed to West Africa: Iran

    11/15/2010 2:42:23 PM PST · by Flavius · 2 replies
    afp ^ | 11/15/10 | afp
    Iran said on Monday an arms shipment sent from an Iranian port and discovered in Lagos was heading to a West African country and the "misunderstanding" had since been cleared up with the Nigerian authorities. "A private company which had sold conventional defence weapons to another country in West Africa had transferred the shipment via Nigeria which raised some doubts with relevant officials," Foreign Minister Manouchehr Mottaki told reporters.
  • Arms shipment found in Nigeria loaded in Iran

    10/30/2010 3:59:08 PM PDT · by nuconvert · 7 replies
    An illegal arms shipment including rockets and grenades discovered in Nigeria this week was loaded in Iran by an Iranian trader, the firm that operates the vessel that delivered it said on Friday. Security agents this week intercepted 13 containers declared as building materials and discharged from the CMA CGM Everest vessel at the country's busiest port of Apapa in Nigeria's economic hub of Lagos. "The shipment in question was booked as a 'shippers owned container' and supplied loaded and sealed by the shipper, an Iranian trader who does not appear on any 'forbidden persons' listing," said CMA CGM, which...
  • Nigeria intercepts 13 Iran missile containers possibly destined for Gaza

    10/28/2010 7:57:54 AM PDT · by Strategy · 9 replies
    Haaretz ^ | October 28, 2010 | By Barak Ravid
    Nigeria's secret service said on Tuesday it had intercepted 13 containers of weapons from Iran in what Israeli defense sources believe may be part of a new smuggling route from Iran to Hamas in Gaza. Rocket launchers, grenades and other explosives camouflaged as building material were seized in the Nigerian port of Lagos after being unloaded from an Iranian ship. Nigerian media reports said the ship, which came from Iran, docked in Lagos port for a few hours only, unloaded 13 containers and sailed on.
  • Fears over Iran and Nigeria keep oil traders nervous

    04/25/2006 5:25:56 PM PDT · by familyop · 4 replies · 200+ views
    Irish Examiner ^ | 26APR06 | Brian O’Mahony
    OIL prices edged back toward record highs yesterday as the threat of war on Iran and the disruption of supplies from Nigeria kept international traders nervous. Nerves were frayed further when US energy giant ExxonMobil announced it had pulled out non-essential staff from the Nigeria's largest oil export terminal amid growing fears dissidents were liable to attack the site. Meanwhile, Iran has refused to rule out the use of oil as a weapon in the worsening stand-off over the Islamic republic's disputed nuclear quest. In New York yesterday the new main contract, light sweet crude for delivery in June, rose...
  • Oil Prices Climb on Concerns About Iran and Nigeria; Iran Warns Sanctions Could Hike Prices

    01/16/2006 2:22:15 PM PST · by Flavius · 18 replies · 441+ views
    ap ^ | 1/16/06 | na
    Crude futures rose Monday after another attack on an oil platform in Nigeria and Iran warned that any sanctions imposed over the country's nuclear program could send oil prices even higher. Brent crude for February delivery gained 77 cents to $63.03 a barrel on London's ICE Futures exchange, ahead of the contract's expiration Monday. Trading on the New York Mercantile Exchange was closed for the Martin Luther King Day holiday. Royal Dutch Shell PLC said it had evacuated over 300 staffers and contractors from facilities in the Niger Delta. Heavily armed attackers damaged the Benisede oil platform in the Niger...
  • Nigeria Holds Iran Diplomat as Spy

    02/02/2004 1:25:43 PM PST · by Shermy · 9 replies · 275+ views
    Reuters ^ | February 2, 2004
    JERUSALEM (Reuters) - An Iranian diplomat is in Nigerian police custody on suspicion of spying on the Israeli embassy and other sensitive compounds in the capital Abuja, Israeli security sources said Monday. They said the Iranian was arrested on Jan. 23 when staff reported him "staking out" the embassy. Although he carried no credentials, police discovered he was a diplomat, they said. "A digital camera was found in his possession, with surveillance pictures of the embassy and several other international and local official buildings in the capital," a senior Israeli security source said. A Nigerian police spokesman said last Thursday...
  • Hanged for being a Christian in Iran

