Keyword: saudiarabia

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  • Exxon Mobil Shows Rising U.S. Output as Prices Fall

    12/18/2014 1:16:24 PM PST · by Up Yours Marxists · 28 replies
    Salt Lake Tribune ^ | December 18, 2014 14:15 GMT | Joe Carroll (Bloomberg News)
    Crude oil production from U.S. wells is poised to approach a 42-year record next year as drillers ignore the recent decline in price pointing them in the opposite direction. U.S. energy producers plan to pump more crude in 2015 as declining equipment costs and enhanced drilling techniques more than offset the collapse in oil markets, said Troy Eckard, whose Eckard Global owns stakes in more than 260 North Dakota shale wells. Oil companies, while trimming 2015 budgets to cope with the lowest crude prices in five years, are also shifting their focus to their most-prolific, lowest-cost fields, which means extracting...
  • Oil Prices, Sanctions and Currency Collapse Put Putin in a Bind

    12/17/2014 4:37:09 AM PST · by elhombrelibre · 10 replies
    NBC ^ | 16 Dec 14 | Erin McClam
    Vladimir Putin is suddenly feeling the squeeze. The Russian president, earlier this year a swashbuckling land-grabber who seemed to confound the West, finds himself in a three-way economic vise — tumbling oil prices, punishing sanctions and now a collapse in his country's currency. "He really is going to be hit by a perfect storm," said Andrew Kuchins, director of the Russia program at the Center for Strategic & International Studies. "Although much of it is his own making." The value of the Russian ruble plunged by as much as 20 percent on Tuesday despite a desperate attempt by the central...
  • Putin's cronies lose $50 billion

    12/16/2014 1:45:51 PM PST · by elhombrelibre · 58 replies
    CNN ^ | 16 Dec 14 | Ivana Kottasova
    Ouch! Russian billionaires have lost more than $50 billion this year due to the country's unfolding economic nightmare. Western sanctions, low oil prices and the falling ruble have wiped billions off the wealth of Russia's 15 richest men, according to data from Bloomberg. The chairman of Russian gas producer Novatek has suffered the biggest losses, seeing his portfolio shrink by an estimated $8.7 billion. That's equivalent to a loss of nearly 50%.
  • Saudi Arabia’s oil war against Iran and Russia

    12/16/2014 11:13:56 AM PST · by Star Traveler · 47 replies
    The New York Post ^ | Sunday, December 14, 2014 | Ralph Peters
    This week, oil fell through the price floor of $60 a barrel and gas at my local filling station was $2.26 a gallon. That’s great news for commuters and almost every business, but wonderfully bad news for our ugliest enemies. This price plunge has been driven by Saudi Arabia, OPEC’s dominant power. While it’s true that part of Riyadh’s actions respond to the energy renaissance in North America, the greater motivation is breaking Iran’s will. The Saudis believe they can no longer rely on the US to contain Tehran’s imminent nuclear threat, so they’re out to do what our lukewarm...
  • Saudi woman arrested for attending soccer game

    12/16/2014 10:42:16 AM PST · by george76 · 23 replies
    Twasul. ^ | December 15, 2014
    RIYADH, Saudi Arabia – A Saudi woman arrested while attending a soccer game in the kingdom claims she did not know women were prohibited from going to the male-only stadiums, the state-linked Okaz newspaper reported on Monday. Saudi Arabia enforces a strict segregation of the sexes and has no designated areas for women at soccer stadiums ... Police spokesman Atti al-Qurashi said security spotted her at the stadium "deliberately disguised" in male attire to avoid detection, reported the state-linked news website Twasul. Okaz reported Sunday that police questioned the woman, who is in her twenties, for "impersonating" a man by...
  • Oil price crash means £55bn of projects face axe

    12/14/2014 7:34:21 PM PST · by Lorianne · 6 replies
    Telegraph (UK) ^ | 13 December 2014 | Andrew Critchlow
    Dozens of new oil projects in the North Sea and Europe could be shelved as falling prices force international oil companies to tear up their investment plans. Global energy consultancy Wood Mackenzie has said that 32 potential European oil field developments containing 4.9bn barrels of oil equivalent are waiting for approval on more than $87bn (£55bn) of funding. These could be at risk should oil prices fall below $60 per barrel. “Major projects and investment in the UK and across Continental and Mediterranean Europe could be at risk if prices stay below $80 per barrel, as over 70pc of the...
  • Bakken-Cushing pipeline project slammed shut

