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Keyword: oil

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  • Iran: U.S. Has Failed To Stop Oil Exports

    11/20/2018 9:24:55 AM PST · by bananaman22 · 14 replies
    Oilprice.com ^ | 11-19-2018 | Tim
    Iran’s president Hassan Rouhani said on Monday that the country will continue to export oil despite fresh U.S. sanctions, which he described as “psychological war doomed to failure.” “We will not yield to this pressure which is part of the psychological war launched against Iran,” he said on state TV. “They have failed to stop our oil exports. We will keep exporting it ... Your regional policies have failed and you blame Iran for that failure from Afghanistan to Yemen and Syria,” he added, to chants of “Death to America!”. Rouhani also said that the U.S. lacked international support for...
  • Orban: Hungary-US Ties ‘Excellent’

    11/14/2018 10:39:47 AM PST · by CondoleezzaProtege · 2 replies
    Hungary Today ^ | 2018.11.14.
    Prime Minister Viktor Orbán discussed Hungarian-US relations and central Europe’s energy supply with United States Energy Secretary Rick Perry in Parliament on Tuesday, his press chief told MTI. Prime Minister Viktor Orbán discussed Hungarian-US relations and central Europe’s energy supply with United States Energy Secretary Rick Perry in Parliament on Tuesday, his press chief told MTI. The meeting, which was also attended by David B. Cornstein, the US ambassador to Hungary, Foreign Minister Peter Szijjártó and Antal Rogán, the cabinet chief, also covered general political issues, Bertalan Havasi said. Parties at the talks agreed that historical traditions and Christian roots...
  • EU plan to enable non-dollar Iran trade, oil sales unraveling: diplomats

    11/14/2018 7:21:03 AM PST · by Java4Jay · 23 replies
    A special European Union initiative to protect trade with Iran against newly reimposed U.S. sanctions faces possible collapse with no EU country willing to host the operation for fear of provoking U.S. punishment.
  • Oil Rebounds After Biggest Daily Loss In 3 Years

    11/14/2018 7:44:01 AM PST · by bananaman22 · 11 replies
    Oilprice.com ^ | 11-14-2018 | Irina
    Crude oil prices crashed yesterday, losing 7 percent in just one day, which was the biggest daily loss in three years and today continued down in early trading as headwinds overwhelmed any bullish factors. After a rather rocky start to Wednesday trading, oil prices managed to tick upward, with WTI trading at 2.32% by 10:14am EST. Brent had rallied 2.63% to trade at $67.19 at the time of writing, despite pressure by a vicious combination of demand outlook, oversupply concerns and a couple of other factors such as President Trump’s call on OPEC to keep production at current levels.
  • Oil Prices Plunge Below $15 In Canada

    11/13/2018 9:07:17 AM PST · by bananaman22 · 29 replies
    Oilprice.com ^ | 11-13-2018 | Nick
    Canadian oil prices briefly plunged as low as $15 per barrel last week, after a U.S. federal judge blocked the construction of the Keystone XL pipeline. Canada’s oil industry has lurched from pipeline crisis to pipeline crisis, with projects blocked at every turn. Just a few months ago, the Trans Mountain expansion – a proposed pipeline to be built from Alberta to the Pacific Coast – also ran into trouble and is now ultimately in doubt. The inability to build new capacity capable of shipping higher levels of oil out of Alberta has crushed Western Canada Select (WCS), a price...
  • Colombian Pipeline Bombed For The 78th Time This Year

    11/12/2018 8:23:26 AM PST · by bananaman22 · 6 replies
    Oilprice.com ^ | 11-12-2018 | Irina
    Colombia’s Cano Limon crude oil pipeline that can transport 210,000 bpd of crude has been bombed again, for the 78th time since the start of this year, Ecopetrol, the state oil company, said, as quoted by Reuters. Previous attacks have been blamed by the Colombian army on a rebel group, the national Liberation Army, or ELN, which is considered a terrorist group by the European Union and the United States. The pipeline was not operational at the time of the attack, which is the second in as many months. In September, Reuters reported that the pipeline was bombed again in...
  • Obama-appointed judge orders halt to construction of the Keystone XL oil pipeline

    11/11/2018 12:09:42 PM PST · by Rusty0604 · 22 replies
    Legal Insurrection ^ | 11/10/2018 | Leslie Eastman
    U.S. District Judge Brian Morris has just ordered a halt to the construction of the $8 billion Keystone XL Pipeline, the next phase of the massive pipeline system, until further environmental analysis is conducted. The judicial #Resistance move is not surprising, as Morris is a liberal who was appointed by Obama in 2013. Interestingly, this move is likely to hurt Canadians more than the U. S. Ensuring at least one pipeline is built is critical to Prime Minister Justin Trudeau’s plans, as there is a Canadian election expected next year. Canadian officials are scrambling to find other ways to move...
  • What just happened to domestic production of oil?

