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Saudi Arabia’s Oil Exports Drop Was Sign of Weaker Demand – Bloomberg
Saudi Arabia’s Oil Exports Drop Was Sign of Weaker Demand – Bloomberg. Saudi Arabia shipped 10 percent less oil overseas in October than it did a year earlier, signaling demand was falling even before OPEC decided a month later to hold production unchanged with prices plunging. Oil exports fell to 6.9 million barrels a day in […]
A Full-Blown Economic Crisis Has Erupted In Russia
A Full-Blown Economic Crisis Has Erupted In Russia. The 8th largest economy on the entire planet is in a state of turmoil right now. The shocking collapse of the price of oil has hit a lot of countries really hard, but very few nations are as dependent on energy production as Russia is. Sales of […]
Early slowdown signs emerge for U.S. oil states after crude slide | Reuters
Early slowdown signs emerge for U.S. oil states after crude slide | Reuters. (Reuters) – After leading the U.S. economic recovery out of recession, some of the nation’s top oil states are showing early signs of a slowdown as a result of the plunge in crude prices. In Houston, Texas, the first oil industry layoffs […]
WTI Crude Crashes Into The $50s | Zero Hedge
WTI Crude Crashes Into The $50s | Zero Hedge. Zee overnight stabilitee (and brief dead-cat-bounce this morning) has turned into a renewed bout of selling pressure and for the first time since July 2009, WTI has broken below the $60 level. Canada Heavy is trading $42.10 (down almst $4 today!), its lowest since April 2009. Energy […]
U.S. Getting Rid of Oil Addiction as Price Plummets in Glut – Bloomberg
U.S. Getting Rid of Oil Addiction as Price Plummets in Glut – Bloomberg. The U.S. is producing the most oil in 31 years, economic growth is picking up and crude prices are plunging. So why is Americans’ use of petroleum waning? As the U.S. moves closer and closer to energy independence, greaterfuel efficiency, changing demographics […]
And On The Seventh Day God Shorted His People – The Automatic Earth
And On The Seventh Day God Shorted His People – The Automatic Earth. And on the Seventh Day, God sold his shares? What do you think, is He short the market? Short oil? Oil does look up a tad, but then the dollar lost about a percent vs the euro, so that definitely feels like […]
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 […]
Bank of America sees $50 oil as Opec dies – Telegraph
Bank of America sees $50 oil as Opec dies – Telegraph. The Opec oil cartel no longer exists in any meaningful sense and crude prices will slump to $50 a barrel over the coming months as market forces shake out the weakest producers, Bank of America has warned. Revolutionary changes sweeping the world’s energy industry […]
WTI Crude Crashes To $60 Handle As Saudis Shun Cuts | Zero Hedge
WTI Crude Crashes To $60 Handle As Saudis Shun Cuts | Zero Hedge. Brent Crude crossed below $65 for the first time since 2009 this morning and WTI began to slide as inventories showed a bigger-than-expected build. But it was Saudi Arabia’s oil minister al-Naimi who sparked the latest dump: *NAIMI SAYS `WHY SHOULD I […]
As Oil Prices Plunge, Nigeria Exclaims It Is Not Zimbabwe | Zero Hedge
As Oil Prices Plunge, Nigeria Exclaims It Is Not Zimbabwe | Zero Hedge. Having already raised rates and devalued the Naira (and widened its trading bands), theNigerian currency continues to collapse to new record lows as crude crashes lower and lower. Having tumbled 11.5% since oil prices peaked, the Naira is holdinga round 184/USD – over 9% […]
Anyone That Believes That Collapsing Oil Prices Are Good For The Economy Is Crazy
Anyone That Believes That Collapsing Oil Prices Are Good For The Economy Is Crazy. Are much lower oil prices good news for the U.S. economy? Only if you like collapsing capital expenditures, rising unemployment and a potential financial implosion on Wall Street. Yes, lower gasoline prices are good news for the middle class. I certainly […]
Ten Reasons Why a Severe Drop in Oil Prices is a Problem | Our Finite World
Ten Reasons Why a Severe Drop in Oil Prices is a Problem | Our Finite World. Not long ago, I wrote Ten Reasons Why High Oil Prices are a Problem. If high oil prices can be a problem, how can low oil prices also be a problem? In particular, how can the steep drop in oil […]
Norway’s Oil Decline Accelerating
Norway’s Oil Decline Accelerating. New oil projects are being scrapped in Norway amid falling production and low oil prices. Long held up as the model for managing oil abundance, Norway has painstakingly sought to prevent the problems that occur with other natural resource-based economies, such as corruption, slow economic growth, currency appreciation, and subsequently, deindustrialization. […]
We Forget All Too Fast Just How Quickly It Can Hit The Fan | Zero Hedge
We Forget All Too Fast Just How Quickly It Can Hit The Fan | Zero Hedge. Via Mark St.Cyr, Currently there is probably no other great divide in opinions than the current state of oil and all it entails. (well maybe gold but that’s for another column) I believe there’s not only two sides to […]
The downside of oil independence | Jeff Rubin
The downside of oil independence | Jeff Rubin. What a difference a couple decades can make. OPEC’s decision to maintain production has rocked the TSX, sending energy companies as well as governments scrambling to figure out what to do in a new world order where oil prices might continue to slide. Rewind to the energy […]