    10/11/2008 6:50:43 PM PDT · by GreatHeart · 8 replies · 409+ views
    TELEGRAPH ^ | 11 Oct 2008 | Alasdair Palmer reports
    ... A month ago, the Iranian parliament voted in favour of a draft bill, entitled "Islamic Penal Code", which would codify the death penalty for any male Iranian who leaves his Islamic faith. Women would get life imprisonment. The majority in favour of the new law was overwhelming: 196 votes for, with just seven against. ...The new law is not yet in force in Iran: it requires another vote in parliament, and then the signature of the Ayatollah. But that could happen within a matter of weeks. "Or," says Papadouris, "it could conceivably be allowed to drop, were there a...
  • What You Don’t Know About the Niger Delta Avengers

    07/04/2016 9:35:59 AM PDT · by AdmSmith · 18 replies
    Nigerian Television Authority ^ | 2JUN2016 | Edino Justice
    A militant group has however since February 2016 been making headlines through their capacity to destroy oil infrastructure. Their attacks have driven Nigeria’s oil output to near a 22-year low. Contrary to popular opinion, the group, Niger Delta Avengers, NDA for short, according to them is not just made up of Niger Deltans but has support from other parts of Nigeria, namely Northern, Western and Eastern part of the Country with the sole purpose of crippling the Nigerian Economy until their demands are met. According to reports, Diplomats and security experts say the group has shown a level of sophistication...
  • Gov. Chris Christie is touting Grover Norquist's support of 23-cent-per-gallon gas tax hike

    06/29/2016 8:55:02 PM PDT · by panhandle67 · 35 replies
    Associated Press ^ | 6/29/16 | BRUCE SHIPKOWSKI
    TRENTON, New Jersey — Republican Gov. Chris Christie on Wednesday touted an anti-tax crusader's endorsement of a proposed 23-cent- per-gallon gasoline tax hike along with a sales tax cut, sweeping aside objections raised by Democratic leaders in the state Senate and voicing confidence that the measure would be passed in that chamber. Christie all but dared lawmakers not to act on his plan during a statehouse news conference, a day after the Assembly passed the plan to pay for a $2 billion a year transportation trust fund for eight years. The fund runs out of borrowing authority Friday, and Christie's...
  • Texas drillers may start hiring soon, as long as prices hold up

    06/28/2016 2:26:01 PM PDT · by 2ndDivisionVet · 4 replies
    Fuel Fix ^ | June 28, 2016 | Collin Eaton
    HOUSTON – Rising crude prices could spur hiring across the Texas oil patch by August, a regional economist says, beginning a slow but steady reversal in the state’s energy employment after struggling drillers shed 1 in 3 jobs. Over the past two months, a dozen U.S. oil companies — including Devon Energy and Pioneer Natural Resources — have announced plans to plow an extra $600 million into their shale fields in Texas and elsewhere as crude prices hover near $50 a barrel. Several have dispatched new rigs and received drilling permits. Next, they’ll start hiring new people – unless, of...
  • The PBOC just fixed the yuan at its weakest level since December 2010

    06/26/2016 6:28:37 PM PDT · by ameribbean expat · 9 replies
    The People’s Bank of China have set the USD/CNY fixing for Monday at 6.6375, some 0.9% weaker than Friday’s fixing level of 6.5776. The figure, well above Friday’s close of 6.6150, was the weakest fixing level seen since December 2010.
  • Ankara's "Economic Miracle" Collapses Changes in Turkey

    12/22/2011 9:50:34 AM PST · by bayouranger · 10 replies ^ | 12-21-11 | David P. Goldman
    Turkey's high-flying economy, which expanded at a 10 percent annual rate of gross domestic product growth during the first half of 2011,[1] will crash-land in 2012. Prime Minister Recep Tayyip ErdoÄŸan's "economic miracle," to use the Daily Telegraph's admiring words,[2] depended on a 40 percent annual rate of bank credit expansion, which in turn produced a balance of payments deficit as wide as that of southern Europe's crisis countries. Markets have already anticipated a sudden turnaround in the Turkish economy. The Turkish lira (TRY) fell by a quarter between November 2010 and September 2011, making it the world's worst performing...
  • Turkey signs deal with Turkish Cyprus on gas exploration, expands sea borders

