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How Much Longer Can OPEC Hold Out?
How Much Longer Can OPEC Hold Out? OPEC has been the most talked about international organization among investors, analysts and international political lobbies in the last few months. When OPEC speaks, the world listens in rapt attention as it accounts for nearly 40 % of the world’s total crude output. With its headquarters in Vienna, […]
The Oil Price Crash and Economic Slow Down in China
The Oil Price Crash and Economic Slow Down in China Two of the factors in the oil price crash are well constrained: 1) oversupply of expensive light tight oil (LTO) in North America and 2) the decision of OPEC to not cut production. The third possible factor of weak global demand is not so easy […]
Amid “US Coup”, Venezuela Takes Another $5 Billion Loan From China
Amid “US Coup”, Venezuela Takes Another $5 Billion Loan From China The people of Venezuela can rejoice… not so fast. Amid paranoid-sounding (though not unlikely) rantings about US-created coups (and blaming ‘economic’ war for his nation’s Socialist utopia hyperinflation), it appears President Maduro just got another life-line (or more rope to hang himself). After begging China’s leader […]
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. […]
Kuwait “Over-Supply” Concerns Send WTI Tumbling Back To $42 Handle
Kuwait “Over-Supply” Concerns Send WTI Tumbling Back To $42 Handle Reversing all of yesterday’s FOMC-inspired idiocy, WTI has plunged back to reality this morning. Following comments by Kuwait’s comments that OPEC had no choice but to keep production steady, refocusing the market on global oversupply, April WTI is back down to a $42 handle. All of […]
Saudis Claim Conspiracy Theorists, Not OPEC, To Blame For Oil Price Crash
Saudis Claim Conspiracy Theorists, Not OPEC, To Blame For Oil Price Crash A top Saudi official said on March 15 that Thomas Friedman and other conspiracy theorists are to blame for the crash in oil prices. Rather than an oversupply and weak demand causing an imbalance in global oil markets, Dr. Ibrahim Al-Muhanna, the advisor […]
IEA sees renewed pressure on oil prices as glut worsens
IEA sees renewed pressure on oil prices as glut worsens (Reuters) – Oil prices might have stabilized only temporarily because the global oil glut is worsening and U.S. production shows no sign of slowing, the International Energy Agency said on Friday. The West’s energy watchdog said the United States may soon run out of spare […]
Oil wars: Shifting balance of power?
Oil wars: Shifting balance of power? What impact are lower global oil prices having on the world’s geopolitical landscape? Global oil policies are becoming ever more complex as suppliers balance their needs, priorities and self-interests. A period of low prices is redefining the geopolitical landscape, and bringing international relations into sharp focus. The price of crude […]
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 […]
US Will Never Gain Oil Market Crown Says IEA Head
US Will Never Gain Oil Market Crown Says IEA Head No matter how much oil the United States produces over the next few years, it will never become the next Saudi Arabia in the global oil market, according to Fatih Birol, the new executive director of the International Energy Agency (IEA). What’s especially interesting about […]
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, […]
Will US Shale Boom Continue Or Have A Hiatus?
Will US Shale Boom Continue Or Have A Hiatus? The conventional wisdom recently has been that North America will keep producing shale oil for some time despite the higher costs associated with hydraulic fracturing and the 50 percent drop in oil prices over the past eight months. The thing about conventional wisdom is that it […]
What is Saudi Arabia not telling us about its oil future?
What is Saudi Arabia not telling us about its oil future? It is popular these days to speculate about why Saudi Arabia cajoled its OPEC allies into maintaining oil production in the face of flagging world demand. As the price the world pays for oil and oil products has plummeted, the price OPEC members are […]
OPEC Production Cut May Not Be Needed After All
OPEC Production Cut May Not Be Needed After All U.S. tight oil production may fall 600,000 barrels per day by June 2015 based on reasonable projections of current rig counts. I compared the decrease in rig counts that began in late 2014 to the rig count decrease in 2008 and 2009 following the Financial Crisis. […]
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 […]
