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Posts Tagged ‘crude oil’

China And Iran To Bypass Dollar, Plan Oil Barter System, And A Deeper Dive Into The Iranian Oil Bourse

July 25, 2011 1 comment

zerohedge

One of the more notable events in the past week was the previously discussed reopening of the Iranian Oil Bourse, an attempt by Iran to launch a venue that bypasses US sanctions against Iran which has prevented payment in the world’s reserve currency for Iranian goods. “Big deal”, some will say, this is not the first time Iran has attempt to upstage the Great Satan. Well, true, although as OilPrice said last week, “what it would take for Iran’s new exchange to survive and flourish are some heavy-duty customers that Washington would be wary of picking a fight with, and Tehran already has one – China… China, the world’s largest buyer of Iranian crude oil, has renewed its annual import pacts for 2011. In 2010 Iran supplied about 12 percent of China’s total crude imports. According to the latest report of the China Customs Organization, Iran’s total oil exports to China stood at Read more…

Iran Opens Oil Bourse – Harbinger of Trouble for New York and London?

July 21, 2011 Comments off

Oil Price

The last three years of global recession have dealt a major blow to American capitalist ideas trumpeted throughout the world on the value of “free markets.” Wall St has been revealed as a form of casino economy, with the bankster insiders gambling with other people’s, and eventually, the government’s money in the form of bailouts. As the Republicans in Congress, scenting victory in the 2012 presidential elections, hold a gun to the Obama administration’s head and rating agencies consider downgrading U.S. government bonds in light of Washington’s possible defaulting, many ideas around the world that previously seemed implausible because of the dominance of the U.S. economy are garnering renewed interest.

Not surprisingly, many of these concepts originate in countries not enamored with Washington’s influence, perhaps none so more than “Axis of Evil” charter member Iran, which has seen its economy Read more…

OPEC: Venezuela Has Largest Oil Reserves, Surpassing Saudi Arabia

July 20, 2011 Comments off

 

Venezuela’s crude oil proven reserves exceeded those of Saudi Arabia last year according to OPEC’s annual statistical report. In 2009, OPEC listed Saudi as having the highest reserves at 264.59 billion barrels or 25.9% of OPEC’s overall reserves and Venezuela at 211.17 billion barrels or 19.8% of OPEC reserves.

According to OPEC’s latest annual report, Venezuela’s proven crude oil reserves reached 296.5 billion barrels in 2010, up 40.4% on the year and higher than Saudi Arabia’s 264.5 billion barrels.

The data confirms statements by Venezuela’s national oil company (PDVSA) which reported it had this level of reserves as early as January of this year. Venezuela began certifying its oil reserves in the Orinoco belt in 2007 and since then the corporate media accused PDVSA of Read more…

Global Oil Reserves Tapped in Effort to Cut Cost at Pump

June 23, 2011 3 comments

nytimes

The United States will lead an international effort to release 60 million barrels of petroleum reserves to world markets, replacing some of the oil production lost because of the conflict in Libya, the International Energy Agency announced in Paris on Thursday.

The action is aimed at reducing energy prices for businesses and consumers, and in early trading futures contracts for West Texas intermediate crude oil were down $4.50 a barrel to around $91.

The United States will release half of the total amount from the Strategic Petroleum Reserve, with the rest of the oil to be provided by other nations among the international agency’s 28 member states. Negotiations for the coordinated response have been going on in secret for weeks, according to a person involved in the talks. Similar unified action was Read more…

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Oil Crisis Just Got Real: Sinopec (Read China) Cuts Off Oil Exports

April 22, 2011 Comments off

zerohedge

As if a dollar in freefall was not enough, surging oil is about to hit the turbo boost, decimating what is left of the US (and global) consumer. Xinhua, via Energy Daily, brings this stunner: ” Chinese oil giant Sinopec has stopped exporting oil products to maintain domestic supplies amid disruption concerns caused by Middle East unrest and Japan’s earthquake, a report said Wednesday. The state-run Xinhua news agency did not say how long the suspension would last but it reported that the firm had said it also would take steps to step up output “to maintain domestic market supplies of refined oil products”. Oh but don’t worry, those good Saudi folks are seeing a massive drop in demand… for their Kool aid perhaps. “Sinopec would ensure supplies met  the “basic needs” of the southern Chinese special regions of Hong Kong and Macao, but they also should expect an unspecified drop in supply, Xinhua quoted an unnamed company official as saying.” Now… does anyone remember the 1970s? Read more…

Bank of America sees Brent oil rallying to $140

April 20, 2011 Comments off

reuters.com

I posted a article back in December if oil were to go over $145 in 2011.  The bad news is in the forthcomming months it will hit $200 per barrel.

LONDON, April 20 (Reuters) – Bank of America Merrill Lynch (BAC.N: Quote) said it expected Brent crude LCOc1 to hit $140 a barrel in the next three months, before falling later in the year as high prices curb demand.

Brent crude has traded as high as $127.02 in 2011, the highest since 2008 when prices reached an all-time peak above $147.

Influential banks in commodities are expressing contrasting views on whether the rally will persist.

“The time is not yet ripe for oil demand destruction, and we maintain our view that Brent oil will average $122 a barrel this quarter, with prices Read more…

Gas prices surge toward $4, threaten economic recovery

April 16, 2011 3 comments

lakelandtimes

Click Map to enlarge

Gas prices continued to gallop toward $4 a gallon early this week, both in the area and across the state, as prices in Minocqua and Rhinelander hit $3.99 on Tuesday, even as prices for crude oil eased, at least temporarily.

Across the nation, according to GasBuddy.com on Wednesday morning, the national average price for a gallon of regular gasoline stood at $3.79; in Wisconsin, the average was $3.87. Four states, including Illinois, have seen prices already surpass $4.

Crude oil prices moved downward Tuesday from $113 a barrel – the highest price since September 2008 – to $106, a Read more…

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