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Oil climbs on escalated Libya tensions
SINGAPORE (Commodity Online) : World oil prices advanced further in Asian trade Monday as political tensions spread to more countries including major oil producer Libya.
Light sweet crude for March delivery, which will expire Tuesday, was seen trading at $87.37 a barrel at 12.00 noon Singapore time while April delivery jumped to $91.35 a barrel.
In London, Brent crude for April delivery was at $103.54 a barrel.
Analysts said the black gold is likely to advance further during the day Benchmark on worries of oil supply disruptions as unrests over authoritarian governments in the Middle East escalate to more countries.
Concerns over Middle East oil supplies helped prices recover from early weakness after China raised its banks’ reserve requirements last Friday for the second time this year to combat rising inflation.
According to China’s National Development and Reform Commission, gasoline and diesel prices will go up 350 yuan per ton starting Read more…
Norway, Sweden Work to Contain Oil Spill
STOCKHOLM—The Norwegian Coastal Administration said Friday the large leakage of oil from the Icelandic container vessel Godafoss had been stopped.
At a press conference Friday afternoon, Kystverket said it had not yet been able to evaluate the full extent of the spill, although it is known to have reached the coast of Fredrikstad, southern Norway.
Coast guards from Norway and Sweden have been co-operating to manage the spill the after the vessel ran aground late Thursday.
Ragnhild Bussqvist, duty officer at Kustbevakningen, the Swedish coast guard, told Dow Jones Newswires one of its aircraft had detected a 2.5-kilometer oil stain in the area.
Johan Marius Ly, emergency department director at Kystverket, said some oil had hit the Read more…
Pirates hijack $200 million crude oil: owners say Somali pirates dangerously disrupting world oil supplies
A supertanker carrying about $200m (£125m; 146m euros) worth of crude oil has been hijacked off the coast of Oman, the vessel’s Greek operator says.
Athens-based shipping company Enesel said they had lost communication with the Irene SL.
The 333m (1,093ft) vessel was on its way from the Gulf to the Gulf of Mexico when it was attacked.
Although the incident happened hundreds of miles from Somalia, pirate gangs are known to operate there.
A body representing the owners of much of the world’s tanker fleet warned that Read more…
“War Without Borders”: Washington Intensifies Push Into Central Asia
By Rick Rozoff
A recent editorial on the website of Voice of America reflected on last year being one in which the United States solidified relations with the five former Soviet republics in Central Asia: Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan.
One or more of the five nations border Afghanistan, Russia, China and Iran and several more than one of the latter. Kazakhstan, for example, adjoins China and Russia.
The U.S. and Britain, with the support of the North Atlantic Treaty Organization, invaded Afghanistan and fanned out into Kyrgyzstan, Tajikistan and Uzbekistan in October of 2001, less than four months after Russia, China, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan founded the Shanghai Cooperation Organization (SCO) to foster expanding economic, security, transportation and energy cooperation and integration in and through Central Asia. In 2005 India, Iran and Pakistan joined the SCO as observers and Afghan President Hamid Karzai has attended its last five annual heads of state summits. [1]
Now the U.S. and the NATO have over 150,000 troops planted directly south of three Central Asian nations.
Kazakhstan and Turkmenistan are also on the Caspian Sea, a reservoir of oil and natural gas whose dimensions have only been accurately determined in the past twenty years and where American companies are active in hydrocarbon projects.
After the U.S. invasion of Afghanistan, the Pentagon and its NATO allies deployed military forces to, in addition to Soviet-constructed air bases in Afghanistan, bases in Kyrgyzstan, Tajikistan and Uzbekistan. The first two countries Read more…
Oil Prices: Egypt’s Crisis Could Hurt Europe First
Some crude oil prices brushed $100 a barrel Monday as fears escalated that the violence in Egypt would spread to other parts of the oil-producing Middle East. But so far, no reports have surfaced that the disturbances in Egypt have disrupted oil deliveries.
