Moving toward the brink of war is about as serious as a geopolitical relationship can get — and that is where Moscow and Ankara found themselves after NATO member Turkey shot down a Russian fighter jet on the border with Syria on November 24 last year.
(Tue, 25 Oct 2016) Russia is the worldâs largest producer of crude oil (including lease condensate) and the second-largest producer of dry natural gas. Russia also produces significant amounts of coal. Russiaâs economy is highly dependent on its hydrocarbons, and oil and natural gas revenues account for more than 40% of the federal budget revenues.
(Tue, 25 Oct 2016) Global offshore oil production in 2015 was at the highest level since 2010, and accounted for nearly 30% of total global crude oil production. Offshore oil production increased in both 2014 and 2015, reversing consecutive annual declines from 2010 to 2013. Production from onshore tight oil plays has increased faster over the past several years and accounts for an increasing amount of total oil production.
The recent invitation by OPEC for US officials to join in production freeze talks is clearly a nod to the production powerhouse Americas has become as a result of the shale revolution.
(Mon, 24 Oct 2016) Short positions in West Texas Intermediate (WTI) crude oil futures contracts held by producers or merchants totaled more than 540,000 contracts as of October 11, 2016, the most since 2007, according to data from the U.S. Commodity Futures Trading Commission (CFTC).
(Fri, 21 Oct 2016) U.S. gross crude oil imports increased by 528,000 barrels per day (b/d), or 7%, during the first half of 2016 compared to the first half of 2015. This increase reverses a multiyear trend of decreasing U.S. crude oil imports as a result of increasing U.S. production.
Another year, another London Bullion Market Association conference, and this year was full of what HSBC senior analyst James Steel described as “restrained optimism.”
The shipping industry is meant to epitomize the word “globalization” but not in the true sense of the word, as shipping companies deal with the continuous onslaught of environmental and financial regulations.
(Thu, 20 Oct 2016) Russian federal revenue from oil and natural gas production has declined significantly in response to low oil prices. However, Russian oil and natural gas companiesâ capital investment programs have been less affected, if at all. Russiaâs two main hydrocarbon taxes are calculated by formulas that result in lower tax rates at lower crude oil prices.
It may not change human behavior, but if it did, a recent AAA report on the benefits of premium gasoline might cut into what on paper looks like a pretty profitable business.
