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OilPrice.com | Energy | Crude Oil Detailed analysis of crude oil price movements and crude oil news which looks at geopolitics and technical advancements affecting the oil sector. http://oilprice.com/ Wed, 08 Feb 2012 20:11:41 GMT Oilprice.com (info@oilprice.com) Sudan's President Omer al Bashir’s New Best Friend - Russia? http://oilprice.com/Energy/Crude-Oil/Sudans-President-Omer-al-Bashirs-New-Best-Friend-Russia.html When Communism collapsed in the Soviet Union in December 1991, many Europeans naively thought that the new Russian government would fully embrace “Western” values. Two decades later, after a brutal war in Chechnya and a brief conflict with Georgia in 2009, few in Brussels or elsewhere hold that view. Russian foreign policy has remained defiantly nationalist and pragmatic, much to the distress of European and American diplomats. Russia’s cautions on Iran and threats to block UN Security Council proposals to pacify Syria are…

]]> admin@namecake.com (John Daly) Tue, 07 Feb 2012 4:51:59 GMT http://oilprice.com/Energy/Crude-Oil/Sudans-President-Omer-al-Bashirs-New-Best-Friend-Russia.html India Drops the Dollar and Pays for Iranian Oil in Gold http://oilprice.com/Energy/Crude-Oil/India-Drops-the-Dollar-and-Pays-for-Iranian-Oil-in-Gold.html Media reports suggests that India has agreed to pay the price of crude oil it imports from Iran in gold, which makes it the first country to drop the US dollar for purchasing the Iranian oil. Citing an Israeli intelligence website, The Times of India has reported that India is opting for gold to repay crude oil supplies from Iran. The website, Debkafile, said the transaction will be routed through UCO Bank, the Kolkata-based public sector lender. However, the authenticity of the news could not be confirmed as the Indian government has neither confirmed…

]]> agmetal@oilprice.com (Ag Metal Miner) Sat, 04 Feb 2012 18:15:00 GMT http://oilprice.com/Energy/Crude-Oil/India-Drops-the-Dollar-and-Pays-for-Iranian-Oil-in-Gold.html Cuba, Oil Diplomacy and the Southern Tip of Florida http://oilprice.com/Energy/Crude-Oil/Cuba-Oil-Diplomacy-and-the-Southern-Tip-of-Florida.html U.S. lawmakers spent most of this week lobbing insults at the Cuban government while assessing the risks of an offshore oil spill about 90 miles from the southern Florida coast. Spanish energy company Repsol is leading an exploratory drilling campaign in Cuban waters and, rightfully so, many wary U.S. lawmakers are still shell-shocked from the 2010 oil spill in the Gulf of Mexico. Considering Florida relies on tourism for a substantial part of state revenue, it's no wonder Florida's Lt. Gov. Jennifer Carroll said Cuba can't be trusted with protecting…

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]]> dg@oilprice.com (Daniel J. Graeber) Fri, 03 Feb 2012 2:49:24 GMT http://oilprice.com/Energy/Crude-Oil/Cuba-Oil-Diplomacy-and-the-Southern-Tip-of-Florida.html An Abundant Supply of Cheap Oil is the Most Important Resource for Our Future http://oilprice.com/Energy/Crude-Oil/An-Abundant-Supply-of-Cheap-Oil-is-the-Most-Important-Resource-for-Our-Future.html Our economy runs on oil. Most of the tractors used for growing food run on oil. Nearly all of today’s cars and trucks run on oil. It is popular to talk about changing to some other fuel, but the practicalities are that any such change will be very slow. There is a huge cost associated with replacing cars and trucks with vehicles using other fuels, assuming we could figure out the technology to do this. Since 2005, world crude oil supply has bumped up against what seems to be a limit of 75 million barrels of oil a day. No matter how hard companies…

]]> tverberg@oilprice.com (Gail Tverberg) Fri, 03 Feb 2012 2:40:37 GMT http://oilprice.com/Energy/Crude-Oil/An-Abundant-Supply-of-Cheap-Oil-is-the-Most-Important-Resource-for-Our-Future.html Sudan's Oil War: Deadlines Before Development http://oilprice.com/Energy/Crude-Oil/Sudans-Oil-War-Deadlines-Before-Development.html Since gaining independence in July, Middle East and North African experts have expressed concerns that border conflicts and disputes over the sharing of oil revenue could threaten a very fragile peace deal between the two Sudanese governments. South Sudan last week said it wasn't going to produce any more oil because the government in the north was suspected of pilfering. Talks ended Friday without an agreement between two Sudanese governments that accuse one another of stoking ethnic conflict in the border regions. A comprehensive peace agreement…

