Indonesian workers protest at consulate in Saudi Arabia
Indonesian workers frustrated by long waits to get exit visas from Saudi Arabia protested outside their Jeddah consulate on Sunday, setting fire to the building’s outer wall and briefly clashing with security forces, witnesses said.
Hundreds of thousands of foreign workers in the world’s top oil exporter are trying to rectify their immigration status or leave the country before July 3, when the government [...]
Hundreds of thousands of foreign workers in the world’s top oil exporter are trying to rectify their immigration status or leave the country before July 3, when the government will resume a crackdown on illegal labor.
Trillions of dollars worth of oil found in Australian outback
Up to 233 billion barrels of oil has been discovered in the Australian outback that could be worth trillions of dollars, in a find that could turn the region into a new Saudi Arabia.
“If you took the 233 billion, well, you’re talking Saudi Arabia numbers,” Mr Bond told ABC News.
“It is massive, it is just huge If the Arckaringa plays out [...]
Much digital ink has been spilled about the oil and gas boom in the US, the result of ever improving fracking technologies, and whether or not it will lead to energy independence, or even turn the US into an oil exporter. Now a “confidential” report by the German version of the CIA, the Bundesnachrichtendienst (BND), seeped to the surface. It sketched out the boom’s geopolitical consequences. Biggest loser? China.
BND reports [...]
November 21, 2012
In a striking blow for the environmental left, the International Energy Agency has released a report detailing how the United States is on track to outpace Saudi Arabia in oil production.
This surely puts the Obama administration in a bind concerning its green energy monomania that has dominated their energy policy for the past four years. This finding shows that the United States can be energy independent, and [...]
The Export Land Model says net oil exporters will, due to dwindling oil reserves, eventually keep the oil for home use and no longer export it. As an example, this recently happened to Egypt: Egypt went from being a net oil exporter to a net oil importer I believe this was one of the factors in their recent civil unrest, for when there was no sale of oil for hard currency to [...]
By Washington’s Blog
Leah McGrath Goodman – who has written for the Financial Times, Barron’s, The Wall Street Journal, Forbes and Fortune – notes that the U.S. is now an oil exporter, but that Americans aren’t getting reduced oil prices because the oil companies are now pricing the oil according to European metrics:
“The U.S. is now selling more petroleum products than it is buying for the first time in more than six decades. [...]
The Dept of Energy Resources estimates there is approx 1.4 TRILLION barrels of recoverable oil in the Western U.S. in Colorado, Wyoming, & S Dakota,and enough natural gas deposits to last the U.S. for the next 200 years,& enough coal to run our nations power plants for 300 more years,yet the elite through their controlled media continue to push wasteful & extremely inefficient “green energy.
Pastor Lindsey Williams says there is [...]
(Reuters) – Iran is helping its ally Syria defy Western sanctions by providing a vessel to ship Syrian oil to a state-run company in China, potentially giving the government of President Bashar al-Assad a financial boost worth an estimated $80 million.
Iran, itself a target of Western sanctions, is among Syria’s closest allies and has promised to do all it can to support Assad, recently praising his handling of the year-long uprising [...]
The Economic Collapse
The largest oil exporter in the Middle East has teamed up with the second largest consumer of oil in the world (China) to build a gigantic new oil refinery and the mainstream media in the United States has barely even noticed it. This mammoth new refinery is scheduled to be fully operational in the Red Sea port city of Yanbu by 2014. Over the past several years, China [...]
Japan states it shall continue to import Iranian oil and ignore Us requests to stop:
Agencies reported that Japan will continue to import as much Iranian crude oil as it needs.
Mr Kinichi Kumano Japanese ambassador to Tehran said that Japan has been put under pressure to reduce its use of Iranian crude by the United States which has imposed tough sanctions against Iran’s energy and banking sectors.
Mr Kinichi Kumano said [...]
The world’s top oil exporter, Saudi Arabia, appears to have cut both its oil production and export in December, according to the latest update by theJoint Organizations Data Initiative (JODI), an official source of oil production, consumption and export data.
The OPEC heavyweight saw production decline by 237,000 barrels per day (bpd) from three-decade highs of 10.047 million bpd in November, the JODI data showed on Sunday.
The draw-down was sharper for the [...]
by Chris Martenson
In each of the years 2008, 2009, and 2010, significant worries emerged that Western nations might attack Iran. Here again in 2012, similar concerns are once again at the surface.
Why revisit this topic again? Simply because if actions against Iran trigger a shutdown of the Strait of Hormuz, through which 40% of the world’s daily sea-borne oil passes, oil prices will spike, the world’s teetering economy will slump, and the arrival of [...]
by The American Dream
Most Americans have very little idea what is actually going on in the rest of the world and how the global balance of power is shifting. For example, can you name the country that is the number one oil producer in the world, the number one oil exporter in the world, the number one exporter of natural gas in the world and that also has the second most powerful military in [...]
