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Thread: Saudi Arabia and OPEC are doomed.

  1. #541
    US consumers may be cursing rising gasoline prices which are rapidly approaching an average of $3.00 across the nation as Brent hits a new 4 year high above $84, but that is nothing compared to the horror that motorists across most emerging markets are facing.
    With currencies across the developing world tumbling as a result of a toxic mix of global trade tensions, the strong dollar and rising U.S. interest rates, dollar-denominated crude has become all the more expensive. And while the price of Brent crude, the international oil price gauge, has risen by 22% this year in dollar terms, its cost has doubled if you’re buying in Turkish lira. It is up 39% in Indian rupees and 34% in Indonesian rupiah. And don't even mention Argentina.

    The soaring prices are forcing emerging-market countries and central banks to act. According to the WSJ, India, the world’s third-biggest oil importer, is weighing temporarily limiting oil imports, while Brazil and Malaysia have introduced fuel subsidies. On Thursday, central banks in Indonesia and the Philippines both raised interest rates to tame rising inflation.
    In South Africa, where fuel prices are at a record high, the central bank said in a statement last week that “the impact of elevated oil prices and a weaker exchange rate on domestic fuel costs is increasingly evident.”
    “Emerging markets already have a lot of problems as it is, and when you throw an oil price spike to the mix, that creates another big risk factor,” said Jon Harrison, managing director for emerging markets strategy at TS Lombard.
    The sharp spike in oil - and gasoline prices - assures a double whammy to the economy as local infrastructure is forced to, literally, slow down. And absent a major change, such as a sharp drop in the dollar or oil prices, the large developing nations like Turkey, India, the Philippines and South Africa are out of luck as they import all or most of their oil.
    This creates a feedback loop where rising prices are spurring higher inflation and expanding already large current-account deficits, further exacerbating the economic hit. An increasing import bill further widens the deficit, which puts further pressure on their currencies.
    “Oil is definitely a risk for those pressured by current account funding issues,” said Sacha Tihanyi, deputy head of emerging-markets strategy at TD Securities in New York. “If we see oil continuing higher, we’ll have to see further monetary and nonmonetary measures in order to help stabilize the external deficit strain.”
    The only option these countries have to normalize the surging import prices is to push up their currencies by raising rates. And that's what they are doing: last Thursday, Bank Indonesia, the country’s central bank, raised rates for the fifth time since May. In a statement, the bank pointed to a “surge” in crude imports bringing the country’s trade deficit to over $1 billion in August.
    Also on Thursday, the Philippine central bank raised its key interest rate, citing rising inflation. Speaking to Reuters, the country’s finance minister said that the recent rise in oil prices is his main concern now.
    Unable to wait for monetary policy to funnel through to the broader economy, some companies are taking matters into their own hands. According to the WSJ, in August India’s Jet Airways reported a rise in fuel costs of more than 50% year-over-year in the three months to June. CEO Vinay Dube had already talked of “a tough phase” for the industry, singling out the depreciating rupee and high fuel prices. Meanwhile, Indonesian state-owned oil company Pertamina is facing a squeeze as the bill for importing foreign crude soars.
    * * *

    More at: https://www.zerohedge.com/news/2018-...ing-oil-prices
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
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  3. #542
    A $200-billion solar power project that was planned to be the largest solar farm in the world might never happen, government sources from Riyadh told the Wall Street Journal.
    The Kingdom earlier this year announced the funding and a partnership with Japanese SoftBank as part of its Vision 2030 economic reform plan that also involves a US$500-billion smart city project.
    The solar project would have had installed capacity of 200 GW by 2030 and could have created as many as 100,000 jobs. However, the WSJ sources said, nobody is working on the project and the government is planning another set of renewable energy initiatives, to be made public later this month. Those new initiatives, the sources added, would be more practical.

