Wednesday, October 17, 2018

Tag: OPEC

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...

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...

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...

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 Untold Story Behind Saudi Arabia’s 41-Year U.S. Debt Secret

t was July 1974. A steady predawn drizzle had given way to overcast skies when William Simon, newly appointed U.S. Treasury secretary, and his deputy, Gerry Parsky, stepped onto an 8 a.m. flight from Andrews Air Force Base. On board, the mood was tense. That year, the oil crisis had hit home. An embargo by OPEC’s Arab nations - payback for U.S. military aid to the Israelis during the Yom Kippur War - quadrupled oil prices.

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...

Russia Inks $1B Offshore Rig Contract with Iran

Iran has awarded a contract worth more than US$1 billion to a Russian shipbuilder for the construction of five offshore drilling rigs to be used in Iran’s section of the Persian Gulf shelf, a company official told Reuters. The company, Krasnye Barrikady, had been in discussions with the Iranian government...

Say goodbye to OPEC, powerful Putin pal predicts

Internal differences are killing OPEC and its ability to influence the markets has all but evaporated, top Russian oil executive Igor Sechin told Reuters in some of his harshest remarks ever about the oil cartel. Russia, which has been hit hard by the oil price collapse, was flirting with the...

Saudi Shakeup: Ali Naimi Out, Al-Falih In, Market Share Battle Continues

Saudi Arabian King Salman dismissed oil minister Ali Naimi on Saturday. The move comes a month after the Royal Kingdom announced plans to decrease its economy's reliance on oil in an economic plan called "Vision 2030". Al-Naimi has been named an adviser to the royal court. Khalid & The Deputy...

Saudi’s New Oil Boss Vows to Maintain Policy

Saudi Arabia will probably keep producing crude at near-record levels under its newly appointed oil minister, Khalid Al-Falih, as the world’s largest exporter sticks with his predecessor’s policy of defending market share against higher-cost shale. Al-Falih, also chairman of the state producer Saudi Arabian Oil Co., said on his first...

Oil Shocker: Saudi Arabia Fires Powerful Oil Minister al-Naimi In Dramatic Power Reshuffle

For years, Ali al Naimi was the most important person in the world of oil: the former CEO of Saudi Aramco ascended to the post of Saudi oil minister in 1995, and over the past 21 years had the power to send the price of oil soaring or plunging...

Price Rebound, Possible Turning Point Fail to Mask Industry Woes

The sharp rise in oil prices since February’s lows can’t mask the turbulence the oil and gas industry is still experiencing. Bankruptcies, staff layoffs, capital expenditure cuts, and falling productivity continue to be commonplace during the downturn that has so far lasted for seven straight quarters. The hope for...

U.S.-Saudi Relations

The U.S.-Saudi Arabia alliance, which survived the oil embargo in 1973 and the attacks of September 11, 2001, in which fifteen of the nineteen passenger jet hijackers were Saudi citizens, is coming under new strains. A new generation of Saudi Arabian leaders is adjusting to what it sees as...

Oil producers fail to agree deal to freeze output after Saudi Arabia-Iran standoff

Opec and non-Opec members say they need more time after Riyadh demands arch-rival Tehran join agreement. The world’s major oil producing nations failed to strike an agreement on Sunday night to freeze production, saying they needed more time to agree a deal to try to buoy the price of oil. What...

Iran-Saudi rivalry strains Doha oil talks

A quorum of members of the Organization of Petroleum Exporting Countries (OPEC) and other oil producers such as Russia attempted to reach consensus on freezing output but had to play second fiddle to geopolitical rivalry between heavyweight exporters Iran and Saudi Arabia. A communique calling for an output freeze until...

Oil Freeze: Everything You Need to Know About the Doha Summit

Nations representing almost 60 percent of the world’s oil production will gather in Doha on April 17 to discuss freezing their output at January levels in an effort to stabilize prices. Russia, Saudi Arabia, Qatar and Venezuela made a preliminary deal in February and are seeking to add more...

Crude Up But Investors Cautious Ahead of Doha Talks

Analyst sees oil surplus continuing after key oil talks between major producers next week. LONDON - Oil prices rose in volatile trade on Tuesday after the dollar slumped but doubts over whether major producers can agree on curbing their output are keeping the market on edge. Brent crude, the global oil...

