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Chevron gets new U.S. license to pump oil in Venezuela again

Chevron gets new U.S. license to pump oil in Venezuela again thumbnail

The U.S. said it would allow Chevron Corp. to resume pumping oil from its Venezuelan oil fields after President Nicolás Maduro’s government and an opposition coalition agreed to implement a humanitarian program and continue dialogue in Mexico City on efforts to hold free and fair elections. Following the agreement, the Biden administration granted Chevron CVX, -0.29% a […]


All Hell Will Break Loose for Oil in 2023…

Business

All hell will break loose for oil in 2023… but only if one event fails to take place. Can you guess what it is? Right now, it’s the ONLY thing stopping oil prices from being far higher than the $81.85 per barrel that WTI is trading for as I write this.  But let’s put a […]


Wells are running dry in drought-weary Southwest as foreign-owned farms guzzle water to feed cattle overseas

Wells are running dry in drought-weary Southwest as foreign-owned farms guzzle water to feed cattle overseas thumbnail

Workers with the water district in Wenden, Arizona, saw something remarkable last year as they slowly lowered a camera into the drought-stricken town’s well: The water was moving. But the aquifer which sits below the small desert town in the southwestern part of the state is not a river; it’s a massive, underground reservoir which […]


What ‘Backwardation’ Has to Do With US Diesel Squeeze

Business

A crisis is once again brewing in the US for the diesel fuel that powers trucks and heats homes. Global shortages and a market phenomenon known as backwardation are frustrating Biden administration efforts to bolster dangerously low domestic inventories and keep prices from soaring as winter approaches. Officials are now considering steps like export restrictions […]


Exxon Completes Russia Exit

Business

Exxon Mobil Corp. completed its exit from Russia, calling the departure an “expropriation” of its main Russian operation and potentially setting up a future legal challenge. “With two decrees, the Russian government has unilaterally terminated our interests in Sakhalin-1 and the project has been transferred to a Russian operator,” an Exxon spokesperson said in a […]


Lies, Oil Drilling, and Manipulation: There WILL Be Consequences

Business

November 8, 2022, cannot come soon enough.  Perhaps it’s a bit of wishful thinking, but once the midterm elections are finally behind us, there’s a small chance that the politicking will calm down for a brief while. One can only hope. Turning the global oil markets into a political game full to the brim with […]


The Problem with Green Capitalism

Business

It’s clear that we need to decarbonize our economy as quickly as possible in order to avoid the worst of climate change — but carbon isn’t the only problem we’re facing. As the world moves towards renewables and away from fossil fuels as an energy source, we can’t forget that the technology and minerals behind […]


OPEC+ to halt oil’s drop?

Business

Oil prices have drawn some respite from the US dollar’s pullback this week, even though global recession risks still weigh on the commodity’s outlook. Although Brent is now trading back closer to the psychological $90/bbl mark, such relief is of mere consolation when stacked within the downtrend that’s been in place since June. Oil’s first […]


Oil tumbles as ‘wrecking ball’ dollar piles on commodity losses

Business

Oil sank again as the dollar’s surge to a fresh peak and mounting recessionary concerns threatened global demand, deepening a rout. West Texas Intermediate fell below $78 a barrel, hitting the lowest intraday level since January, as a Bloomberg gauge of the US currency rallied to an all-time high. US benchmark crude collapsed more than […]


Lukoil Chairman Dies After Hospital Window Fall

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Chairman of Russia’s second-largest oil producer Lukoil Ravil Maganov died on Thursday after falling from the Central Clinical Hospital window in Moscow, media reports claimed. Some Russian media reported the death of 67-year-old Maganov who was also Lukoil’s vice president. One such media is RosBiznesConsulting (RBC), a media group headquartered in Moscow, and The Russia Times, […]


Saudi Aramco unveils record profits

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Oil giant Saudi Aramco on Sunday unveiled record profits of $48.4 billion in the second quarter of 2022, after Russia’s war in Ukraine and a post-pandemic surge in demand sent crude prices soaring. Net income leapt 90 percent year-on-year for the world’s biggest oil producer, which clocked its second straight quarterly record after announcing $39.5 […]