    More at: https://oilprice.com/Alternative-Ene...er-Happen.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  4. #543
    After having shelved indefinitely plans to go public, Saudi Aramco is looking to buy a majority stake in Saudi chemicals giant Sabic from the government’s sovereign wealth fund, and may borrow US$50 billion from international banks to finance that deal, Reuters reported on Monday, citing banking sources familiar with the talks.
    Saudi Aramco—whose initial public offering (IPO) is now all but scrapped—plans to buy the 70 percent in Sabic currently in the hands of the Public Investment Fund (PIF) of Saudi Arabia in a deal expected to be worth US$70 billion.
    Aramco’s acquisition of a majority stake in Sabic would be key to the oil giant’s strategy to expand in the downstream segment and curb emissions, Aramco’s chief executive Amin Nasser told the Financial Times last month, noting that talks about the Sabic acquisition were still at an early stage.
    According to Reuters’ banking sources, bankers have been meeting with Aramco over the past few weeks to talk about ways to raise money for the Sabic deal, with various options discussed, including bond issues and bank loans.
    Currently, the most likely scenario would be Aramco tapping its own cash for around $20 billion of the US$70-billion acquisition price tag, while the remaining $50 billion would come from a combination of various large long-term loans and smaller short-term bridge loans. The shorter-term loans could be replaced with bond issues after a year-a year and a half, several sources told Reuters.

    More at: https://oilprice.com/Latest-Energy-N...quisition.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  5. #544
    Saudi Arabia will pump 10.7 million bpd of oil in October and will slightly raise this level in November, Saudi Energy Minister Khalid al-Falih said at an energy forum in Moscow on Wednesday.
    The comments by the key oilman in OPEC’s largest producer and exporter come just a few days after Brent Crude prices hit earlier this week $85 a barrel—a four-year high—amid concerns that OPEC and allies are not doing enough to offset declining Iranian oil exports and plunging Venezuelan production.
    Saudi Arabia is currently pumping 10.7 million bpd, al-Falih said today. This is just shy of the Kingdom’s all-time high production of 10.72 million bpd, set in November 2016, just before OPEC and its Russia-led non-OPEC allies started the production cut deal in January 2017.
    Asked about the Saudi plans for November production, when the U.S. sanctions on Iran’s oil return, al-Falih said that the November output would be “slightly higher” from the October level, which he expects to average 10.7 million bpd.

    More at: https://oilprice.com/Energy/Crude-Oi...roduction.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment



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  7. #545
    Are Saudi Arabia and Russia helping Trump out by agreeing to increase oil production?
    A new report from Reuters says that Russia and Saudi Arabia “struck a private deal” in September to increase production in order to suppress oil prices. Intriguingly, the pair apparently phoned the U.S. before the Algiers meeting in late September to relay the details of their plan.
    The report is an indication that Saudi Arabia was trying to respond to pressure from President Trump to lower oil prices. If the White House was informed about the secret private deal, it didn’t seem to resolve Trump’s concerns.
    Just a few days after the Algiers meeting, Trump blamed OPEC for high oil prices at the UN General Assembly in New York.
    Also, the secrecy behind the private deal is interesting. It demonstrates that the Saudis do not want to be perceived as doing Trump’s bidding. “The Russians and the Saudis agreed to add barrels to the market quietly with a view not to look like they are acting on Trump’s order to pump more,” one source told Reuters.
    However, the downside of keeping the strategy secret is that if the oil market doesn’t know about it, or the fact that Saudi Arabia and Russia decided to ramp up production, then the effect on prices is muted. After all, Brent surged to $85 per barrel in recent days, evidence that oil traders are not convinced about OPEC’s strategy.
    It may not be surprising then that the Reuters report came out when it did. Was that a deliberate strategy by the Saudis to leak the details to the press in order to inform the market? Who knows, but it came shortly after Brent rose its highest level in four years, which seems unlikely to be a coincidence.

    More at: https://oilprice.com/Energy/Crude-Oi...-Oil-Deal.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  8. #546
    India gave the green light to businesses hurt by the rising costs of crude oil to start borrowing up to $10 billion in foreign money that will offset the heavy weight of rising oil prices and the falling rupee, Reuters reported on Wednesday.
    India’s current commercial borrowing rules prevent businesses from borrowing more than $750 million in foreign money—the previous limit as outlined in April by the Reserve Bank of India (RBI) as cited by Lexology.
    Rising oil prices spurred by increasing fears that Iran’s crude oil exports will take out more oil from the market than previously thought—up to as much as 2 million barrels per day—has weighed heavily in recent months on the country, which is well on its way to overtaking China in terms of oil demand growth—a marker expected to be reached in 2024 according to an August news release from Wood Mackenzie.
    But equally as worrisome for the Asian nation is the falling rupee, which today has reached a record low of 73.38, according to Business Today.


