Friday, April 28, 2017

It’s Not Just the Oil. The Middle East War and the Conquest of Natural...

Are the Wars in the Middle East and North Africa Really About Oil? The Iraq war was really about oil, according to Alan Greenspan, John McCain, George W. Bush, Sarah Palin, a high-level National Security Council officer and others. Dick Cheney made Iraqi’s oil fields a national security priority before 9/11. The...

Russia Trumps USA Energy War in Mideast

In a fundamental sense the entirety of the five-year-long war over Syria, as well as the entire Arab Spring from Libya to Egypt to Iraq has been about control of hydrocarbon resources—oil and natural gas– and of potential hydrocarbon pipelines to the promising markets of the European Union. Dick...

Eastern Libyan commander’s forces seize key oil ports

Forces loyal to east Libyan commander Khalifa Haftar on Sunday seized at least two key oil ports from a rival force loyal to the U.N.-backed government, risking a new conflict over the OPEC nation's resources. Ahmed al-Mismari, a spokesman for Haftar's self-styled Libyan National Army (LNA), said its fighters had...

Will Russia and Turkey Change the Energy Map of Europe?

The meeting between Russian President Vladimir Putin and Turkish President Recep Tayyip Erdoğan during the G20 Summit in Hangzhou has given fresh impetus to bilateral relations and joint projects. This primarily relates to the construction of the Turkish Stream pipeline, which may become one of the key elements of...

EIA Says Crude Oil Stockpiles Fell by a Near Record 14.5 Million Barrels

The Energy Information Administration (EIA) released its weekly inventory figures today, showing a much larger than expected draw in inventories. US crude oil stockpiles fell a whopping 14.5 million barrels during the week ending September 2. This was the second largest drop on record; the largest was in January...

New Expectations for Turkish Stream and More

Plans to build the Turkish Stream gas pipeline have reappeared on the political agenda of Moscow and Ankara. After the July 26-27 talks between Russian Deputy Prime Minister Arkady Dvorkovich and his Turkish counterpart, Mehmet Şimşek, both parties confirmed their willingness to resume a dialog on issues of mutual...

Turkey, Russia Discuss Turkish Stream

Turkey's energy minister Berat Albayrak met the CEO of Gazprom Alexei Miller in Istanbul for talks September 1, to discuss Turkish Stream pipeline and the status of arbitration filed by state gas importer Botas, according to NTV television report. "We will take positive steps in the area of energy in...

Poland Takes Aim at Putin’s Pipe Dreams

Warsaw may have finally thrown a wrench into the Nord Stream 2 pipeline, Moscow's controversial plan to double down on its dominance of Europe’s energy supplies. This summer hasn’t seen a lot of setbacks for Russia, not even for its Olympic hopefuls. Crimea has been annexed and fully absorbed, with...

Turkish Stream talks strengthen Russia’s positions in gas dialog with Europe

The statements by Moscow and Ankara on the possible restart of the Turkish Stream project have worried officials in the EU. The resumption of Russia-Turkey talks on building the Turkish Stream gas pipeline strengthens Moscow’s positions at negotiations with EU countries, including on Nord Stream-2, although the project of delivering...

US energy envoy: North Stream 2 could resurrect cold war divisions

The controversial North Stream 2 gas pipeline project has the potential to resurrect cold war divisions in Europe, US Energy Envoy Amos Hochstein said, before calling for greater competition with Russia’s Gazprom through increased LNG imports. Amos Hochstein is US Special Envoy for International Energy Affairs. He spoke to EurActiv...

Saudi Arabia Oil Demand Growth at 6-Year Low on Slowdown

Oil consumption in Saudi Arabia, the world’s biggest crude exporter, is expanding at the slowest pace in at least six years as low energy prices hurt economic growth. The kingdom’s demand for oil increased by an average of 24,000 barrels a day in the first five months of 2016, the...

Oil Giants Find There’s Nowhere to Hide From Doomsday Market

Exxon Mobil Corp. and Royal Dutch Shell Plc last week reported their lowest quarterly profits since 1999 and 2005, respectively. Chevron Corp.’s third straight loss marked the longest slump in 27 years, and BP Plc lodged its lowest refining margins in six years. Welcome to year two of a supply...

Libya’s bungled oil deal

Libya's current dysfunction is more Orwellian than most realize. The so-called unity government, aka the Government of National Accord (GNA), is not actually a union of the country’s main militias. Nor does it geographically represent the country by combining power centers. It draws almost exclusively on Misratan and Tripolitanian...

Oil Majors Hit Hard As Refining Boom Comes To An End

British Petroleum, the first oil major to announce results on Tuesday, has reported the lowest refining margins for the April to June period in the past six years. The global refining marker margin, which stood at $13.80 a barrel in the second quarter of this year, has dropped down...

