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Tag Archives: oil reserves
Venezuela In Dire Straits As Oil Production Falls Further
Venezuela In Dire Straits As Oil Production Falls Further Venezuela’s economic crisis continues to deepen. The South American OPEC member is thought to be sitting on nearly 300 billion barrels of oil, far more than any other country in the world, including Saudi Arabia (estimated at 268 billion barrels). But the economy has been in freefall for […]
Exxon Cuts Reserves By A Record 3.3 Bilion Barrels As Oil Crash Finally Takes Toll
Exxon Cuts Reserves By A Record 3.3 Bilion Barrels As Oil Crash Finally Takes Toll Last September, when the price of oil was well below where it had been trading for the bulk of the past several years, we reported that NY Attorney General Eric Schneiderman was probing why Exxon Mobil hasn’t written down the value of […]
The Terrible Oil News Nobody Noticed
The Terrible Oil News Nobody Noticed A terrible bit of news went unnoticed in the commotion amid the modest rebound in oil prices over the past two weeks. While every news outlet shouted about Iran and OPEC, a U.S. energy icon quietly announced news that could potentially shatter the industry. As I’ve explained recently, many oil companies […]
Oil Tankers Are Filling Up As Global Storage Space Runs Low
Oil Tankers Are Filling Up As Global Storage Space Runs Low The rebound in oil prices is still not here, and new data suggests that it will take some more time before the markets start to balance out. Global supplies are still too large to justify a significant rally in oil prices. The latest indicator […]
Get Ready for Oil Deals: Shale Is Going on Sale
Get Ready for Oil Deals: Shale Is Going on Sale (Bloomberg) — A decision by Whiting Petroleum Corp., the largest producer in North Dakota’s Bakken shale basin, to put itself up for sale looks to be the first tremor in a potential wave of consolidation as $50-a-barrel prices undercut companies with heavy debt and high […]
Libya Warns of Oil Shutdown as Attacks Escalate
Libya Warns of Oil Shutdown as Attacks Escalate (Bloomberg) — Libya’s state-run oil company warned that it would shut production at all fields if authorities in the divided nation fail to contain an escalation of attacks on facilities that cut crude output to a year-low. “If these incidents continue, National Oil Corp. will regrettably be […]
Study: Foreign Countries Intervene in Civil Wars 100 Times More Often when Afflicted Countries Have Oil
Study: Foreign Countries Intervene in Civil Wars 100 Times More Often when Afflicted Countries Have Oil The Independent reports that a new study conducted in the Universities of Portsmouth, Warwick and Essex, and published in the Journal of Conflict Resolution, finds that “hydrocarbons play an even bigger role in conflicts” than “conspiracy theorists” ever imagined. …foreign intervention in a […]
The Deep State Strategy: Burn Everyone Else’s Oil First, Leave Ours in the Ground
The Deep State Strategy: Burn Everyone Else’s Oil First, Leave Ours in the Ground The U.S. Deep State is in favor of Saudi Arabia’s strategy of forcing production cuts on its rivals and marginal producers for two profound reasons. It is widely presumed that if the U.S. government isn’t actively concerned about the financial carnage […]
World Proved Oil Reserves Data A Work Of Fiction
World Proved Oil Reserves Data A Work Of Fiction. The EIA publishes Annually a list of World Proved Reserves of Crude Oil. Though all charts in this post use the EIA data, BP, the IEA and virtually every other reporting agency in the world uses basically the same data. It is my contention that this data […]