    More at: https://oilprice.com/Latest-Energy-N...ts-Of-Oil.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  9. #547
    India’s government has introduced a fuel relief as prices at the pump rise inexorably, following soaring international benchmarks, Indian media report, citing the official statement by Finance Minister Arun Jaitley.
    The move was made after consultation with local oil companies, which agreed to reduce prices by US$0.034 (2.5 rupees) per liter of gasoline and diesel, of which they will absorb US$0.014 (1 rupee) per liter of fuel, and the government will shoulder the rest by cutting excise duties on fuels.

    More at: https://oilprice.com/Latest-Energy-N...-The-Pump.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  10. #548
    Rising oil prices are hurting consumers, Fatih Birol, the Executive Director of the International Energy Agency (IEA), says, calling on major all producers to do the best they can to further boost production and ease persistent supply concerns that pushed Brent Crude to above $86 a barrel on Wednesday.
    “Some countries have been making efforts to increase production but this is far from comforting the markets right now,” Birol told the Financial Times on Thursday, adding that his “hope is that all the producers are aware of the sensitive situation and make their best efforts.”
    Although higher energy prices may look like a boon for oil exporting countries today, tomorrow the economies of oil exporters will also suffer because of the lower demand growth stemming from high oil prices, Birol told FT.
    In an interview with Reuters, also today, Birol said that:
    “It is now high time for all the players, especially those key producers and oil exporters, to consider the situation and take the right steps to comfort the market, otherwise I don’t see anybody benefiting.”

    More at: https://oilprice.com/Energy/Crude-Oi...roduction.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  11. #549
    The on-again, off-again, never-in-doubt, will-never-happen IPO of Saudi Arabia's state-owned oil company Aramco is back on... for 2021, according to prince Mohammad bin Salman.

    In a broad-based interview with a number of Bloomberg reporters on Wednesday night at a royal compound in Riyadh, Saudi Arabia’s Crown Prince Mohammed bin Salman Al Saud spoke about his relationship with Donald Trump, his commitment to IPO Aramco, plans to invest a further $45 billion in Softbank, energy markets and the recent arrests in the kingdom.
    As Bloomberg reports, Prince Mohammed, surrounded by a handful of advisers, said the IPO was "100 percent" in the nation’s interest.
    "Everyone heard about the rumors of Saudi Arabia canceling the IPO of Aramco, delaying that, and that this is delaying Vision 2030," he said. "This is not right."
    Prince Mohammed said the IPO’s delay had its origin in mid-2017, when it became clear that Aramco needed a push into petrochemicals. He said it would had been unfair to go ahead with the listing only to surprise investors soon after with a big deal in chemicals.
    The most recent statements on when the IPO would happen provided considerable room for maneuver. Energy Minister Khalid Al-Falih said in August that Saudi Arabia would go ahead with the project "at a time of its own choosing when conditions are optimum."

    Prince Mohammed has now given the company and its advisers a new deadline, requiring the completion of the Sabic and acquisition and a giant international share sale in less than three years. Management and bankers will take some solace from the fact they’ve already made many of the preparations needed for an IPO, but it remains a daunting agenda.