    12/14/2014 5:55:26 PM PST · by Red in Blue PA · 14 replies
    Enterprise Products Partners (EPD) is shelving a proposed pipeline that would have transported crude from North Dakota to Oklahoma, the company announced on Friday. The news came in the midst of a brutal slide in global oil prices that have raised concerns about whether U.S. companies will continue to build on the expansion of oil production. Middle East oil producers have yet to announce a cut in production to offset the drop in crude, in what some analysts say is a slow-bleed strategy designed to make pumping crude as uneconomic as possible for the world's fastest growing non-OPEC oil producer....
  • Qatar broke promise with US, allowed Gitmo detainee to leave the country

    12/14/2014 4:33:49 PM PST · by Nachum · 44 replies
    jihad watch ^ | 12/14/14 | Robert Spencer
    Relying on allies that aren’t allies is yet another consequence of the Washington establishment’s determined refusal to face the realities of the jihad, and to formulate policy based on those realities. “Qatar ‘broke promise to US over Guantanamo detainee,'” by David Blair, the Telegraph, December 12, 2014 (thanks to Lookmann): Qatar broke an “explicit” promise by allowing a former Guantánamo detainee who had trained with al-Qaeda to leave the country and visit Britain, a new report has found. Jarallah al-Marri, who attended an al-Qaeda training camp in Afghanistan before the terrorist attacks on September 11, was freed from Guantánamo in...
  • Preacher at Al-Aqsa Mosque Omar Abu Sara to the Jews: "We Shall Slaughter You Without Mercy"

    12/14/2014 3:07:01 PM PST · by Eleutheria5 · 41 replies
    MEMRI ^ | 28/11/14
    In an impromptu sermon at the Al-Aqsa Mosque, Sheik Omar Abu Sara called to slaughter the Jews, whom he called "the most evil of Allah's creations." The sermon was posted on the Internet on November 28, 2014. Transcript is pending. Following are excerpts from a Friday sermon delivered by Palestinian preacher Sheik Omar Abu Sara at the Al-Aqsa Mosque, which was posted on the Internet on November 28, 2014: Omar Abu Sara: Let me start by saying that talking about the traits of the Jews requires one to get into a special mode, because we are dealing with people to...
  • OPEC isn't scared of $40 oil

    12/14/2014 1:42:51 PM PST · by Signalman · 15 replies
    CNNMoney ^ | 12/14/2014 | Gregory Wallace
    OPEC won't rush to cut oil production even if prices fall as low as $40 per barrel, one of the cartel's members said Sunday. The energy minister for the United Arab Emirates told Bloomberg at a Dubai conference that the middle eastern oil producers believe "the market will stabilize itself." "We are not going to change our minds because the prices went to $60 or to $40," Suhail Al-Mazrouei said. Even as it has watched prices dip, OPEC declined to cut back on production at its November meeting. Some observers had expected a production cut to boost the price of...
  • Saudi Arabia’s oil war against Iran and Russia

    12/14/2014 2:08:05 PM PST · by elhombrelibre · 55 replies
    NYP ^ | 14 Dec 14 | Ralph Peters
    This week, oil fell through the price floor of $60 a barrel and gas at my local filling station was $2.26 a gallon. That’s great news for commuters and almost every business, but wonderfully bad news for our ugliest enemies. If oil prices remain low through next year, the effect on rogue governments, from the Russian Federation to Venezuela, will go from damaging to devastating. But Western economies (and China’s) stand to benefit, with cheap oil possibly tickling Europe’s snoozing markets awake. Even most underdeveloped states will get a welcome break.
  • What Oil Shock and Repub. Cave Mean to Stocks and GDP; Investment & Finance Thread - Dec. 14

    12/14/2014 7:43:31 AM PST · by expat_panama · 147 replies
    Weekly investment & finance thread ^ | Dec. 14, 2014 | Freeper Investors
    So while nobody knows the future we still need to know what to expect from the week's two big headlines, even though our view can easily (and will probably) be muddied w/ other factors.  So we deal with an unknown future by checking the historical record for clues on at what the news means to our future investment returns.  What oil bargains do:  namely, what's it doing to the economy and to investments; here's what tanking oil's done in the past (ya gotta LOVE the fed's data site) and how real oil prices (2014$ per barrel) track real GDP-- [click...
  • Russia and China demand Iran halt secret nuclear site

    11/28/2009 2:34:44 PM PST · by SunkenCiv · 45 replies · 2,142+ views
    Times of London ^ | Saturday, November 28, 2009 | Catherine Philp, Diplomatic Correspondent
    World powers united in condemnation of Iran's nuclear activities yesterday in a rare show of international consensus on the threat posed by Tehran's continued nuclear defiance. China and Russia joined the United States, Britain, France and Germany in backing an International Atomic Energy Agency resolution censuring Iran and ordering it to halt construction of a secret uranium enrichment plant. The resolution, the first since February 2006, passed with 25 votes and six abstentions. Only Malaysia, Venezuela and Cuba supported Iran. ...China, which has shared Moscow's reluctance to take a hard line with Tehran, was reportedly persuaded to support the resolution...
  • US worried about new Syria-Yemen al-Qaeda threat to flights