Gasoline Under 3 Bucks a Gallon: Here’s Where

Business

Several states have seen gasoline prices drop to three bucks or lower as crude oil prices have continued to decline. Gasoline prices continue to fall in a handful of states to $2.99 a gallon, marking the 50th consecutive day of declines and giving consumers a reprieve as high inflation rates have walloped their budgets. Gas […]


Peak Gold and Peak Oil are Here

Business

With the world consuming five times more oil than it is discovering, Peak Oil and Peak Gold have finally arrived.  However, the world hasn’t figured this out yet, but it will.  And, when it does, we will see much higher prices for precious metals in the future.  Why?  Peak oil equals peak gold and peak […]


Who Really Controls The World’s Oil Reserves?

Business

Big Oil majors in the United States have found themselves the target of much pressure to boost production lately, as prices go wild amid a tight—and tightening—market. At the same time, the U.S. government, as well as the EU, have been looking all over the world for more supply. Wood Mackenzie just had some bad […]


US dollar and oil prices are breaking from their historical trade link

Business

A strong US dollar has historically put downward pressure on oil prices, but that hasn’t been happening lately. The US dollar has strengthened to a 20-year high, while crude prices have skyrocketed. “It’s a double whammy for everyone outside the US,” an economist told Insider. A strong US dollar has historically put downward pressure on […]


“Virtual Children” for the Good of Earth

Business

What if you had a child who was simply a virtual reality, who had no existence about from your own wishes? British psychologist Catriona Campbell, whose aim is to secure “a healthy, human-centred relationship with AI,” thinks that’s the way of the future and better for the planet. The vision of the author of AI […]


Five Warning Signs The End Of Dollar Hegemony Is Near

Business

It’s no secret that China and Russia have been stashing away as much gold as possible for many years. China is the world’s largest producer and buyer of gold. Russia is number two. Most of that gold finds its way into the Russian and Chinese governments’ treasuries. Russia has over 2,300 tonnes—or nearly 74 million […]


Saudi Aramco net profit soars 82%

Business

State-owned oil producer Saudi Aramco on Sunday reported an almost 82% rise in first-quarter net profit, broadly in line with analyst forecasts, helped by strong oil prices. Aramco, which is at par with Apple Inc as the world’s most valuable companies, reported a net income of $39.5 billion for the quarter to March 31 from […]


Kuntler: You’ve Been Misinformed

Business

Half the nation doesn’t believe anything it is told by those in authority and the other half revels in its reckless abuse of authority…. Isn’t it obvious by now that pervasive dishonesty is the foremost crisis of many crises in Western Civ generally and American life in particular? All our authorities have made themselves false, […]


BofA Research Maintains $100+ Oil Forecast

Business

BofA Global Research is maintaining its $102 per barrel average Brent crude oil price forecast for 2022 and 2023, a new report from the company has revealed. In the BofA Global Research report, which was sent to Rigzone, the company outlined that it had lowered its summer spike price for Brent to $120 per barrel […]


No, The Vatican Is Not Paying For Russian Gas In Rubles

No, The Vatican Is Not Paying For Russian Gas In Rubles thumbnail

A tweet went viral on Wednesday, claiming that the Vatican has reportedly become the first customer in Europe to pay in rubles for Russian natural gas. The report turned out to be a joke, the author of the tweet later said, apologizing to their followers. Still, the report made it in some Russian and even […]


Saudi Arabia and China are looking to ditch the dollar in a new oil deal

Saudi Arabia and China are looking to ditch the dollar in a new oil deal thumbnail

Reports of a Saudi oil deal priced in China’s currency could signal unease with reliance on the US dollar, according to an economist. “A potential deal in yuan is a sign that the world is looking for some counterweight to the US dollar,” Aleksandar Tomic told Insider. China plays an outsized role in Africa, which […]