    More at: https://www.zerohedge.com/news/2018-...ramco-ipo-back
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  12. #550
    Ibn Khaldun, a member of an upper-class Spanish-Muslim family that fled to North Africa after the fall of Seville in 1248, was one of the most remarkable personalities of the late Middle Ages on either side of the Christian-Muslim divide. He wrote The Muqaddimah, a book-length prologue to his six-volume world history, which British historian Arnold Toynbee praised “as undoubtedly the greatest work of its kind that has ever yet been created by any mind in any time or place.” The anthropologist Ernest Gellner described Khaldun as a forerunner of modern sociology. The Muqaddimah, a strange blend of faith, fatalism, and science, is best known for its musings on the subject of the urban-nomadic conflict and the process by which dynasties rise and decay.
    As Ibn Khaldun put it:
    [T]he life of a dynasty does not as a rule extend beyond three generations. The first generation retains the desert qualities, desert toughness, and desert strategy. … They are sharp and greatly feared. People submit to them. … [T]he second generation changes from the desert attitude to sedentary culture, from privation to luxury and plenty, from a state in which everybody shared in the glory to one in which one man claims all the glory for himself while the others are too lazy to strive for glory. … The third generation … has completely forgotten the period of desert life and toughness, as if it never existed…. Luxury reaches its peak among them, because they are so much given to a life of prosperity and ease.
    Decadence leads to collapse as fierce nomadic fundamentalists gather in the desert and prepare to mete out punishment to the city dwellers for their religious laxity. “[A] new purge of the faith is required,” summed up Friedrich Engels, who evidently read Ibn Khaldun, “a new Mahdi [i.e., redeemer] arises, and the game starts again from the beginning.”
    It’s a recurrent cycle that has held true for a remarkable number of Muslim dynasties from the seventh century on.
    Evidence of Instability

    The big question now is whether the pattern will hold true for the Saudis.
    The answer so far is that it will. Events are proceeding on course. Ibn Saud, the founder of the modern Saudi state, by allying himself with Wahhabism, the local version of Islamic ultra-fundamentalism, embodied Ibn Khaldun’s concept of a ruthless desert warrior who uses religion to mobilize his fellow tribesman and battle his way to the throne in 1932. Once Saud took power, he proved to be a tough and cagey politician who put down rebellion and expertly played Britain and America off against one another to solidify his throne.
    But the half-dozen sons who followed were different. The first, Saud, was a heavy spender who brought the kingdom to the brink of bankruptcy. The second, Faisal was an autocrat who was so out of his depth that he believed Zionism somehow begat communism. Khalid, who took power in 1975, was an absentee monarch who was gripped by paralysis when hundreds of rebels took over Mecca’s Grand Mosque in November 1979 and had to be rescued by French commandos flown in specially for the occasion. Fahd, who succeeded to the throne in 1982, was obese, diabetic, and a heavy smoker who ultimately fell victim to a massive stroke. Abdullah, his successor, also was sickly and obese, while Salman, who assumed the throne in 2015 at age 79, has suffered at least one stroke and is said to exhibit “mild dementia.”



    The upshot is a group study in decrepitude. MBS, who all but took over the throne in 2015, meanwhile personifies all the foolishness and decadence that Ibn Khaldun attributed to the third generation. He’s more energetic than his father. But as one would expect of someone who has spent his entire life cosseted amid fantastic wealth, he’s headstrong, impractical, and immature. Appointed minister of defense by his father at the ripe old age of 29, he declared war on Yemen, Saudi Arabia’s neighbor to the south, two months later and then disappeared on a luxury vacation in the Maldives where a frantic Ashton Carter, Barack Obama’s secretary of defense, was unable to reach him for days.
    A year later, MBS unveiled Vision 2030 a grandiose development plan aimed at bringing Saudi Arabia into the 21st century by diversifying the economy, loosening the grip of the ultra-intolerant Wahhabiyya,and putting an end to the country’s dual addiction to oil revenue and cheap foreign labor. In a country in which young men routinely wait years for a comfortable government sinecure to open up, the goal was to rejigger the incentives to encourage them to take private-sector jobs instead.
    It hasn’t worked. In a rare moment of candor, a pro-government newspaper recently reported that thousands of employers are evading government hiring quotas by paying Saudi workers not to show up. “Employers say young Saudi men and women are lazy and are not interested in working,” it said, “and accuse Saudi youth of preferring to stay at home rather than to take a low-paying job that does not befit the social status of a Saudi job seeker.”


