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News from January 2017

Iran Oil Minister Says “No Ban on U.S. Oil Firms”

Iran Oil Minister Says “No Ban on U.S. Oil Firms” thumbnail

Iran’s Oil Minister Bijan Zanganeh has said that U.S. oil companies willing to do business in Iran will not be banned from doing so. The remark, quoted by local and international media, comes on the heels of a Friday executive order signed by Donald Trump that suspended the visa processing and entry into the U.S. […]


Shell to Sell UK North Sea Oil Fields for $3.8 Billion

Shell to Sell UK North Sea Oil Fields for $3.8 Billion thumbnail

Royal Dutch Shell PLC capped off a flurry of deals in January with sales in Thailand and the North Sea worth nearly $5 billion, marking important milestones in the oil giant’s move to unload $30 billion in assets. WSJ


End of tax-free living in Saudi Arabia as oil revenues dry up

End of tax-free living in Saudi Arabia as oil revenues dry up thumbnail

Saudi Arabia has introduced a value-added tax (VAT) with the approval of the International Monetary Fund (IMF), indicating the end of life without VAT across the Gulf. The decision was taken on Monday and implies a five percent levy on some goods across the six-member Gulf Cooperation Council, which unites Bahrain, Kuwait, Oman, Qatar, Saudi […]


Saudi Arabia Will Continue To Cut Oil Output For Months And Years …

Saudi Arabia Will Continue To Cut Oil Output For Months And Years … thumbnail

Saudi Arabia has kept its promise. It has cut oil output by 486,000 barrels a day, in line with the OPEC agreement the Kingdom pulled together last October, helping oil stabilize above $50 per barrel. That’s music in the ears of American frackers, who have been bringing oil rigs back to life at a feverish […]


The “Wind and Solar Will Save Us” Delusion

The “Wind and Solar Will Save Us” Delusion thumbnail

by Gail Tverberg The “Wind and Solar Will Save Us” story is based on a long list of misunderstandings and apples to oranges comparisons. Somehow, people seem to believe that our economy of 7.5 billion people can get along with a very short list of energy supplies. This short list will not include fossil fuels. […]


End of the “Oilocene”: The Demise of the Global Oil Industry and of the Global Economic System as we know it.

End of the “Oilocene”: The Demise of the Global Oil Industry and of the Global Economic System as we know it. thumbnail

In 1981 I was sitting on an eroded barren hillside in India, where less than 100 years previously there had been dense forest with tigers. It was now effectively a desert and I was watching villagers scavenging for twigs for fuelwood and pondering their future, thinking about rapidly increasing human population and equally rapid degradation […]


BP Forecasts 50-Year Oil Glut

BP Forecasts 50-Year Oil Glut thumbnail

Oil markets mostly ignored the glum forecast from BP that the world is facing a long-term oil glut that won’t disappear for 50 years. Now that is a forecast and as we have seen in the past year, forecasts and commodities do not always make an accurate fit. Figures from Baker Hughes on Friday revealed […]


Albert Bates: A Power Zone Manifesto

Albert Bates: A Power Zone Manifesto thumbnail

” The physical requirements are not negotiable. They cannot be bargained down, discounted, or put on a layaway plan.” Fire in the New Valley, Egypt – PlanetLab 2016 was a year for revolutions. Really it was only a continuation of the Tunisian Spring that began in 2010 or, even before that, the Arab labor strikes […]


Chris Nelder: Green Bonds

Chris Nelder: Green Bonds thumbnail

What are green bonds, and how can they help mobilize private capital to fund energy transition and climate change mitigation measures? What kinds of things can green bonds be used to fund? What are the various roles for private, corporate, and sovereign issuers? Why does the green bond market need to grow by roughly 10x […]


Kunstler: Furor Time

Kunstler: Furor Time thumbnail

Note to readers: the Clusterfuck Nation blog will be going to twice-a-week publication with a nod to the increased liveliness of our national affairs. The second weekly blog will come out Friday mornings. Thanks for your continuing interest and support. — JHK Support this blog by visiting Jim’s Patreon Page! It’s only taken a week for […]


