oil

Back in the days when US oil demand controlled the price of oil, a massive recession in the United States would have sent oil to 12.00 dollars a barrel. That era, which ended last decade, was defined by ongoing spare capacity in OPEC, low-cost oil in Non-OPEC, and nascent demand for oil in the developing world. That was then, and this is now.

A maritime boundary dispute between Ghana and Côte d’Ivoire that erupted this month casts doubt on future international oil claims near the contested area and raises questions about the reaction of foreign investors to the uncertainty.

On September 14, 1960 OPEC began operations as an ad-hoc talk-shop of sorts, and five years later became a permanent part of Vienna’s international bureaucracy.

Nigeria's controversial oil industry bill is expected to eventually pass but the government may find it tough to later shift gears as international oil firms targeted under the legislation scale back their investments.

When oil crossed $120 a barrel for the first time in May 2008, oil cornucopians knew they were in trouble. Prices had quadrupled in just five years, yet had failed to bring new production online. Regular crude had flatlined around 74 million barrels per day (mbpd). The case for peak oil was looking stronger with every new uptick in crude futures.

Chevron has acquired exploration rights for four shale gas concessions in southeastern Poland, the U.S. oil giant said in a recent SEC filing, joining other international companies in the hunt for unconventional gas reserves in Europe in the hopes of duplicating the production boom in the U.S.

Commodities are a TAX. They are the worst kind of tax because they flatly (not progressively) charge every man woman and child in this country more money for the same food, fuel, shelter and clothing that they had to have last week in order to live.

Given all the problems in the world, it is easy to see why the increase in the price of crude oil has gone basically unnoticed or ignored.

With Yemen’s oil revenues plunging, the government’s push into the gas market seemed like an economic saving grace for a state wracked by poverty and terrorism, but analysts warn more thought should be given to carving out the country's post-petroleum era.

What's more important: upside or stability?

That debate constantly rages amongst commodities producers. Especially when it comes to deciding whether to sell gold, copper or oil at spot versus long-term pricing.

Great technical piece on crude oil by technical whiz Corey Rosenbloom.

While the Iraqi government has made overtures to its Kurdish counterpart in the north to end an oil standoff, much remains in doubt without an actual law keeping the industry in check - rules which this time the Kurds are pressing for rather than Baghdad.

Last month, I explained in an article how and why the world is approaching a worldwide peak in oil production sometime in the next decade. Although there are large implications throughout the economy, I want to say upfront that I do not think this will bring on Armageddon.

The Obama Administration is currently pursuing a misguided and dangerous war on the oil and natural gas industry, blaming it for not doing enough to curb greenhouse gas emissions. Not only does this belligerent policy fail to improve the situation it was designed to address, it will also place U.S. energy security at much greater risk in the long run.

China appears to be slumping under late-stage signs of overcapacity with the South China Mall only 1% occupied and the entire city of Ordos vacant along with 50% of the office space in Beijing standing empty, China is now a country that has 30Bn square feet of construction in progress for a country with "only" 1.4Bn people.