    Some 800,000 foreign workers have left the country while capital is fleeing in the wake of last November’s mass roundup in which hundreds of princes and businessmen were herded into the Riyadh Ritz-Carlton and forced to turn over billions in assets. Foreign direct investment has plummeted from $7.5 billion to $1.4 billion since 2016 while a series of super-splashy development projects are in jeopardy now that Saudi Aramco privatization, which MBS was counting on as a revenue source, is on hold.
    While granting women permission to drive, MBS has imprisoned women’s rights advocates, threatened a dissident cleric and five Shiite activists with the death penalty, and cracked down on satirical postings on social media. He preaches austerity and hard work, yet plunked down $500 million for his yacht, $450 million for a painting by Leonardo da Vinci, and $300 million for a French chateau. The hypocrisy is so thick that it’s almost as if he wants to be overthrown.
    Fundamental Enemies

    As for the lean and hungry fundamentalists whom Ibn Khaldun said would administer the final blow, there’s no doubt who fits that bill: ISIS and al- Qaida. Both are fierce, warlike, and pious, both inveigh against a Saudi regime drowning in corruption, and both would like nothing more than to parade about with the crown prince’s head on a pike.
    In May, al-Qaida denounced Saudi religious reforms as “heretical” and urged clerics to rise up against a “moderate, open Islam, which all onlookers know is American Islam.”
    In July, Islamic State took credit for an attack on a Saudi security checkpoint that claimed the life of a security officer and a foreign resident.

    More at: https://www.zerohedge.com/news/2018-...t-failed-state
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  13. #551
    OPEC has revised down its oil demand growth estimates for this year and next—a third downward revision in as many months—citing potential headwinds to global economic growth ranging from trade disputes to weakening finances in emerging markets and geopolitical challenges.
    In its closely watched Monthly Oil Market Report published on Thursday, OPEC revised down its global oil demand growth to 1.54 million bpd this year, down by 80,000 bpd from the estimate in the September report.
    In last month’s report, the downward revisions from August were much smaller—by 20,000 bpd for global oil demand growth in both 2018 and 2019.
    In its latest estimate, OPEC now sees global oil demand growth next year at 1.36 million bpd, down by around 50,000 bpd from last month’s assessment, to reflect expectations for lower economic growth for Turkey, Brazil, and Argentina. As a result, total world oil demand in 2019 is now expected to reach 100.15 million bpd. Oil demand growth will be mainly driven by India, followed by China and OECD America, OPEC said.

    More at: https://oilprice.com/Latest-Energy-N...Forecasts.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  14. #552
    Ibn Khaldun, a member of an upper-class Spanish-Muslim family that fled to North Africa after the fall of Seville in 1248, was one of the most remarkable personalities of the late Middle Ages on either side of the Christian-Muslim divide. He wrote The Muqaddimah, a book-length prologue to his six-volume world history, which British historian Arnold Toynbee praised “as undoubtedly the greatest work of its kind that has ever yet been created by any mind in any time or place.” The anthropologist Ernest Gellner described Khaldun as a forerunner of modern sociology. The Muqaddimah, a strange blend of faith, fatalism, and science, is best known for its musings on the subject of the urban-nomadic conflict and the process by which dynasties rise and decay.
    Muqadimmah is a fascinating read.



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  16. #553
    Baker Hughes reported an 11-rig increase for oil and gas in the United States this week, bringing the total number of active oil and gas rigs to 1,063 according to the report, with the number of active oil rigs increasing by 8 to reach 869 and the number of gas rigs increasing by 4 to reach 193. Miscellaneous rigs fell by 1.
    The oil and gas rig count is now 135 up from this time last year.

    More at: https://oilprice.com/Energy/Crude-Oi...orrection.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  17. #554
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  18. #555
    Einstein is absolutely right!

  19. #556
    The offshore drilling segment of the energy industry was among the hardest hit by the 2014 downturn. Many went under, and those that did survive were on their last legs when prices began to climb back up. Now, things are looking up and the sector could see a full recovery by 2020.
    Reuters recalls in a recent story how offshore drilling rigs fetched around US$180,000 per day during the worst of the downturn, from as much as half a million dollars before. Now, according to offshore drilling giant Transocean, it is raking in US$300,000 per day for its specialized vessels deployed in the North Sea.