Fortunes of Oil Tycoons Surge

Business

Soaring oil prices are padding the fortunes of U.S. shale and gas tycoons, even vaulting one into the ranks of the world’s 500 richest people for the first time. American oil and gas industrialists on the Bloomberg Billionaires Index now have a collective net worth of $239 billion, a jump of nearly 10% since Russia […]


Luke Gromen: dollar’s place at the heart of the financial system is now under threat

Business

  My guest in the latest episode of The Grant Williams Podcast is my good friend, Luke Gromen, publisher of Forest For The Trees.   With events in Ukraine happening at breakneck speed, the moves by Western nations to isolate Russia through a series of escalating sanctions have revealed weaknesses in the global financial system […]


Price Swings Make Oil Too Hot to Handle

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In two of the four trading sessions this week, Brent crude futures have swung by the most on record.   Russia’s invasion of Ukraine has catapulted the oil market into one of the most tumultuous periods it has ever seen — and pushed some investors to the sidelines. In two of the four trading sessions […]


A Weaponization Of Money We’ve Never Seen Before

A Weaponization Of Money We’ve Never Seen Before thumbnail

Can you do this: removing Russia’s central bank and a number of other commercial banks from the SWIFT payment messaging system. That’s what just happened. This is the weaponisation of money on this scale we’ve never seen before. Why do I say this? Because the second-order effects are that the whole world sees this. Pray […]


Operator of Nord Stream 2 denies it filed for bankruptcy

Business

The Swiss-based company behind the Nord Stream 2 pipeline denied on Wednesday that it filed for bankruptcy but confirmed it terminated employee contracts. Why it matters: Long viewed as a Kremlin influence project that would increase Europe’s energy dependence on Russia, Nord Stream 2 was one of the first targets of the flurry of Western […]


Saudi Arabia transfers 4% of Aramco shares to sovereign wealth fund

Business

Saudi Arabia’s Crown Prince Mohammed bin Salman has transferred 4% of Saudi Aramco (2222.SE) shares worth $80 billion to the kingdom’s sovereign wealth fund, the government said on Sunday. The shares will bolster the Public Investment Fund’s (PIF) strong financial position and high credit ratings in the medium term, the crown prince said in a […]


Dude, Where’s My Oil?

Dude, Where’s My Oil? thumbnail

You won’t find it here. Photographer: Qilai Shen/Bloomberg Where did all the oil go? According to the latest estimates, the world should still be awash in oil stockpiles built up during the pandemic. But that’s not what the actual data on oil supplies show. The International Energy Agency’s latest report, published on Wednesday, shows that, […]


Goldman Says $100 Oil Possible

Goldman Says $100 Oil Possible thumbnail

Oil at $100 a barrel cannot be ruled out in 2023 as supply additions are expected to be too slow to keep up with record demand, according to Goldman Sachs Group Inc. While the bank’s base forecast is for Brent to stay around $85 next year and 2023, it could breach triple digits through either […]


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@dbell2100 @landnrw Funny the OilPrice article is about #NorthRhineWestphalia while the head line picture shows Munich, the capital of Bavaria. The #European gas crisis shows that #peakgas in Europe was not taken seriously along with #peakoil in the North Sea

test Twitter Media - @dbell2100 @landnrw Funny the OilPrice article is about #NorthRhineWestphalia while the head line picture shows Munich, the capital of Bavaria. The #European gas crisis  shows that #peakgas in Europe was not taken seriously along with #peakoil in the North Sea https://t.co/dJABthMqAP

@smh @Rabe9 The #NSW government is out of step with the reality of limited, dwindling oil supplies @Matt_KeanMP @AlboMP OPEC crude #peakoil already in Oct 2016

test Twitter Media - @smh @Rabe9 The #NSW government is out of step with the reality of limited, dwindling oil supplies @Matt_KeanMP @AlboMP  OPEC crude #peakoil already in Oct 2016 https://t.co/DGwH4JzcVP

"Peak Oil Chat with John Peach" he has degrees in Math, Physics and Mechanical Engineering, worked at MIT for decades. youtube.com/watch?v=P0WMk7… #peakoil #climatechange