]]> dg@oilprice.com (Daniel J. Graeber) Sat, 28 Jan 2012 16:04:17 GMT http://oilprice.com/Energy/Crude-Oil/Sudans-Oil-War-Deadlines-Before-Development.html The Global Hunt For Oil: Canadian Firm Drills First Exploration Well in Somalia http://oilprice.com/Energy/Crude-Oil/The-Global-Hunt-For-Oil-Canadian-Firm-Drills-First-Exploration-Well-in-Somalia.html Energy companies are renowned for taking risks as they scour the globe for new opportunities.That said however, Canada’s Vancouver, BC-based Horn Petroleum Corporation, a unit of Africa Oil Inc., is in a class by itself, having begun drilling operations in Somalia’s semi-autonomous northern Puntland state.Somalia?Which has not had an effective government since 1991?Land of “Black Hawk Down,” pirates, battling militias, al Shabaab militants and U.S. drone strikes against the extremist group?Yep.On 17 January the company said…

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]]> admin@namecake.com (John Daly) Sat, 28 Jan 2012 0:01:45 GMT http://oilprice.com/Energy/Crude-Oil/The-Global-Hunt-For-Oil-Canadian-Firm-Drills-First-Exploration-Well-in-Somalia.html Greece - Between Iran and a Hard Place http://oilprice.com/Energy/Crude-Oil/Greece-Between-Iran-and-a-Hard-Place.html Well, its official – on 23 January European Union foreign ministers agreed to ban the import of Iranian oil as part of sanctions designed to pressure Iran to end its alleged covert pursuit of nuclear weapons under the guise of its civilian nuclear uranium enrichment program. Measures approved by Brussels Eurocrats include an immediate ban on the signing of new supply contracts for Iranian crude oil and petroleum products for EU refineries, with existing contracts being scheduled for phasing out by 1 July. The EU currently buys around 20 percent…

]]> admin@namecake.com (John Daly) Fri, 27 Jan 2012 18:58:15 GMT http://oilprice.com/Energy/Crude-Oil/Greece-Between-Iran-and-a-Hard-Place.html U.S. to Lose Out Yet Again on Developing Cuba's Offshore Oil? http://oilprice.com/Energy/Crude-Oil/U.S.-to-Lose-Out-Yet-Again-on-Developing-Cubas-Offshore-Oil.html While the Gulf of Mexico is one of the world’s most heavily developed offshore oil production sites, one area has remained offline up to now – Cuba’s offshore waters.That is about to change later this year, however as according to Russian state-controlled oil company Zarubezhneft CEO Nikolai Brunich, the company in August, will start drilling in Cuba’s offshore waters.According to Brunich, the potential oil reserves of Zarubezhneft’s Cuban offshore concession total about 200 million tons, located in waters about 1,300…

]]> admin@namecake.com (John Daly) Thu, 26 Jan 2012 23:40:41 GMT http://oilprice.com/Energy/Crude-Oil/U.S.-to-Lose-Out-Yet-Again-on-Developing-Cubas-Offshore-Oil.html Oil Majors Move Back to the Gulf of Mexico http://oilprice.com/Energy/Crude-Oil/Oil-Majors-Move-Back-to-the-Gulf-of-Mexico.html Over a year since America's worst oil spill in the Gulf of Mexico, big oil finally gets back to business... with a vengeance. For the first time since BP's Deepwater Horizon explosion, leading to America's worst oil spill in history, the Gulf of Mexico has officially reopened its doors for business. In December's lease sale, the enormity of pent up demand since permits were halted over a year ago resulted in over $337 million in bids on 191 different tracts from 20 companies. Despite fierce opposition from environmental groups, the Obama administration…

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]]> energydigital@oilprice.com (Energy Digital) Wed, 25 Jan 2012 23:42:09 GMT http://oilprice.com/Energy/Crude-Oil/Oil-Majors-Move-Back-to-the-Gulf-of-Mexico.html Is Nigeria to become Africa's next failed nation-state? http://oilprice.com/Energy/Crude-Oil/Is-Nigeria-to-become-Africas-next-failed-nation-state.html By any yardstick, Nigeria, Africa’s most populous nation, should be black Africa’s glittering success story. A member of the Organization of Petroleum Exporting Countries, producing 2.5 million barrels per day (bpd), making it Africa’s largest oil exporter and the world’s 14th largest oil producer. With oil running at roughly $100 per barrel, that generates $250 million in income per day, or $19.25 billion annually, give or take a few naira, probably more, as Nigeria regularly evades its OPEC quotas. Such oil revenues…