IEA does not foresee oil demand peaking soon

IEA does not foresee oil demand peaking soon thumbnail

The International Energy Agency (IEA) does not expect oil demand to peak any time soon due to rising consumption in developing economies, Director Fatih Birol said on Monday. Birol also warned that oil markets could enter a period of high volatility unless companies develop new projects after two years of sharp drops in investments sparked […]


‘US air raids’ kill civilians, al-Qaeda chiefs in Yemen

‘US air raids’ kill civilians, al-Qaeda chiefs in Yemen thumbnail

At least 20 people killed in helicopter attacks hitting houses in southern province of al-Bayda, local sources say. Dawn raids by US drones and helicopters have killed at least 20 people in Yemen, including civilians and three tribal chiefs reported to have links to al-Qaeda, local sources say. A source told Al Jazeera that at least […]


The Coming Era Of Depression Economics

The Coming Era Of Depression Economics thumbnail

Like it or not, this is where we have been all along and a great many people are just now catching up. No matter what Janet Yellen says about the economy, she is talking out the side of her mouth. Internally, the recovery is gone, and it is never coming back. Externally, we have sub-5% […]


How To Defeat The Globalist System

How To Defeat The Globalist System thumbnail

In my last two articles, ‘How Globalists Predict Your Behavior’ and ‘How To Predict The Behavior Of Globalists’, I explained the base fundamentals behind a concept with which most people are unfamiliar.They are so unfamiliar with it, in fact, that I didn’t bother to name it. In this article I hope to explain it, but I highly recommend […]


Another Defeat for Science: “Metallic Hydrogen”

Another Defeat for Science: “Metallic Hydrogen” thumbnail

  This blob is supposed to be “metallic hydrogen” according to the claim of a group of Harvard scientists. Maybe. For sure, it is another disaster for the reputation of science and of scientists. Another day, another disaster for Science. A group of researchers from Harvard claimed of having obtained for the first time “metallic […]


This Week In Doom: American Nightmare

This Week In Doom: American Nightmare thumbnail

Originally published on the Doomstead Diner on January 29, 2017 “Unless someone like you cares a whole awful lot, Nothing is going to get better. It’s not.” ― Dr. Seuss, The Lorax.”   The first full week of the Presidency of Donald J. Trump was both cruel and absurd. Nothing about this should be surprising. Trump is […]


Trump’s Threat To Steal Iraq’s Oil

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The spectacle of Donald Trump abruptly transitioning the US political system into open fascism is quite horrifying even from the other side of the Pacific, however by and large ourlocal media aren’t bothering to report the details. Paul McGeough at the SMH gets to do a summary piece each day though (today’s piece looking on […]


Trump, ISIS and Iraqi Oil

Trump, ISIS and Iraqi Oil thumbnail

President Donald Trump claimed that the Islamic State, or ISIS, would not exist if the U.S. “kept the oil when we got out” of Iraq. In fact, ISIS largely has been funded through extortion, robbery, taxes and Syrian oil, according to government reports and terrorism financing experts. “Trump is absolutely correct that oil sales have […]


Saudi Aramco’s oil reserves confirmed by external audit

Saudi Aramco’s oil reserves confirmed by external audit thumbnail

The first independent audit of Saudi Aramco’s [IPO-ARMO.SE] oil reserves has confirmed the state oil company’s own figures, sources familiar with the situation said, ahead of its planned share market listing next year. The listing, expected to be the world’s biggest initial public offering (IPO), is a centrepiece of a Saudi Arabian government plan to […]


China Population Crisis: New Two-Child Policy Fails To Yield Major Gains

China Population Crisis: New Two-Child Policy Fails To Yield Major Gains thumbnail

Despite having the largest population of any country in the world, China isn’t having enough babies. That’s the unspoken conclusion of a government plan, published Wednesday, which revealed that the relaxation of China’s one-child-only policy has so far failed to boost the country’s birth rate enough to avoid significant demographic challenges in the coming decades. […]