    06/29/2014 9:31:00 PM PDT · by Citizen Zed · 17 replies
    Times of Israel ^ | 6-30-2014 | LAZAR BERMAN
    US intelligence believes that members of the al-Nusrah Front, al-Qaeda’s Syrian affiliate, have linked up with Al Qaeda in the Arabian Peninsula in order to develop a plot to down a plane headed to the US or Europe. Officials are worried that jihadist fighters in Syria who hold US or European passports would be central to the plot. A source told ABC that this threat “is different and more disturbing than past aviation plots.”
  • Lower Oil and King Dollar Are Unambiguously Good Don’t listen to the naysayers.

    12/13/2014 5:58:18 AM PST · by bestintxas · 12 replies
    nat review ^ | 12/12/14 | l kudlow
    We all know that the American energy revolution, led by the new technologies of hydraulic fracturing and horizontal drilling, has created a flood of new shale-oil and natural-gas production that has overwhelmed world markets and driven prices down by roughly 40 percent. End-of-week crude oil closed near $57 a barrel, and the national average gasoline price finished at $2.60. No matter what the naysayers are trying to sell, the new energy reality is unambiguously good for the U.S. and global economies. There may be some dislocations among countries, sectors, or companies, but the overwhelming impact is positive. In fact, the...
  • Putin could be finished

    12/13/2014 1:33:23 PM PST · by Tailgunner Joe · 33 replies
    thehill.com ^ | December 13, 2014 | David Russell
    Russian President Vladimir Putin is so easy to dislike because he really is a bad guy and there are few things more pleasurable than contemplating his fall from power. It is reasonably clear that might just happen. Even though he continues to be widely popular in his own country, there are several reasons why he could be brought down. The principle ones are the fall in oil prices and the financial crisis brought on by the sanctions imposed by the West. There are many others: a 40 percent decline in the value of Russian currency; an impending recession; the cost...
  • Muslims Capture Christians, Take Them To Slaughterhouses, Dissect Them While They Are Still Alive

    12/13/2014 12:30:39 PM PST · by george76 · 53 replies
    Shoebat ^ | November 3, 2014 | Theodore Shoebat
    Muslim Albanians in Kosovo are capturing Christians, dissecting them alive, tearing out their organs, killing the victims, and then selling the organs to Saudi Arabia and Turkey, the two major nations of the Antichrist. We learned this from a local Serbian Christian and veteran Special Forces officer in Serbia’s military, named Lazar. We interviewed him and this is the information he conveyed to us. He said “They also kill people and sell their organs in Turkey and Saudi Arabia.” He then said, They abduct people in Kosovo, Serbian people — in some cases Albanian people — and they take their...
  • Turkey's Erdogan lashes out as lira tumbles

    12/13/2014 6:10:44 AM PST · by SunkenCiv · 14 replies
    Whirled Nut Daily ^ | December 12, 2014 | Daniel Dombey
    ...its lowest levels against the dollar for almost a year, amid investor nervousness about emerging markets. By evening trade in Istanbul the currency had fallen beyond TL2.30 to the US dollar, more than 1 per cent down on the day and the weakest level since January, when the Turkish central bank moved to increase interest rates -- a dramatic shift in policy that at the time halted a precipitous drop in its value. ...Turkey is far from alone in being affected by strong US economic data that has heightened expectations of a US Federal Reserve interest rate rise and so...
  • Crude Oil Prices and the Coming Fall of OPEC

    12/11/2014 6:53:03 PM PST · by Signalman · 14 replies
    mondaymorning.com ^ | 12/5/2014 | Dr. Kent Moors
    Every 10 or 20 years a series of watershed events come together that change the face of the international energy picture. The Saudi-led war on crude oil prices is one of these pivotal situations. And while others fret about what the OPEC production move means, I'm actually meeting with the guys who made the decision. I can tell you that what's unfolding here in the desert will have a decisive impact on producers, end users, and government/corporate policymakers worldwide. Of course, I've been involved in a fair share of all of this for over 40 years, from both the public...
  • The Terrible, Horrible, No Good, Very Bad Falling Gas Prices

