Keyword: opec
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Saudi Arabia condemns “in the strongest terms” Israel’s decision to turn the Jerusalem headquarters of the UN’s Palestinian refugee agency into apartments. Last week, the Israel Land Authority said it was preparing plans to turn the Ma’alot Dafna complex into 1,440 housing units, after telling UNRWA it must evacuate the premises. The Saudi Foreign Ministry notes in an English-language statement “the Kingdom’s rejection of the continued blatant Israeli violations of international laws and resolutions…and its systematic political and military targeting of the United Nations agencies and its relief organizations. “The Kingdom also rejects the continued endangerment of the lives of...
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The Biden-Harris administration openly admitted in early October that Iran has become enriched under its policies and leadership.... The Biden-Harris administration has seemingly eased sanctions against Iran in recent years, allowing the Islamic regime to rake in billions from oil revenues — and a new report from the administration itself published in October outlines exactly how much the regime has made.... During the Trump administration’s tenure and “maximum pressure” sanctions campaign against Iran, Tehran’s oil revenues fell from roughly $65 billion in 2018 to $28 billion in 2019, and even lower at $16 billion in 2020... When President Joe Biden...
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President Biden said Thursday that the US is “discussing” the possibility of Israel bombing Iranian oil facilities as payback for a volley of nearly 200 rockets fired at the Jewish state on Tuesday — causing a spike in global crude prices. Biden said the oil strike option was under consideration when asked directly by a reporter as he left the White House. “We’re discussing that. I think that would be a little… anyway,” the retiring 81-year-old president said ... Within 45 minutes of Biden’s remark, crude oil futures spiked to about $74 per barrel from its opening price of $70.10,...
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Saudi Arabia is prepared to abandon its $100-a-barrel crude oil price target as it moves to increase output, signaling its acceptance of lower prices, according to the Financial Times. This decision comes despite earlier production cuts by OPEC+ members, which sought to keep prices high. Brent crude prices dipped below $70 earlier this month, the lowest since December 2021. Despite this, officials plan to boost production starting December 1, potentially extending a period of reduced prices. This marks a shift from Saudi Arabia's previous focus on price stabilization. Saudi Arabia's ramp-up in oil production, especially if paired with lowered prices,...
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US politics three national polls two of them giving Kamala Harris the lead... In New York City this week more FBI raids aimed at officials close to Mayor Eric Adams... Colin Gray the father of the suspect in the Georgia school attack yesterday arrested... Telegram CEO Pavel Durov making his first comments since his arrest...he was told that he could be held responsible for other people's illegal use of Telegram... "I don't know if I'm insulted or he did me a favor" Donald Trump's reaction to Russian President Vladimir Putin's comments earlier today... "you're not going to have an Israel"...
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He states that there will be “Rapid Approvals” for the following: —— new drillings, new pipelines, new refineries, new power and electric plants, and new reactors of all types (nuclear) —— “This will quickly reduce the prices of everything almost immediately.”
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BENGHAZI, Aug 26 (Reuters) - Oilfields in eastern Libya that account for almost all the country's production will be closed and production and exports halted, the eastern-based administration said on Monday, after a flare-up in tension over the leadership of the central bank. There was no confirmation from the country's internationally recognised government in Tripoli or from the National Oil Corp (NOC), which controls the country's oil resources. NOC subsidiary Waha Oil Company, however, said it planned to gradually reduce output and warned of a complete halt to Libya's production, citing unspecified "protests and pressures". Another subsidiary Sirte Oil Company...
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A long-profitable niche for American car makers has been the all-American muscle car. Low-slung, two door sedans with enormous horsepower, wide tires, aggressive styling and the low rumble of those powerful V-8 engines. There’s nothing quite like them, and they sell for a premium. Ford made the Mustang, Chevy the Camaro, and Dodge, the Charger and Challenger. They were initially designed to go fast in a straight line, but as technology improved and suspensions became more sophisticated, they began to hold their own on the racetrack as well as the drag strip, and their internal amenities began to rival luxury...
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In the 2000s, former President Hugo Chávez of Venezuela bet his country’s economic future on a rising China, securing tens of billions of dollars in investments and loans-for-oil deals. It paid off at first. China voraciously consumed Venezuelan oil and financed infrastructure projects from a high-speed railway to power plants. The 2010s brought a reckoning. Oil prices fell, and growth in Chinese oil demand slowed along with its economy. Venezuela’s oil export revenues plummeted, from more than $73 billion in 2011 to $22 billion in 2016. Misrule by Mr. Chavez and his handpicked successor, Nicolás Maduro, and myriad other domestic...
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The International Monetary Fund (IMF) has downgraded its growth forecast for the Saudi economy due to ongoing oil production cuts by OPEC+. The IMF now sees 2024 growth clocking in at just 1.7%, nearly a percentage point lower than its earlier projection of 2.6%. The effects of the cuts are expected to spill over into the coming year, with the IMF projecting GDP growth of 4.7% in 2025, a downward revision of 1.3 percentage points from April...Last year, the Kingdom's private-sector investments expanded by a brisk 57 percent, reaching a record high of 959 billion Saudi Riyals (254 billion dollars),...
