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OPEC December Crude Output Slips as Global Prices Tumble – Bloomberg
OPEC December Crude Output Slips as Global Prices Tumble – Bloomberg. Oil production by the 12 OPEC nations slipped less than 1 percent in December, the first month after the group refused to cut output as crude prices tumbled, a Bloomberg survey showed. Output by the Organization of Petroleum Exporting Countries fell 122,000 barrels a day, or […]
U.S. Easing of Oil Exports Challenges OPEC’s Strategy – Bloomberg
U.S. Easing of Oil Exports Challenges OPEC’s Strategy – Bloomberg. The Obama administration’s move to allow exports of ultralight crude without government approval may encourage shale drilling and thwart Saudi Arabia’s strategy to curb U.S. output, further weakening oil markets, according to Citigroup Inc. A type of crude known as condensate can be exported if it […]
The American People Are Utterly Clueless About What Is Going To Happen As We Enter 2015
The American People Are Utterly Clueless About What Is Going To Happen As We Enter 2015. The American people are feeling really good right about now. For example, Gallup’s economic confidence index has hit the highest level that we have seen since the last recession. In addition, nearly half of all Americans believe that 2015 will be a better […]
Alaska Governor Warns State’s Fiscal Situation “Critical” As Oil Price Drops | Zero Hedge
Alaska Governor Warns State’s Fiscal Situation “Critical” As Oil Price Drops | Zero Hedge. Narrative, we have a problem. What is billed day after day as ‘unequivocally good’ is entirely not good for Alaska (oh and Texas and Pennsylvania and…) as with oil prices dropping, AP reports Alaska Gov. Bill Walker has halted new spending on six high-profile […]
Oil’s wild ride in 2014 signals return to volatility – Business – CBC News
Oil’s wild ride in 2014 signals return to volatility – Business – CBC News. After five years in which oil traded in a narrow band around the $100 US a barrel mark, crude markets returned to volatility this fall. Back in late June of this year, oil was trading at $107 US a barrel. At […]
How increased inefficiency explains falling oil prices | Our Finite World
How increased inefficiency explains falling oil prices | Our Finite World. Since about 2001, several sectors of the economy have become increasingly inefficient, in the sense that it takes more resources to produce a given output, such as 1000 barrels of oil. I believe that this growing inefficiency explains both slowing world economic growth and […]
WTI Hits $52 Handle As US Rig Count Tumbles To 8-Month Lows | Zero Hedge
WTI Hits $52 Handle As US Rig Count Tumbles To 8-Month Lows | Zero Hedge. Just as T. Boone Pickens warned “watch the rig counts” last week, so the Baker Hughes rig countjust collapsed for the 3rd week in a row to 8-month lows. This is the fastest 3-week drop since mid-2009. Crude prices were already […]
Low Oil Prices And Money Worries For 2015
Low Oil Prices And Money Worries For 2015. In response to the Ruble’s recent fall (over 50% against the U.S. Dollar), Swiss banks have begun taking extreme and extraordinary measures in what appear to be early signs of a currency war. There is now a negative interest rate of 0.25% on deposits made in Swiss Francs. […]
RIGZONE – Saudi Ministry to Discuss Deficit Financing with Central Bank
RIGZONE – Saudi Ministry to Discuss Deficit Financing with Central Bank. RIYADH, Dec 26 (Reuters) – Saudi Arabia’s Finance Ministry will discuss with the central bank its options for financing the large state budget deficit expected next year, and may cover some of the shortfall with borrowing, Finance Minister Ibrahim Alassaf said. Responding to the […]
Cheap oil is an opportunity we can’t afford to burn — Transition Voice
Cheap oil is an opportunity we can’t afford to burn — Transition Voice. The stunning plunge in oil prices – almost 45% since June – has roiled the global oil markets; creating new winners and losers almost overnight. It has also unlocked a number of potential problems and opportunities we would be wise to consider. […]
Egypt And The Double-Edged Sword Of Cheap Oil
Egypt And The Double-Edged Sword Of Cheap Oil. The good news for Egypt: Inexpensive oil means the government needs to spend less on its fuel subsidies for its energy-hungry population of 86 million people, the third largest in the Middle East. The bad news: Rich oil-producing countries in the region are making less money on their […]
China’s Largest Inland Oilfield to Decrease Production / Sputnik International
China’s Largest Inland Oilfield to Decrease Production / Sputnik International. MOSCOW, December 28 (Sputnik) — Daqing Oilfield, the largest oilfield explored by China’s major oil and gas producer PetroChina, is expected to reduce its production starting 2015, as reported by Xinhua News. As discussed at an economic conference of northeast China’s Heilongjiang province on Saturday, Daqing Oilfield, which produces nearly one-fourth of China’s total […]
The Daily Bell – Putin: It Is Time to Play Your Ace in the Hole
The Daily Bell – Putin: It Is Time to Play Your Ace in the Hole. The entire world is watching Putin play poker with the Western politicians lead by Obama and followed by Washington quislings in London, Brussels and Berlin. America’s goal since the end of the Cold War has been to weaken by financial, […]
Oil declines amid stronger dollar, crude oversupply in U.S. | Reuters
Oil declines amid stronger dollar, crude oversupply in U.S. | Reuters. (Reuters) – Oil prices fell Friday, tumbling as the dollar strengthened and as a supply glut in top consumer, the United States, trumped worries about falling production from Libya. The market had come under pressure from Wednesday’s Energy Department report, which showed a 7.3 million-barrel […]
Drilling Cutbacks Mean Service Companies Forced to Scrap Rigs
Drilling Cutbacks Mean Service Companies Forced to Scrap Rigs. Despite the decline in oil prices, the U.S. is expected to boost production by 300,000 barrels per day in 2015, up to a yearly average of about 9.3 million barrels per day, according to the most recent government estimates. But the number of oil and gas rigs […]