    12/11/2014 7:08:04 AM PST · by Citizen Zed · 49 replies
    cato ^ | 12-11-2014 | RANDAL O'TOOLE
    A left-coast writer named Mark Morford thinks that gas prices falling to $2 a gallon would be the worst thing to happen to America. After all, he says, the wrong people would profit: oil companies (why would oil companies profit from lower gas prices?), auto makers, and internet retailers like Amazon that offer free shipping. If falling gas prices are the worst for America, then the best, Morford goes on to say, would be to raise gas taxes by $6 a gallon and dedicate all of the revenue to (boondoggles) “alternative energy and transport, environmental protections, our busted educational system,...
  • When the UN Apes Al Sharpton

    12/12/2014 4:10:55 AM PST · by Cincinatus' Wife · 7 replies
    The American Spectator ^ | December 12, 2014 | Horace Cooper
    Among the familiar hucksters who sought to capitalize on the troubles in Ferguson, Missouri, came a new face: Prince Zeid Ra’ad Al Hussein, the UN’s High Commissioner for Human Rights and self-styled heir to the non-existent royal houses of Iraq and Syria. “I am deeply concerned,” Prince Zeid said in a press release, about “institutionalized discrimination” in America, and “I urge the U.S. authorities” to conduct “in-depth examinations” of racial justice. Notwithstanding the overwhelming evidence that Michael Brown’s death resulted from the criminal acts he engaged in before and during his encounter with officer Darren Wilson, Zeid’s Human Rights Council...
  • Ted Cruz: Return to foreign policy of Reagan - Appears to have eye on 2016 in Heritage speech

    12/11/2014 12:46:32 AM PST · by 2ndDivisionVet · 26 replies
    WorldNetDaily ^ | December 10, 2014 | Jerome R. Corsi
    WASHINGTON – In a speech at the Heritage Foundation on Wednesday that sounded like the first foreign policy address of a presidential campaign, U.S. Sen. Ted Cruz, R-Texas, called for a return to the international politics of President Ronald Reagan. Cruz contrasted Reagan’s approach with the Obama-Clinton policy of not putting distance between the U.S. and traditional allies, such as Britain and Israel, in the hope of “domesticating” long-standing enemies such as Russia and Iran. “This backfired,” Cruz argued. “The end result is that Churchill is no longer welcome in the Oval Office. He recalled one of Obama’s first acts...
  • Iranian president calls fall in oil prices ‘treachery’

    12/11/2014 5:09:09 AM PST · by thackney · 49 replies
    Fuel Fix ^ | December 10, 2014 | Associated Press
    Iran’s President Hassan Rouhani said Wednesday that the sharp fall in global oil prices is the result of “treachery,” in an apparent reference to regional rival Saudi Arabia, which opposed production cuts. Oil prices have plunged by more than 40 percent since June to around $65 a barrel, placing severe strain on Iran’s economy, which is already hobbled by international sanctions imposed over its nuclear program. An OPEC meeting last month failed to reach agreement on production curbs, mainly because of Saudi opposition. Rouhani told a Cabinet meeting Wednesday that the fall in prices is at least partly “politically motivated,”...
  • Why I Voted against Condemning Russia

    12/11/2014 5:01:57 AM PST · by wetphoenix · 10 replies
    The National Interest ^ | December 10, 2014 | Dana Rohrabacher
    Recently, the House passed, by an overwhelming margin, a resolution to condemn the Russian Federation for actions considered hostile and aggressive within its sphere of influence, specifically with regard to the politically torn country of Ukraine. Ten Members voted “nay,” myself among them. I wish to explain why I took this unpopular position. Above all, while Vladimir Putin’s government may well have engaged in questionable behavior toward neighboring countries, Resolution 758 was nothing more than gratuitous, needlessly provocative and shortsighted. Moreover, reasonable observers the world over can see it as tantamount to a declaration that Russia is America’s enemy. The...
  • Iran: Fall in oil prices is 'treachery'

    12/10/2014 7:55:44 AM PST · by C19fan · 36 replies
    AP ^ | December 10, 2014 | Ali Akbar Dareini
    Iran's President Hassan Rouhani said Wednesday that the sharp fall in global oil prices is the result of "treachery," in an apparent reference to regional rival Saudi Arabia, which opposed production cuts. Oil prices have plunged by more than 40 percent since June to around $65 a barrel, placing severe strain on Iran's economy, which is already hobbled by international sanctions imposed over its nuclear program. An OPEC meeting last month failed to reach agreement on production curbs, mainly because of Saudi opposition.
  • Kerry to Congress: Don’t rule out U.S. ground war against Islamic State

