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Keyword: opec

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  • Russia may declare 1990 reunification illegal (i.e. West/East Germany)

    01/28/2015 3:10:43 PM PST · by Olog-hai · 34 replies
    TheLocal.de ^ | 28 Jan 2015 15:54 GMT+01:00
    More than 25 years after the Berlin Wall’s fall, Russian lawmakers are mulling a proposal to condemn West Germany’s 1990 “annexation” of East Germany as Moscow’s answer to Western denunciation of its seizure of Crimea. Sergei Naryshkin, speaker of Russian parliament’s lower house, on Wednesday ordered legislators to consider an appeal from a Communist Party deputy to denounce the reunification of Germany as an illegal land grab of East Germany by its western neighbor. The collapse of Socialist rule in East Germany—officially known as the German Democratic Republic (GDR)—heralded the end of the Cold War, and was met with jubilation...
  • Dow hit by Microsoft, Caterpillar; data disappoint

    01/27/2015 11:20:09 AM PST · by Mad Dawgg · 23 replies
    CNBC.com ^ | 1/27/2015 | Kate Gibson
    U.S. stocks dropped sharply on Tuesday, with the Dow positioned for its worst hit since October, as corporations reported earnings that disappointed and orders for U.S. business equipment unexpectedly declined in December. "If you live in the northeast, and you work from home, you're trying to figure out why the market is down 400 points," Art Hogan, market strategist at Wunderlich Securities, referring to the snowstorm that halted transit in and around New York City overnight before ending earlier Tuesday. It's a combination of an increase in volatility when you have a decrease in volume, and a transition period between...
  • With all attention on ‘Juno’, they flocked to Saudi Arabia

    01/27/2015 9:42:31 AM PST · by Sean_Anthony · 6 replies
    Canada Free Press ^ | 01/27/15 | Judi McLeod
    We now all know why ‘Snow Job & the Seven Meteorologists’ went so far out of their way to frighten people to obsess over the coming biggest blizzard in all of history As 28 million Americans were supposedly taking cover from history’s worst predicted blizzard, what was a buoyant Barack Obama really doing? Proudly leading a ceremony that paid respect to Saudi Arabia’s newly-ensconced King Salman bin Abdul-Aziz Al Saud. With most class chatter on what Canada Free Press (CFP) calls ‘Snow Job & the Seven Meteorologists’, Obama was speaking for all Americans in defending the U.S. government’s absolute willingness...
  • India Rejects Climate Deal With Obama

    01/27/2015 8:32:48 AM PST · by rktman · 35 replies
    dailycaller.com ^ | 1/27/2015 | Michael Bastasch
    India has rejected pleas from the Obama administration to enter into an agreement to put a future limit on its greenhouse gas emissions in order to fight global warming. President Barack Obama went abroad hoping to strike a climate deal with India — the world’s third-largest greenhouse-gas emitter — in order to build support for an international global warming treaty ahead of a United Nations summit later this year. But India had other ideas. Obama wanted India to announce it would peak its greenhouse gas emissions by a certain year, mirroring a pledge China made last year to peak its...
  • Obama Visits Saudi King After Curbing Oil Expansion

    01/27/2015 9:59:25 AM PST · by raptor22 · 21 replies
    Investor's Business Dailt ^ | January 27, 2015 | IBD EDITORIALS
    Energy: While taking credit for increased oil and gas production on private and state lands, the president moves to put 12 million acres of the oil-rich Arctic National Wildlife Refuge off limits. OPEC and the Saudis are smiling. Whoever's in charge of presidential optics these days fits the classic definition of the blind leading the blind. It's bad enough that President Obama doesn't have time to get to Paris for a global protest against terrorism after the Charlie Hebdo attack but can meet and greet the San Antonio Spurs. But then he privately slams an invitation by Congress to Israeli...
  • Latest Obama executive order: 12 million acres of ANWR now off limits

    01/27/2015 8:24:08 AM PST · by rktman · 60 replies
    canadafreepress.com ^ | 1/27/2015 | Dan Calabrese
    President Obama announced Sunday that he’ll use his executive authority to designate 12 million acres in Alaska’s Arctic National Wildlife Refuge (ANWR) as wilderness, walling it off from resource development. This abrogates a 1980 deal in which Congress specifically set aside some of this acreage for future oil and gas exploration. It’s also a slap at the new Republican Congress, where Alaska Sen. Lisa Murkowski has been corralling bipartisan support for more Arctic drilling.
  • New Saudi King Named In 9/11 Suits

