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Saudi Arabia: We’ll Pump The World’s Very Last Barrel Of Oil

Saudi Arabia: We’ll Pump The World’s Very Last Barrel Of Oil

Saudi Flag

Saudi Arabia isn’t buying the peak oil demand narrative.  

OPEC’s largest producer continues to expect global oil demand to keep rising at least by 2040 and sees itself as the oil producer best equipped to continue meeting that demand, thanks to its very low production costs.

Saudi Arabia will be the one to pump the last barrel of oil in the world, but it doesn’t see the ‘last barrel of oil’ being pumped for decades and decades to come.  

“I don’t see peak [oil] demand happening in 10 years or even by 2040,” Amin Nasser, president and chief executive officer of Saudi oil giant Saudi Aramco told CNN Business’ Emerging Markets Editor John Defterios on the sidelines of the World Economic Forum in Davos this week.

“There will continue to be growth in oil demand … We are the lowest cost producer and the last barrel will come from the region,” Nasser told CNN.

For several years, Nasser has been saying that peak oil demand is nowhere in sight, that petrochemicals will drive oil demand growth through 2050, and that all the ‘peak oil demand’ and ‘stranded resources’ talk is threatening an orderly energy transition and energy security.

Saudi Arabia—which has just announced that its huge oil reserves are slightly higher than previously estimated—looks to diversify its economy away from heavy dependence on crude oil, but one of the goals of its Vision 2030 diversification plan is to use less oil in domestic power generation to free up more barrels for exports. Related: IEA Chief: EVs Are Not The End Of The Oil Era

As the world’s top crude oil exporter, Saudi Arabia will not be giving away easily its crown and the geopolitical clout that comes with it.

 …click on the above link to read the rest of the article…

“Energy Dominance,” what does it mean? Decoding a Fashionable Slogan

“Energy Dominance,” what does it mean? Decoding a Fashionable Slogan

“Now, I know for a fact that American energy dominance is within our grasp as a nation.” Ryan Zinke, U.S. Secretary of the Interior (source)

“All Warfare is Based on Deception” Sun Tzu, “The Art of War”

Over nearly a half-century, since the time of Richard Nixon, American presidents have proclaimed the need for “energy independence” for the US, without ever succeeding in attaining it. During the past few years, it has become fashionable to say that the US has, in fact, become energy independent, even though it is not true. And, doubling down on this concept, there came the idea of “energy dominance,”introduced by the Trump administration in June 2017.  It is now used at all levels in the press and in the political debate.

No doubt, the US has good reasons to be bullish on oil production. Of the three major world producers, it is the only one growing: it has overtaken Saudi Arabia and it seems to be poised to overtake Russia in a few years. (graphic source).

This rebound in the US production after the decline that started in the early 1970s is nearly miraculous. And the miracle as a name: shale oil. A great success, sure, but, if you think about it, the whole story looks weird: the US is trying to gain this “dominance” by means of resources which, once burned, will be forever gone. It is like people competing at who is burning their own house faster. What sense does it make?

Art Berman keeps telling us that shale oil is an expensive resource that could be produced at a profit only for market conditions that are unrealistic to expect. So far, much more money has been poured into shale oil production than it has returned from the sales of shale oil.

 …click on the above link to read the rest of the article…

U.S.’s Defeat in Syria is a Crisis of Empire

U.S.’s Defeat in Syria is a Crisis of Empire

The U.S. lost in Syria. Donald Trump finally had the courage to admit that to the world when he ordered the pull out of all U.S. troops there.

Syria was to be the sparkling jewel in the Empire of Chaos’ Crown. A masterstroke of realpolitik which would advance every major U.S., Israeli and Saudi objective while thoroughly destabilizing the Levant and setting the stage for wiping out Iran and eventually Russia.

If the Assad government fell Syria would become something worse than Libya. It would become a source of abject chaos for decades to come. And the formation of greater Kurdistan would put advanced U.S. and Israeli military assets on Iran’s doorstep.