    12/10/2014 7:26:43 AM PST · by TangledUpInBlue · 18 replies
    Yahoo ^ | 12/10 | Oliver Knox
    Secretary of State John Kerry on Tuesday asked lawmakers debating legislation to authorize the war against the so-called Islamic State not to rule out the use of U.S. ground troops in combat. “The president has been clear that his policy is that U.S. military forces will not be deployed to conduct ground combat operations,” Kerry began. “However,” he added, "while we certainly believe this is the soundest policy, and while the president has been clear he's open to clarifications on the use of U.S. combat troops to be outlined in an AUMF, that does not mean we should preemptively bind...
  • FEATURE-Venezuela's poor sour on Maduro as prices, shortages sting

    12/10/2014 6:01:25 AM PST · by Oldeconomybuyer · 21 replies
    Reuters ^ | December 10, 2014 | By Alexandra Ulmer
    Packing potatoes at his vegetable stand on a sun-baked street in Caracas's hillside Catia slum, Jesus Jimenez fondly recounts voting for late president Hugo Chavez. Like millions in Venezuela's poor "barrios," the chatty father of 14 worshipped the larger-than-life Chavez and benefited from his welfare programs, especially Cuban-staffed free health centers and substantial pension rises. So after Chavez's death last year, Jimenez naturally voted for the leader's hand-picked protege Nicolas Maduro, a former union activist and bus driver who vowed to continue the idiosyncratic brand of socialism known as "Chavismo". Now, though, he struggles to make ends meet as inflation...
  • Interpol Arrest Call Highlights Muslim Brotherhood Kingpin's History of Praising Hitler, Suicide

    12/08/2014 6:55:53 PM PST · by george76 · 9 replies
    Breitbart News ^ | 8 Dec 2014 | Jordan Schachtel
    Interpol (The International Criminal Police Organization) has requested the arrest of the spiritual leader of the Muslim Brotherhood and global Sunni Islamist diaspora, Sheikh Yusuf al-Qaradawi, whose radical past includes praising suicide bombers against innocents as martyrs and describing Nazi leader Adolf Hitler as Allah’s gift to the world. Interpol is charging the terror Sheikh with agreement, incitement, and assistance to commit premeditated murder, facilitating a prison escape, arson, vandalism, and theft. Qaradawi has been known to espouse horrifically anti-Semitic sentiments, often praising figures such as Adolf Hitler and his Holocaust of 6-million Jews. “he managed to put them [Jews]...
  • Plummeting Oil Prices Could Destroy The Banks That Are Holding Trillions In Commodity Derivatives

    12/08/2014 10:10:30 AM PST · by SeekAndFind · 43 replies
    The Economic Collapse Blog ^ | 12/08/2014 | Michael Snyder
    Could rapidly falling oil prices trigger a nightmare scenario for the commodity derivatives market? The big Wall Street banks did not expect plunging home prices to cause a mortgage-backed securities implosion back in 2008, and their models did not anticipate a decline in the price of oil by more than 40 dollars in less than six months this time either. If the price of oil stays at this level or goes down even more, someone out there is going to have to absorb some absolutely massive losses. In some cases, the losses will be absorbed by oil producers, but many...
  • Opec's Wake Up Call

    12/08/2014 7:58:38 AM PST · by thackney · 6 replies
    Energy Intel ^ | December 2014 | Sadad al-Husseini
    The Opec meeting of Nov. 27 brought new strategic thinking to Opec's deliberations and redirected its fixation away from short-term oil pricing toward greater commercial transparency and market-based commodity pricing. This was due in no small measure to Saudi Arabia's determination to eliminate ill-advised oil price manipulations and restore Opec's credibility as the price setting leader of international oil markets. This reality check became inevitable when Opec finally focused on the stark facts of a weak global economy and soft oil demand at a time of abundant oil supplies and inflated prices. The kingdom was forceful in advocating the reality...
  • US Expresses Fears As Isis Takes Control of Northern Libyan Town [Isis Expands To Libya!]

    12/06/2014 9:55:40 PM PST · by Steelfish · 19 replies
    Guardian (UK) ^ | December 06, 2013 | Chris Stephen
    US Expresses Fears As Isis Takes Control of Northern Libyan Town Isis supporters declare Derna the first town in Libya to join Isis US believes Isis is running training camps across Libya Islamist supporters in Libya Chris Stephen in Tunis 6 December 2014 It is a warm October evening in Derna, a small town on Libya’s north east coast, 450 miles from the capital, Tripoli. The main square is packed with young men, brought by a summons from the town’s self-proclaimed emir to swear allegiance to a newly formed Islamic caliphate. The emir, on a stage just visible through the...
  • Oil Prices Plunging, Saudis May Even Sell to Israel

