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Will War With Syria Cause The Price Of Oil To Explode Higher?

August 28, 2013 Comments off

theeconomiccollapseblog.com

F-16 Photo by TMWolfAre you ready to pay four, five or possibly even six dollars for a gallon of gasoline?  War has consequences, and a conflict with Syria has the potential to escalate wildly out of control very rapidly.  The Obama administration is pledging that the upcoming attack on Syria will be “brief and limited” and that the steady flow of oil out of the Middle East will not be interrupted.  But what happens if Syria strikes back?  What happens if Syrian missiles start raining down on Tel Aviv?  What happens if Hezbollah or Iran starts attacking U.S. or Israeli targets?  Unless Syria, Hezbollah and Iran all stand down and refuse to fight back, we could very easily be looking at a major Read more…

China Overtakes the US to become the World’s Largest Oil Importer

March 4, 2013 Comments off

oilprice.com

For the first time in almost 40 years, the U.S. has lost its top net oil importer position to China according to preliminary figures published by the U.S. Energy Information Administration (EIA).

Although not set in stone yet, the news is considered by specialists as a “once-in-a-generation shift that will shake up the geopolitics of natural resources.”  However, the energy market has to wait for further monthly figures before the swing can be confirmed. This is partly because taxes may have distorted estimates for December’s net oil imports, reports FT.com (subscription required).

Oil analysts believe that even if January reverses the shift, the U.S. is set to slip to the number two spot after China as the world’s top net oil importer later in 2013 or in early 2014, as the surge in domestic oil production on the back of the shale revolution reduces the need to import crude oil.

Key to the looming change is the U.S. latest oil production boom, fueled by new technologies and techniques —particularly fracking— that have allowed the country to extract oil from sources that was practically unreachable before.

According to EIA numbers, U.S. oil production is at its highest level in 20 years, with a 40% increase since 2008. At the same time the nation’s oil demand is at Read more…

Categories: China, Oil Tags: ,

India surpasses China as Iran’s top oil client

April 13, 2012 Comments off

dailystar.com

FILE - In this Monday, July 19, 2010 file photo, a part of the South Pars gas field facility is seen on the northern coast of Persian Gulf, in Assalouyeh, Iran. (AP Photo/Vahid Salemi, File)

GENEVA: India has vaulted to the top of the list of Iran’s oil customers, overtaking China, in a first-quarter buying surge ahead of tighter sanctions against Tehran this summer, data published by a leading industry consultant showed.

Direct imports to India from Iran were 433,000 barrels per day in the first quarter, compared with 256,000 barrels per day to China, according to data compiled by Geneva’s Petrologistics and seen by Reuters via an industry source.

The Indian import figure was up by around 23 percent from the 351,0000 bpd imported over the same period of 2011 and significantly above its 2011 average of 326,000 bpd.

Iran, like many oil exporters, does not publish its own oil sales data on a timely basis. The Petrologistics figures, however, reinforce indications that India has stepped up imports, while business has slowed between Tehran and Beijing over payment terms.

“The first quarter was likely the exception to the rule … China took a strong stance on negotiations, but its imports will Read more…

Categories: India, Iran, Oil Tags: , , ,

$6 Gas This Summer — U.S. Economy Falls Off Cliff

February 24, 2012 Comments off

etfdailynews.com

Dominique de Kevelioc de Bailleul: 

 Strap on that safety belt for one wild summer of frantic trading in the energy complex, according to economist, prolific author and wealth strategist, Stephen Leeb.  He says gas prices in the US could reach $6 per gallon by the summer driving season.

And if there’s any economic event that could surely torpedo an already near-flat-lined US economy into a death spiral, it will come from a massive price hike in that most critical commodity to any economy—oil.  According  to the charts, oil has again breached the Read more…

IEA: China buys more oil from Iran

February 22, 2012 Comments off

presstv.ir

Frontline Ltd.’s supertanker ‘Front Shanghai’.
 
The International Energy Agency (IEA) says China has bought an additional 200,000 barrels per day of Iran’s oil in recent months.

Didier Houssin, IEA director of energy markets and security, said on Tuesday that Beijing is the world’s second-biggest crude consumer and may continue to increase oil imports from Iran.

“China has been buying more crude and may continue to do so,” he said at the International Petroleum Week conference.

Earlier this month, the IEA predicted that China’s purchases of Iranian crude would slow in the first three months of the year.

This comes while the IEA’s latest report predicts that China’s oil demand would Read more…

Forget the world ending, $5 gas could be the real plague of 2012 according to oil big shot

January 30, 2012 Comments off

houston.culturemap.com

For more than two years, former Shell Oil president John Hofmeister has predicted $5-a-gallon gasoline prices by the end of 2012. And as the date that the Mayans coincidentally also think the world will end approaches, Hofmeister is sticking to that.

With 2011 national averages topping $3.50, gas prices have reached record-breaking levels. But, $5 a gallon would still represent an awfully steep climb for 2012.

“Right now, the basic supply and demand balance is at a serious point of escalation,” the straight-talking Hofmeister told CultureMap in a phone interview.

American gas prices are still rising, even in the midst of a sluggish economy.

Fuel prices were once easy to trend, rising with a good United States economy and dropping with a bad one. But in last decade, the conventional wisdom seems somewhat out of step.

American gas prices are still rising, even in the midst of a sluggish economy.

For Hofmeister — who founded the Read more…

Categories: Oil Tags: , ,

Chinese supertankers hired for Iran oil

January 25, 2012 Comments off

presstv

Frontline Ltd.’s supertanker ‘Front Shanghai’.
Despite fresh EU sanctions against Iran’s oil exports, China has shown interest in Iran’s oil with hiring at least two supertankers to ship oil from the country.

Clarkson Research Services Ltd., a unit of the world’s largest shipbroker, announced the two supertankers were booked to carry about 2 million barrels of crude from Iran’s Khark Island to China.

Qi Lian San, a large crude carrier anchored near Singapore, was booked to load 270,000 tons of crude at Khark Island from Feb. 3 to Feb. 5 and carry the cargo to China, Clarkson said.

The Chinese oil trader, Zhuhai Zhenrong Co., also booked an unidentified ship owned by the National Iranian Tanker Co. to load 265,000 tons of crude in Khark Island on Jan. 29 and sail to Read more…

Categories: China, Iran, Oil Tags: , ,
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