Carving up Syria, Iraq and possibly even Turkey, once Erdogan was removed from power, would put the U.S. and Israel in control of the oil assets to fund a jihadist-led insurgency across all of central Asia.

Moreover, the chaos would ensure a steady stream of refugees into Europe to destabilize it. That chaos would lead to further political integration of Europe under EU control.

You can see the remnants of this plan all around you today. In fact, a great deal of it is still on auto-pilot. Angela Merkel and Emmanuel Macron’s tag-team calls for ceding national sovereignty to the EU are a perfect example of this.

They can all feel the project slipping away from them. Despite their failing political power they are pushing their legislatures to ignore the people, calling them traitors.

Orwell would be proud of Macron for saying, ““patriotism is the exact opposite of nationalism [because] nationalism is treason.”

The generals Trump just fired over his decision are another example. They still believe they can win a balkanization of Syria and Iraq. They just need more assets and more time.

…click on the above link to read the rest of the article…

Who Was Secretly Behind America’s Invading and Occupying Syria?

Who Was Secretly Behind America’s Invading and Occupying Syria?

Who Was Secretly Behind America’s Invading and Occupying Syria?

The invasion and occupation of Syria by tens of thousands of jihadists who were recruited from around the world to overthrow Syria’s President Bashar al-Assad, was financed mainly by US taxpayers and by the world’s wealthiest family, the Sauds, who own Saudi Arabia and the world’s largest oil company, Aramco. America’s international oil companies and major think tanks and ‘charitable’ foundations were also supportive and providing propaganda for the operation, but the main financing for it came from America’s taxpayers, and from the Saud family and from the Government that they own.

One of the best articles that the New York Times ever published was by Mark Mazzetti and Matt Apuzzo, on 23 January 2016, “US Relies Heavily on Saudi Money to Support Syrian Rebels”. They reported that, “the C.I.A. and its Saudi counterpart have maintained an unusual arrangement for the rebel-training mission, which the Americans have code-named Timber Sycamore. Under the deal, current and former administration officials said, the Saudis contribute both weapons and large sums of money, and the C.I.A takes the lead in training the rebels. … From the moment the C.I.A. operation was started, Saudi money supported it.” Furthermore, “The White House has embraced the covert financing from Saudi Arabia — and from Qatar, Jordan and Turkey.” But “American officials said Saudi Arabia was by far the largest contributor to the operation.” The invasion and occupation of Syria by jihadists from around the world was primarily a Saud operation, though it was managed mainly by the US Government.

Prior to the failed US-backed coup-attempt on 15 July 2015 to replace Tayyip Erdogan as Turkey’s President, Turkey was part of the U.S-Saudi alliance to overthrow and replace Syria’s Government. But afterwards, Turkey increasingly switched against the US and Sauds, and toward instead supporting the target of the Sauds and of America’s aristocrats: Syria.

…click on the above link to read the rest of the article…

Saudi Arabia and China are preparing for war

Saudi Arabia and China are preparing for war

The fact that Saudis want to control Yemen and the Chinese are increasing their presence in Myanmar is a preparation for the conflicts that may soon flare up. It is about securing the flanks.

The war in Yemen is being waged more and more brutally by the Saudis. The weapons of the Saudi army supplied by the USA hit the civilian population more and more often. The central bank moved from Sanaa to Aden by order of the Saudis prints money in heaps, so that the population cannot afford food due to galloping inflation. Why genocide? It is not about ideology, or religious differences between Huthis (Shiites) and the rest of the people of Yemen (Sunnis). One of the reasons can be oil. The reserves of black gold discovered in the northern province of Yemen, Al-Jawf, are said to be larger than the Saudi reserves.1)A bargain for Saudis. But the most important thing for them at the moment is to prepare for the direct conflict with Iran. If war were to break out, Iran would block the oil transit bottleneck in the Strait of Ormuz. Saudi Arabia therefore needs to secure access to the 27 miles wide strait between the Red Sea and the Gulf of Aden and thus its oil exports. The road is called Bab al-mandeb (Gate of Tears) in Arabic. If it is also blocked by enemies of the Saudis, there will certainly be many reasons for Riyadh to cry.