    12/04/2014 7:04:23 AM PST · by SJackson · 18 replies
    Jewish Press ^ | 12-4-14 | Lori Lowenthal Marcus
    With oil prices falling, Saudi Arabia may begin selling to Israel. With oil prices going down, Saudis may begin selling even to Israel. Saudi Petroleum Minister Ali Al-Naimi was quoted in the Kingdom of Saudi Arabia’s Kuna news that the Kingdom is willing to sell oil to any country that wants to buy it, including Israel. “We do not hold a grudge against any nation and our leaders promote peace, religious tolerance and co-existence,” Al-Naimi was quoted as saying by the Kuwaita news agency KUNA. “His Majesty King Abdullah has always been a model for good relations between Saudi Arabia...
  • Russian Money Suspected Behind Fracking Protests

    12/01/2014 6:08:30 AM PST · by Theoria · 18 replies
    The New York Times ^ | 30 Nov 2014 | ANDREW HIGGINS
    PUNGESTI, Romania — Vlasa Mircia, the mayor of this destitute village in eastern Romania, thought he had struck it rich when the American energy giant Chevron showed up here last year and leased a plot of land he owned for exploratory shale gas drilling. But the encounter between big business and rural Romania quickly turned into a nightmare. The village became a magnet for activists from across the country opposed to hydraulic fracturing, or fracking. Violent clashes broke out between the police and protesters. The mayor, one of the few locals who sided openly with Chevron, was run out of...
  • Russia prepares for $40 oil

    12/03/2014 9:44:50 AM PST · by Lorianne · 11 replies
    Business New Europe ^ | 01 December 2014
    The Russian markets opened on December 1 to a catastrophe. The price of Brent crude oil fell below $70 a barrel, causing the ruble to drop heavily yet again. There had been some signs that the Russian currency was beginning to claw back some of the ground lost this year, but another step-down in the price of oil to below the psychologically important $70 level kicked the legs out from under the nascent rally. Against the dollar, the ruble exchange rate had dropped 9.3% by midday, taking it below the key RUB50/$ for the first time. You’d have to go...
  • Russia's Most Powerful Oil Official Says Oil Could Fall Below $60 In The Next Few Months

    11/27/2014 5:11:11 PM PST · by blam · 10 replies
    BI - Reuters ^ | 11-27-2014 | Katya Golubkova and Vladimir Soldatkin
    Katya Golubkova and Vladimir Soldatkin, Reuters November 27, 2014MOSCOW (Reuters) - Russia's most powerful oil official Igor Sechin said in an interview with an Austrian newspaper that oil prices could fall below $60 by mid-way through next year. Sechin, chief executive of Rosneft, Russia's largest oil producer, also said U.S. oil production would fall after 2025 and that an oil market council should be created to monitor prices, the same day the OPEC cartel met in Vienna and left its output targets unchanged. "We expect that a fall in the price to $60 and below is possible, but only during...
  • Why Russia May Not Be Able To Save The Ruble

    11/17/2014 2:31:16 AM PST · by Berlin_Freeper · 51 replies
    businessinsider.com ^ | Nov. 15, 2014 | The Economist
    Every central banker knows the importance of trust. In a world of fiat currencies--bank notes backed by nothing other than more bank notes--shoppers and firms must have confidence that cash will retain its value in order to hold it. That trust is being tested in Russia, where the rouble has fallen 23% against the dollar in the past three months. Such a plunge inevitably brings inflation in the form of more expensive imports, a worry given that consumer prices in Russia are already rising at over 8% a year. Yet in recent weeks there have been creeping signs of something...
  • Russia Is Falling Into A Recession (Oil Price Crash)

    12/02/2014 6:21:33 AM PST · by blam · 14 replies
    BI ^ | 12-2-2014 | Tomas Hirst
    Tomas Hirst December 2, 2014Russia's Economy Ministry has downgraded its GDP forecast for the country in 2015 from 1.2% growth to a 0.8% contraction. In other words, the country is falling into a recession. The net amount of foreign capital expected to flow out of the country in 2014 has been revised sharply upward to $125 billion (up from $100 billion), while the projection of net outflows for next year has also been increased, to $90 billion from $50 billion. The independent Russian news agency Interfax reports Deputy Economic Development Minister Alexei Vedev as saying that the downgrade reflects the...
  • Russian Ruble Takes a Nosedive as Oil Price Drops

    12/02/2014 9:21:39 AM PST · by TigerLikesRooster · 10 replies
    ABC ^ | Dec 1, 2014 | NATALIYA VASILYEVA
    Russian Ruble Takes a Nosedive as Oil Price Drops MOSCOW — Dec 1, 2014, 6:29 AM ET By NATALIYA VASILYEVA Associated Press Russia's ruble hit a new all-time low on Monday, dropping about 5 percent as declining oil prices and the conflict in eastern Ukraine weigh on the country's economic prospects. The Russian currency traded at 52.75 rubles against the dollar in morning trading Monday after shedding 15 percent in the previous week. The ruble was also down 5 percent against the euro. Battered by low oil prices and the conflict in eastern Ukraine, the ruble has been declining throughout...
  • Russia's Economy Has Shrunk So Much It's Now Almost The Same Size As Spain

