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Tag Archives: Organization of Petroleum-Exporting Countries

The ‘Unknown Unknowns’ That Threaten U.S. Shale

Authored by Tsvetana Paraskova via OilPrice.com, Three years after the oil price crash, the U.S. shale patch is on its second growth phase and is expected to continue to increase its production, at least through the next five years. The global oil markets have become increasingly dependent on U.S. tight oil supply - and the oil industry is still coming to grips with this new reality, Simon Flowers, Chairman and Chief Analyst at Wood Mackenzie, wrote in a recent article. Current projections...

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The Geopolitical Video Game

Authored by Gail Tverberg via Our Finite World blog, The way the world economy is manipulated by world leaders is a little like a giant video game. The object of the game is to keep the world economy growing, without too many adverse consequences to particular members of the world economy. We represent this need for growth of the world economy as being similar to making a jet airplane fly at ever-higher altitudes. Figure 1. Author’s view of the situation we are facing. World leaders look at...

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OPEC’s Impossible Task

Authored by Nick Cunningham via OilPrice.com, OPEC is on the verge of extending its production cuts for an additional nine months, pushing the deal through the end of 2018.  But the determination to keep the cuts in place comes at the same time that U.S. shale seems to be accelerating in response to higher oil prices. It’s an impossible tension that OPEC has to deal with. Hesitate on cuts and risk another slide in oil prices, or keep the cuts in place and offer more room to U.S. shale?...

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“OPEC’s Quagmire”: Goldman Is Very Worried The Cartel Is About To Blow This Meeting

One year after OPEC pulled off what many considered impossible, and on November 30, 2016 in Vienna the cartel managed to reduce oil production by most OPEC and several key non-OPEC nations by 1.2 million barrels daily in an effort to reduce the global oil glut, this time things are looking far more shaky, at least according to Goldman Sachs which in a Monday afternoon note writes that the outcome of OPEC’s November 30 meeting is far more uncertain than usual for two main reasons: i) Russia...

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OPEC, Russia Said To Announce Oil Pact Extension On Nov 30

Authored by Tsvetana Paraskova via OilPrice.com, Saudi Arabia and Russia have agreed that OPEC and non-OPEC allies should announce an extension of the cuts at the highly-anticipated meeting in Vienna on November 30, Bloomberg reported on Friday, quoting people involved in the talks. Recent OPEC/non-OPEC oil pact chatter had it that Saudi Arabia was pushing for an announcement of the cuts extension next week in Vienna, while Russia was more hesitant about telling the market on November 30 how...

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S&P Futures Hit Record High As European Euphoria Takes Over Forgotten China Rout

Yesterday's China stock market rout, in which the Shanghai Composite tumbled the most since June 2016 to three month lows, and which prompted traders to question the dedication of Beijing's plunge protection team, appears to have been forgotten, with the Composite closing unchanged on Friday after some early session weakness, as Chinese yields declined broadly across the board from 3 years highs. As a result, world stocks hovered just below record highs, and set to reverse two straight weeks...

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The Cardinal Sin Of International Finance

Authored by Nick Giambruno via InternationalMan.com, As Doug Casey has correctly noted, the prime directive of any organism - whether it’s an amoeba or a person or a corporation or a government - is to survive. That’s why the US government protects the petrodollar so zealously. It needs the system to survive. Why Everyone Uses the US Dollar… for Now In the 1970s, the US government struck a series of deals with Saudi Arabia, creating the petrodollar system. The US promised to coddle and...

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On The West’s Demise To The Sidelines Of History…

Authored by Seth Lievense via Limpidus.org, The world is changing, but the west is clinging on to a unipolar vision of the world that has passed. It’s attempts to discard this changing reality in exchange for a western worldview expressed in their politics and media are so ungrounded, it’s comical as it is dangerous. This western bubble of reality laid down before the wests general public seems to hold up for now, although fragile and less and less by the day. Really, Russia again? Outside...

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How Broke Is The House Of Saud?

Authored by Raul Ilargi Meijer via The Automatic Earth blog, Trying to figure out what on earth is happening in the Middle East appears to have gotten a lot harder. Perhaps (because) it’s become more dangerous too. There are so many players, and connections between players, involved now that even making one of those schematic representations would never get it right. Too many unknown unknowns. A short and incomplete list of the actors: Sunni, Shiite, Saudi Arabia, US, Russia, Turkey, ISIS,...

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Satellite Images Reveal Saudis May Be Lying How Much Oil They Have In Storage

A little over a year ago, specialized satellite imaging company Orbital Insight which uses its proprietary imaging and algorithms to track above-ground oil storage, confirmed something we had alleged earlier in the year: that China was vastly under-representing the amount of oil it had stored in its Strategic Petroleum Reserve (with significant implications for prices). As we said last September "according to Orbital Insight, China had not only misrepresented how much oil it has stored, it...

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