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Keyword: opec

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  • Saudi Arabia calls for emergency GCC, Arab League meeting

    05/19/2019 5:28:53 AM PDT · by topher · 11 replies
    [Persian] Gulf News ^ | 19-May-2019 | Gulf News Web Report
    Jeddah: Saudi Arabia’s King Salman Bin Abdulaziz Al Saud called for an emergency meeting of Gulf Cooperation Council (GCC) member states and leaders of Arab League countries to discuss the security of the region and measures to enhance it, according to a Saudi Press Agency (SPA) report late on Saturday. The Saudi Press Agency (SPA) said King Salman had invited Gulf leaders and Arab states to two emergency summits in Mecca on May 30 to discuss recent "aggressions and their consequences" in the region. The extraordinary meeting has been called following attack on the commercial maritime ships in the territorial...
  • Vast gasoline lines form in oil-rich Venezuela

    05/20/2019 8:52:13 AM PDT · by McGruff · 26 replies
    AP ^ | 5/19/2019 | SCOTT SMITH and SHEYLA URDANETA
    U.S. sanctions on oil-rich Venezuela appear to be taking hold, resulting in mile-long lines for fuel in the South American nation’s second-largest city, Maracaibo. Some drivers said they’d had to wait almost 24 hours to fuel up, and people have been grabbing catnaps on the hoods of cars or in truck beds. ... The U.S. sanctions essentially cut off Maduro’s government from its Houston-based subsidiary Citgo, depriving officials of an estimated $11 billion in hard currency from exports this year. U.S. officials say this cash flow long bankrolled what they call Maduro’s “dictatorship.”
  • Venezuelan soldiers oversee fuel rationing in some towns amid shortages (Isn't socialism grand?)

    05/19/2019 7:11:04 PM PDT · by Libloather · 19 replies
    Reuters ^ | 5/19/19 | Mariela Nava, Mircely Guanipa
    MARACAIBO/PUNTO FIJO (Reuters) - Soldiers oversaw rationing of gasoline at service stations in several parts of Venezuela on Sunday as worsening fuel shortages forced angry drivers to wait for hours to fill their tanks, prompting protests in some areas. Venezuela, whose economy is reeling from a five-year recession amid a prolonged political crisis, saw long lines of vehicles appear at services stations in several regions this week after a shutdown at the OPEC nation’s second-largest refinery. Shortages have been exacerbated by tough U.S. sanctions on Venezuelan state oil firm Petroleos de Venezuela SA (PDVSA) in January, which have slashed crude...
  • Guardian to staff: avoid saying 'climate change,' use 'climate emergency, crisis or breakdown' [tr]

    05/17/2019 12:13:45 PM PDT · by ETL · 50 replies ^ | May 17, 2019 | Lukas Mikelionis | Fox News
    Full title: Britain's Guardian newspaper tells staff to avoid saying 'climate change,' use 'climate emergency, crisis or breakdown' instead Britain's Guardian newspaper is officially changing its language concerning climate change, opting to call it instead “climate emergency, crisis or breakdown.” Editor-in-chief Katharine Viner advised the staff in an email Friday that the phrase “climate change” should be avoided because it “sounds rather passive and gentle’ and doesn’t capture the real threat to humanity. “We want to ensure that we are being scientifically precise and rooted in facts, while also communicating clearly with readers on this very important issue,” Viner wrote. The...

    05/17/2019 12:01:57 PM PDT · by DUMBGRUNT · 85 replies
    WSJ ^ | 16 may 2919 | DAN NEIL
    ...he has invented a magnetic generator, a flywheel system that extracts usable energy from the interplay of exotic magnets—also known as a free-energy device, a cousin to the fabled perpetual-motion machine... He will have also achieved something that has eluded great minds from Leonardo da Vinci to electrical pioneer Nikola Tesla. How is that even possible? “Tesla didn’t have rare-earth magnets and digital machine control,”... If there’s more energy out than in, we throw away the textbooks and send [Mr. Danzik] half a dozen Nobel Prizes, because one isn’t enough.... , the R32 Earth Engine, hucks two 900-kilogram flywheels at...
  • Democrats Back Bill To Ban The Sale Of Gas-Powered Cars By 2040

    05/15/2019 9:36:54 AM PDT · by rktman · 109 replies ^ | 5/15/2019 | Michael Bastasch
    Democrats will introduce legislation to mandate zero-emissions vehicles make up all new car sales by 2040. The bill is co-sponsored by three Democrats running for president in 2020 who support the Green New Deal. The internal combustion engine has long been a target for environmentalists. Democrats will introduce legislation to completely phase out the use of gasoline-powered cars by mandating that only zero-emissions vehicles can be sold by 2040. “When I take a lungful of air in this moment, it has 30 percent more carbon in it than when I was born,” Oregon Sen. Jeff Merkley, the bill’s main sponsor...
  • Colorado Democrat targeted for recall resigns amid reports of sexual-misconduct allegation