Saudi Aramco Selects U.S. Firms To Audit Its Reserves For IPO

Saudi Aramco Selects U.S. Firms To Audit Its Reserves For IPO thumbnail

State oil giant Saudi Aramco has tasked two U.S. industry leaders in oil reserves auditing to review the content of its deposits as it pushes ahead with a share listing next year, industry sources said on Thursday. Aramco, whose fields are estimated to contain 15 percent of the world’s oil, has asked a unit of oilservices firm Baker Hughes – Gaffney, […]


Strategic Petroleum Reserve sales expected to start this month

Strategic Petroleum Reserve sales expected to start this month thumbnail

Source: U.S. Energy Information Administration, based on Strategic Petroleum Reserve Note: Volumes sold under the Bipartisan Budget Act of 2015 Section 404 are estimates based on an assumption of $50 per barrel. Yesterday the U.S. Department of Energy’s (DOE) Office of Fossil Energy awarded contracts for the first of several sales of crude oil from […]


No More Presidents

No More Presidents thumbnail

The inauguration of Donald Trump as president of the United States has unleashed a wave of anger across the country. Faced with the frightening prospect of an authoritarian right wing government, many people have chosen to take their opposition to the streets. In the days surrounding Trump’s inauguration, Washington DC became the scene of continuous […]


BP: Global Energy Demand to Grow by a Third

BP: Global Energy Demand to Grow by a Third thumbnail

Global energy demand will grow by around a third, driven by a burgeoning Asian middle-class, according to BP’s latest energy outlook. “Global demand grows by around a third in the base case, with virtually all of this increase consumed by fast growing emerging economies,” Spencer Dale, BP’s group chief economist, said. In terms of the […]


“Doomsday Clock” Advances To Two And A Half Minutes To Midnight, Trump Blamed

“Doomsday Clock” Advances To Two And A Half Minutes To Midnight, Trump Blamed thumbnail

For the first time in 64 years, atomic scientists reset their symbolic “Doomsday Clock” to its closest time to midnight on Thursday, saying the world was closer to catastrophe due to threats such as nuclear weapons, climate change and Donald Trump’s election as U.S. president. The timepiece, devised by the Chicago-based Bulletin of the Atomic […]


Kyle Bass: Short China, Long Russia ‘Good Place to Start’

Kyle Bass: Short China, Long Russia ‘Good Place to Start’ thumbnail

Hayman Capital Management CIO Kyle Bass discusses President Trump’s tax proposals, border tax adjustability, the Chinese banking system and U.S. trade relations with China. He speaks with Erik Schatzker on “Bloomberg Markets.”


How Great the Fall Can Be

How Great the Fall Can Be thumbnail

While I type these words, an old Supertramp CD is playing in the next room. Those of my readers who belong to the same slice of an American generation I do will likely remember the words Roger Hodgson is singing just now, the opening line from “Fool’s Overture”:   “History recalls how great the fall […]


Energy from Waste, or Waste from Energy?

Energy from Waste, or Waste from Energy? thumbnail

Biking along the Lake Ontario shoreline one autumn afternoon, I passed the new and just-barely operational Durham-York Energy Centre and a question popped into mind. If this incinerator produces a lot of electricity, where are all the wires? The question was prompted in part by the facility’s location right next to the Darlington Nuclear Generating […]


Oil oversupply double world’s needs for 50 years

Oil oversupply double world’s needs for 50 years thumbnail

The world has access to more than twice as much oil as it will need between now and 2050, which will dampen the long-term outlook for prices, according to BP. There was an “abundance of oil” globally and it was “increasingly likely” that some resources would be left in the ground, Spencer Dale, the oil […]


Global Oil Demand Will Grow into 2040s According to BP Energy Outlook

Global Oil Demand Will Grow into 2040s According to BP Energy Outlook thumbnail

Global oil demand will continue to grow into the 2040s even as electrical vehicle fleets expand and the low-carbon energy transition gains traction around the world, BP revealed in its annual Energy Outlook, an industry benchmark report forecasting long-term trends and informs the company’s internal strategy. The predictions come as other oil companies such as […]


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