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How Fracking Changed the Economics of Oil Production Around the World
How Fracking Changed the Economics of Oil Production Around the World James Meadway, chief economist at the New Economics Foundation, explains the interrelated economics behind China’s ‘Black Monday’ stock market crash, Middle Eastern oil and US fracking. The ‘fracking revolution’ has transformed the economics of oil production globally, with the US becoming a bigger producer than Saudi Arabia and […]
Fallout From Petrodollar Demise Continues As Qatar Borrows $4 Billion Amid Crude Slump
Fallout From Petrodollar Demise Continues As Qatar Borrows $4 Billion Amid Crude Slump Early last month in “Cash-Strapped Saudi Arabia Hopes To Continue War Against Shale With Fed’s Blessing,” we noted the irony inherent in the fact that Saudi Arabia, whose effort to bankrupt the US shale space has blown a giant hole in the […]
Why Saudi Arabia Won’t Cut Oil Production
Why Saudi Arabia Won’t Cut Oil Production 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. […]
China Loses All Control: Arrests Journalist, Financial Executive Over Market Crash
China Loses All Control: Arrests Journalist, Financial Executive Over Market Crash For two months, China has been on a quest to control both the stock market itself and the narrative around the stock market. After an unwind in the CNY1 trillion back alley margin lending complex sparked a late June selloff, China cobbled together a […]
Saudi Arabia Faces Another “Very Scary Moment” As Economy, FX Regime Face Crude Reality
Saudi Arabia Faces Another “Very Scary Moment” As Economy, FX Regime Face Crude Reality “They are working for their market share, not for the price,” Kazakh Prime Minister Karim Massimov told Bloomberg on Saturday, during the same interview in which he predicted that sooner or later, dollar pegs in Saudi Arabia and the UAE would […]
US Recession Imminent – World Trade Slumps By Most Since Financial Crisis
US Recession Imminent – World Trade Slumps By Most Since Financial Crisis As goes the world, so goes America (according to 30 years of historical data), and so when world trade volumes drop over 2% (the biggest drop since 2009) in the last six months to the weakest since June 2014, the “US recession imminent” […]
How Big Oil Was Saved From The Oil Price Crash
How Big Oil Was Saved From The Oil Price Crash Low oil prices have been less of a drag on the big integrated oil companies than it has for smaller producers. Diversified portfolios have allowed the largest oil companies to weather the storm better than their smaller competitors. To be sure, Big Oil has not […]
The PetroYuan Is Born: Gazprom Now Settling All Crude Sales To China In Renminbi
The PetroYuan Is Born: Gazprom Now Settling All Crude Sales To China In Renminbi Two topics we’ve deemed critically important to a thorough understanding of both global finance and the shifting geopolitical landscape are the death of the petrodollar and the idea of yuan hegemony. Last November, in “How The Petrodollar Quietly Died And No […]
OPEC is frying bigger fish than just Canada’s oilsands
OPEC is frying bigger fish than just Canada’s oilsands OPEC keeping the taps wide open, letting Saudi Arabia pick off many birds with one stone OPEC’s masterminding of the world oil market is leaving Canada to wonder where exactly our reeling energy industry fits within the scheme of the cartel’s strategic thinking. By leaving its production […]
Global oil glut grows to 2 million barrels a day as OPEC pumps more
Global oil glut grows to 2 million barrels a day as OPEC pumps more International Energy Agency predicts oversupply of refined fuel, but points to rising demand Fresh data on worldwide crude production shows the global glut of oil is growing with Saudi Arabia’s production near record highs, according to the International Energy Agency. And […]
Saudi Arabia: the great oil game
Saudi Arabia: the great oil game Saudi Arabia just increased oil production to a record level, never reached in previous history. They are doing that in a moment of record low oil prices. What do they have in mind? (Image from Arthur Berman) When the collapse of the oil prices started, in the summer of […]
Just as Global Oil Glut Deepens, China Cuts Oil Imports
Just as Global Oil Glut Deepens, China Cuts Oil Imports “We don’t want to lose our share in the market,” Kuwait Oil Minister Ali al-Omair said on Thursday. OPEC had to maintain production despite the plunge in price since last summer, he said, underscoring Saudi Arabia’s position. OPEC would not cut production to goose prices. […]
Three Reasons Why US Shale Isn’t Going Anywhere
Three Reasons Why US Shale Isn’t Going Anywhere Have you ever noticed that during extreme economic cycles, when trends are roaring on the upside, or conversely crashing back down to earth, there often appears an air of extremism in news headlines? Take America’s most recent shale oil boom, and bust, for example. On the way […]
OPEC’s Strategy Is Working Claims Saudi Oil Minister
OPEC’s Strategy Is Working Claims Saudi Oil Minister Saudi Oil Minister Ali al-Naimi, the architect of OPEC’s strategy to regain market share by causing the price of crude oil to plunge, says his plan is working, and data from petroleum research firms seem to back him up. Making his first public comments in two months, […]
Saudi Arabia Says Hard for OPEC to Give Up Oil-Market Share – Bloomberg
Saudi Arabia Says Hard for OPEC to Give Up Oil-Market Share – Bloomberg. Saudi Arabia and OPEC would find it “difficult, if not impossible” to give up market share by cutting crude production, the country’s oil minister said. Global oil markets are experiencing “temporary” instability caused mainly by a slowdown in the world economy, Oil […]