For China, however, it is the Strait of Malacca that is of strategic importance. Since the Chinese are increasingly aggressive on the South China Sea, have artificial islands built and are on a collision course with countries such as Vietnam, the Philippines and the USA, they must be on their guard when it comes to their most important trade and transport routes.

…click on the above link to read the rest of the article…

IEA Chief: U.S. Oil Output To Near Saudi+Russian Production By 2025

IEA Chief: U.S. Oil Output To Near Saudi+Russian Production By 2025

Offshore rig

Total U.S. oil production around 2025 will almost equal the combined production of Russia and Saudi Arabia, Fatih Birol, the Executive Director of the International Energy Agency (IEA), told Turkish state-run Anadolu Agency on Friday.

The huge growth in U.S. shale production will completely change the balance of oil markets, Birol told the news agency.

The IEA’s Oil 2018 report from earlier this year sees the United States dominating the global oil supply growth over the next five years.

OPEC capacity will grow only modestly by 2023, while most of the growth will come from non-OPEC countries, led by the United States, “which is becoming ever more dominant in the global oil market,” the IEA said.

Driven by light tight oil, U.S. production is seen growing by 3.7 million bpd by 2023, more than half of the total global production capacity growth of 6.4 million bpd expected by then. Total liquids production in the United States—including conventional oil, shale, and natural gas liquids—will reach nearly 17 million bpd by 2023, “easily making it the top global producer, and nearly matching the level of its domestic products demand,” the IEA said in March this year.

“The United States is set to put its stamp on global oil markets for the next five years,” Birol said back then.

The U.S. is currently pumping oil at record levels of more than 11 million bpd, while Russia and Saudi Arabia—which also hit record highs in October and November, respectively—will curtail 230,000 bpd and 322,000 bpd of their production in the first six months of 2019, respectively.

…click on the above link to read the rest of the article…

Continued American Occupation of the Middle East Does Not Suppress Terrorism, It Causes It

Continued American Occupation of the Middle East Does Not Suppress Terrorism, It Causes It


Even the neo-con warmongers’ house journal The Guardian, furious at Trump’s attempts to pull US troops out of Syria, in producing a map to illustrate its point, could only produce one single, uncertain, very short pen stroke to describe the minute strip of territory it claims ISIS still control on the Iraqi border.

Of course, the Guardian produces the argument that continued US military presence is necessary to ensure that ISIS does not spring back to life in Syria. The fallacy of that argument can be easily demonstrated. In Afghanistan, the USA has managed to drag out the long process of humiliating defeat in war even further than it did in Vietnam. It is plain as a pikestaff that the presence of US occupation troops is itself the best recruiting sergeant for resistance. In Sikunder Burnes I trace how the battle lines of tribal alliances there today are precisely the same ones the British faced in 1841. We just attach labels like Taliban to hide the fact that invaders face national resistance.

The secret to ending the strength of ISIS in Syria is not the continued presence of American troops. It is for America’s ever closer allies in Saudi Arabia and the Gulf to cut off the major artery of money and arms, which we should never forget in origin and for a long time had a strong US component. The US/Saudi/Israeli alliance against Iran is the most important geo-political factor in the region today. It is high time this alliance stopped both funding ISIS and pretending to fight it; schizophrenia is not a foreign policy stance.

There has been no significant Shia Islamic terrorist or other threat against the West in recent years. 9/11 was carried out by Saudi Sunni militants.

…click on the above link to read the rest of the article…

The Impact of OPEC on Climate Change

It is accepted that the Organization of the Petroleum Exporting Countries (OPEC) is a cartel that restrains oil production and keeps prices higher than they would otherwise be. Indeed, this is the premise behind the “OPEC Accountability Act of 2018” in the US Senate. This bill would address high and rising oil prices by trying to break OPEC. US pressure on OPEC — particularly on friendly governments such as Saudi Arabia that are seen as leaders in the organization — to “open the spigots” is not new. Nor is the control of oil exports by producing countries for political purposes. However, the environmental impact of high oil prices is only lightly considered.

