Louisiana Light • 6 days | 73.53 | -2.49 | -3.28% | |||
Bonny Light • 1 day | 73.79 | -2.29 | -3.01% | |||
Opec Basket • 2 days | 76.88 | -0.06 | -0.08% | |||
Mars US • 11 hours | 69.21 | -2.26 | -3.16% | |||
Gasoline • 27 mins | 2.566 | -0.030 | -1.16% |
Bonny Light • 1 day | 73.79 | -2.29 | -3.01% | |||
Girassol • 1 day | 75.37 | -2.68 | -3.43% | |||
Opec Basket • 2 days | 76.88 | -0.06 | -0.08% |
Peace Sour • 5 hours | 63.71 | -3.21 | -4.80% | |||
Light Sour Blend • 5 hours | 65.01 | -3.21 | -4.71% | |||
Syncrude Sweet Premium • 5 hours | 73.96 | -3.21 | -4.16% | |||
Central Alberta • 5 hours | 63.31 | -3.21 | -4.83% |
Eagle Ford • 5 days | 69.15 | +0.84 | +1.23% | |||
Oklahoma Sweet • 5 days | 69.25 | +0.75 | +1.09% | |||
Kansas Common • 5 days | 63.00 | +1.00 | +1.61% | |||
Buena Vista • 8 days | 76.15 | -1.09 | -1.41% |
Oil markets have kicked off…
One of the U.S.’ oldest…
Southern Italy is the world’s second largest producer of olive oil, and under the olive tree groves in the Basilicata region, a mountainous, sparsely populated province that is situated in the arch of Italy’s boot, geologists found Europe’s biggest onshore crude oil fields.
Production of the fields began in the 1990s, but development was slow as many environmental campaigns and bureaucratic delays hampered progress.
In 2012, as part of a plan to end a two year recession, the worst in over twenty years, the Italian government decided that increases oil and gas production would be important to boosting the economy. Delays to the development of the oil fields are now miraculously falling away, and EniSpA and Total plan to double their production from the fields to raise Italy’s output to around 200,000 barrels a day, from the current level of 101,000 barrels a day.
Related article: Canada Putting Too Many Eggs in Oil Basket
Last year, former Prime Minister Mario Monti gave Total permission to develop its new Tempa Rossa oil field, and Eni are in talks with local authorities to increase production in the Val d’Agri, which on the back of strong campaigning from environmentalists was turned into a national park in 2007.
Carlo Stagnaro, head of research at the Instituto Bruno Leoni, said that “talk of freedom from energy dependence is an overstatement, but increasing production can certainly be an opportunity for Italy. The real point for Eni is whether, after respecting all the laws and health and environmental requirements, the gain is worth the costs, if so then they need to forge ahead.”
By. Joao Peixe of Oilprice.com
U.S. Gasoline Prices Are Set For A Significant Decline
Iran Seizes Third Oil Tanker As U.S. Boosts Military Presence
Turkey Makes Huge 1-Billion-Barrel Oil Discovery
14,000 Inactive Oil & Gas Wells In U.S. Unplugged
Oil Prices Continue To Slip Even As Crude Oil Inventories Decline
ADVERTISEMENT
The materials provided on this Web site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Nothing contained on the Web site shall be considered a recommendation, solicitation, or offer to buy or sell a security to any person in any jurisdiction.
Trading and investing carries a high risk of losing money rapidly due to leverage. Individuals should consider whether they can afford the risks associated to trading.
74-89% of retail investor accounts lose money. Any trading and execution of orders mentioned on this website is carried out by and through OPCMarkets.
Merchant of Record: A Media Solutions trading as Oilprice.com