    09/27/2011 8:08:19 PM PDT · by SunkenCiv · 8 replies
    National Turk ^ | Thursday, September 22, 2011 | unattributed
    Turkey and Turkish Cyprus signed a deal on Wednesday in New York to establish a ground for offshore gas exploration in a move set to escalate the already high regional tensions over Mediterranean energy reserves and border issues. On Tuesday, the Greek Cypriot administration confirmed that drilling had begun in a southeastern offshore block, adjoining a gas field in Israeli waters reputed to be the world's largest gas reserves find of the past decade. With the latest agreement the ethnic Turkish northern half of Cyprus, Turkish Republic of Northern Cyprus, marked its marine borders with Turkey and will issue licenses...
  • Russia Sends Nuclear Submarines To Patrol Cyprus (Turkey) Waters - Report

    09/18/2011 8:35:13 AM PDT · by Fennie · 14 replies
    Cyprus News Report ^ | August 25, 2011 | Sarah Fenwick
    Russia has sent two nuclear-powered submarines to patrol Eastern Mediterranean waters around Cyprus and enforce the island's right to explore for undersea oil and gas in its territorial seas, according to information from, citing a Russian FM spokesman.
  • The Eastern Mediterranean Sea is Starting to Get Crowded

    09/15/2011 10:47:51 AM PDT · by jhpigott · 12 replies
    As regional powers attempt to rise, other regional powers will react. This is particularly true in this era of globalization. Turkey is now riding a learning curve. Here is how the latest is unfolding. Turkey warned Thursday it will declare a border on the continental shelf if the island of Cyprus proceeds with offshore oil and gas drilling activities. The Foreign Ministry's announcement came a day after Cyprus President Dimitris Christofias announced that U.S. firm Noble Energy will soon begin exploratory drilling to confirm deposits beneath the sea bed off Cyprus' southern coast despite Turkey's attempts to prevent such a...
  • Turkish PM says Syrian leader overshadowed his legitimacy

    09/12/2011 5:30:18 PM PDT · by SunkenCiv · 7 replies
    World Bulletin Net ^ | Monday, September 12, 2011 | unattributed
    Turkish Prime Minister Recep Tayyip Erdogan has said that Syrian President Bashar al-Assad overshadowed his legitimacy. In a televised interview with the Al-Jazeera, Prime Minister Erdogan said, "when we came to the political power nine years ago, there was a 30-year resentment between Turkey and Syria. We made great efforts to improve relations with Syria with which we share 910 kilometres of border. We always proposed al-Assad to release political prisoners, make constitutional amendments and start multiparty system. Unfortunately, none of these reforms were made. I paid a visit to Aleppo earlier this year. I told al-Assad that we were...
  • Putin to Take Concrete Steps to Support Turkish Cyprus

    07/19/2005 2:14:40 PM PDT · by Tailgunner Joe · 12 replies · 304+ views
    Zaman ^ | July 20, 2005 | Mirza Cetinkaya
    Russian President Vladimir Putin said economic isolation of the Turkish Republic of Northern Cyprus (TRNC) should be ended. Putin has signaled for concrete steps to be taken in this regard. Russian President hosting Turkish Prime Minister Recep Tayyip Erdogan as an "honorary guest" in the Russian Black Sea resort of Sochi noted, the "meaningless" embargo imposed on TRNC must be lifted and his country will have direct contacts with both the Turkish and Greek Cypriot societies on the island. The two leaders emphasized their opinions overlapped on many issues. "The first thing we must do is to solve the problem...
  • Putin Has Imperial (Not Soviet) Aspirations