There is little debate that motor vehicle industry changes to increase fuel efficiency were a historic and significant environmental advance. When OPEC action has led to increased prices, the quantity of oil in demand has fallen. This was starkly demonstrated when the Organization of Arab Petroleum Exporting Countries (OAPEC) — founded in 1968 — flexed its price-making muscles in the 1970s. Production cuts and an embargo against sale of oil to several countries raised the spot price of West Texas Intermediate (WTI) crude from $3.56 per barrel in mid-1973 to $4.31 later in the year to $10.11 in January. By the time President Jimmy Carter famously suggested we all turn down our thermostats, the price of WTI crude had reached $14.85 per barrel. The price finally peaked in mid-1980 at $39.50 — a 1000 percent increase in seven years. The price of gasoline more than tripled. In response, we got the Department of Energy, the Chevy Citation, and more fuel-efficient Japanese and German automobile imports.

More recently, the total vehicle miles traveled in the US fell in 2007 amid high oil prices and the Great Recession, and did not increase again until gas prices fell over the second half of 2014 ― from $3.69 per gallon to $2.12.

…click on the above link to read the rest of the article…

The real reason Western media & CIA turned against Saudi MBS

The real reason Western media & CIA turned against Saudi MBS

The real reason Western media & CIA turned against Saudi MBS
Forces are aligning against Saudi Arabia’s Crown Prince, lead by elements within the CIA and strong players in the mainstream media. But what is really behind this deterioration in relationship, and what are its implications?

Following the brutal murder of Washington Post columnist Jamal Khashoggi, western media and various entities, including the CIA, appear to have turned their back on Saudi Crown Prince Mohammad Bin Salman (MBS). In response to the scandal, the Guardian released a video which its celebutante, Owen Jones, captioned“Saudi Arabia is one of the biggest threats on Earth. Time to stop propping up its repulsive regime.”

The Guardian was not alone in its condemnation. “It’s high time to end Saudi impunity,” wrote Hana Al-Khamri in Al-Jazeera. “It’s time for Saudi Arabia to tell the truth on Jamal Khashoggi,” the Washington Post’s Editorial Board argued. Politico called it “the tragedy of Jamal Khashoggi.”

Even shadowy think-tanks like the Council on Foreign Relations (CFR) and the Atlantic Council released articles criticising Saudi Arabia in the wake of Khashoggi’s death.

A number of companies began backing away from Saudi money after the journalist’s death, including the world’s largest media companies such as the New York Times, the Economist’s editor-in-chief Zanny Minton Beddoes, Arianna Huffington, CNN, CNBC, the Financial Times, Bloomberg, Google Cloud CEO, just to name a few.

The CIA concluded that MBS personally ordered Khashoggi’s death, and was reportedly quite open in its provision of this assessment. Antonio Guterres, secretary-general of the UN, also took time out of his schedule to express concern over Saudi Arabia’s confirmation of the killing.

…click on the above link to read the rest of the article…

Imagine If Saudi Arabia Was Not A US Ally

Imagine If Saudi Arabia Was Not A US Ally

The US Senate has voted 56 to 41 to sorta-kinda eventually end America’s part in the Saudi-led war in Yemen, one step out of a great many that will need to happen in order to end the worst humanitarian crisis on the face of the earth.

The joint resolution still allows US drones to patrol Yemeni airspace and rain death from above in its “war on terror” against Al Qaeda, and it is unable to pass in the House this year due to an unbelievably sleazy rider that House Republicans attached to the unrelated Farm Bill. The resolution isn’t expected to change much in terms of actual US participation in the war besides some  intelligence and reconnaissance assistance to Saudi Arabia and the United Arab Emirates against the Houthi rebels, since the US has already ended its assistance in refueling Saudi jets on their bombing campaigns as of last month. Trump is expected to veto any Yemen resolutions, and the Senate resolution was not passed with a veto-proof supermajority.

