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Page added on July 18, 2017

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ISIS continues to sell oil because it’s in somebody’s interest

While the freefall of oil prices seems to have stopped for now, the inevitable rise of energy demand from developing economies may turn the current overflow into a critical shortage. How long before oil becomes a treasured resource in major demand again? And with new technology coming into play, how will the energy market affect our lives in the coming decades – will it fuel growth or new conflicts? Former Executive Director of the International Energy Agency Nobuo Tanaka is on SophieCo.

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Sophie Shevardnadze: Nobuo Tanaka, the former Executive Director of the International Energy Agency, great to have you on our show. Welcome. So, in response to the low oil prices, what we’re seeing right now is companies are canceling new projects, investment is stalling, infrastructure is not being updated. The International Energy Agency says oil projects are at the lowest level in over 70 years. Right? So what I’m wondering – now we’re seeing an oversupply of oil, but without development, should we be bracing for a global shortage instead? 

Nobuo Tanaka: Well, if the investment is declining these consecutive years, possible for the third year in this year, if that’s the case, the capacity will not increase as much to the level of the demand in the future. When economic growth is happening in emerging economies, we’re going to have a shortage. So the IEA is very concerned that low oil price is signaling the wrong idea for the investors in the energy sector. And almost all energy sector may have a small level of capacity increase for the future.

RT



5 Comments on "ISIS continues to sell oil because it’s in somebody’s interest"

  1. deadlykillerbeaz on Tue, 18th Jul 2017 8:04 am 

    Regardless of who sells it, there will be buyers.

    Oil sells. People want it.

    It better be there, if not, there will be hell to pay.

  2. bobinget on Tue, 18th Jul 2017 8:52 am 

    Oil headline
    Brent rises as Saudi Arabia considers to cut 1 mb/d of export unilaterally and Libya is asked to share oil output plan at the July producers’ meeting.

    Translated:

    “Considers to cut 1 mb/d of export unilaterally”—translation : Manifa has turned into a cluster#*#k, and we have no choice but to take 900k BOD offline. Three years into their effort to kill US shale, they have failed, but, side benefits are accruing in Venezuela, Mexico, and deep water everywhere, as capex has dried up. Taking Manifa offline will get SA to where they should have been in Jan., at about 9.4 million BOD.

    IOW’s one of KSA’s main fields is in deep trouble.
    Doubtless due to over doing it attempting to drown
    out shale and Iran with below production cost crude.
    As a result, KSA’s foreign currency reserves have dwindled to one fourth that of APPL.

    Investors should look at deep sea drillers, support.

    Shale can never, never, replace even the output of
    a single SA field, Manifa.

    ONE MORE: Soon, (4/5 years) Canada’s NW Passage will become a year-round reality. Shipping Arctic Crude to Asia will be majorly cheaper. Watch CAD for bullishness.

  3. bobinget on Tue, 18th Jul 2017 9:20 am 

    Buying ISIS oil only proves the obvious.

    Slowly rising oil prices may help Venezuela get additional loans, from China. Russia will assist getting the industry back up to speed.

    If the current government makes it through summer, it should be Canonized for sainthood.

    WTFDIK. Chinese intel is on the ground waiting for
    the situation to get worse, or improve.

  4. Dredd on Tue, 18th Jul 2017 12:00 pm 

    “ISIS continues to sell oil because it’s in somebody’s interest”

    So does Oil-Qaeda (The Authoritarianism of Climate Change).

  5. Apneaman on Tue, 18th Jul 2017 3:19 pm 

    People Are Pretty Bad At Spotting Whether An Image Is Fake

    “s you can tell by half the stuff you see flying around on social media, people are really bad at spotting if an image is “Photoshopped” and digitally altered.

    Take, for example, an image that went viral earlier this month of politicians at the G20 summit that appeared to show Donald Trump, Angela Merkel, and Turkish President Erdogan all flocking around Vladimir Putin. In reality, the chair they are gathered around was empty and Putin was digitally edited in allegedly by the Russian media (image below).”

    http://www.iflscience.com/brain/people-are-pretty-bad-at-spotting-whether-an-image-is-fake/

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