Brent crude oil surged to $99.97 a barrel on London’s ICE futures exchange, up about 5% since the beginning of last week, when violence spread from Tunisia to Egypt. In U.S. trading, West Texas Intermediate shot up 1.7% on Monday, but was still about $10 a barrel cheaper than Brent crude, its European counterpart.
Julius Walker, a senior analyst at the International Energy Agency in Paris, says the organization has received no reports that oil shipments were being delayed, but the website of the agency that runs the Suez Canal has been shut down by the ban on Internet use in Egypt, so a precise reading isn’t available.
“Nothing has been affected. It’s just the worry of it,” Walker says.
A Chokepoint for Europe-Bound Oil
Egypt is a small oil producer, and its output is almost exactly equal to Read more…
“Very disturbing findings” in chemical tests of Gulf residents -Bleeding from ears
As Egypt Explodes, Oil Set to Increase
By David A. Patten
Violent anti-government riots in Egypt and a grassfire of unrest torching across the sands of the Middle East fueled fears of $200-a-barrel oil and an instability some say could spread to oil-rich Saudi Arabia, and beyond.
Police Friday clashed with tens of thousands of protesters in Cairo and Alexandria. Shortly after 11 a.m. ET, as a government-ordered curfew took effect, CNN carried pictures of dozens of military trucks and armored vehicles loading police and leaving downtown Cairo as Egyptian army regulars moved in.
“We have yet to see if they will take the place of the hated Egyptian police who have cracked down so violently,” CNN correspondent Ben Wedeman reported from Iraq before his communication was disrupted. The government had responded to the “day of rage” by pulling the plug on telephone and Internet links, so protesters could not communicate.
The wave of unrest in the Middle East that began with the Jasmine Revolution is now having repercussions around the globe.
After the recent fall of governments in Tunisia and Lebanon, angry marches in Yemen, and the brutal crackdown in Egypt that has left seven dead and hundreds wounded, analysts worry that the governments of Algeria and Jordan could be next to see disturbances. Read more…
Violent anti-government riots in Egypt and a grassfire of unrest torching across the sands of the Middle East fueled fears of $200-a-barrel oil and an instability some say could spread to oil-rich Saudi Arabia, and beyond.
Police Friday clashed with tens of thousands of protesters in Cairo and Alexandria. Shortly after 11 a.m. ET, as a government-ordered curfew took effect, CNN carried pictures of dozens of military trucks and armored vehicles loading police and leaving downtown Cairo as Egyptian army regulars moved in.
“We have yet to see if they will take the place of the hated Egyptian police who have cracked down so violently,” CNN correspondent Ben Wedeman reported from Iraq before his communication was disrupted. The government had responded to the “day of rage” by pulling the plug on telephone and Internet links, so protesters could not communicate.
The wave of unrest in the Middle East that began with the Jasmine Revolution is now having repercussions around the globe.
After the recent fall of governments in Tunisia and Lebanon, angry marches in Yemen, and the brutal crackdown in Egypt that has left seven dead and hundreds wounded, analysts worry that the governments of Algeria and Jordan could be next to see disturbances. Read more…
OIL, OIL and MORE OIL! AMERICA HAS MORE THAN ANY OTHER NATION!
OIL—you better be sitting down when you read this ! !
Here’s an astonishing read. Important and verifiable information :
About 6 months ago, the writer was watching a news program on oil and one of the Forbes Bros. was the guest. The host said to Forbes, “I am going to ask you a direct question and I would like a direct answer; how much oil does the U.S. have in the ground?” Forbes did not miss a beat, he said, “more than all the Middle East put together.” Please read below.
The U. S. Geological Service issued a report in April 2008 that only scientists and oil men knew was coming, but man was it big. It was a revised report (hadn’t been updated since 1995) on how much oil was in this area of the western 2/3 of North Dakota , western South Dakota, and extreme eastern Montana ….. check THIS out:
The Bakken is the largest domestic oil discovery since Alaska ’s Prudhoe Bay , and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels. Even if just 10% of the oil is recoverable… at $107 a barrel, we’re looking at a resource base worth more than $5…3 trillion. Read more…
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