• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 59 mins One Last Warning For The U.S. Shale Patch
  • 5 hours Once Upon A Time... North Korea Abruptly Withdraws Staff From Liaison Office
  • 6 hours Chile Tests Floating Solar Farm
  • 4 hours Oil Slips Further From 2019 Highs On Trade Worries
  • 12 hours Poll: Will Renewables Save the World?
  • 10 hours Modular Nuclear Reactors
  • 21 hours China's E-Buses Killing Diesel Demand
  • 21 hours Trump sells out his base to please Wallstreet and Oil industry
  • 17 hours China's Expansion: Italy Leads Europe Into China’s Embrace
  • 1 day Russian Effect: U.S. May Soon Pause Preparations For Delivering F-35s To Turkey
  • 1 day Read: OPEC THREATENED TO KILL US SHALE
  • 1 day Trump Tariffs On China Working
  • 1 day Biomass, Ethanol No Longer Green
  • 10 hours US-backed coup in Venezuela not so smooth
One Last Warning For The U.S. Shale Patch

One Last Warning For The U.S. Shale Patch

The oil-price collapse of 2018…

Morgan Stanley: Oil To Rise To $75 This Summer

Morgan Stanley: Oil To Rise To $75 This Summer

Investment bank Morgan Stanley sees…

Russia's Giant Diamond Mine Could Collapse the Global Diamond Market

Russia has been the world’s largest diamond producer for the past 3 years. Its diamond mines in Yakutia produce massive profits in a tightly controlled market. However it has just been released that the Russians have been sitting on a monolithic mine for 40 years. In the 1970s they discovered a diamond field beneath a meteorite crater which contains trillions of carats, and could supply the world with diamonds for 3,000 years.

They didn’t release this information earlier in order to keep the diamond market under control, and the prices high.

Nikolai Pokhilenko, the director of the Novosibirsk Institute of Geology and Mineralogy, said that “the resources of super-hard diamonds contained in rocks of the Popigai crypto-explosion structure, are by a factor of ten bigger than the world's all known reserves. We are speaking about trillions of carats. By comparison, present-day known reserves in Yakutia are estimated at one billion carats.”

RELATED: The Real Reason Behind Oil Price Rises - An Interview with James Hamilton



Join the discussion | Back to homepage

Leave a comment
  • mgb on September 23 2012 said:
    lies, what makes you think all the diamonds being mined are industrial??? Maybe you should learn!
    http://atlasobscura.com/place/mirny-diamond-mine
  • lies on September 20 2012 said:
    These are industrial diamonds. They might threaten synthetic diamonds (although it means selling the diamonds at a level that can compete with synthetics and at a rate that is profitable, although this may prove difficult due to the costs involved in the mining extraction process), but they aren't going to threaten the diamond trade that is sold to consumers. Learn before you make an article.
  • Philip on September 20 2012 said:
    I think Siberia will provide the world with a lot more 'surprises' of this kind in years to come. Youi can fit 3 USAs into Siberia and the RFE with room to spare. It may well become warmer and more habitable with climate change (maybe more like Canada). With improvements in technology (including dealing with billions of mosquitos!) it could become the richest resource base on Earth. And that wealth might turn our concepts of free market economics on its head...

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News