The oil market has rediscovered an old foe: Iran.
The price of Brent crude, the global benchmark, has rallied to almost $115 a barrel as the war of words between Israel and Washington, on one side, and Tehran over its nuclear programme escalates.
Oil traders are used to brinkmanship between western countries and Iran. But three elements make the latest standoff more dangerous than at any point over the past three years. [...]
has put forward “proposals” to build new nuclear power plants in Iran after the completion of the Bushehr project, local media reported Sunday quoting the Islamic republic’s atomic chief.
“We have held negotiations with the Russians regarding the construction of new nuclear power plants. They have put forward some proposals,” Fereydoon Abbasi Davani was quoted as saying by Resalat newspaper.
“The exchange of ideas and proposals will continue until a clear [...]
Per zerohedge, at http://www.zerohedge.com/article/iraq-slashes-projected-crude-output-half-over-next-5-years
And another huge hit to future oil supply. After Goldman released a report on Friday, backtracking on its April recommendation that clients sell crude, instead warning that “critically tight supply-demand fundamentals” will likely cause oil prices to “return to or surpass the recent highs by next year”, “should Libyan oil supplies remain off the market”, which it now appears they will [...]
Iraq halves oil output as reality replaces ambition
IRAQ is preparing to halve its official production target, forcing oil companies including BP and Shell to renegotiate their contracts.
The Times has learnt that the country’s Oil Ministry, with backing from the Prime Minister Nouri al-Maliki, will set a new target to produce between 6.5 million and seven million barrels per day by [...]
Saudi Arabia’s King Abdullah on Friday ordered the handout of billions of dollars in benefits to Saudi citizens and created more domestic security jobs in an attempt to insulate the top oil exporter from regional unrest.
The king made a brief statement congratulating Saudis for their loyalty, national unity and facing the enemies of religion before his decrees were read out live on Saudi television.
RIYADH (Agencies)Dialogue, not protest, is the best way to bring about change in Saudi Arabia, Foreign Minister Prince Saud al-Faisal said on Wednesday as the country braced for possible protests in the world’s top oil exporter.
Inspired by unrest sweeping other Arab states, Shiite protesters have taken to the streets in small numbers in eastern Saudi Arabia this month, with further rallies called for Friday.
Faisal cautioned [...]
* Saudi women should be allowed to drive, senior prince says
* Royal family is facing calls for change
By Ulf Laessing
RIYADH, March 9 (Reuters) – A senior Saudi prince questioned the need for a ban on women driving on Wednesday and said lifting it would be a quick first step to reduce the Islamic kingdom’s dependence on millions of foreign workers.
The Gulf Arab state is a monarchy ruled by the [...]
Reuters reports that formerly peaceful Kuwait has just joined the ranks of demonstrators, demanding the resignation of the prime minister in a peaceful protest early in the day, with a larger one expected later in the day: “Kuwaitis demonstrating outside parliament for the prime minister’s ouster came up with a new symbol of Arab discontent on Tuesday by handing out watermelons. “This is [...]
The price of unleaded petrol rose sharply over the weekend
(BBC News) The price of unleaded petrol has hit a new record average of 130p per litre, according to industry analysts Experian Catalist.
Oil prices have risen about 10% in the past month due to the uprising in Libya, a major oil exporter.
That has also led tour operator Thomas Cook to introduce a new fuel surcharge to the cost of its [...]
By Robert Schroeder
WASHINGTON (MarketWatch) — U.S. companies shouldn’t worry about inflation if they’re planning on expanding their business, President Barack Obama said Thursday. “We’re not seeing a broad-based inflation trend,” Obama said at the first meeting of his Council on Jobs and Competitiveness. At the same meeting, Treasury Secretary Timothy Geithner said substantial world oil reserves should help with any disruptions to oil [...]
When everyone owns something, no one does. Failures and ruin ensue. He is even considering taking over the biggest beer brewer. Article excerpts below.
Hugo Chavez Spearheads Raids as Food Prices Skyrocket
Mountains of rotting food found at a government warehouse, soaring prices and soldiers raiding wholesalers accused of hoarding: Food supply is the latest battle in President Hugo Chavez’s socialist revolution.
Venezuelan army soldiers swept through the working class, pro-Chavez neighborhood of [...]
1) Hugo Chavez moves to diversify sale of Venezuelan oil away from US refineries (please also see news sent in by Christian W above in the Daily Digest)
“CHINA has promised to lend $US20 billion ($21.6) to Venezuela, President Hugo Chavez said over the weekend, underscoring the Asian giant’s push to deepen ties with oil-rich nations in the developing world.
The credit – which Mr Chavez said [...]