    01/27/2015 7:14:15 AM PST · by QT3.14 · 27 replies
    IBD ^ | January 26, 2015
    President Obama should think before bowing to Saudi Arabia's new king in his Tuesday visit. King Salman has a history of funding al-Qaida, and his son has been accused of knowing in advance about the 9/11 attacks. When it comes to jihadism, Salman bin Abdulaziz al Saud is more of a hardliner than his older brother, King Abdullah, who died last week of a lung infection. As such, any commitment he makes to helping the U.S. destroy al-Qaida and Islamic State terrorists should be viewed with great suspicion. The 79-year-old Salman once ran a Saudi charity tied to al-Qaida and...
  • Foreign Firm Funding U.S. Green Groups Tied to State-Owned Russian Oil Company

    01/27/2015 7:59:35 AM PST · by george76 · 29 replies
    Washington Free Beacon ^ | January 27, 2015 | Lachlan Markay
    Executives at a Bermudan firm funneling money to U.S. environmentalists run investment funds with Russian tycoons. A shadowy Bermudan company that has funneled tens of millions of dollars to anti-fracking environmentalist groups in the United States is run by executives with deep ties to Russian oil interests and offshore money laundering schemes involving members of President Vladimir Putin’s inner circle. One of those executives, Nicholas Hoskins, is a director at a hedge fund management firm that has invested heavily in Russian oil and gas. He is also senior counsel at the Bermudan law firm Wakefield Quin and the vice president...
  • Things Are Bad In Texas

    01/26/2015 10:14:39 AM PST · by blam
    BI ^ | 1-26-2015 | Myles Udland
    Myles Udland January 26, 2015 The crash in oil prices is weighing on Texas' economy. The January Texas manufacturing survey from the Dallas Fed was a huge miss, with the general business activity reading coming in at -4.4. Expectations were for the composite index to come in at 3.0, down from 4.1 in December. Factory activity in the region was flat in January. The big takeaway, however, is that as with last month, numerous business executives expressed concerns over how the crash in crude oil prices would affect results. One executive in the fabricated metal manufacturing sector said "multiple oil-related...
  • Former Shell President Hofmeister Sees Oil at $80 by the Summer

    01/25/2015 10:49:41 PM PST · by Citizen Zed · 9 replies
    The Street ^ | 1-22-2015 | Michelle Rama-Poccia
    When a massive truck slams on the brakes to avoid a crash, it takes awhile for it to get back up to highway speed again. That, in essence, is the problem oil companies will face when they want to increase production if supplies start to fall short. The selloff in crude oil has put drilling on hold. Unless more drilling resumes soon, a surplus of 1 million barrels a day will be exhausted. John Hofmeister, a former president at Royal Dutch Shell , predicts that will happen by the summer and will send prices up to $80 a barrel. "When that cost correction...
  • I’m Linda, Fly Me ( Tom Daschle: Ambitions grounded by his wife’s baggage)

    01/17/2003 2:47:51 AM PST · by KQQL · 188 replies · 1,401+ views
    laweekly ^ | 01/17/2003 | by Doug Ireland
    The real reason Tom Daschle didn’t run for president. The national press corps didn’t bother to tell you why Tom Daschle, the Democrats’ Senate leader, decided at the 11th hour not to run for president: In the end, he calculated that he couldn’t survive scrutiny of his persistent service to the clients of his wife. Linda Daschle has been one of the airline industry’s top lobbyists for two decades — when she wasn’t busy running the Federal Aviation Administration (FAA), which explains why, just 11 days after the 9/11 attacks, her husband rushed through the Democratic Senate, which he controlled,...
  • Obama Proposes to Make ANWR a Wilderness

    01/25/2015 10:18:39 AM PST · by kristinn · 35 replies
    McClatchy ^ | Sunday, January 25, 2015 | Sean Cockerham
    The White House is proposing to designate the oil-rich coastal plain of the Arctic National Wildlife Refuge as wilderness permanently off limits to drilling. The proposal sets up a showdown with Alaska Republican Sen. Lisa Murkowski, chair of the Senate Energy and Natural Resources Committee, who said the White House also intends to put much of the Arctic Ocean off limits to drilling in the new five-year offshore leasing plan to be released this week. SNIP Obama’s proposal to designate 12.3 million acres of the Arctic National Wildlife Refuge as wilderness would require Congressional approval, and there is no chance...
  • ANWR: America's Untapped Resource