    In the second quarter of last year, offshore drillers retired the most rigs over a three-month period, Bloomberg reported at the time, citing an energy advisory firm. Now, IHS Markit has forecast that in 2020, global drilling rig demand will hit 521 on average, versus its estimate for this year, which is for 453 rigs.

    More at: https://oilprice.com/Energy/Crude-Oi...il-Sector.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  20. #557
    U.S. oil production may rise to as much as 14 million barrels of oil per day (bpd) by 2020, Secretary of the Interior Ryan Zinke told Fox Business on Wednesday.
    “Today we are the largest oil and gas producer on the face of the planet, rolling through 11.2 million bpd, on our way to 14,” Secretary Zinke said.
    There are some hurdles, we have to get the infrastructure, but the production side of it is well within the capability of going to 14 million bpd, he added.
    In its October Short-Term Energy Outlook (STEO), the Energy Information Administration (EIA) said that U.S. crude oil production averaged 11.1 million bpd in September, up slightly from the oil production in August. The EIA expects U.S. crude oil production to average 10.7 million bpd this year, rising from 9.4 million bpd in 2017. U.S. oil production will average 11.8 million bpd in 2019, EIA’s latest estimate shows.

    For exports, U.S. crude oil exports could increase to 3.9 million bpd by 2020, up from just above 2 million bpd now, mostly driven by rising production in the Permian, the Houston Chronicle reported earlier this month, citing a report by S&P Global Platts.

    More at: https://oilprice.com/Energy/Crude-Oi...d-By-2020.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  21. #558
    Due to operational divergences and geopolitical divisions, Saudi Arabia and Kuwait haven’t made any progress in talks about the potential restart of jointly operated oil fields that analysts were hoping could soon add 500,000 bpd of oil production in the Middle East, Reuters reported on Wednesday, quoting sources familiar with the talks.
    The so-called Partitioned Neutral Zone (PNZ) was established between Saudi Arabia and Kuwait in 1922 to settle a territorial dispute between the two countries. As of 2015, the oil production capacity in the neutral zone stood at 600,000 bpd, equally divided between Kuwait and Saudi Arabia, according to the EIA. Production from the zone averaged around 500,000 bpd just before the shutdown of the two oil fields, Khafji and Wafra, in 2014-2015.
    At the end of last month, Saudi Arabia’s Crown Prince Mohammed discussed the restart of crude oil production in the neutral zone during a meeting with Kuwait’s Emir Sheikh Sabah al-Ahmad al-Jaber al-Sabah. The Saudi Crown Prince’s visit to Kuwait, however, was cut short, according to Reuters sources, while big divergences between the two sides remained.


    After talks broke down, the prospects for the fields coming back online is “dead as a doornail,” a source close to the projects told Platts on Tuesday. The only hope for the fields to restart could be through international arbitration, the source added.
    According to Reuters’ sources, maintenance on the inactive fields is expensive and the more the restart is postponed, the more difficult it will be to resume production quickly.

    More at: https://oilprice.com/Latest-Energy-N...s-Restart.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  22. #559
    The U.S. Gulf of Mexico is making a comeback and its total production has been rising over the past year.
    Total U.S. crude oil production in the Federal Gulf of Mexico increased slightly in 2017 to reach 1.65 million bpd, the highest annual level on record, the EIA said in April, adding that production is expected to continue growing this year and next, accounting for 16 percent of total U.S. crude oil production. According to the EIA, a total of 10 deepwater Gulf of Mexico field starts are expected in 2018 and 2019.

    More at: https://oilprice.com/Latest-Energy-N...n-Planned.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  23. #560
    Baker Hughes reported a 4-rig increase for oil and gas in the United States this week, bringing the total number of active oil and gas rigs to 1,067 according to the report, with the number of active oil rigs increasing by 4 to reach 873 and the number of gas rigs increasing by 1 to reach 194. Miscellaneous rigs fell by 1.
    The oil and gas rig count is now 154 up from this time last year.

    More at: https://oilprice.com/Energy/Crude-Oi...-Recovery.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment



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