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This Week In Energy: ExxonMobil On The Hunt
This Week In Energy: ExxonMobil On The Hunt Oil prices continued to pick up steam for the week ending on February 13. Brent crude traded above $60 per barrel for the first time in 2015, a psychological threshold that caught the markets by surprise and points to a potential price rebound quicker than many had […]
Russia’s Complicated Relationship With OPEC
Russia’s Complicated Relationship With OPEC Russia, Saudi Arabia, and the United States are the world’s most important oil producers. While there has been a lot of discussion about Saudi Arabia’s move to crush U.S. shale by flooding international markets with oil, the relationship between Saudi Arabia and Russia is much less understood. Saudi Arabia and […]
Why We Won’t See An Oil Price Rebound Yet
Why We Won’t See An Oil Price Rebound Yet The front page of The Wall Street Journal on Tuesday, February 10 proclaimed “Oil-Price Rebound Predicted” according to the IEA (International Energy Agency). Not true. The February 10 IEA Oil Market Report states that some “market participants are seeing light at the end of the tunnel” based on oil company […]
OPEC Production Figures – Winners And Losers Aplenty
OPEC Production Figures – Winners And Losers Aplenty The latest OPEC Monthly Oil Market Report is out with all the OPEC crude only production numbers for January 2015. There were very little revisions in the December numbers this month. Total OPEC production of crude only was down 53,000 barrels per day in January to 30,153,000 barrels per […]
Oil And Debt: The BIS Examines The Consequences Of Financialization
Oil And Debt: The BIS Examines The Consequences Of Financialization Since mid-2014, after remaining relatively stable for four years at close to $100, the price of crude oil has dropped by roughly 50% in US dollar terms. 1 Changes in production and consumption seem to fall short of a fully satisfactory explanation of the abrupt collapse […]
Russia And China’s Growing Energy Relationship
Russia And China’s Growing Energy Relationship Russia’s economic freefall and isolation from the West has made it increasingly eager to build its relationship with China, even at the cost of lost leverage with Beijing. But new economic data from China shows that Russia has succeeded in capturing a larger share of the massive – and […]
Iraq Oil Surge to Fan OPEC Rivalry That Triggered Slump
Iraq Oil Surge to Fan OPEC Rivalry That Triggered Slump (Bloomberg) — The battle for customers among OPEC members that helped trigger oil’s collapse is about to escalate. Iraqi crude production is climbing from a 35-year high as it adds growing Kurdish supplies to its exports, while southern oilfields remain unscathed by Islamic State militants. […]
Failing Stimulus And The IMF’s New ‘Multilateral’ World Order
Failing Stimulus And The IMF’s New ‘Multilateral’ World Order My theme for 2015 has been the assertion that this will be a year of shattered illusions; social, political, as well as economic. As I have noted in recent articles, 2014 set the stage for multiple engineered conflicts, including the false conflict between Eastern and Western […]
OPEC Chief Claims Oil Will Rebound Higher Than In 2008
OPEC Chief Claims Oil Will Rebound Higher Than In 2008 OPEC’s secretary-general says the 7-month-old plunge in oil prices finally may have bottomed out and may be ready to rise again. In fact, Abdullah al-Badri hypothesized that a decision by his cartel to cut production conceivably could lead to oil at $200 a barrel. “Now […]
Oil prices fall on market relief over Saudi policy
Oil prices fall on market relief over Saudi policy (Reuters) – Oil prices fell on Monday, with U.S. crude falling close to a nearly six-year low, as Saudi Arabia’s new King Salman moved to assuage fears of an unstable transition and any policy change in the world’s largest oil exporter. Salman was quick to retain veteran Saudi oil […]
This Week In Energy: New Saudi King Can’t Save Oil Prices
This Week In Energy: New Saudi King Can’t Save Oil Prices The major news story breaking in the oil space today is the passing of Saudi Arabia’s King Abdullah and the succession to the throne of King Salman bin Abdulaziz Al Saud. This comes at a time when oil prices have fallen over 60 percent […]
The Saudi Succession: Its Impact On Oil, Markets And Politics
The Saudi Succession: Its Impact On Oil, Markets And Politics As reported earlier, several hours ago Saudi Arabia announced that its 91-year-old King Abdullah had passed away, in the process setting off what may be a fascinating, and problematic, Saudi succession fight which impacts everything from oil, to markets to geopolitics, especially in the aftermath of […]
Iraq Shrugs Off Low Prices, Boosts Output To Record Levels
Iraq Shrugs Off Low Prices, Boosts Output To Record Levels Despite oil prices at their lowest levels in five years, Iraq is producing at record levels. For the month of December, Iraq produced nearly 4 million barrels per day, according to Oil Minister Adel Abdul Mahdi, an all-time high for the war-torn country. That is critical for […]
Be Prepared For An Oil Price Spike
Be Prepared For An Oil Price Spike The recent collapse in oil prices has taken pundits and oil producers by surprise. It was only six months ago that prices were over $100/bbl and at that time they had been above $100/bbl for three and a half years. In fact the stability had become uncanny, so […]
Increased U.S. Output Bolsters Oil Glut Fears Sending Prices Back Down
Increased U.S. Output Bolsters Oil Glut Fears Sending Prices Back Down Oil resumed its decline after the biggest gain since June 2012 as U.S. crude production increased, adding to signs that the global supply glut that has pushed prices to a 5 1/2-year low will persist. West Texas Intermediate futures dropped as much as 2.7 […]