    12/02/2014 9:31:45 AM PST · by Pan_Yan · 34 replies
    Business INsider via Yahoo! News ^ | 12-2-2014 | Jim Edwards
    The decline in the price of oil, Western economic sanctions against the nation following its invasion of Ukraine, and the collapse of the Russian rouble that resulted, has decimated Russia's economy. Now Russian GDP has shrunk so much it is no longer the world's eighth largest economic power, according to The Telegraph. Instead, Putin's Russia is now carries roughly the same economic weight as ... Spain: Russia has lost its ranking as the world’s eighth biggest economy, shrinking in just nine months from a $2.1 trillion petro-giant to a mid-size player comparable with Korea or Spain. For the past several...
  • Russian ruble plunges as economy hit hard by falling oil prices, sanctions

    12/02/2014 4:52:25 PM PST · by Agog · 7 replies
    The Globe and Mail ^ | 12/02/2014 | Brian Milner
    Russia’s central bank is trying to resist a brutal assault on the ruble, but any respite is bound to be short-lived. The Central Bank of Russia waded into currency markets Monday as the ruble plunged to levels not seen since the 1998 financial crisis that triggered a devaluation and government debt default. Like the Canadian dollar and the Norwegian krone, the Russian currency has been under extreme pressure amid the collapse in oil prices. The ruble plunged as much as 6.5 per cent Monday, hitting a record low against the U.S. dollar before retracing some its lost ground to close...
  • Kerry: Sanctions haven't altered Moscow stance on Ukraine but hit its economy

    12/03/2014 12:45:46 AM PST · by Berlin_Freeper · 32 replies
    Reuters ^ | Dec. 2, 2014 | Lesley Wroughton
    U.S. Secretary of State John Kerry said on Tuesday Western sanctions have not halted Russia's support for separatists in Ukraine but have damaged the Russian economy, which is now projected to slide into recession next year. A senior State Department official, accompanying Kerry to a NATO meeting of foreign ministers in Brussels, said he would talk to allies about imposing further sanctions on Russia if pro-Moscow separatists do not cease violence in Ukraine. Kerry told a news conference Russia could avoid further sanctions by agreeing to steps towards ending backing for the rebels, who seized mainly Russian-speaking areas of eastern...
  • Opinion: OPEC is wrong to think it can outlast U.S. on oil prices

    12/03/2014 11:40:43 AM PST · by Ernest_at_the_Beach · 18 replies
    marketwatch.com ^ | Dec 2, 2014 5:01 a.m. ET | By Tim Mullaney
    Technology is cheaper and West doesn’t use oil to fund a welfare state Give Saudi Arabia credit: Whoever sets oil-production policy for the desert kingdom has guts. Unfortunately, the sheiks have made what’s likely to become a sucker’s bet.You know this part already, but the 12-nation Organization of the Petroleum Exporting Countries last week declined to cut production, sending Brent crude oil futures tumbling to their cheapest point since 2009. The Saudis appear to be spoiling for a fight, trying to find out exactly how cheap oil must be to force surging U.S. shale-oil production to seize up like an...
  • Libyan renegade general announces readiness to cooperate with Israel

    12/03/2014 11:50:57 AM PST · by SJackson · 6 replies
    Middle East Monitor ^ | 01 December 2014
    Libyan renegade general Khalifa Haftar, who leads the Libyan militias fighting against Islamists in eastern Libya, has said he does not mind "cooperating with Israel and receiving various forms of support from it". General Haftar initially fought on the side of Muammar Gaddafi, before turning against him to fight with Islamist groups in 2011. He recently re-emerged as the leader of a military campaign to eradicate Islamist factions in the country. The editor in chief of Egypt's Al-Mesryoon newspaper, Gamal Sultan, quoted a statement made by Haftar during an interview with the Italian newspaper Corriere della Sera on Sunday, in...
  • Airbus offices searched over corruption fears

    12/03/2014 11:27:58 AM PST · by Olog-hai · 1 replies
    TheLocal.de ^ | 03 Dec 2014 08:26 GMT+01:00 | (AFP/DPA/The Local)
    German investigators searched offices of European aerospace giant Airbus in a probe into suspected corruption over contracts with Saudi Arabia and Romania, the Süddeutsche Zeitung (SZ) reported on Wednesday. The prosecutor’s office in the southern German city of Munich confirmed to the newspaper that the searches took place in October. Airbus has also confirmed the report. The raids took place at the German arm of Airbus Defense and Space and concern contracts worth billions to supply border defense equipment to Saudi Arabia and Romania, the report said. An insider source is to have tipped off authorities. …
  • Putin, in Defeat, Diverts Pipeline