Saudi Arabia’s Deputy Crown Prince Outlines Plans: Transcript

Bloomberg’s Editor-in-Chief John Micklethwait and five other Bloomberg journalists spent five hours talking to Saudi Deputy Crown Prince Mohammed bin Salman in his palace compound in Riyadh. In the wide-ranging interview, Prince Mohammed discussed selling shares of Saudi Aramco, the National Transformation Program, energy markets and U.S.-Saudi relations. Below is...

Africa’s Petrostates Are Imploding

And that’s setting off a dramatic shift in the economic balance of power on the continent. Africa's petrostates are crashing hard. A cool $115 in the summer of 2014, a barrel of Brent crude, the international pricing benchmark, now fetches below $40. And having failed to build massive foreign exchange...

Oil prices fall on scepticism over deal to freeze output

Oil futures edged down on Friday to below $40 per barrel, with the market growing increasingly sceptical that a looming deal to freeze crude production can help clear a global glut. Brent crude for June delivery LCOc1 fell 64 cents to $39.69 a barrel as of 1000 GMT. Brent rose...

Saudi Arabia Will Only Freeze Oil Production If Iran Joins

Saudi Arabia will only freeze its oil output if Iran and other major producers do so, the kingdom’s deputy crown prince said, challenging the country’s main regional rival to take an active role in stabilizing the over-supplied global crude market. The warning by Mohammed bin Salman, 30, who’s emerged as...

Amid Talks of Production Freeze, Russian Oil Already Facing Decline

Russia's oil production hit 10.9 million barrels per day (mbd) in January 2016, the highest level since the collapse of the Soviet Union. But that could mark the peak for Russia’s oil production as it enters an extended period of gradual decline. Rosneft, which at 3.8 mbd accounts for more...

Why are Russia and China Buying Gold, Tons of it?

Gold is one of the most fascinating of all rare metals. Throughout all history it has been given a special, at times sacred or spiritual value, since six thousand years ago when the Egyptian Pharoahs’ tombs were filled with it to accompany the dead on their journey. In times...

The Impact of the Federal Reserve on Oil Markets

OPEC policy, fresh data from agencies such as the IEA and the EIA, price speculators, and geopolitical disruptions are all known as market movers. But there’s another important player in oil price movements, and that’s the Federal Reserve. With oil and other markets so sensitive to a variety of headlines,...

Chart of the Week: Oil Sector Job Losses Climb

March 25, 2016 Oil Sector Job Losses Climb For the first time since the Great Recession, U.S. oil and gas sector employment is falling consistently (although total private sector employment continues to rise). Among the hardest hit industries, 81,000 jobs were lost in the oil and gas support services sector between...

Hillary Emails, Gold Dinars and Arab Spring

Buried amid tens of thousands of pages of former US Secretary of State Hillary Clinton’s secret emails, now being made public by the US Government, is a devastating email exchange between Clinton and her confidential adviser, Sid Blumenthal. It’s about Qaddafi and the US-coordinated intervention in 2011 to topple...

China And The Middle East – Is The Balance Shifting?

Onlookers might have been surprised a few weeks ago to see the Ambassadors of China and Turkmenistan standing side by side in the rather inauspicious surroundings of the Tehran railway station to witness the arrival of a freight train containing small commodities. This was however no ordinary freight train, but...

While Saudi and Russia Talked Output Freeze In Doha, Production Was Booming At Home

OPEC's monthly report showed that Russia's oil production reached a new high of 11.08 M/bpd in February (+10 K/bpd from January), and Saudi's output was 10.14 M/bpd (+14 K/bpd). In a certain sense, this is of course "more of the same." In another sense, it is highly revealing of...

What oil freeze? Saudi Arabia and Russia pump more

So much for that agreement to freeze output. The latest oil market data reveal that both Russia and Saudi Arabia ramped up their oil production in February, despite talks about supply caps. The two oil countries agreed to freeze output at January levels last month, which caused oil prices to rally....

How Saudi Arabia Turned Its Greatest Weapon on Itself

For the past half-century, the world economy has been held hostage by just one country: the Kingdom of Saudi Arabia. Vast petroleum reserves and untapped production allowed the kingdom to play an outsize role as swing producer, filling or draining the global system at will. The 1973-74 oil embargo was...

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