Still, it’s a step. A step in the right direction, both toward congress imposing some checks and balances on the Executive Branch’s heretofore obscenely unchallenged war powers, and toward the US government moving into opposition to the brazen war crimes being inflicted upon the Yemeni people by America’s close ally Saudi Arabia. And I think that last bit is worth taking a moment to think about.


The Senate vote to end U.S. involvement in the War is a big step forward, and the House should do the same in early 2019. But to actually force an end the Saudi war, Congress must cut off the Saudi Air Force’s spare parts, without which it can’t fly..


…click on the above link to read the rest of the article…

“It Tells People: Don’t Worry” – Saudi Stock Market Plunge Protection Team Exposed

In politics, “when it gets serious, you have to lie.”

In the increasingly intermingled worlds of geopolitics and financials markets, when it get serious, you have to rescue your nation’s stocks…

America’s Plunge Protection Team has been a long-standing feature behind the scenes since Greenspan (some even think it has been around since 1944), ready as equity market buyer of last resort (and even getting subsidies for doing so from the exchanges).

See any number of magical and sudden reversals from 2008/9 and 2014USA Today finally realizes, fundamentals don’t matter anymore…

2015… The rescue bid arrives…

in dramatic size!!

But America’s lessons have spread.

China’s National Team is more erratic, sporadic, and definitely less successful.

But is nevertheless conspicuous in its sudden panic-buying sprees when Shanghai Composite nears critical levels (or economic strength needs to be projected domestically or otherwise).

For instance, this week…as China begins to fold on its strong-man trade war tactics…

And now, amid the current crisis of confidence in The Kingdom, The Wall Street Journal has exposed Saudi Arabia’s stock market rescue squad

The Journal pulls no punches in turning the conspiracy theory into conspiracy fact, noting that the government of Crown Prince Mohammed bin Salman has spent billions to counter selloffs in recent months.

According to a Wall Street Journal analysis of trading data and interviews with multiple people with direct knowledge of government intervention efforts, the Saudi government has placed huge buy orders, often in the closing minutes of negative trading days, to boost the market.

…click on the above link to read the rest of the article…

Saudis Reportedly Target US Inventories By Slashing Oil Exports

WTI prices briefly popped above $52 before fading quickly after Bloomberg reported that after flooding the US market in recent months, Saudi Arabia plans to slash exports starting in January in an effort to dampen visible build-ups in crude inventories.

Bloomberg reports that, according to people briefed on the plans of state oil company Saudi Aramco, American-based oil refiners have been told to expect much lower shipments from the kingdom in January than in recent months following the OPEC agreement to reduce production.

Oil traders were not that impressed…

And while the plan to slash Saudi exports to America may ultimately convince a skeptical oil market about the kingdom’s resolution to bring supply and demand incline, it may anger President Trump, who has used social media to ask the Saudis and OPEC to keep the taps open.


Hopefully OPEC will be keeping oil flows as is, not restricted. The World does nott want to see, or need, higher oil prices!


Countries that Blocked ‘Welcoming’ of Major Climate Science Report at UN Talks have Dozens of Delegates with Ties to Oil, Gas, and Mining

Countries that Blocked ‘Welcoming’ of Major Climate Science Report at UN Talks have Dozens of Delegates with Ties to Oil, Gas, and Mining

COP24 plenary

At least 35 delegates from Saudi Arabia, Kuwait, Russia and the US are either currently employed or used to work for companies and organisations involved in the petrochemical and mining industries or lobbying on behalf of those industries.

On Saturday, the United Nations Framework Convention on Climate Change (UNFCCC) “noted” the findings of the Intergovernmental Panel on Climate Change’s (IPCC) landmark 1.5 degrees report at the annual talks in Katowice, Poland. Poor and undeveloped countries, small island states, Europeans and many others called to change the wording to “welcome” the study, Climate Home reported.

The IPCC’s report, released in October 2018, warned that the world has 12 years to radically cut emissions to avoid catastrophic climate change. The report was commissioned by countries at the annual climate talks in Paris in 2015.

Of the 35 delegates DeSmog UK has identified with ties to the fossil fuel and mining industries, 12 are representing Saudi Arabia, and nine are representing Russia. NGO Climate Tracker previously identified 13 delegates representing Kuwait that worked for the fossil fuel industry.