    11/07/2018 9:11:14 AM PST · by dangus · 32 replies
    me, based on EIA US petroleum balance sheet | me
    The U.S. will become a net exporter of oil if our production of oil increases again as much as it has since last December. It's increased TWO MILLION barrels per day, or over TWENTY PERCENT. What truly astounded me when I saw this week's data was that the price of oil has been crashing. That tends to depress production by making more expensive means of oil production less profitable. And well, I've never heard oil professionals put it in such terms, but not extracting oil is one way creating a reserve; you never want to sell a non-spoiling commodity at...
  • It's All-Or-Nothing For Colorado Drillers

    11/05/2018 12:18:03 PM PST · by bananaman22 · 10 replies
    Oilprice.com ^ | 11-05-2018 | Nicholas
    Colorado voters will decide the future of the oil and gas industry in their state on Tuesday, as they contemplate requiring greater distances between them and drilling operations. There are more than 150 voter initiatives on the ballot in 37 states on November 6, ranging from healthcare to marijuana legalization, from voting rules to criminal justice reform. There are also a series of votes that will affect the oil and gas industry. Voters in Washington State will decide on passing the nation’s first carbon tax, while California will weigh a repeal of a gasoline tax. But the vote in Colorado...
  • Iran's Powerful Hardline Cleric Threatens To “Instantly” Create $400 Oil By Seizing Tankers

    11/04/2018 6:35:41 PM PST · by blam · 94 replies
    Just ahead of U.S. sanctions on Iran set to snap back on Monday targeting primarily the energy, shipbuilding, shipping, and banking sectors, Iran’s most prominent conservative cleric has announced that if oil exports are halted, Saudi tankers will be confiscated and Gulf countries attacked. Powerful Shia cleric Ayatollah Ahmad Alamolhoda is the Friday Prayer leader in Mashhad, considered Iran’s spiritual capital and among the holiest places in Shia Islam, and sits on the government’s “Assembly of Experts” but has no formal government role or decision-making ability. However, he’s a powerful leader and chief spiritual force behind Iran’s conservative faction who...
  • Rising U.S. Crude Output Sparks Race to Build Export Terminals

    11/01/2018 8:36:40 PM PDT · by Oatka · 9 replies
    Reuters via gCaptain ^ | 10/30/2018 | Jarrett Renshaw and Collin Eaton
    A high-stakes competition is emerging among energy exporters proposing multi-million-dollar crude terminals along the U.S. Gulf Coast to handle a gusher of shale oil coming from West Texas oilfields. On Monday, private equity firm Carlyle Group became the latest to place a bet, proposing with the Port of Corpus Christi what it said would be the first onshore U.S. export facility able to load the world’s largest crude tankers.
  • Energy Department Says U.S. Is Now World’s Top Oil Producer

    11/01/2018 4:50:23 PM PDT · by Hojczyk · 19 replies
    Breitbart ^ | November 1,2018
    (AP) – The United States is pumping record amounts of oil, vaulting over Russia to become the world’s biggest producer of crude. The Energy Information Administration said Thursday that the U.S. produced more than 11.3 million barrels a day in August, a 4 percent increase over the old record set in July. Russia’s energy ministry estimates that country pumped 11.2 million barrels a day in August. OPEC reports Saudi Arabia pumped 10.4 million barrels a day It’s the first time since 1973 that the U.S. leads the world in oil production. in August including Texas, which accounts for about 40...
  • Iran’s Worst Nightmare Is Coming True

    10/30/2018 8:34:24 AM PDT · by bananaman22 · 2 replies
    Oilprice.com ^ | 10-29-2018 | Tim
    In what must seem like a nightmare scenario for Iran, not only is another U.S. president leveling sanctions against its economy, and particularly that economy’s lifeblood, its oil sector, but the current U.S. president has admittedly made it his mission to drive Tehran to its knees over what he sees as non-compliance over the 2015 nuclear accord between western powers and Tehran. As recently as the start of this month, the oil markets narrative was that perhaps President Donald Trump had pushed a bit too hard by reimposing sanctions against Iran. Oil markets, for their part, were jittery while both...
  • New York Times pushing fake news about oil and gas drilling