    03/27/2003 8:30:26 AM PST · by Stand Watch Listen · 6 replies · 633+ views
    CNSNews.com ^ | March 27, 2003 | Paul M. Weyrich
    America's greens chalked up a `victory' when the United States Senate voted last week to omit funding for oil drilling in the Arctic National Wildlife Refuge from the fiscal year 2004 budget. Not surprisingly, the Sierra Club's national office trumpeted the vote as one "to protect this spectacular (Alaskan) landscape." And it also claims with a straight face to favor reducing our dependence on foreign oil. We both agree on the last point. But the Sierra Club sees your SUV and its thirst for gas as the problem in our achieving that important goal. This powerful green lobby pushes...
  • Merkel offers Russia free-trade agreement (with EU)

    01/24/2015 4:40:06 PM PST · by Olog-hai · 7 replies
    TheLocal.de ^ | 23 Jan 2015 08:23 GMT+01:00 | (DPA/The Local)
    Germany would be prepared to negotiate a free-trade agreement between the European Union and Russia as a way out of the deadlocked Ukraine conflict, Chancellor Angela Merkel said on Thursday. Merkel told the World Economic Forum in Davos that Germany was “ready” to open talks about “possibilities for cooperating in a collective trade area”, the Süddeutsche Zeitung reported. But she said that a precondition for the plan, suggested by Russian President Vladimir Putin several years ago but ignored by European leaders, would be a comprehensive peace agreement in Ukraine. …
  • Saudi oil policy 'just took turn for the worse'

    01/23/2015 10:47:10 AM PST · by Rusty0604 · 29 replies
    CNBC ^ | 01/23/2015 | John Kilduff
    In earlier time, the death of Saudi Arabia's King Abdullah bin Abdulaziz Al Saud would have rocked the oil market. The succession plan has always pointed in a direction away from U.S. interests and a turn toward an even harder line on Middle East issues. The antipathy toward Iran will be levered up, and the various Sunni-Shia battles will likely see greater escalation. Oil prices have quickly jumped $1.00 per barrel on the news in a knee-jerk reaction to the uncertainty. What is more likely is an even greater commitment to over supplying the market, in attempt to drive out...
  • The Great Wall of Saudi Arabia: 600-Mile Barrier on Iraqi Border to Keep ISIS Militants Out

    01/20/2015 8:10:30 AM PST · by SeekAndFind · 29 replies
    Christian Post ^ | 01/20/2015 | Samuel Smith
    In response to the growing threat posed by the Islamic State terrorist group, the royal family of Saudi Arabia is having a 600-mile barrier constructed to completely block the Iraqi portion of the Saudi northern border, hoping to prevent ISIS militants from infiltrating the kingdom. The planned fence structure will span the entire distance of the Iraq-Saudi border, from Jordan to Kuwait. The border barrier system will feature five layers of barbed wire fencing, a ditch, a patrol road, 240 rapid response vehicles, underground motion sensors, 40 watchtowers, radar, day/night cameras, seven command centers, 28 communication towers, 32 military response...
  • U.S. Should Copy The Great Wall Of Saudi Arabia

    01/19/2015 3:41:44 PM PST · by raptor22 · 21 replies
    Investor's Business Daily ^ | January 19, 2015 | IBD EDITORIALS
    Homeland Security: To keep out Islamic State terrorists, the Saudis are building a 600-mile-long barrier — complete with five layers of fencing, underground movement censors and radar cameras — on their northern border. If they can do it ... Good fences, it is said, make for good neighbors, which on a grand scale was the intent of the Great Wall of China in antiquity and the Israeli fences of more recent vintage. Both were designed to keep out intruders and to make sure all guests were invited guests. Unlike the Berlin Wall, they were built to keep hostiles out, not...
  • Revealed: Saudi Arabia's 'Great Wall' to keep out ISIL

    01/17/2015 4:44:27 PM PST · by 2ndDivisionVet · 39 replies
    The London Telegraph ^ | January 14, 2015 | Richard Spencer, Middle East Correspondent
    Middle Eastern Kingdom building 600-mile wall and ditch along its border with Iraq in effort to insulate itself from the chaos engulfing its neighbours. When a raiding party from Islamic State of Iraq and the Levant attacked a Saudi border post last week, it was no mere hit on a desert outpost. The jihadists were launching an assault on the new, highest profile effort by Saudi Arabia to insulate itself from the chaos engulfing its neighbours. The Saudis are building a 600-mile-long “Great Wall” - a combined fence and ditch - to separates the country from Iraq to the north....
  • House of Saud divided: Generational shift seen in royal succession battle