Most of the Saudi Arabian delegates currently work for state oil and gas producer Saudi Aramco – reportedly the most profitable company in the world – including Khalid Al-Falih, Saudi Arabia’s Minister Energy, Industry and Natural Resources and chairman of Saudi Aramco. The company is estimated to be worth around $2 trillion.

Two of the Russian delegates at this year’s annual talks work for natural gas producer Gazprom, in which the Russian government holds the majority stake. Six delegates work for aluminium producer, Rusal.

…click on the above link to read the rest of the article…

Blain: “Are We Backing The Wrong Country In The Saudi-Iran Race”

As excerpted from Blain’s Morning Porridge, submitted by Bill Blain

Where do we go from here?  

I’ve said it a few times already – 2019 is likely to see the start of the New Market Reality. Although some pundits claim yesterday’s sell-off was due to automated algo’s triggering a crash because they misread the US yield curve inversion – bad programming they claim – the reality is markets are extremely nervous: of the recessionary signals the inversion shows, slowing economic numbers, the prospects for trade war accelerating recession, etc. The US economy may be a full employment and growing, but where does it go from here as the rest of the globe falters, housing collapses, Auto sales plummet and everyone worries just how they are going to pay off student loans, mortgages and credit cards?

Markets have reversed polarity on Trump.

Peak Trump Bullshit means we just switched from positive to negative. Don’t think about what can go right as Trump forces through trade deals, tax cuts, a compliant Fed, etc. Think about Trump negatives – forget the FED put. Forget overly-optimistic valuations based on rosy global growth projections, and the belief very smart people will make bright shinny things brighter and shinier. Next year is going to be about real stuff, like how you going to sell this commodity (be it an electric car, swanky mobile phone with a fruit logo, or avacados. Why avocados…? because.. just because.) Consumption vs recession. Ouch.

Markets are being roiled by politics, soiling themselves on trade war panics, scared witless by mounting populism and its pay-off:

…click on the above link to read the rest of the article…

Putin Confirms No New Oil Production Cuts; Hopes For US, UK Detente

Russian President Vladimir Putin praised Trump, pummeled Poroshenko, and poured cold water on oil market bulls’ hopes in a statement following the G-20 meetings.

Putin began by confirming what White House Press Secretary Sanders noted earlier – he and Trump had spoken broefly on the sidelines of the G-20 and discussed the Ukraine incident. Putin added that “Trump is not afraid of [him]” and expressed “pity that he could not have a full format meeting with President Trump” pointing out that “Russian needs to maintain dialog with US,” and “hopes to meet [Trump] when US is ready.”

Putin also mentioned Russia’s relationship with the United Kingdom, noting that “UK is an important partner for Russia” adding that he “hopes to overcome differences, to normalize relations with UK in the near future.”

But perhaps the most important aspect of Putin’s comments – related to markets – was his statement on crude production cuts.

Russian news service RIA noted earlier that Putin and Saudi Arabian Crown Prince Mohammed bin Salman (MbS) discussed oil, haven’t taken concrete decisions yet, including production cuts, Kremlin’s foreign police aide Yuri Ushakov said.

And Putin just confirmed that there are no additional cuts over and above the OPEC+ Vienna Accord levels currently in place:

  • *PUTIN SAYS THEY AGREED TO EXTEND OPEC+ AGREEMENT
  • *PUTIN SAYS RUSSIA, SAUDI AGREES TO CONTINUE AGREEMENT
  • *PUTIN: EXACT VOLUME TO BE AGREED W SAUDI ARABIA BASED ON MARKET

Confirming Lavrov’s comments earlier in the week that there was no need for additional deals or cuts. The two producers will monitor market to adjust policy accordingly.

Finally Putin raised the topic of the Kerch Strait crisis, explaining that “Poroshenko was dividing Ukraine through the use of mertial law,” adding that it “was much too early to talk about the release/swap of Ukraine sailors.

…click on the above link to read the rest of the article…

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