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OPEC said Thursday in its monthly report that the fall in oil prices will potentially slow US shale production by the end of the year. However, the slowdown will not prevent a growing global surplus in 2015 and demand for OPEC's oil to fall to its lowest level in a decade. OPEC increased its 2015 estimate for US oil production in the report, saying annual growth will be slower than previously estimated as lower prices cause companies to reduce investment plans and therefore engage in less drilling. But analysts say that it is going to take months before US production...

With the Islamic State terrorist group in control of large swathes of Iraq, Saudi Arabia has decided to build a “Great Wall” that spans 600 miles. Construction of the security apparatus began in September and will include five layers of fencing, watch towers and night-vision and radar cameras

The politics of the crude exports issue are confused by a lot of irresponsible reporting. Almost every story on the issue asserts that allowing exports would be politically dangerous because it would supposedly raise prices at the pump, but the claim is never credibly sourced. In fact, every single serious study has found precisely the opposite: allowing crude exports would lower prices at the pump. With Senator Ted Cruz leading the charge on an amendment to end the export ban, some reporters will be working even harder to pretend his amendment is dubious or even destructive. But facts matter. The...

The ruble continues to fall, sanctions are biting and the slide in the price of oil shows no sign of slowing – it's hitting Russia hard and means a credit rating downgrade to "junk" status could be on the way. Russia's Economy Minister Alexei Ulyukayev said on Wednesday that the chances of the beleaguered country's rating being downgraded to junk were "pretty high," according to the Interfax news agency.

Shortages are nothing new in Venezuela. Indeed, a shortage of toilet paper has been the subject of global amusement for quite some time. But recently, the shortages have become much worse. Last week, a government official was jeered for saying that long lines indicated that “Venezuela has plenty of food”, when rows and rows of empty shelves in stores were telling a different story. Bloomberg reports that people are queueing overnight for necessities such as soap, milk and diapers. This is very dangerous. Venezuela is already one of the most violent societies on earth. And when shortages start to affect...

Taking direct aim at the oil-and-gas industry, President Obama on Wednesday put forth long-awaited regulations on methane emissions, setting an ambitious goal of reducing those emissions by 45 percent over the next decade. The move comes just days before the State of the Union address and underscores that, in the final two years of presidency, Mr. Obama is looking to cement his legacy on climate-change and environmental issues...

Taking direct aim at the oil-and-gas industry, President Obama on Wednesday put forth long-awaited regulations on methane emissions, setting an ambitious goal of reducing those emissions by 45 percent over the next decade and again drawing the ire of many in the energy industry. The move comes just days before the State of the Union address and underscores that, in the final two years of presidency, Mr. Obama is looking to cement his legacy on climate-change and environmental issues. Read more: http://www.washingtontimes.com/news/2015/jan/14/obama-hits-oil-and-gas-industry-demands-massive-re/#ixzz3Op4IqMql Follow us: @washtimes on Twitter

Back in November, before most grasped just how serious the collapse in crude was (and would become, as well as its massive implications), we wrote "How The Petrodollar Quietly Died, And Nobody Noticed", because for the first time in almost two decades, energy-exporting countries would pull their "petrodollars" out of world markets in 2015. This empirical death of Petrodollar followed years of windfalls for oil exporters such as Russia, Angola, Saudi Arabia and Nigeria. Much of that money found its way into financial markets, helping to boost asset prices and keep the cost of borrowing down, through so-called petrodollar recycling....

The rapid decline in oil prices could have a significant negative impact on the Oklahoma economy. Taxes associated with production, sales taxes, corporate taxes, income taxes, employment, and housing markets can all be expected to suffer without a rebound in oil prices, which seems unlikely in the near future. Oil continued to fall on Tuesday as prices neared 6 year lows before regaining some ground... Brent crude has fallen roughly 70% since June while West Texas Intermediate (U.S. crude) has fallen approximately 55% in the same time period. To date the largest oil and natural gas companies in the state...

The larger-than-life Russian leader has held power — with one title or another — for 15 years, and is set to reign for at least a decade more. Yet Putin remains inscrutable. With only a smattering of biographical details released to the public and his sometimes puzzling public appearances, scholars — and even many world leaders — still struggle to understand the man at the helm of the Kremlin. To glean a clearer picture, FRONTLINE took a closer look at some of the most identifiable aspects of Putin’s public persona. --------------------------------------------------------- Putin’s Way, FRONTLINE’s investigation into the accusations of criminality...