    01/22/2015 5:02:25 PM PST · by aimhigh · 14 replies
    Christian Science Monitor ^ | 01/09/2015 | Taylor Luck
    (Note: This was written a month ago) With 91-year-old Abdullah’s hospitalization with pneumonia Jan. 2, all eyes in Saudi Arabia immediately turned to Crown Prince Salman bin Abdulaziz, the defense minister and the king’s 79-year-old half-brother. Yet due to Salman’s own deteriorating health – those close to the palace say the crown prince is suffering from the early stages of dementia – a campaign is growing within Riyadh to bypass Salman and give the throne to Deputy Crown Prince Muqrin bin Abdulaziz, 69, another of the king’s half brothers, should Abdullah be deemed unfit to rule. Both the crown prince...
  • Saudi royal court says king, 90, has pneumonia

    01/02/2015 10:34:23 AM PST · by Olog-hai · 10 replies
    Associated Press ^ | Jan 2, 2015 12:25 PM EST
    Saudi Arabia’s King Abdullah is being treated for pneumonia and his condition has stabilized with the help of a breathing tube, according to a Royal Court statement issued Friday. The statement, which was released by Saudi state media, said the monarch, 90, had been transferred Thursday to a military hospital after experiencing shortness of breath and back pain. The Saudi Royal Court said medical tests showed the king had a respiratory infection. […] The health of the monarch is of extreme importance in the kingdom, where Abdullah holds absolute powers to enact laws and appoint ministers. His condition is also...
  • Saudi king warns West will be jihadists' next target

    08/30/2014 6:50:19 AM PDT · by COUNTrecount · 34 replies
    Yahoo News ^ | Augusy 30,2014
    Jeddah (Saudi Arabia) (AFP) - King Abdullah of Saudi Arabia has warned that the West will be the next target of the jihadists sweeping through Syria and Iraq, unless there is "rapid" action. "If we ignore them, I am sure they will reach Europe in a month and America in another month," he said in remarks quoted on Saturday by Asharq al-Awsat daily and Saudi-backed Al-Arabiya television station. "Terrorism knows no border and its danger could affect several countries outside the Middle East," said the king who was speaking at a welcoming ceremony on Friday for new ambassadors, including a...
  • Father .. Declares Muslim Victory Call, And Obama Smiles As Soon As He Hears The War Cry Of Allah

    06/04/2014 6:51:59 AM PDT · by george76 · 51 replies
    Walid Shoebat ^ | June 2, 2014 | Ted
    SMILED as soon as he heard the most famous war cry of Islam, “bismillah al-rahman al-rahim,” Arabic for “in the name of Allah the most gracious, the most merciful.” Watch Obama smile as soon as Bergdahl gives the most famous Muslim expression, the “Bismillah” or the “Basmallah”: ... The “basmallah” is the Islamic expression for victory and only indicates that Sgt. Bowe Bergdahl’s father is a Muslim. Think that the man is acting as “Muslim” for a stealth operation to rescue his son who is already in good hands in Germany? And what is with the long beard and trimmed...
  • Sources: White House deliberately leaked photo of ill Saudi King with breathing tube

    04/20/2014 1:53:36 PM PDT · by Nachum · 51 replies
    World Tribune ^ | 4/20/14 | Staff
    WASHINGTON — The United States is said to have disclosed that Saudi King Abdullah was dying. (Snip) The sources said the photograph was taken by White House personnel during Obama’s meeting with the Saudi king outside Riyad on March 28.“The Saudis specifically did not want any photograph that showed Abdullah with the tube,” a source said. “But there was a White House photographer that took the picture for what he said was history.” The photograph was said to have been relayed to members of the White House press corps. Within a day, an image of the Saudi king with the...
  • The U.S.-Saudi crackup reaches a dramatic tipping point

    10/23/2013 7:57:34 PM PDT · by Rabin · 18 replies
    Washington Post ^ | October 23 at 6:12 pm | DAVID IGNATIUS
    The strange thing about the crackup in U.S.-Saudi relations is that it has been on the way for more than two years, like a slow-motion car wreck, but nobody in Riyadh or Washington has done anything to avert it. Snip//follow on to freep Red Badger//
  • The King Is Dead, Long Live the King-US can only hope for smooth transition but might not be easy