    05/12/2019 6:27:44 PM PDT · by Libloather · 39 replies
    Washington Times ^ | 5/12/19 | Valerie Richardson
    A Democratic state legislator in Colorado facing a recall effort over her anti-fracking vote announced Sunday that she has resigned following allegations reportedly stemming from a sexual-misconduct complaint. State Rep. Rochelle Galindo, who was elected in November, posted a statement denying the allegations without providing details, but House Speaker K.C. Becker said they were related to accusations of sexual misconduct outside the state legislature, according to 9News in Denver. Colorado Public Radio said that the Greeley police confirmed that a report “was filed against Galindo last week by a woman who worked on Galindo’s campaign. The contents of the report...
  • Trump plan to allow fracking on California coast, Central Valley moves forward

    05/09/2019 10:02:50 AM PDT · by Jim Robinson · 33 replies
    sacbee ^ | May 8, 2019 | BY EMILY CADEI
    The Trump administration moved forward Thursday with its plan to open up more federal land in California’s Central Valley and Central Coast to oil and gas drilling, including fracking. The Bureau of Land Management Central Coast Office released new documents on its proposal for oil and gas leasing and development on the public land it administers. The field office’s boundaries stretch across 11 California counties: Alameda, Contra Costa, Fresno, Merced, Monterey, San Benito, San Joaquin, San Mateo, Santa Clara, Santa Cruz and Stanislaus. The Center for Biological Diversity, an environmental group that opposes the plan, estimates that the proposal could...
  • US Boosts Oil Imports from Iraq, Nigeria, Brazil, Angola

    05/07/2019 5:42:29 AM PDT · by Dacula · 17 replies ^ | May 07, 2019 | Julianne Geiger
    US refineries have upped their imports of Iraqi, Nigerian, Brazilian, and Angolan crude oil, with May volumes double that of April levels, data from Refinitiv Eikon showed on Monday. Oil imports from these countries to the United States spiked as oil supply from Iran and Venezuela dried up, and as reduced OPEC production made scarce heavy sour and even medium sour grades. Of note, Iraqi oil rose to 600,000 barrels per day in May, just in time for summer driving season to come, Refnitiv data showed.
  • Gas Tax for Infrastructure Sparks Fears of Political Backlash

    05/01/2019 6:44:08 AM PDT · by Mariner · 56 replies
    Yahoo Finance ^ | May 1st, 2019 | Laura Davison and Mark Niquette
    Democrats and Republicans are quick to talk up a bipartisan infrastructure deal. Yet neither party wants to take the political risk of paying for it when all options are toxic -- including the obvious choice of raising the national gas tax. Increasing the gas tax is so politically fraught that it hasn’t been touched in 26 years and it didn’t even come up at a meeting at the White House Tuesday between President Donald Trump, House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer to discuss an infrastructure plan. While they agreed broadly on the need to upgrade roads,...
  • 19 Historical Oil Disruptions, And How No.20 Will Shock Markets

    04/29/2019 4:02:29 PM PDT · by bananaman22 · 38 replies ^ | 04-29-2019 | Philip
    Albert Einstein once wrote that “the definition of insanity is doing the same thing over and over again and expecting different results.” Were he alive today, he would be repeating the line to anyone who would listen, especially the reporters on cable news channels such as CNBC. He might add that the world’s policymakers always approach oil market disruptions in the same way: predicting there will be no impact on prices. Einstein would then point out that the policymakers are consistently wrong. A hefty price boost has followed every disruption. The world has experienced nineteen oil market disruptions over the...
  • Trump: ‘We’re Losing Our Ass Defending’ Saudi Arabia

    04/28/2019 11:23:46 AM PDT · by rktman · 82 replies ^ | 4/27/2019 | Phillip Stucky
    President Donald Trump during a Saturday rally in Wisconsin described a phone call with the leader of Saudi Arabia in which he demanded more money from the oil-rich nation. “Look, Saudi Arabia, very rich country, we defend them, we subsidize Saudi Arabia. They have nothing but cash, right? We subsidize them. And they buy a lot from us, $450 billion they bought,” Trump began. “You know, You had people wanting to cut off Saudi Arabia. They bought $450 billion. I don’t want to lose ‘em! But the military, we subsidize Saudi Arabia!” “I called the King,” he continued. “I like...
  • Trump fracking plan targets over 1 million acres in California

    04/25/2019 9:38:24 PM PDT · by 2ndDivisionVet · 11 replies
    The Los Angeles Times ^ | April 25, 2019 | Anna M. Phillips and Bettina Boxall
    The Trump administration on Thursday detailed its plan to open more than a million acres of public and private land in California to fracking, raising environmental concerns at a time when opposition to oil and gas drilling in the state is intensifying. The action would end a five-year moratorium on leasing federal land in California to oil and gas developers. That pause came after a federal judge ordered the Obama administration to halt similar leasing efforts until it could better evaluate the environmental risks of hydraulic fracturing, also known as fracking. Trump’s plan – first proposed by the administration in...
  • Energy Industry Looks To The Future At 2019 San Juan Basin Energy Conference

