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Oil hits new post-2009 low below $56 as supply glut prevails | Reuters
Oil hits new post-2009 low below $56 as supply glut prevails | Reuters. (Reuters) – Brent crude LCOc1 reversed early gains on Friday to fall to a fresh post-2009 low below $56 a barrel, as a glut of oil that has halved prices since June outweighed investors positioning at the start of the year for a possible eventual […]
Who Is Behind The Oil War, And How Low Will The Price Of Crude Go In 2015?
Who Is Behind The Oil War, And How Low Will The Price Of Crude Go In 2015?. Who is to blame for the staggering collapse of the price of oil? Is it the Saudis? Is it the United States? Are Saudi Arabia and the U.S. government working together to hurt Russia? And if this oil […]
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 […]
Energy Crisis As Early As 2016
Energy Crisis As Early As 2016. Low oil prices today may be setting the world up for an oil shortage as early as 2016. Today we have just 2% more crude oil supply than demand and the price of gasoline is under $2.00/gallon in Texas. If oil supply falls too far, we could see gasoline […]
The Year in 5 Narratives – The Automatic Earth
The Year in 5 Narratives – The Automatic Earth. Let’s see, how do we close this year in a proper manner? I already wrote that 2014 for me has been The Year Propaganda Came Of Age. Likewise, looking forward, I said that The Biggest Economic Story Going Into 2015 Is Not Oil. Moreover, I talked about things […]
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 […]
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 […]
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. […]
Saudi Arabia Ready For $20, $30, $40 Oil
Saudi Arabia Ready For $20, $30, $40 Oil. Brent crude and West Texas Intermediate (WTI) fell 2 and 3.3 percent respectively to start the week and Saudi Arabia is prepared to go much lower in a bid to trim the fat. Oil Minister Ali al-Naimi said as much in an interview with the Middle East Economic Survey […]
Did The Saudis And The US Collude In Dropping Oil Prices?
Did The Saudis And The US Collude In Dropping Oil Prices?. The oil price drop that has dominated the headlines in recent weeks has been framed almost exclusively in terms of oil market economics, with most media outlets blaming Saudi Arabia, through its OPEC Trojan horse, for driving down the price, thus causing serious damage […]
oftwominds-Charles Hugh Smith: I Call BS on Projections of a Decade of $20/Barrel Oil
oftwominds-Charles Hugh Smith: I Call BS on Projections of a Decade of $20/Barrel Oil. The ability of oil exporters to trigger a short-term collapse in price does not automatically translate into an ability to control the financial conflagration such a crash ignites. My BS detector went off when two stories with similar headlines touting $20/barrel […]
Conrad Black: The Saudis believe the West is about to give in to Iranian demands. Crashing the price of oil is how it fights back | National Post
Conrad Black: The Saudis believe the West is about to give in to Iranian demands. Crashing the price of oil is how it fights back | National Post. Responses to the decline in world oil prices have been mystifying — flummoxing, in fact. The secretary general of OPEC (the Organization of Petroleum Exporting Countries), Abdullah Al-Badri, said […]
Gulf OPEC members refuse to cut oil output – Middle East – Al Jazeera English
Gulf OPEC members refuse to cut oil output – Middle East – Al Jazeera English. Arab Gulf countries have vowed they will not cut oil production or hold an emergency meeting, despite a glut in global supplies and plummeting oil prices. Powerful OPEC members Saudi Arabia and Kuwait said on Sunday they would not cut […]
Saudi Oil Minister Denies ‘Conspiracy’ To Collapse Oil Prices
Saudi Oil Minister Denies ‘Conspiracy’ To Collapse Oil Prices. ABU DHABI, United Arab Emirates – Saudi Arabia’s oil chief on Sunday dismissed allegations that his kingdom conspired to bring down oil prices in order to harm other countries and told a summit of Arab energy leaders that he was confident the market would stabilize. The […]
Drilling Our Way Into Oblivion – The Automatic Earth
Drilling Our Way Into Oblivion – The Automatic Earth. Oh, that sweet black gold won’t leave us alone, will it? West Texas Intermediate went through some speedbumps Friday, but ended over +5%, though still only at $57. Think them buyers know something we don’t? I don’t either. I see people covering lousy bets. And PPT […]
