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Posts Tagged ‘Oil’

$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…

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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…

Iran cuts oil exports to France, Britain

February 20, 2012 Comments off

thenelsondaily.com

Mahmoud Ahmadinejad . . . fights back with oil embargo

Mahmoud Ahmadinejad . . . fights back with oil embargo

The Huffington Post

TEHRAN, Iran — Iran has halted oil shipments to Britain and France, the Oil Ministry said Sunday, in an apparent pre-emptive blow against the European Union after the bloc imposed sanctions on Iran’s crucial fuel exports.

The EU imposed tough sanctions against Iran last month, which included a freeze of the country’s central bank assets and an oil embargo set to begin in July. Iran’s Oil Minister Rostam Qassemi had warned earlier this month that Tehran could cut off oil exports to “hostile” European nations. The 27-nation EU accounts for about 18 percent of Iran’s oil exports.

However, the Iranian action was not likely to have any significant direct impact on European supplies because both Britain and France had already moved last year to sharply curtail Read more…

China Engaging the Arctic

February 16, 2012 Comments off

Diplomat

The United States is shifting its focus from the Atlantic across to the Pacific. However, if an Arctic century is on the horizon, then China is at the forefront of it. While Washington enhances its relationships across the Asia-Pacific basin, Beijing is busy engaging Arctic Ocean coastal states en masse. The Middle Kingdom is apparently interested in the commercial viability of new shipping lanes and developing the resources that lie underneath and along the Arctic seabed. Ostensibly to achieve its objectives, China is engaging the region at an unprecedented pace. Beijing’s comprehensive engagement of Arctic states demonstrates that China’s ambition isn’t just to be a Pacific power, but a global one. Questions that remain are: what is Beijing’s intention in the Arctic, and by extension what type of global power will China be?

China has been in the Arctic since the early 1990s, but only recently began seeking to enhance its engagement there as a permanent observer in the Arctic Council. The Arctic Council is a high-level intergovernmental forum that addresses issues such as the management of resources, climate change, and Arctic environment maintenance. The Council has Full article here

Categories: China Tags: , , ,

China is flexing its muscles in the Pacific Ocean

February 8, 2012 Comments off

 

Photo: EPA

China’s Navy ships moved to the Western part of the Pacific for military exercise. In response Tokyo expressed its concern about the growing naval activity of the Chinese Armed Forces in that region.

According to Japanese mass media, a group consisting of four battle ships (frigates) of the Chinese Navy passed through the waters between the Japanese islands of Okinawa and Miyako. The Chinese Defense Ministry already made a statement that the tour of the ships is connected to the preparation of the annual military exercise of routine nature. In response to the concern of the Japanese side, Beijing stated that China has a free right to pass in those waters. According to the Chinese authorities, that is completely 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: , ,