Sunday's Der Spiegel had a massive expose on the continuing efforts of Bashar al-Assad to build a nuclear weapons plant, which included evidence that Iran is constructing such a plant for Syria in Qusayr, less than two kilometers from Syria's border with Lebanon. The issue came up in the State Department's Monday daily briefing. Disturbingly, spokeswoman Marie Harf said that the United States did not plan to raise the issue in the Iranian nuclear talks, claiming that those talks only deal with Iran's nuclear capabilities and not with Syria's. According to findings of Western intelligence agencies, however, the situation...

Saudi Oil Minister Ali al-Naimi met U.S. Deputy Energy Secretary Elizabeth Sherwood-Randall on Tuesday in Riyadh where they discussed oil markets, the official Saudi Press Agency (SPA) reported. SPA gave no specific details about the meeting in a brief statement but said the officials looked into cooperation on energy and environmental issues, climate change, solar energy use and mutual investments. A U.S. energy department spokesman said in addition to those areas, the two officials discussed global oil markets. The trip was Sherwood-Randall's first as deputy energy secretary. "She chose to make her first visit to Saudi Arabia given our strategic...

Real time commodity prices from CNBC.

The Merriam-Webster dictionary offers this definition for the word capitulate: "to stop fighting an enemy or opponent; to admit that an enemy or opponent has won." I'm not sure who oil companies are fighting, whether it's oil traders, OPEC, Russia, or some invisible market force, but they're losing. The domestic standard, West Texas Intermediate crude oil, fell below $45 per barrel on Tuesday, while the global standard, Brent crude oil, is now well under $50. Who is going to stop the bleeding? OPEC is not cutting production, the U.S. is expected to increase output in 2015, and Russia has little...

In the face of difficult circumstances, Russia, understanding the mindset of its “former” foes, made the brilliant decision to join the West through economic and diplomatic “cooperation.” This convergence strategy gave the outward appearance of a liberalizing Russia, but consistent with its historical adeptness at subversion and subterfuge, proved a clever way to rebuild, gain leverage over and embed itself within its enemies. Russia opened itself to trade to raise capital and procure technology that it could use to exploit its natural resources, rebuild its military and enrich Vladimir Putin and his cronies. In so doing, Russia developed energy pipelines...

I've been in the oil patch for close to 30 years. During that time, I have seen oil price go down to about $10 per barrel, and I have seen the price rise to over $100 per barrel. I have seen the price swing for no reason at all. I have heard different bogeymen being blamed for changes in the oil price. Supply and demand are certainly part of the oil price equation, but speculation has been a major price driver for at least the last couple of years, beyond the S&D factors. Right now, the Saudis are being blamed...

Iranian President Hassan Rouhani said on Tuesday that countries behind the fall in global oil prices would regret their decision and warned that Saudi Arabia and Kuwait would suffer alongside Iran from the price drop. "Those that have planned to decrease the prices against other countries will regret this decision," Rouhani said in a speech broadcast on state television as oil plunged to near six year lows on international markets. [O/R] "If Iran suffers from the drop in oil prices, know that other oil-producing countries such as Saudi Arabia and Kuwait will suffer more than Iran," he added. Oil prices...

Portia Crowe January 12, 2015Prince Alwaleed bin Talal, the eccentric Saudi billionaire once labeled the "Arabian Warren Buffett," predicted that oil would never again reach $100 a barrel. "The price of oil above $100 is artificial," he said. "It's not correct." That's in an interview with Maria Bartiromo for USA Today, in which the business magnate blamed oversupply and weak demand for the recent drop in oil prices. He also predicted hard times ahead for America's shale-oil and gas industries. "No one knows for sure what price is the breaking point for shale," he said. "Wells have a higher production...

"You better believe it is gonna go down more," Alwaleed bin Talal said.Saudi royal prince Alwaleed bin Talal says in a new interview that the days of $100-a-barrel oil are a thing of the past, as oil prices continue to drop around the globe. Asked by USA Today if prices, recently below $50 a barrel, would continue to plunge, Talal answered: “If supply stays where it is, and demand remains weak, you better believe it is gonna go down more. But if some supply is taken off the market, and there’s some growth in demand, prices may go up. But...

"A war of this kind would unavoidably lead to a nuclear war," the 1990 Nobel Peace Prize winner told Der Spiegel news magazine, according to excerpts released on Friday. "We won't survive the coming years if someone loses their nerve in this overheated situation," added Gorbachev, 83. "This is not something I'm saying thoughtlessly. I am extremely concerned."