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Oil Executives Circle Iran thumbnail

Oil Executives Circle Iran

International sanctions have yet to be lifted on Iran, but Western oil executives this past week showed an appetite for doing business there at a stately hotel a few blocks from the Danube River. A little-publicized conference, the South Caspian Region Petroleum & Energy 2015 Summit, drew energy executives from Houston and London to Vienna where they shared coffee and cake with Iranian government officials on Tuesday and Wednesday. Among the international companies that sent executives were Chevron Corp. and Amec Foster Wheeler PLC, according to attendees. The presence of Western oil officials at an Iran-focused conference points to the shaping of a new business landscape in the Persian Gulf country with the prospect that economic sanctions could be lifted sometime this year. Iran and a group of Western nations led by the U.S. agreed this month to a political framework for lifting a ...

Any notion that nuclear power is clean is obsolete thumbnail

Any notion that nuclear power is clean is obsolete

The world must phase out nuclear power because it is absolutely not clean from the mining processing of uranium to the generation of high-level radioactive waste, Kevin Kamps for the radioactive waste watchdog Beyond Nuclear, told RT. It's been four years since the most powerful earthquake in Japan's history struck the Fukushima nuclear power plant. All of Japan's 43 operable reactors have been shut down since 2013, because of safety checks required after the accident. The operator of the nuclear plant has sent a second robot inside the Fukushima reactor to collect data from it. The first robot became immovable after recording some footage from inside the reactor. RT: Since the disaster, Japan has allocated more than $15 billion to an unprecedented project to lower radiation in towns near the power plant. However few locals believe Tokyo's assurances that the site will ...

Iraqi forces retake most of Iraq’s largest refinery thumbnail

Iraqi forces retake most of Iraq’s largest refinery

Iraqi forces retook most of the country's largest refinery from Islamic State on Saturday, officials said, reversing gains by the militants who seized parts of the sprawling complex in northern Iraq this week. A spokesman for the U.S.-led coalition fighting Islamic State said troops had recaptured all of Baiji refinery at 11:30 GMT (7.30 a.m. EDT), but officials in Salahuddin, the province where it is located, said there was still fighting around some facilities. The insurgents attacked the refinery a week ago by blasting through the security perimeter around it and taking over several installations, including storage tanks, a technical institute and a distribution point. The Baiji refinery produced around 175,000 barrels per day before it shut in June when Islamic State fighters seized it at the same time as the city of Mosul. Iraqi forces retook it from militants in November but ...

The Global Clamor For Oil And Gas thumbnail

The Global Clamor For Oil And Gas

Turkey’s Prime Minister Tayyip Erdogan, center meets with lawmakers from Azerbaijan, left row, in Ankara, Turkey, Oct. 14, 2009 to stabilize the south Caucasus with its vulnerable energy.  Turkey is quietly emerging as a global energy hegemon. LONDON — Russia and the United States’ hegemonic ambitions were laid bare in March 2014 over the highly contentious Crimean crisis, both looking to outdo the other in a rivalry that’s persisted since at least the Second World War. But this “cold war” which has been playing out over the decades has nothing to do with politics and everything to do with the energy race, according to Gulgiz Dadashova, an energy analyst for Azerbaijan’s AzerNews. With the world on the brink of another world war over a fire lit in the Middle East, oil and gas — not ideology, religion or even nationalism — are at ...

Production

Slight Production Declines Hide Bigger Oil Storage Issues

Storage Builds Everyone this week focused on the slight production declines that this was a sign to go long oil, but what seemed to go under the radar was another build in both Cushing and the Gulf Coast storage hubs. Cushing added another 1.3 million barrels to weekly storage and stands at 61.5 million barrels. The Gulf Coast added another 600 thousand barrels to storage and stands at 237 million barrels. By comparison Cushing had 26.8 million barrels in storage this time last year, and the Gulf Coast had 207.2 million barrels in storage a year ago.   Refinery Utilization Rate 92% This is with refineries operating at 92.3 percent of capacity which is robust and near the top end of this metric. We also have about 17.6 million more barrels of Gasoline in storage versus this time last year, and 17 million more barrels ...