]]> admin@namecake.com (John Daly) Tue, 24 Jan 2012 23:20:46 GMT http://oilprice.com/Energy/Crude-Oil/Is-Nigeria-to-become-Africas-next-failed-nation-state.html Khartoum Breaks International Laws by Blocking South Sudan's Crude Oil http://oilprice.com/Energy/Crude-Oil/Khartoum-Breaks-International-Laws-by-Blocking-South-Sudans-Crude-Oil.html Juba, South Sudan:The Republic of Sudan has suddenly blocked the transportation of South Sudan’s crude oil to the international market. On Christmas Eve all loaded cargo was prevented from leaving, while other cargo was not allowed to load.Speaking to the press on Tuesday, Minister of Petroleum and Mining Stephen Dhieu Dau said two ships carrying 1.6 million barrels of Dar Blend originating from South Sudan were stopped from leaving the port, and an additional 0.6 million Barrels of Dar Blend were prevented from loading. Yet another two more…

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]]> diplomat@oilprice.com (Diplomatic Courier) Mon, 23 Jan 2012 23:33:50 GMT http://oilprice.com/Energy/Crude-Oil/Khartoum-Breaks-International-Laws-by-Blocking-South-Sudans-Crude-Oil.html Croatia’s INA Oil Company, Caught Between al Assad and a Hard Place http://oilprice.com/Energy/Crude-Oil/Croatias-INA-Oil-Company-Caught-Between-al-Assad-and-a-Hard-Place.html As international pressure tightens against the regime of Syrian President Bashar al Assad, the Croatian national oil joint stock company Industrija Nafte (Oil Industry, or INA) is coming under increasing pressure to divest itself of its concessions in the increasingly civil war torn country. But there’s a catch – Zagreb-based INA is a subsidiary of Hungary's Magyar Olaj es Gazipari Reszvenytarsasag (or MOL). MOL Group owns 47.16 percent of INA, the Republic of Croatia (represented by the Croatian government) - 44.84 percent and…

]]> admin@namecake.com (John Daly) Mon, 23 Jan 2012 1:40:12 GMT http://oilprice.com/Energy/Crude-Oil/Croatias-INA-Oil-Company-Caught-Between-al-Assad-and-a-Hard-Place.html Post-Keystone, Canada Takes its Business Elsewhere http://oilprice.com/Energy/Crude-Oil/Post-Keystone-Canada-Takes-its-Business-Elsewhere.html After Republican lawmakers in the United States lost their political gamble over the controversial Keystone XL pipeline, the Canadian government decided to issue a double insult to its southern neighbor by simultaneously condemning the political circus in Washington and saying it's time to look at markets in Asia, where a Chinese economy is bustling along at a growth rate of more than 8 percent. Republican leaders in Washington waged a political bet on the Keystone XL tar sands oil pipeline and lost. Opposition over the original route through…

]]> dg@oilprice.com (Daniel J. Graeber) Fri, 20 Jan 2012 0:32:30 GMT http://oilprice.com/Energy/Crude-Oil/Post-Keystone-Canada-Takes-its-Business-Elsewhere.html In Another "Great Leap Forward," Chinese Firm Finds Oil in Thailand's Northeast http://oilprice.com/Energy/Crude-Oil/In-Another-Great-Leap-Forward-Chinese-Firm-Finds-Oil-in-Thailands-Northeast.html As seemingly omnivorous Chinese energy firms encircle the globe looking for exploitable hydrocarbon reserves, one firm is searching close to home. Shaanxi Yanchang Petroleum Corp. Ltd has started exploring for oil On Thailand's Thung Kula Rong Hai 1,235 square mile plateau, which covers the country’s four northeastern provinces. Shaanxi Yanchang Petroleum Corp. Ltd is focusing its exploration efforts in Thung Kula Rong Hai’s Chumphon Buri district in Surin province. Village forums and public hearings are being conducted…

]]> admin@namecake.com (John Daly) Fri, 20 Jan 2012 0:30:32 GMT http://oilprice.com/Energy/Crude-Oil/In-Another-Great-Leap-Forward-Chinese-Firm-Finds-Oil-in-Thailands-Northeast.html Saudi Arabia's Rising Domestic Oil Consumption to Threaten Exports? http://oilprice.com/Energy/Crude-Oil/Saudi-Arabias-Rising-Domestic-Oil-Consumption-To-Threaten-Exports.html Saudi Arabia is currently the world’s leading oil producer, containing approximately one-fifth of the world's proven oil reserves. According to the U.S. Energy Information Agency, Saudi Aramco reported that it had reached its target production capacity of 12 million barrels per day (bpd), even as Reuters reports that Saudi production is just under 10 million bpd. Whatever the actual figures, Saudi Arabia nevertheless produces roughly one-third of the Organization of Petroleum Exporting Countries (OPEC) total output of roughly 30 million bpd. Saudi…

