It may seem hard to believe, but only 15 years ago many of us were talking confidently about “peak oil” — the moment of maximum global oil output after which, with world reserves dwindling, its use would begin an irreversible decline. Then along came hydraulic fracturing, or fracking, and the very notion of peak oil largely vanished. Instead, some analysts[Read More...]
Oil and gas CEOs were too chicken to show up to a recent congressional hearing—perhaps fearing that their climate pledges will be revealed as nothing more than slick PR. Everywhere around us there is evidence of climate change, from the increase in winter storms such as New England’s late January blizzard, to California’s recent record-breaking winter heat wave. Meanwhile, the world’s biggest oil and[Read More...]
While Australian politicians languish in a world blotched by climate change scepticism and fossil fuel love-ins, global oil and gas companies have been shaken. Three titans of oil fame – Shell, ExxonMobil and Chevron – faced a range of decisions in May that promise to dramatically shape their future operations. The point is not negligible, given that this triarchy produced,[Read More...]
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman announced that Saudi Arabia was no longer an oil-producing country. “Saudi Arabia is no longer an oil country, it’s an energy-producing country,” the Energy Minister told S&P Global Platts this week. But that does not mean Saudi Arabia is planning on producing any fewer barrels of oil. And it does not mean[Read More...]
source / The Money GPS Commodities are in a supercycle. Well it depends who you ask. We are witnessing an incredibly precarious time in which assets are sky high and the economy is generally historically weak. With increased expenses, this puts additional strain on those millions of people who are struggling, the ones who really […]
MARIB, YEMEN — Saudi Arabia possesses around 18 percent of the world’s petroleum reserves. That fact though has done little to stifle the Kingdom’s apparent appetite for new sources of crude. Now, following over five years of all-out war against its southern neighbor, Saudi Arabia is scrambling to secure rights over Yemen’s potentially bountiful reserves of oil.
For decades, the common thought about the United States was that its glory days of being the number one producer of oil were long over. Indeed, the current narrative in the US about gas prices is usually based on the uptick or downtick of suppliers from the OPEC cartel.
Indian Prime Minister Narendra Modi with the President of Iran, Hassan Rouhani, in Jomhouri Building, at Saadabad Palace, in Tehran on May 23, 2016 [Image: PMO, India]
Despite the threat of further sanctions on Iran, its oil industry is continuing to do brisk trade with a number of countries, including the BRICS.
According to Iranian oil industry sources in Tehran, overall bilateral trade with BRICS countries reached 53.78 million tons.
While this is a decline of just over 8 per cent year on year, its value is up 7.4 per cent due to higher oil prices.
Iran’s President Hassan Rouhani (left) has told India’s Prime Minister Narendra Modi that the two countries are strategic partners [Image: BRICS2015]
India and Iran have just completed a round of negotiations which saw the two countries boost their economic ties despite Washington’s pressure on Tehran.
Iranian President Hassan Rouhani was in New Delhi this weekend to meet with Indian Prime Minister Narendra Modi to sign nine new trade agreements.
The agreements include the development of the strategic port of Chabahar in Iran.
BEIJING — Wall Street is bracing for a potential shake-up as China is set to launch its first-ever crude oil futures contract late March at the Shanghai Futures Exchange.
The move, which had been laid out in 2012 but faced delays over possible market turbulence, could represent a bold step forward in China’s rise as an economic superpower and global hegemon. The contracts will be priced in China’s currency, the renminbi or yuan, marking the birth of what many are calling the “petroyuan.”
