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Russia Says Will Keep Oil Output Steady In 2015

Russian oil companies will keep production steady in 2015, Energy Minister Alexander Novak said on Wednesday, after Moscow left a meeting with other major oil producers with no agreement on how to address weak oil prices. Russia, which is not an OPEC member, has watched nervously as oil prices have fallen 30 percent since June and analysts say Moscow had hoped to convince other members and non-members to support a production cut at an OPEC meeting on Thursday. After talks between Saudi Arabia, fellow OPEC member Venezuela and oil power Mexico ended without an agreement on Tuesday, Russia's message was clear - daily average oil production of around 10.5 million barrels will be maintained. "We have got the plans which companies have embarked on for next year: (output) will be along the same lines as this year," Novak told reporters. Russia is hoping to ...


Libya Producing 700000 B/D of Oil

Libya is currently producing 700,000 barrels a day of oil, a top energy official said Wednesday. The country's current production, less than half of its normal level of about 1.5 million barrels a day, has been hit by frequent unrest and strikes. Speaking to reporters, Mohamed Oun, a deputy vice-prime minister for energy, also said his government decided to replace the head of the National Oil Co. Mustafa Sanallah with Almabrouk Abuseif Alahirish. Mr. Sanallah couldn't be reached for comment. It's unclear how Libya's internationally recognized government could enforce the decision. A rival rebel cabinet is in control of NOC's offices in Tripoli. Mr. Oun is part of a team sent to Vienna by the internationally recognized government for a meeting of the Organization of the Petroleum Exporting Countries. Deputy-Prime minister Abdulraman al-Taher Alahirish told reporters he would lead the Libyan delegation at the gathering. Under ...

Kirkuk oil facilities damaged in IS battle thumbnail

Kirkuk oil facilities damaged in IS battle

A pipeline to the Baiji refinery was ablaze amidst a barrage of artillery fired by militants of the so-called Islamic State (IS) as they battled coalition forces in contested areas southwest of Kirkuk. IS militants launched their attacks late Tuesday and into Wednesday, battling Kurdish Peshmerga forces and facing air strikes by coalition planes. In the morning raid, IS militants took control of the Tel al-Warid and Maktab Khaled villages, 20 kilometers southwest of Kirkuk city iraqoilreport.com


Bottom for oil in 2015 is $35

Oil could plummet to $35 a barrel next year if OPEC doesn't reach an agreement by the spring, oil price tracker Tom Kloza said Wednesday. The founder of Oil Price Information Services told CNBC's "Squawk Box" that he expects at least a "lip service agreement" from OPEC members Thursday, when they meet to discuss output, but the members will largely ignore it, creating a bigger crisis in about six months. "When you look at the second half of 2015, that's when you see oil beginning to dwarf demand by about a million, a million and a half barrels a day," he said. "Thirty-five dollars is a possibility if they don't get an agreement next spring because that's when the oil really starts to build and you can have a billion barrels of oil with really no place to put it." At that point, ...

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‘Big gaps’ remain in Iran nuclear talks thumbnail

‘Big gaps’ remain in Iran nuclear talks

Top level diplomats of the US and Germany have said that there were still serious gaps in talks over Iran's nuclear programme, despite signs of some progress two days before a deadline to reach a deal between Iran and major powers. Six major powers - the US, UK, France, Germany, Russia and China -  began a final round of talks  with Iran in Vienna on Tuesday, looking to seal a deal under which the country would curb its nuclear work in exchange for a lifting of economically crippling sanctions. "We are working hard ... We hope we are making careful progress, but we have big gaps, we still have some serious gaps, which we're working to close," Kerry, US secretary of state, said on Saturday in the Austrian capital after meeting Frank-Walter Steinmeier, the German foreign minister. On his part, Steinmeier said that ...