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He has a high-stakes job. War and natural disasters keep him on his toes. He is often on a plane to far-flung places, travelling to negotiate with local leaders. He has the best intelligence money can buy. And as November’s election nears, he will spend lots of time looking at lines on charts. The American president and swashbuckling oil traders, it turns out, have a lot in common. Indeed, Joe Biden also seems to have a knack for the oil trade. Two years ago his administration initiated the largest ever sell-off from America’s Strategic Petroleum Reserve (spr), an emergency store...
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Move to phase out voluntary cuts depends on market conditions Oil futures headed lower on Monday as traders assessed a decision by the OPEC+ to extend cuts by the group into 2025 but to begin unwinding some additional voluntary reductions later this year. West Texas Intermediate crude CL00, -2.69% for July delivery CL.1, -2.74% CLN24, -2.69% was down $2, or 2.7%, to $74.94 a barrel on the New York Mercantile Exchange. August Brent crude BRN00, -2.38% BRNQ24, -2.43%, the global benchmark, fell $1.72, or 2.1%, to $79.39 a barrel on ICE Futures Europe. July gasoline RBN24, -2.12% declined by 2.1%...
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House Democrats are probing President Trump’s request for $1 billion in campaign cash from major oil companies. Rep. Jamie Raskin (D-Md.) penned a letter to CEOs of eight energy companies and an oil lobbying group that reportedly attended a dinner at Trump’s Mar-a-Lago resort with the former president last month. Outlets, including The Hill, reported that at the dinner, Trump asked the industry to raise $1 billion to support his presidential campaign. The Washington Post, which shared the story first, reported that getting him the funds would be a “deal,” because of all the money the industry would save in...
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I have had several posts on a collection of related cases that I have called “The Stupidest Litigations In The Country.” These are cases where climate hysterics have sued oil and gas producing companies, or the federal government, or both, seeking various extreme punishments ranging from massive damages up to and including an order to end all production of fossil fuels. The asserted grounds vary somewhat from case to case, but a central theme is a claimed constitutional right to a “clean and healthy environment.” My last update on these cases was a post on April 9. A main subject...
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The administration of U.S. President Joe Biden reinstated oil and gas sanctions on Venezuela on Thursday, a recognition that lifting the sanctions did nothing to entice the socialist regime to host a free and fair election. The Biden administration lifted some of the strictest U.S. sanctions on dictator Nicolás Maduro’s regime last year as part of a dialogue in which Maduro agreed to host a presidential election sometime in 2014. The deal collapsed rapidly; Maduro scrapped it in October and launched a new wave of violence against anti-socialist dissidents, likely bankrolled by new oil profits. The Biden sanctions relief lasted...
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Of all post-war decades, the 1970s has undoubtedly had the worst press, but the truth is that most ordinary families in 1970s Britain were better off than ever, writes historian Dominic Sandbrook. The 1950s are symbolised by the television and the washing machine, which transformed the lives of so many families. We misremember the 1960s as the decade of the Mini, which was actually invented in 1959, the mini-skirt, which surprisingly few women actually wore, and the Pill, which most women never took. We remember the 1980s as the decade of gigantic hair, shoulder-pads, the Filofax and the home...
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Since Hamas’s brutal attack against Israel on Oct. 7 and the resulting Israeli military campaign in the Gaza Strip, tensions and hostilities across the Middle East have reached fever pitch. And with such a complex regional crisis playing out, it should not come as a surprise that the Biden administration is reconsidering its military priorities in the region.It should be cause for significant concern, however, that this could involve a full withdrawal of U.S. troops from Syria. While no definitive decision has been made to leave, four sources within the Defense and State departments said the White House is no...
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The Associated Press’s latest foreign donor wants to transform journalists into "community activists on climate change." The AP doesn’t seem interested in publicizing that. It’s the latest left-wing charity to fund the Associated Press, which says it is read by four billion people each day. Philanthropies that support packing the Supreme Court, defunding the police, and other left-wing initiatives have contributed millions of dollars to the AP in recent years, the Free Beacon reported. While the AP says it maintains editorial independence from its deep-pocketed donors, its climate reporting reflects many of the KR Foundation’s core beliefs. A recent AP...
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No one ever lost money betting on the ability of the Empire of Chaos, Lies and Plunder to construct a “coalition of the willing” whenever faced with a geopolitical quandary. In every case, duly covered by the reigning “rules-based international order”, “willing” applies to vassals seduced by carrots or sticks to follow to the letter the Empire’s whims. Cue to the latest chapter: Coalition Genocide Prosperity, whose official – heroic – denomination, a trademark of the Pentagon’s P.R. wizards, is “Operation Prosperity Guardian”, allegedly engaged in “ensuring freedom of navigation in the Red Sea.” Translation: this is Washington all but...
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