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OPEC’s Strategy Is Working According To Cartel’s Latest Report
OPEC’s Strategy Is Working According To Cartel’s Latest Report OPEC, which has been exceeding its own oil-production cap during the past year, says output was down in October and forecasts a production drop overall next year because of the persistent low price of oil. The cartel’s Monthly Market Report, published Thursday, said its 12 members extracted […]
Saudi Arabia Cuts Spending, Slows Payments, Hits Spain Inc.
Saudi Arabia Cuts Spending, Slows Payments, Hits Spain Inc. Ugly for Spain’s over-indebted, liquidity-challenged construction giants. It’s almost a whole year since the House of Saud shocked the world by announcing its scheme to let market forces determine oil prices. It then did the unthinkable: it cranked up oil production. What followed was arguably the […]
Oil Market Showdown: Can Russia Outlast The Saudis?
Oil Market Showdown: Can Russia Outlast The Saudis? “Two men enter, one man leaves, two men enter, one man leaves, two men enter…” Mad Max: Beyond Thunderdome November 27, oil consuming countries will celebrate the first anniversary of the Saudi decision to let market forces determine prices. This decision set crude prices on a downward […]
Why Saudi Arabia’s Pursuit Of Market Share Is Self-Defeating
Why Saudi Arabia’s Pursuit Of Market Share Is Self-Defeating The Saudis are on track to sacrifice ~$100 billion in crude export revenues in 2015, or 45 percent of 2014’s ~$219 billion in crude export revenues, in pursuit of market share, the measure of success Saudi Oil Minister Ali bin Ibrahim Al-Naimi announced at the November […]
OPEC Divorce And Self-Destruction Thanks To Saudi Oil Strategy?
OPEC Divorce And Self-Destruction Thanks To Saudi Oil Strategy? “If you are the world’s leading energy economy, you produce energy, that’s what you do.” “A government can stay irrational longer than it can stay solvent.” “Even in the short term, you’re dead, if you commit suicide.” The first quote modifies a GEICO commercial describing a free-range chicken […]
Saudis Expand Price War Downstream
Saudis Expand Price War Downstream The undisputed king of oil and gas is making some moves that could change the face of the global refining sector. In June 2015, Saudi Arabia pumped a record 10.564 million barrels a day, a record level. As if being the world’s biggest exporter of oil was not enough, the […]
OPEC Still Holds All The Cards In Oil Price Game
OPEC Still Holds All The Cards In Oil Price Game Traders were busy throwing in the towel on oil futures this week just as the first solid data and hope appeared that oil prices may be starting on the long road to recovery. As oil prices approached $52 per barrel on Tuesday, July 7, the […]
Indiana Jones, Beyoncé, And Saudi Oil Production
Indiana Jones, Beyoncé, And Saudi Oil Production Thirty-four years ago today, Indiana Jones was the number one movie at the box office with ‘Raiders of The Lost Ark.’ 1981 was also the year in which Beyoncé was born. These two reference points are just to highlight how long ago 1981 was (even if a swashbuckling […]
Delayed gratification for OPEC, more pain for investors
Delayed gratification for OPEC, more pain for investors Delayed gratification is said to be a sign of maturity. By that standard OPEC at age 55 demonstrated its maturity this week as it left oil production quotas for its members unchanged. It did so in the face of oil prices that are about 40 percent lower than they […]
Global Oil Shortage Before Year’s End? Surely Not…
Global Oil Shortage Before Year’s End? Surely Not… Now that OPEC has left its production quota unchanged, the world will continue to see a glut in supplies, right? Some analysts aren’t so sure. Sanford C. Bernstein predicts that by the end of the year global demand will outstrip supply by an estimated 1.5 million barrels per day. […]
Saudi Arabia, Russia in No Mood to Cave to US Fracking Boom
Saudi Arabia, Russia in No Mood to Cave to US Fracking Boom The recently vaunted decline in US crude oil production, supported by granular estimates, has been used in rationalizing the newly sizzling rally in oil prices. Analysts are digging through local details to come up with clues where this might be going. Money is re-pouring […]
Saudi Arabia Continues To Turn Screws On U.S. Shale
Saudi Arabia Continues To Turn Screws On U.S. Shale Saudi Arabia continues to ratchet up production, taking market share away from U.S. shale producers. According to OPEC’s latest monthly oil report, Saudi Arabia boosted its oil output to 10.31 million barrels per day in April, a slight increase over the previous month’s total of 10.29 million […]
Saudi Arabia’s Oil-Price War Is With Stupid Money
Saudi Arabia’s Oil-Price War Is With Stupid Money Saudi Arabia is not trying to crush U.S. shale plays. Its oil-price war is with the investment banks and the stupid money they directed to fund the plays. It is also with the zero-interest rate economic conditions that made this possible. Saudi Arabia intends to keep oil prices low for as […]
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 […]
This Week In Energy: The War For Market Share Is Only Just Beginning
This Week In Energy: The War For Market Share Is Only Just Beginning This week saw yet more bad news for the oil sector, as the EIA’s latest figures released on Wednesday showed U.S. Inventories at levels not seen since 1982, when the agency first started collecting such data. To put it another way, the last […]