19 US Shale Areas That Are Suddenly Endangered, “The Shale Revolution Doesn’t Work At $80″ thumbnail

19 US Shale Areas That Are Suddenly Endangered, “The Shale Revolution Doesn’t Work At $80″

Despite the constant blather that lower oil prices are "unequivocally good" for America, we suspect companies working and people living these 19 Shale regions will have a different perspective...   Drilling for oil in 19 shale regions loses money at $75 a barrel, according to calculations by Bloomberg New Energy Finance. Those areas pumped about 413,000 barrels a day, according to the latest data available from Drillinginfo Inc. and company presentations.   “Everybody is trying to put a very happy spin on their ability to weather $80 oil, but a lot of that is just smoke,” said Daniel Dicker, president of MercBloc Wealth Management Solutions with 25 years’ experience trading crude on the New York Mercantile Exchange. “The shale revolution doesn’t work at $80, period.” zerohedge

Ocean Spiral designed to harness deep sea potential thumbnail

Ocean Spiral designed to harness deep sea potential

An increasing world population means more strain on resources, and requires increasingly innovative solutions. Japanese firm Shimizu has come up with one such idea. Ocean Spiral is an underwater city that seeks to make use of the ocean's rich resources. View all  Shimizu is no stranger to moonshot ideas. It has previously proposed a ring of solar panels around the moon's equator to generate electricity for Earth and a self-sufficient, carbon-negative floating city in the Pacific Ocean. Its most recent idea, however, is more similar to Phil Pauley's Sub-Biosphere 2 self-sustainable underwater habitat. Shimizu says the basis for the concept is rooted in the huge potential of the deep sea and of the cycles that link in with the air, sea surface, and seafloor. The company outlines five main reasons for developing the project in the deep sea: there is potential for sourcing ...

Inside the Dynomak: A Fusion Technology Cheaper Than Coal thumbnail

Inside the Dynomak: A Fusion Technology Cheaper Than Coal

Modifying the most common type of experimental reactor might finally make fusion power feasible Fusion power has many compelling arguments in its favor. It doesn’t produce dangerous, long-term toxic waste, like nuclear fission. It’s far cleaner than coal, with a supply of fuel that’s virtually unlimited. And unlike with wind and solar, the output of a fusion power plant would be constant and reliable. The primary argument against fusion power has been that despite decades of work, it still doesn’t exist. But that’s no hindrance to a fresh crop of enthusiasts from academia, government, private industry, and even venture capital firms. In October, Lockheed Martin Corp. revealed that it’s been working on a type of fusion reactor that could be made small enough to transport by truck. Lawrenceville Plasma Physics raised money through crowdfunding in June to advance its alternative proton-boron fusion. Helion ...


Fossil fuels have made all our lives better

Here's a question for Floridians to ponder: Is it good that your state generates 86 percent of its electricity from fossil fuels? I'd wager most of you would say no. So would many of the politicians and bureaucrats directing America's energy policy. This was on full display earlier this month, when President Obama announced that the United States and China have reached an agreement to limit both countries' carbon dioxide emissions, which primarily come from fossil fuels. Such efforts have broad support from the general public — one recent poll shows that 51 percent of voters want to reduce fossil fuel usage, while only 22 percent want to increase their use. But the 22 percent are on to something. I've spent the better part of my life researching fossil fuels — both their pros and their cons — and I've come to an inescapable conclusion: ...


More on Bakken Production, Choke Theory

The US Petroleum Supply Monthly just came out with production data for every state and territory. US supply was up 168,000 bpd to 8,864,000 bpd in September. The biggest gainers were North Dakota, up 53,000 bpd to 1,185,000 bpd and Alaska up 79,000 to 477,000 bpd. Alaska  was way down in both July and August and are just recovering from that.  There was only one big loser, New Mexico, down 18,000 bpd. Texas was up only 9,000 barrels per day which was surprising. The Gulf of Mexico was down 3,000 bpd. The Choke theory and why I ain’t buying it. North Dakota publishes a Daily Activity Report Index of all permits and other well activity in the Bakken as well as the rest of North Dakota. In this report is a list of all producing wells completed as well as wells released from ...

Monster Wells: Hundreds Of Fracking Wells Using 10-25 Million Gallons of Water Each thumbnail Monster Wells: Hundreds Of Fracking Wells Using 10-25 Million Gallons of Water Each
While the oil and gas industry likes to claim that fracking is not an ...
Building global oil power, China’s reserves far ahead of plan thumbnail Building global oil power, China’s reserves far ahead of plan
China is estimated to be holding double the amount of crude in its strategic ...
Saudi Arabia Says Oil to Stabilize thumbnail Saudi Arabia Says Oil to Stabilize
Saudi Arabia’s oil minister said crude prices will stabilize while the United Arab Emirates ...
Saudi, Russia Pre-OPEC Talks Yield No Oil Output Cut thumbnail Saudi, Russia Pre-OPEC Talks Yield No Oil Output Cut
Impromptu talks between Saudi Arabia, fellow OPEC member Venezuela and oil powers Russia and ...

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