Turkey ready to resume pipeline project with Russia

MOSCOW (AP) — Turkey's economy minister says the country is ready to resume work on building a gas pipeline from Russia, a project that was suspended amid tensions between the two countries. The project, called Turkish Stream, would bring gas from Russia to Turkey, from where it could be distributed...

India, U.S. Discover Major Natural Gas Reserve in Indian Ocean

A joint expedition by India and the U.S. discovered a major deposit of natural gas in the Indian Ocean, offering the potential to significantly expand energy production in a region that’s currently a big importer. India's Ministry of Petroleum and Natural Gas and the U.S. Geological Survey struck a large,...

The unknown German branch of Nord Stream 2 will make Germany the key gas...

Despite causing great controversy in the EU, plans to build the Nord Stream 2 gas pipeline are steadily being implemented, write Agata Loskot-Strachota and Konrad Poplawski of the Centre for Eastern Studies (OSW) in Poland. What is more, in May preparations were started for a German land leg of...

Israel’s Reconciliation With Turkey Could Lead to New Energy Deals

Middle Eastern chaos helped heal a six-year rift between Turkey and Israel. But Israel's big reserves of natural gas could fuel much closer ties in years to come. Israel and Turkey agreed to normalize diplomatic relations Monday, six years after an Israeli raid on a Turkish aid ship sent to...

Approval Greenlights Development of Highly Anticipated Leviathan Gas Field

Houston-based Noble Energy has received the green light from the Israeli government to proceed with development of its Leviathan gas field project in the Mediterranean Sea. The project involves a subsea system that connects production wells to a fixed platform located offshore with tie-in onshore in the northern part of...

China Imports Record Volume of Russian Oil

China increased its imports of Russian oil to a record of 5.2 million tonnes in May — roughly 1.24 million barrels every day, the Reuters news agency reported Tuesday. In annual terms, China's oil imports from Russia in May rose by 33.7 percent, Reuters reported, citing data from the Chinese...

The Era of Cheap Oil Is Coming to an End

Prices have been low for more than two years. With demand rising and supply falling, that’s all beginning to change. In the past two years, a flood of crude has pushed down oil prices, battering corporate balance sheets and wreaking havoc with budgets in oil-dependent countries from Russia to Iraq. That’s...

For Russia, Natural Gas Is Losing Its Potency as a Political Weapon

There was a time when Russia could manipulate other countries with its natural gas supplies. It still can, but the threat is less effective than it once was. Ukraine's national natural gas company, Naftogaz, confirmed Wednesday that it will consider negotiating direct natural gas purchases with Russian natural gas giant...

US, Europe Enable Southern Gas Corridor

The first half of 2016 has proved vitally important to the success of the Southern Gas Corridor (SGC), both in terms of the project's physical implementation and also with regard to funding of several segments of the value chain by a number of the project partners, in particular the...

Foolish Greece Now Joins NATO Gas War

Only eighteen months ago prospects for a major southern Europe natural gas pipeline from Russian gas fields across the Black Sea, into Turkey and on to the Greek-Turkish border was in negotiation between Russian President Putin and Turkey’s Erdogan. Turkish Stream as it was called, was proposed in talks...

Eni and BP Make Significant Gas Discovery in Egypt

A new natural gas discovery on the coast of Egypt's Nile Delta has been made by Eni and British Petroleum (BP). The two companies own a 50-50 share of the Baltim South license, the area of the delta in which the “significant” discovery occurred, a statement by Eni said. Over the...

Shell Resumes Business With Iran

Royal Dutch Shell has restarted purchasing crude oil from Iran, according to trade sources and ship-tracking data cited by Reuters. The company’s resumption of business with the Middle Eastern country makes it the second oil major after the French firm Total to do so since international sanctions on Iran were...

Maduro Accuses U.S. Of Taking Over Venezuela’s Oil

The Venezuelan president has accused the U.S. of trying to usurp his country’s oil riches after the head of the Washington-based Organization of American States (OAS) suggested a special meeting that could lead to Venezuela’s suspension from the group. Luis Almagro, the Secretary-General of the 35-member OAS, has called for...

Saudis Have Lost the Oil War

Poor Saudi Arabia. They don’t realize it yet but they have lost their oil war. The war in its current phase began in September, 2014, when the dying King Abdullah and his Minister of Petroleum, Ali Al-Naimi, told US Secretary of State John Kerry they would gladly join Washington...

The Desperate Plight of Petro-States

With a Busted Business Model, Oil Economies Head for the Unknown. Pity the poor petro-states. Once so wealthy from oil sales that they could finance wars, mega-projects, and domestic social peace simultaneously, some of them are now beset by internal strife or are on the brink of collapse as oil...

Eurasia: China and Russia is Where It’s Happening

In 1865 at the end of the US Civil War New York journalist Horace Greeley popularized the expression, “”Go West, young man, and grow up with the country.” Today, some 150 years later, as the colossal economy of the United States of America sinks into obsolescence, outsourcing, income depression,...

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