    01/23/2015 5:08:05 AM PST · by SJackson · 16 replies
    FrontPage Magazine ^ | January 23, 2015 | Robert Spencer
    The King Is Dead, Long Live the KingPosted By Robert Spencer On January 23, 2015 @ 12:58 am In Daily Mailer,FrontPage | 3 Comments Abdullah was dead: to begin with. There is no doubt whatever about that. Old Abdullah was as dead as a door-nail.So what now?The crown prince, Abdullah’s half-brother, Prince Salman, has taken over, but it might not be that easy. After all, it wasn’t too many years ago that people were speculating about what Egypt would be like under the rule of Hosni Mubarak’s son Gamal. And the accession of a 79-year-old to the throne does not...
  • Saudi King Abdullah dies, new ruler is Salman

    01/22/2015 4:45:32 PM PST · by fella · 46 replies
    Reuters ^ | Thu Jan 22, 2015 6:53pm EST | Angus McDowall
    Saudi Arabia's King Abdullah died early on Friday and his brother Salman became king, the royal court in the world's top oil exporter and birthplace of Islam said in a statement carried by state television.
  • Saudi Arabia's 'reformer' King Abdullah dies

    01/22/2015 3:32:02 PM PST · by 2ndDivisionVet · 83 replies
    KHOG-TV ^ | January 22, 2015
    (CNN) —Saudi Arabia's King Abdullah bin Abdulaziz al Saud has died, according to an announcement on Saudi state TV. He was 90. The next king will be Prince Salman bin Abdulaziz, state television reported. The announcement of his death comes several weeks after the state-run Saudi Press Agency said Abdullah was suffering from pneumonia and had been admitted to the hospital....
  • Saudis on Twitter deny rumours King Abdullah dead [CNN JUST ANNOUNCED HE WAS DEAD]

    01/22/2015 3:28:22 PM PST · by bimboeruption · 33 replies
    Jerusalem Post ^ | 1-22-15 | Unkown to me
    DUBAI - A Saudi journalist and a member of the royal family denied rumors on Thursday that King Abdullah bin Abdulaziz, in hospital since December suffering from pneumonia, had died, according to messages on social media. "All that is being reported about King Abdullah's death is far from the truth," Ibrahem al-Rawsa, identified as a journalist at state-run Saudi Press Agency, wrote on his Twitter account. A member of the royal family wrote: "I give you good news. The Custodian of the Two Holy Mosques is fine and there is no truth to the rumors going around." He was referring...
  • Saudi King Abdullah Dies

    01/22/2015 3:27:53 PM PST · by 22202NOVA · 309 replies
    http://www.cnbc.com/id/102292477
  • World leaders react to death of Saudi Arabia's King Abdullah

    01/23/2015 5:10:33 AM PST · by Kaslin · 16 replies
    Townhall.com ^ | January 23, 2015
    Comments from world leaders in response to the death of Saudi Arabia's King Abdullah, who died early Friday in Riyadh.
  • Death of King Unlikely to Alter Saudi Oil Policy

    01/23/2015 5:22:12 AM PST · by thackney · 3 replies
    Wall Street Journal ^ | Jan. 23, 2015 | RUSSELL GOLD, NICOLE FRIEDMAN and LYNN COOK
    Saudi Arabia has charted a long-term course to drive down oil prices and maintain its major share of the global market—and a change of who is on the throne in Riyadh won’t likely alter this course, energy experts said. Even after the death of King Abdullah, announced early Friday, the kingdom is likely to continue to pump crude in the face of a global glut, which has helped push prices down by more than 55% since last June. Surrounded by unrest and uncertainty in the Middle East, Saudi Arabia is protecting itself by exploiting its big advantages—huge oil reserves and...
  • ECB unveils €1.1 trillion stimulus plan (European Central Bank; $1.25 trillion)

    01/22/2015 2:15:52 PM PST · by Olog-hai · 10 replies
    EU Observer ^ | 01/22/2015 18:09 | Benjamin Fox
    The European Central Bank will plough €1.1 trillion into the eurozone economy in a last-ditch attempt to breathe life into the European economy. At its monthly governing council on Thursday (January 22), the bank’s governing council agreed to start buying up to €60 billion of government bonds from March in an unprecedented quantitative easing program. The program is open-ended, and will run until September 2016 at the earliest. Speaking at a press conference following the governing council meeting, ECB president Mario Draghi said that the bond-buying program would remain in place “until we see a sustained adjustment in the path...
  • Wind Must Cut Costs in Face of Cheap Crude