    10/28/2018 1:15:05 PM PDT · by Kaslin · 7 replies
    Hotair.com ^ | October 28, 2018 | JAZZ SHAW
    While it doesn’t get much play in the heat of the final days leading up to the midterms, U.S. energy policy is still in the news. Unfortunately, not all of the coverage is quite as honestly depicted as you might hope. We’re still riding a nearly unprecedented energy boom in the United States, but the New York Times found a way to cast a dark cloud over it this weekend. Eric Lipton et al. published a look at oil and gas drilling on federal lands in Wyoming designed to send chills down your spine just in time for Halloween. To...
  • Trump admin approves Arctic offshore oil drilling project off Alaska’s coast

    10/24/2018 1:11:21 PM PDT · by yesthatjallen · 14 replies
    The Hill ^ | 10/24/18 | TIMOTHY CAMA
    The Trump administration approved a company’s plan Wednesday to drill for oil in the Arctic Ocean north of Alaska, the first time oil would be produced from federal waters in the Arctic. The approval from the Interior Department’s Bureau of Ocean Energy Management (BOEM) is conditional, and Hilcorp Energy Co. would still have to get other federal permits and abide by standards like restricting drilling seasons. “Working with Alaska Native stakeholders, the Department of Interior is following through on President Trump’s promise of American energy dominance,” Interior Secretary Ryan Zinke said in a statement. “American energy dominance is good for...
  • Putin Won't Have to Look Far for Darkest View of Russian Economy

    10/24/2018 7:17:23 AM PDT · by CondoleezzaProtege · 1 replies
    Moscow Times ^ | Oct 24, 2018
    "For all the damage inflicted by sanctions, Kudrin says most of Russia’s troubles are self-inflicted, an “issue of domestic institutional, structural reforms.” Oil prices are having no impact on growth and demand,” Kudrin said. “Their effect on the economy is practically exhausted.” The wariness among investors, currency weakness and the VAT hike are all chipping away at the economy..." From his new perch atop a government agency that monitors the budget, one of the few people President Vladimir Putin has publicly called a friend has some blunt words about what’s in store for Russia’s economy. Alexei Kudrin, the head of...
  • Canadian Oil Patch Grapples With Cannabis Legalization

    10/18/2018 11:29:09 AM PDT · by bananaman22 · 18 replies
    Oilprice.com ^ | 10-18-2018 | Haley
    As of today, recreational cannabis consumption is legal in Canada. While many Canadian citizens and companies will be celebrating the reform, not to mention preparing to capitalize on this green-golden opportunity, the Canadian oil and gas industry will be ringing in the new era with considerably less enthusiasm. Canadian oil companies and workers’ unions are busy scrambling to finalize a plan to maintain safe operating standards in an era of legal and easily attainable marijuana. In Canada’s oil sands, workers perform risky maneuvers and operate heavy equipment daily, making health and safety an especially critical issue. Legal weed poses a...
  • Global Economy Throwing Up Red Flags For Oil

    10/17/2018 2:09:24 PM PDT · by bananaman22 · 98 replies
    Oilprice.com ^ | 10-17-2018 | Nick
    Investors are feeling the most pessimistic about the health of the global economy in a decade, according to a survey from Bank of America Merrill Lynch. The gloom is spreading, with a growing number of data points that point to risks for the economy. Fund managers surveyed by BofAML said they are holding onto cash instead of risking it in a frothy market, and 85 percent of them said that the economic expansion is in its late cycle. 38 percent of them said that they expect growth to slow over the next year, the highest share since November 2008, which...
  • Saudi Arabia Calls The End Of Russia’s Oil Prowess

    10/16/2018 3:53:30 PM PDT · by bananaman22 · 5 replies
    Oilprice.com ^ | 10-16-2018 | Julianne
    Saudi Arabia has not only called the end of Russia’s prominence as a global oil behemoth, but anticipates that Russia’s oil exports “will have declined heavily if not disappeared” within the next 19 years, Mohammed bin Salman said in a recent interview with Bloomberg. When asked whether Russia and Saudi Arabia had made a backroom deal to increase oil production, MbS was more tight-lipped, saying only that Saudi Arabia was “ready to supply any demand and any disappearing from Iran.” With Russia out of the game, Saudi Arabia would have plenty of oil demand to service, according to MbS. MbS...
  • Goldman: The Oil Market Can Handle Iran Outages

    10/09/2018 9:32:13 AM PDT · by bananaman22 · 5 replies
    Oilprice.com ^ | 10-09-2018 | Nicholas
    Oil prices cooled off in recent days as fears of an acute shortage of supply stemming from sanctions on Iran started to subside. At least two companies in India have lined up oil shipments for November, the month that sanctions on Iran take effect. The 9 million barrels of oil secured for next month translate into nearly 300,000 bpd of supply. Meanwhile, other reports suggest that the U.S. is softening its zero tolerance approach to sanctions, and could issue waivers to some importers who make significant reductions but struggle to cut imports to zero. Taken together, the oil market is...