    04/23/2019 8:15:53 PM PDT · by brownwill6767 · 12 replies
    A recent influx of dynamic, new oil and gas operators are bringing innovative applications of modern technology to restore the San Juan Basin to its place as a leading basin in the United States
  • Libya: EU officials hoping Trump will pull support for warlord

    04/23/2019 11:57:35 AM PDT · by Navy Patriot · 7 replies
    The Guardian (of Globalism) ^ | April 23, 2019 | Patrick Wintour
    European officials are hoping Donald Trump’s surprise expression of support for the Libyan warlord Khalifa Haftar can be reversed amid division in Washington over US policy on the north African country. A clarification of US policy is considered necessary in order to build an international consensus condemning the attack on Tripoli that has claimed nearly 300 lives and injured more than 1,000, including migrants trapped in detention centres, since it began this month. Haftar is seen by Britain and the UN as the immediate aggressor in the conflict. Diplomats were surprised last week when an official White House readout of...
  • UK condemns U.S. application of Cuba sanctions to foreign companies

    04/19/2019 9:18:16 PM PDT · by NorseViking · 35 replies
    Reuters Yahoo ^ | April 18, 2019
    LONDON (Reuters) - Britain said it was concerned by new attempts by the United States to require foreign companies to abide by U.S. sanctions on Cuba that have been rejected by Britain and other European countries. "The extraterritorial application of ... sanctions, which we consider to be illegal under international law, threaten to harm UK and EU companies doing legitimate business in Cuba by exposing them to liability in U.S. courts," Britain's foreign office said in a statement on Thursday. "We will work alongside the EU to protect the interests of our companies," the statement added.
  • Rosneft wants ‘Reuters’ news agency banned in Russia for report about Venezuela

    04/19/2019 9:25:36 PM PDT · by NorseViking · 6 replies
    Medusa ^ | April 19, 2019
    The Russian state oil company Rosneft says a recent report by the news agency Reuters contains “patently false” information that President Nicolas Maduro is funneling money from Venezuelan oil sales through Rosneft to evade U.S. sanctions. In a press release on April 19, the Russian energy giant called Reuters a “pseudo news agency” and accused its journalists of “spreading disinformation,” “legitimizing rumors,” and “inventing news opportunities” to damage Rosneft. The company says it plans to turn to Russian law enforcement agencies to stop the news agency's “illegal activities.” According to Reuters, the Venezuelan state oil company PDVSA has started passing...
  • Malaysia negotiating to buy military equipment through barter

    04/19/2019 9:32:33 PM PDT · by Rabin · 2 replies
    Sun ^ | 19 APR 2019 | Bunko Bernama
    KUALA LUMPUR: The Ministry of Defense is negotiating with Cuba, Pakistan, Russia and China, to acquire military assets through barter. Minister Mohamad Sabu said these countries have shown their readiness to accept snake oil, moon beams, or directed foundation donations in exchange for military equipment. Mohamad said the acquisition of defense stuff through barter could be a way to reduce the country’s financial burden. If successful, the barter trade could potentially increase the value of his oil product(s)… The European Parliament is in the process of banning the use of snake oil in Brexit while top producer tout full swamp...
  • Trump signs executive orders making it tougher for states to block pipeline construction

    04/10/2019 4:05:54 PM PDT · by Innovative · 10 replies
    Fox News ^ | Apr. 10, 2019 | Andrew O'Reilly
    President Trump on Wednesday signed two executive orders that will make it harder for states to block the construction of oil and gas pipelines and other energy projects due to environmental concerns. Coming on the heels of officials in Washington state and New York using permitting processes to stop new energy projects in recent years – and at the urging of some industry leaders – Trump’s executive order will speed up the construction of oil and gas pipelines across the country. “My action today will cut through the destructive permitting and denials,” Trump said during the signing of the executive...
  • US producer prices post the biggest increase in 5 months [Inflation under control]

    04/11/2019 8:29:45 AM PDT · by Red Badger · 6 replies
    CNBC ^ | 04-11-2019 | Staff
    U.S. producer prices increased by the most in five months in March, but underlying wholesale inflation was tame. The Labor Department said on Thursday its producer price index for final demand rose 0.6 percent last month, lifted by a surge in the cost of gasoline. That was the largest increase since last October and followed a 0.1 percent gain in February. In the 12 months through March, the PPI rose 2.2 percent after advancing 1.9 percent in February. Economists polled by Reuters had forecast the PPI would climb 0.3 percent in March and increase 1.9 percent on a year-on-year basis....