    01/18/2015 6:41:24 PM PST · by thackney · 41 replies
    Renewable Energy World ^ | January 16, 2015 | Richard Heap
    Crude oil prices have dropped to their lowest levels for six years, at under $50 a barrel. If they stay low throughout 2015 then it will cause headaches for the wind sector. This is one of the findings of our latest report, Wind Finance 2015. There are many reasons why oil prices have crashed, including the parlous state of the eurozone; slowing growth in China; and the decision by the Organization of Petroleum Exporting Countries to maintain high levels of production to put pressure on rivals, including fracking and renewables. The major risk for wind investors is that prolonged low...
  • OPEC, Oil Companies Clash At Davos Over Price Collapse

    01/22/2015 5:26:41 AM PST · by thackney · 18 replies
    Reuters via Rig Zone ^ | January 21, 2015 | Dmitry Zhdannikov
    OPEC defended on Wednesday its decision not to intervene to halt the oil price collapse, shrugging off warnings by top energy firms that the cartel's policy could lead to a huge supply shortage as investments dry up. The strain the halving of oil prices since June is putting on producers was laid bare when non-member Oman voiced its first direct, public criticism of the Organization of the Petroleum Exporting Countries' November decision not to cut production but instead to focus on market share. Oil prices have collapsed to below $50 a barrel as a result of a large supply glut,...
  • Eni warns oil may shoot up to $200 without Opec cuts {in 4~5 years}

    01/21/2015 10:02:40 AM PST · by thackney · 48 replies
    BBC ^ | 21 January 2015 | BBC
    talian oil group Eni has warned oil could shoot up to $200 a barrel if the Opec cartel fails to cut supplies. Eni's chief executive, Claudio Descalzi, said the oil industry would cut capital spending by 10-13% this year because of slumping prices. He said that would create longer-term shortages and sharp price rises in four to five years' time. Mr Descalzi was speaking at the World Economic Forum in the Swiss resort of Davos. He said: "Opec is like the central bank for oil which must give stability to the oil prices to be able to invest in a...
  • Oman Oil Minister Slams OPEC Policy on Prices, Market Share

    01/21/2015 7:56:25 AM PST · by thackney · 7 replies
    Reuters via Rig Zone ^ | January 21, 2015 | Rania El Gamal & Andrew Torchia
    Oman oil minister Mohammad bin Hamad al-Rumhy sharply criticised OPEC's production policy on Wednesday, saying it was creating volatility in the market without benefiting oil producers and that his country was suffering. In November, OPEC decided to keep its output unchanged despite sliding prices. Analysts believe the policy is being engineered by Saudi Arabia and other top Gulf producers to protect their market share against higher-cost suppliers outside OPEC, such as U.S. shale oil producers. Oman is a significant oil producer but it lacks the huge oil and financial reserves of its Gulf neighbours, and it is not an OPEC...
  • Stakeholders Seek Nigeria’s Withdrawal from OPEC

    01/21/2015 6:33:16 AM PST · by thackney · 3 replies
    This Day Live ^ | 20 Jan 2015 | Ejiofor Alike
    Stakeholders in Nigeria’s oil and gas sector have queried the relevance of Nigeria’s membership of the Organisation of Oil Exporting Countries (OPEC) and urged President Goodluck Jonathan to withdraw the country from the cartel. These stakeholders gathered at the weekend in Lagos at a symposium organised in honour of a former Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Ayodele Marinho, who celebrated his 80th birthday. They argued that OPEC as presently constituted serves only the interest of Saudi Arabia and its Gulf allies, which have contributed in the plummeting prices of crude oil because of a selfish...
  • State Department Issues Travel Warning for Libya (Americans Leave IMMEDIATELY!)