    06/13/2016 8:14:47 AM PDT · by milton23 · 44 replies
    The Daily Signal ^ | 6/13/2016 | Luke Coffey
    Whoever wins the race to the White House is going to have to deal with Russian President Vladimir Putin from day one. Hopefully, the next U.S. president will learn from the mistakes of the past. One of the biggest foreign policy follies of the Obama administration was the so-called Russian “reset”. In March 2009 Hillary Clinton and her Russian counterpart Sergey Lavrov symbolically, if not awkwardly, pressed a “reset” button—to demonstrate a fresh start to U.S.-Russian relations.
  • 'Leave' Takes Shocking 19-Point Lead In Brexit Poll

    06/12/2016 10:33:16 AM PDT · by lafroste · 41 replies
    Zero Hedge ^ | 6/12/16 | Tyler Durden
    The headlines go from bad to worse for the UK and EU establishment as yet another new poll this weekend, by Opinium, shows "Brexit" leading by a remarkable 19 points (52% chose to leave the EU against 33% choosing to keep the status quo). This result comes after 2 polls Friday night showing a 10-point lead for "leave" which sparked anxiety across markets. This surge in "leave" probability comes despite an additional 1.5 million voters having registered this week (which many expected to increase "remain" support). Further anger towards EU was exposed when former cabinet minister Iain Duncan Smith warned...
  • Panama Canal is a big deal again. (Carter gave it away in 1977)

    06/09/2016 1:37:41 PM PDT · by Memphis Moe · 47 replies
    CNBC | 5/9/2016 | Memphis Moe
    "A century after transforming global trade and markets, the Panama Canal is about to revamp world trade once again. On June 26 the canal is scheduled to reopen after a massive project costing more than $5 billion that will allow bigger ships to pass through the 102-year-old waterway, doubling cargo capacity. U.S.-based businesses are recognizing the new growth opportunities. Many logistics experts predict the expansion of the so-called Panamex may shift international trade routes, allowing ships to reach Asia from the U.S. Gulf Coast more than two weeks faster than going east through the Suez Canal." Excerpt; full story at...
  • Colorado Has 40 Times More Natural Gas Than Once Believed

    06/09/2016 1:16:16 PM PDT · by smokingfrog · 35 replies
    Daily Caller ^ | 6-9-16 | Chris White
    U.S. Geological Survey (USGS) officials said Wednesday that western Colorado has upwards of 40 times more natural gas than previously believed, making it the second largest natural gas producing formation in the U.S. The Mancos Shale formation in Colorado’s Piceance Basin, located in the western section of Colorado, nestles nearly 70 trillion (66.3 trillion) cubic feet of gas. This marks a massive uptick from the 1.6 trillion cubic feet estimated in 2003, research shows. A trillion cubic feet of natural gas, according to the U.S. Energy Department, is enough to heat 15 million homes for a year — 66. 3...
  • 'There is no money left, bye!': Russian PM causes social media storm

    06/09/2016 12:16:09 PM PDT · by SaveFerris · 15 replies
    Yahooooo ^ | June 9, 2016 | CNBC
    Russian Prime Minister Dmitriy Medvedev has whipped up a storm on Russian social media for an off-the-cuff comment he made to a Russian pensioner last month. Medvedev was caught on camera telling an elderly woman in Crimea, a region annexed by Russia from Ukraine in spring 2014, that there was "no money left" in Russia's budget when he was asked why the state pension of 8,000 Russian rubles a month (around $125 a month) was not higher given the rising cost of living. "There just isn't any money now. When we find money, we'll make the adjustment," Medvedev replied to...
  • Aubrey McClendon: No Evidence of Suicide in Death of Indicted Oil Man

    06/09/2016 4:29:04 AM PDT · by Fhios · 8 replies
    NBC ^ | 6/8/2016 | CORKY SIEMASZKO
    The timing of Oklahoma oil man Aubrey McClendon's death by car crash was suspicious, but it doesn't appear to be suicide. Oklahoma City police had been investigating the deadly March 2 wreck that killed McClendon just a day after he was indicted by a federal grand jury for allegedly trying to rig oil prices.
  • Saudi Authorities Panic As Speculators Drive Currency Down