]]> admin@namecake.com (John Daly) Wed, 11 Jan 2012 23:30:21 GMT http://oilprice.com/Energy/Crude-Oil/Saudi-Arabias-Rising-Domestic-Oil-Consumption-To-Threaten-Exports.html Kurdistan's Huge Oil Reserves Lend Credibility to Iraqi Claims of 115 Billion Barrels http://oilprice.com/Energy/Crude-Oil/Kurdistans-Huge-Oil-Reserves-Lend-Credibility-To-Iraqi-Claims-Of-115-Billion-Barrels.html Whilst much of Iraq may be viewed as in a metastable social and political state, the semi-autonomous northern region of Kurdistan has enjoyed relative peace for a number of years. This has enabled the regional government to develop oil exploitation laws and to lease much of the land to foreign exploration and production companies. Regional operator Gulf Keystone Petroleum has been involved in the discovery of the Shaikan Field, believed to hold between 8 and 13.4 billion barrels in place with appraisal of this giant (potential supergiant) on-going.…

]]> tol@oilprice.com (The Oil Drum) Tue, 10 Jan 2012 23:10:38 GMT http://oilprice.com/Energy/Crude-Oil/Kurdistans-Huge-Oil-Reserves-Lend-Credibility-To-Iraqi-Claims-Of-115-Billion-Barrels.html Former IEA Oil Expert: Oil Production Could Begin to Decline in 2015 http://oilprice.com/Energy/Crude-Oil/Former-IEA-Oil-Expert-Oil-Production-Could-Begin-To-Decline-In-2015.html The following interview is a guest post by Matthieu Auzanneau, a freelance journalist living in Paris. This article previously appeared in Le Monde.Olivier Rech developed petroleum scenarios for the International Energy Agency over a three year period, up until 2009. This French economist now advises large investment funds on behalf of La Française AM, a Parisian assets management firm. His forecasts for future petroleum production are now much more pessimistic than those published by the IEA. He expects stronger tensions as of 2013, and…

]]> tol@oilprice.com (The Oil Drum) Mon, 09 Jan 2012 14:08:06 GMT http://oilprice.com/Energy/Crude-Oil/Former-IEA-Oil-Expert-Oil-Production-Could-Begin-To-Decline-In-2015.html How Will Peak Oil Fare in 2012 http://oilprice.com/Energy/Crude-Oil/How-Will-Peak-Oil-Fare-In-2012.html The returns are in and we now know that world price of a barrel of oil averaged $111 in 2011. This was up 14 percent from last year and well above the previous high of $100 set in 2008.The average barrel of oil that we bought last year cost $15 more than the year before. Here in America, we burn about 6.7 billion barrels of the stuff each year. Therefore, our collective oil bill for 2011 was about $100 billion higher for the same amount of energy that we burned in 2010. This $100 billion created few new jobs here in the USA. Much of it went overseas…

]]> postcarbon@oilprice.com (Post Carbon) Mon, 09 Jan 2012 14:00:01 GMT http://oilprice.com/Energy/Crude-Oil/How-Will-Peak-Oil-Fare-In-2012.html Nigeria Ends Fuel Subsidies in Face of Protest Threats http://oilprice.com/Energy/Crude-Oil/Nigeria-Ends-Fuel-Subsidies-In-Face-Of-Protest-Threats.html In a nasty New Year’s Day present to his fellow Nigerians, President Goodluck Jonathan directed his administration to end fuel subsidies, effective immediately. Petroleum Products Pricing Regulatory Agency issued a statement noting, "By this announcement, the downstream sub-sector of the petroleum industry is hereby deregulated for (gasoline). Service providers in the sector are now to procure products and sell same in accordance with the indicative benchmark price to be published fortnightly and posted on the PPPRA website." The government urged…

]]> admin@namecake.com (John Daly) Mon, 02 Jan 2012 23:10:29 GMT http://oilprice.com/Energy/Crude-Oil/Nigeria-Ends-Fuel-Subsidies-In-Face-Of-Protest-Threats.html U.S. Net Exporter of Petroleum Products - A Look at the Numbers http://oilprice.com/Energy/Crude-Oil/U.S.-Net-Exporter-Of-Petroleum-Products-A-Look-At-The-Numbers.html One big story of 2011 was the United States switched from being a net importer to a net exporter of petroleum products. Here are the details behind that development. The graph below plots the difference between U.S. exports and imports of petroleum products. On average in 2008, we had been importing about 1.8 million barrels per day more than we exported. So far in the second half of 2011, the difference has swung to an average positive net export balance of 0.4 million barrels per day. The exports are coming in the form of diesel and gasoline…

]]> flybiggles555@yahoo.com (James Hamilton) Thu, 29 Dec 2011 15:03:48 GMT http://oilprice.com/Energy/Crude-Oil/U.S.-Net-Exporter-Of-Petroleum-Products-A-Look-At-The-Numbers.html