    01/20/2015 11:57:29 PM PST · by tcrlaf · 37 replies
    KTIC Radio ^ | 1-20-2015 | ABC Rado
    The U.S. State Department issued a travel warning for Libya on Tuesday, overriding the previous warning issued in July 2014. In July, the U.S. embassy suspended all operations in Libya and relocated staff due to “ongoing violence between Libyan militias in the immediate vicinity of the Embassy.” On Tuesday, the State Department said that “the security situation in Libya remains unpredictable and unstable.” Pointing to the inability of the Libyan government to “adequately build its military and police forces and improve security following the 2011 revolution,” the State Department said that crime levels remain high and various groups have called...
  • Oil Sinks Stocks Again as Iraqi Output Hits Record High

    01/20/2015 9:45:57 AM PST · by John W · 13 replies
    thestreet.com ^ | January 20, 2015 | Keris Alison Lahiff
    NEW YORK (TheStreet) -- Another sharp fall in crude oil prices triggered a broad-based selloff in U.S. stocks on Tuesday, overshadowing earlier positive momentum from a four-day European rally. Crude reversed significant gains on Friday after Iraq reported record levels of oil output and the International Monetary Fund cut its two-year forecast for the global economy. West Texas Intermediate was down 3.8% to $46.83 a barrel by midday. Commodity futures lost Friday's temporary stability as Iraq's oil minister Adel Abdul Mahdi said the country was producing 4 million barrels of crude a day and plans to boost exports. Separately, Iran's...
  • Samir Kamal, Libya’s governor for oil cartel Opec for the past two years, has disappeared

    01/20/2015 7:01:57 AM PST · by thackney · 1 replies
    Upstream ^ | 20 January 2015 | Upstream
    Full Title: Samir Kamal, Libya’s governor for oil cartel Opec for the past two years, has disappeared in Tripoli. The senior manager at the country’s Ministry of Oil has not been seen since leaving his place of work on Thursday afternoon, numerous media reports say. Reports in Libya suggest he was abducted and had resisted attempts by some individuals to profit from his position as a representative of the major North African producer at Opec. The Vienna-headquartered 12-member organisation has so far resisted pressure to slash output amid continued oil price weakness. Earlier this month Kalam told Reuters: "Something should...
  • Iran sees no OPEC shift toward a cut, says oil industry could withstand $25 crude

    01/19/2015 8:59:42 AM PST · by SleeperCatcher · 11 replies
    Reuters ^ | 01/19/2015 | Michelle Moghtader
    Iran sees no sign of a shift within OPEC toward action to support oil prices, its oil minister said, adding its oil industry could ride out a further price slump to $25 a barrel. The comments are a further sign that despite lobbying by Iran and Venezuela, there is little chance of collective action by the 12-member OPEC to prop up prices - entrenching the reluctance of individual members to curb their own supplies.
  • BNSF adds oil trains, changes route in Nebraska

    01/19/2015 4:59:37 AM PST · by thackney · 6 replies
    Lincoln Journal Star ^ | January 19, 2015 | Richard Piersol
    BNSF Railway more than tripled the number of trains it moved through Nebraska with a million gallons of oil or more aboard late last year and has changed its route to bypass Lincoln, at least for some trains. Reports filed with the Nebraska Emergency Management Agency show that late last year BNSF expanded the number of oil trains it was required to report from three per week in July to a range of seven to 14 per week. Railroads must report trains that carry at least a million gallons of oil -- about 35 tank cars -- from the Bakken...
  • Beaumont event touts benefits of Keystone XL

    01/19/2015 5:02:28 AM PST · by thackney · 6 replies
    Beaumont Enterprise via Fuel Fix ^ | January 16, 2015 | Eric Besson
    Despite an oversupply of crude oil that has halved trading prices and led the U.S. to consider lifting a 40-year-ban on crude exports, completing the northern leg of the Keystone XL pipeline remains a priority, U.S. Sen. John Cornyn said Friday in Beaumont. “We know that as global demand goes up, prices will go up,” Cornyn, R-Texas, said. “I think we ought to take advantage of the opportunity we’ve been given because great innovative drilling techniques devised in the United States and the great natural resources we have … help grow our economy and help keep America safe.” Cornyn delivered...
  • U.S. rig count sees biggest drop in six years

    01/19/2015 4:57:09 AM PST · by thackney · 11 replies
    Fuel Fix ^ | January 16, 2015 | Ryan Holeywell
    More than 40,000 upstream oil and gas jobs in Texas could be lost as energy sector activity here continues to slow, said Karr Ingham, the economist who compiles the monthly Texas Petro Index tracking the industry’s economic indicators. The latest data point that spells trouble for the industry: data released Friday indicating that that the number of rigs operating in the U.S. was down 74 this week, the rig count’s biggest one-week decline in more than six years. “We’re now at the point where there’s likely to be some damage inflicted on the Texas economy,” Ingham said. “I’d sure be...
  • Ukraine Between Two Narcissists