    12/01/2014 7:35:35 PM PST · by Theoria · 76 replies
    The New York Times ^ | 01 Dec 2014 | ANDREW ROTH
    President Vladimir V. Putin said Monday that he would scrap Russia’s South Stream gas pipeline, a grandiose project that was once intended to establish the country’s dominance in southeastern Europe but instead fell victim to Russia’s increasingly toxic relationship with the West. It was a rare diplomatic defeat for Mr. Putin, who said Russia would redirect the pipeline to Turkey. He painted the failure to build the pipeline as a loss for Europe and blamed Brussels for its intransigence. The decision also seemed to be a rare victory for the European Union and the Obama administration, which have appeared largely...
  • Saudis have reasons better than shale to let prices fall

    11/09/2014 6:06:10 AM PST · by thackney · 29 replies
    Oil & Gas Journal ^ | 11/07/2014 | Bob Tippee
    Only by overlooking important forces in markets and politics can anyone assert that Saudi Arabia is letting crude prices fall mainly to extinguish competition from North American shale oil. With oil, the Saudi regime always takes the long view. With security, however, its motivations are more immediate. The kingdom faces unusually intense threats: Islamic State (IS) militancy in Iraq and Syria, the chance that Iran won’t agree by a Nov. 24 deadline to suspend its nuclear ambitions, terrorist insurrections from restive Yemen, durability of the menacing government of Bashar Al-Assad in Damascus. Falling oil prices hurt the IS and Iran,...
  • OPEC’s Weapon of Mass Inaction

    11/30/2014 2:18:04 PM PST · by thackney · 28 replies
    Wall Street Journal ^ | Nov. 27, 2014 | LIAM DENNING
    OPEC just declared war on everyone-including itself. The oil cartel’s hotly-anticipated meeting on Thursday ended with a whimper: No change to an output target that already wasn’t being observed. Oil prices, though, went bang: Brent crude fell 5% to around $72.40 a barrel after the decision was made. It will likely be years before we see triple-digit oil again. Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries, has a beef with a number of oil-market participants. It also appears to have woken up to the fact that OPEC has once again lost its grip...
  • Falling Oil Prices, Holiday Shopping Point North for U.S. Recovery

    11/30/2014 11:09:49 AM PST · by Kaslin · 20 replies
    Townhall.com ^ | November 30, 2014 | Peter Morici
    This past week markets hit new highs on Wednesday, only to pull back a bit on OPEC’s decision to hold steady on production quotas. OPEC is in crisis because two of the three biggest oil producers—Russia and the United States—don’t participate in its market rigging activities. With Russia buffeted by sanctions and desperate for revenues and the United States undergoing an oil and gas boom, Saudi Arabia has decided to test the resilience of non-OPEC oil suppliers by forcing prices down instead of up. Not exactly a friendly act by an ally whose security the United States guarantees, and whose...
  • Venezuela's President Vows To Get Oil Prices Back To 'Where They Should Be'

    11/29/2014 4:40:56 PM PST · by blam · 64 replies
    BI ^ | 11-29-2014 | Linette Lopez
    Linette Lopez November 28, 2014In a passionate speech on Thursday, Venezuelan President Nicolas Maduro vowed that he would not rest until oil prices were back to "where they should be," reports Venezuelan paper, El Universal. For Maduro's purposes, that's at about $100 a barrel. "We will maintain the depth and rhythm of our investments into society," Maduro said speaking at a military celebration. "The best response in the face of obstacles is to come together in work, in struggle — it is to have discipline. On Thursday OPEC leaders agreed not to reduce global oil output, thereby increasing the price...
  • Kuwait Says Technical, Not Political, Reasons Behind Oilfield Closure

    10/27/2014 4:59:11 AM PDT · by thackney · 2 replies
    Rig Zone ^ | October 27, 2014 | Reuters
    A senior Kuwaiti official said on Sunday the Khafji oilfield, run jointly with Saudi Arabia, had been shut down for "purely technical and not political" reasons, state news agency KUNA reported. Crude production from the Khafji oilfield had been halted temporarily to comply with environmental rules, according to an industry source and an internal letter seen by Reuters. But the closure of the offshore field, which has an output of between 280,000 to 300,000 barrels per day, revived speculation of renewed tensions between the two countries. Kuwaiti Foreign Ministry undersecretary Khaled al-Jarallah, speaking in Riyadh after a meeting of Gulf...