Oil Firms, Nations Agree to End Gas Flaring thumbnail

Oil Firms, Nations Agree to End Gas Flaring

Twenty-five major oil companies, oil-producing nations and development institutions agreed Friday to end the practice of routine flaring of natural gas by 2030 at thousands of oil production sites around the world. Royal Dutch Shell, Statoil, Kuwait Oil Co., Russia, Norway and the Asian Development Bank are among those making the commitment, which was announced by the World Bank and United Nations at an event in Washington Friday. No U.S.-based companies have signed onto the initiative. Many producers regularly burn off natural gas as carbon dioxide into the atmosphere when producing oil for a variety of reasons, including lack of infrastructure to move the gas and low economic incentive to use the gas. Andrei Lushin, World Bank Group Executive Director for Russia, said in remarks at the event that the country flares the most gas associated with oil production in the world. “That ...

Yemeni Crisis Deepens thumbnail

Yemeni Crisis Deepens

US-orchestrated/Saudi-led terror-bombing continues murdering defenseless Yemeni men, women and children daily. Genocide is occurring in plain sight. Media scoundrels ignore what demands screaming headlines of condemnation. Obama bears full responsibility. Saudis and other involved despotic regimes share it. So do Western leaders supporting an atrocity they should make every effort to stop. The World Food Program (WFP) said half of Yemen’s 25 million people go hungry for lack of food. Starvation may claim many thousands. Untreated wounds for lack of available medicines and treatment may take thousands more. Young children and the elderly are most vulnerable. On Friday, UN authorities launched an urgent appeal. They need to raise $274 million quickly to provide desperately needed aid. A UN statement said: “The devastating conflict in Yemen takes place against the backdrop of an existing humanitarian crisis that was already one of the largest and most complex in ...

Is Saudi Arabia Setting The World Up For Major Oil Price Spike? thumbnail

Is Saudi Arabia Setting The World Up For Major Oil Price Spike?

 In order to maintain a grip on market share by pushing U.S. shale producers out of the market, Saudi Arabia (and OPEC) is willing to use up its spare capacity. That could lead to a price spike. Saudi Arabia produced 10.3 million barrels per day in the month of March, a 658,000 barrel-per-day increase over the previous month. That is the highest level of production in three decades for the leading OPEC member. On top of the Saudi increase, Iraq boosted output by 556,000 barrels per day, and Libya succeeded in bringing 183,000 barrels per day back online. OPEC is now collectively producing nearly 31.5 million barrels per day, well above the cartel’s stated quota of just 30 million barrels per day. The enormous increase in production comes into a market that is still dealing with extraordinarily low prices. The move could ...

The Renewable Revolution thumbnail

The Renewable Revolution

Don’t hold your breath, but future historians may look back on 2015 as the year that the renewable energy ascendancy began, the moment when the world started to move decisively away from its reliance on fossil fuels. Those fuels -- oil, natural gas, and coal -- will, of course, continue to dominate the energy landscape for years to come, adding billions of tons of heat-trapping carbon to the atmosphere.  For the first time, however, it appears that a shift to renewable energy sources is gaining momentum.  If sustained, it will have momentous implications for the world economy -- as profound as the shift from wood to coal or coal to oil in previous centuries. Global economic growth has, of course, long been powered by an increasing supply of fossil fuels, especially petroleum. Beginning with the United States, countries that succeeded in ...

General Ideas

Teaching Peak Oil to 6th Graders

Teaching Peak Oil to 6th Graders

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Heinberg: The Great Burning thumbnail Heinberg: The Great Burning
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In this short video, Richard Heinberg explores why The Great Burning — the combustion ...
Emergency Shut Down Of West Coast Fisheries: “Populations Have Crashed 91 Percent” thumbnail Emergency Shut Down Of West Coast Fisheries: “Populations Have Crashed 91 Percent”
Earlier this week Michael Snyder warned that the bottom of our food chain is ...
Saudi Arabia Oil Output Rises To Highest In 30 Years As US Output Levels Of thumbnail Saudi Arabia Oil Output Rises To Highest In 30 Years As US Output Levels Of
Saudi Arabian oil production has increased to its highest level in three decades, just as ...
Unconventional but normal thumbnail Unconventional but normal
WHEN the oil price crashed last year, many assumed that the earliest casualties would ...

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