    06/06/2016 1:26:43 PM PDT · by bananaman22 · 19 replies ^ | 06-06-2016 | ZH
    With Saudi Riyal forwards plunging back below 3.81, dramatically weaker than the current peg, Bloomberg reports that Saudi authorities are cracking down on currency traders as speculation mounts that the world’s biggest oil exporter won’t be able to maintain the riyal’s peg to the dollar as revenue plunges. Saudi Arabia ordered banks in the kingdom to stop selling some products that allow speculators to bet against its currency peg just days after demanding information from lenders on the offerings, according to people with knowledge of the matter. The Saudi Arabia Monetary Agency sent a circular to banks this week saying...
  • Saudi central bank bans use of options against riyal: executive

    06/06/2016 1:22:30 PM PDT · by Lorianne · 3 replies
    Reuters ^ | 05 June 2016 | Faisal Al Nasser
    Saudi Arabia's central bank has told banks it is banning the use of options and other derivatives to speculate against the riyal, in a new effort to reduce pressure on its currency peg, a senior executive at a Saudi bank told Reuters on Sunday. The Saudi Arabian Monetary Agency "wants to make sure that there is no snowball effect against the riyal in the forwards markets", the executive said, declining to be named because of commercial sensitivities. "So now banks in the country are banned from accepting any options against the riyal." Non-speculative trade in the riyal forwards market is...
  • U.S. Crude Exports Hit 96 Year High

    06/06/2016 9:42:03 AM PDT · by bananaman22 · 12 replies ^ | 06-06-2016 | Zain
    U.S. crude oil exports rose to 591,000 barrels per day in April, up 83,000 barrels from March, according to new data from the U.S. Census Bureau on Friday. The total figures are the highest since at least 1920, Rigzone reports. A majority of the crude - 324,000 bpd of it - went to Canada, 90,000 more went to Curacao and 36,000 others went to the Bahamas. The figures come almost six months after the U.S. government lifted restrictions on crude exports.
  • TransCanada Responds to Trump's Vow to Take a Cut of Keystone Profits

    06/02/2016 10:35:34 AM PDT · by Rio · 33 replies
    ChemInfo ^ | June 3, 2016 | Andy Szal
    Officials from TransCanada last week echoed Donald Trump's support for the Keystone XL pipeline, but the company was far less enthused about his vow to take "a piece of the profits." The Canadian energy giant sought federal approval for the pipeline, which would connect a network running between Canadian oil sands and Gulf Coast refineries, for nearly nine years before President Obama rejected its application late last year. The project came to symbolize the partisan battle over environmental issues in Washington, and Trump referenced the pipeline among a slew of proclamations in a speech to North Dakota petroleum executives last...
  • Oil Prices Down As OPEC Fails To Agree Output Ceiling

    06/02/2016 8:35:11 AM PDT · by bananaman22 · 10 replies ^ | 02-06-2016 | Nick
    The much anticipated OPEC meeting in Vienna on June 2 ended pretty much as expected: the group once again failed to put any production targets in place. Without a ceiling on output, all OPEC members will continue to produce as they see fit, leaving the oil market to sort itself out. The result was largely anticipated, given the lack of agreement at several prior meetings. However, the meeting in Vienna was not without some news. OPEC members managed to agree on several small bore issues, which could be viewed as a modest success, especially after the apparent hostility on display...
  • Gas Prices To Remain Low This Summer

    05/31/2016 3:47:11 PM PDT · by bananaman22 · 18 replies ^ | 31-05-2016 | Geiger
    It’s easy for U.S. drivers to forget the high gas prices in recent years after the ultra-lows seen only months ago, but prices going into the summer months of 2016 are still well below what they were this time last year, and the lowest price heading into the summer months since 2009. Despite a recent uptick in the price per barrel of oil—up $20 since the last week of January 2016—U.S. drivers will still enjoy the low gas prices this summer. The spot price for WTI crude oil is still significantly lower than this time last year, trading today at...
  • 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 ^ | 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...
  • 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...
  • 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.