This tag is associated with 255 posts

Speculators Cut Bearish Bets On Oil

Crude prices have rebounded 50 percent since February. At the same time, since the beginning of February the US Commodity Futures Trading Commission (CFTC) has seen the biggest liquidation of short positions on record. Short positions on US benchmark WTI crude, or in other words, bets that prices will go down, have fallen by 131,617 contracts, … Continue reading

Only One Oil Fundamental Factor

By Jeffrey P. Snider, Alhambra Investment Partners The fundamentals for crude oil continue to be atrocious. Production remains relatively stable if slightly reduced, which is about the only factor in favor of oil prices since the February 11 low. On the other side of the ledger, you don’t hear as much about how it’s all oil … Continue reading

Saudi Arabia To Move From Oil, Earn More From Hajj

As part of a diversification strategy, Saudi Arabia is to broaden pilgrimage services to reduce its dependence on falling oil revenue, reported the Saudi Gazette newspaper. The pilgrimage industry is the country’s second most important after oil and gas. Nearly two million foreign pilgrims visit the holy city of Mecca annually during Hajj. The figure … Continue reading

Scotland’s Economy To Be Hit By Oil Price Collapse, Says Thinktank

Institute for Fiscal Studies report suggests Scotland’s deficit will rise to £13bn, as SNP launches campaign for Holyrood election. Scotland’s deficit will jump to nearly £13bn by the end of this decade after the collapse in oil prices, according to the Institute for Fiscal Studies. The IFS released its updated assessment as Nicola Sturgeon, the … Continue reading

Russian Oil Industry To Attract Some $20.6 Billion Investment In 2016

Russian Deputy Energy Minister Kirill Molodtsov said that Russian oil sector is expected to attract investments worth 1.4 trillion rubles ($20.6 billion) in 2016. Russian oil sector is expected to attract investments worth 1.4 trillion rubles ($20.6 billion) in 2016, Russian Deputy Energy Minister Kirill Molodtsov said Tuesday. “We expect that the total volume of investments will be … Continue reading

Saudi Petrochemicals Giant Sees Oil At $60 By Year End

Oil prices may reach stability after the nosedive that has erased two-thirds of their value and pushed them to the lowest level in more than 10 years, according to one of the world’s largest petrochemicals manufacturers, SABIC. “Of course, prices are not really at levels where we wish (them to be) but that’s normal in … Continue reading

Nigeria’s State Oil Firm Accused Of Withholding $25B From Government

The Nigerian National Petroleum Corporation (NNPC) owes the Nigerian government $25 billion in back payments on revenue generated from the sale of crude oil, according to the country’s fiscal watchdog agency. Ibrahim Mohammed, a spokesman for Nigeria’s Revenue Mobilization, Allocation and Fiscal Commission (RMAFC), released a statement Monday saying the NNPC’s unremitted liability was from … Continue reading

Monetary Policy Is Reaching Its Limits & Cheap Money Is A Delusion: Taxpayers Will Have To Pay The Bill Anyway

Monetary policy in the United States and other developed countries “is reaching its limits,” but the Federal Reserve has not yet run out of responses to a potential slowdown, former Fed Chairman Ben Bernanke wrote Friday in a blog post for the Brookings Institution, CNBC reports. The economist argued that a “balanced monetary-fiscal response” would better boost … Continue reading

Shell, Saudi Aramco Split Assets

Royal Dutch Shell PLC and Saudi Arabian Oil Co. will split up the assets of their joint U.S. venture, which will see the kingdom’s state-owned producer take full ownership of America’s biggest oil refinery, the companies announced late Wednesday. The Port Arthur, Texas, refinery, located about 90 miles (140 kilometers) east of Houston, produces some … Continue reading

Russia Has Less Than Three Decades Of Oil Remaining

Russia will run out of oil by 2044, according to the Ministry of Natural Resources and Environment, with production beginning to decline in 2020. “Our recoverable oil reserves are about 29 billion tons. These are the ones that could theoretically be extracted from the subsoil. Crude oil production (without condensate) preliminarily amounted to about 505 … Continue reading

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