    01/19/2015 4:32:25 AM PST · by Kaslin · 3 replies
    Townhall.com ^ | January 19, 2015 | John Ransom
    If you think that Vladimir Putin would be dissuaded from his territorial ambitions by a few billionaires more or less being punished in Moscow, then you probably deserve to condemned to a Purgatory that resembles Obama’s White House. Despite assurances that Russia was on the ropes via economic sanctions imposed by the West after the Bear stirred up ethnic conflict in Ukraine, there are no signs but that Russia under Putin is restless. And hungry. New fighting has erupted near Donetsk with Russian supported separatists firing shells resulting in the death of 11 people. Since so-called “peace-talks” are underway between...
  • Assad’s Secret: Evidence Points to Syrian Push for Nuclear Weapons

    01/18/2015 10:22:51 AM PST · by Olog-hai · 22 replies
    Der Spiegel ^ | January 09, 2015 – 09:20 PM | Erich Follath
    For years, it was thought that Israel had destroyed Syria’s nuclear weapons capability with its 2007 raid on the Kibar complex. Not so. New intelligence suggests that Bashar al-Assad is still trying to built the bomb. And he may be getting help from North Korea and Iran. […] Analysts say that the Syrian atomic weapon program has continued in a secret, underground location. According to information they have obtained, approximately 8,000 fuel rods are stored there. Furthermore, a new reactor or an enrichment facility has very likely been built at the site—a development of incalculable geopolitical consequences. Some of the...
  • Germany wants robust single energy market, at odds with Britain

    01/17/2015 11:40:47 PM PST · by Olog-hai · 3 replies
    Reuters ^ | Fri Jan 16, 2015 3:24pm GMT | Barbara Lewis
    Europe’s energy union needs to be bolstered by EU laws binding on each nation, Germany said in a policy paper seen by Reuters that sets it at odds with Britain. […] After last October’s outline agreement on 2030 climate goals on carbon emissions, increased use of renewable energy and improved energy efficiency, Germany urged the Commission to draw up a proposal on “governance”. Governance refers to legal implementation plans for targets on renewable energy and energy savings. […] That position is diametrically opposed to the stance of Britain, which has called in general for a “light-touch and non-legislative” approach. …
  • Shortages Undermine Venezuela's Teetering Socialism

    01/17/2015 8:30:00 AM PST · by Oldeconomybuyer · 27 replies
    Investors Business Daily ^ | January 16, 2015
    Socialism: Venezuelans are being arrested for posting Internet photos of shortages in stores. So let's get this straight: Murder and mayhem are de facto legal in that crime pit, but posting evidence of socialism's failure merits jailing. As socialism plays out to its logical conclusion in Venezuela, the specters of long lines, rationing, troop enforcers, bizarre edicts and desperate statements are now the order of the day. Not only have more than a dozen Venezuelans been arrested for posting photographs of empty store shelves on social media, three governors have responded to long lines by — prohibiting them; ordering the...
  • Oil services Giant Schlumberger to Lay Off 9,000, as Crude Prices Fall

    01/16/2015 6:25:36 AM PST · by SeekAndFind · 21 replies
    Yahoo Finance ^ | 01/16/2015 | Douglas A. McIntyre
    The drop in the price of oil will cost 9,000 workers at Schlumberger Ltd. (SLB) their jobs. The company disclosed: In response to lower commodity pricing and anticipated lower exploration and production spending in 2015, Schlumberger decided to reduce its overall headcount to better align with anticipated activity levels for 2015. Schlumberger recorded a $296 million charge associated with a headcount reduction of approximately 9,000. Unfortunately for the workers, the oil services company had good reason. Although fourth-quarter revenue rose 6% to $12.5 billion and operating income by 7% to $1.9 billion, the company believes the situation has deteriorated:
  • Saudi Arabia building massive wall along border to keep out ISIS

    01/15/2015 1:02:28 PM PST · by SeekAndFind · 20 replies
    Hotair ^ | 01/15/2015 | Noah Rothman
    The joke’s on them. Don’t the Saudis know that massive border fences do nothing to enhance domestic security and are, in fact, counterproductive? Well, I guess they’ll find out soon enough. According to reports, the Saudi Kingdom is fed up with defending against ISIS raiding parties that routinely cross over the Iraqi border. In order to stave off these assaults, the Saudis are going to build a massive, 600-mile long border fence across the length of the country’s border with Iraq. But that’s not all. The fence will be double layered with a concertina wire barrier in no man’s...