Oil is cheap, so Kuwait raised its own gas price to compensate

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Cheap gasoline is good news for the economies of most countries, but not those that rely on oil exports. The sustained fall in global prices has led oil-producing countries to search for ways to keep their revenues up. In some cases, that means cutting back on cheap gas for their own citizens. DON'T MISS: Even Saudi Arabia vows to end its. oil Middle East energy policy United Arab Emirates Saudi Arabia

Chevron sells 30% stake in Canadian Duvernay shale play to Kuwait Foreign Petroleum for $1.5B

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Chevron Corporation’s indirect, wholly-owned subsidiary, Chevron Canada Limited, has reached an agreement to sell a 30% interest in its Duvernay shale play to Kuwait Foreign Petroleum Exploration Company’s wholly-owned subsidiary, KUFPEC Canada Inc.,

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Kuwait Petroleum, Sinopec in $9B refinery joint venture in China

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The Chinese government recently granted final approval for a joint venture project between Kuwait Petroleum Corporation (KPC) and China Petroleum and Chemical Corporation (Sinopec), one of the world’s largest refiners, to build a world-class refinery and petrochemical complex in south China.

Kuwait Researchers Forecast Global Conventional Crude Oil Production Will Peak in 2014; New Multicyclic Hubbert Model

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Scientists from Kuwait University and Kuwait Oil Company are forecasting that world conventional crude oil production will peak in 2014—almost a decade earlier than some other predictions. World crude oil production model. Credit: ACS, Nashawi et al. Click to enlarge.

Oil Prices Running Out Of Reasons To Rally

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On top of that, Kuwait’s envoy to OPEC said that Qatar, Kuwait and Oman were also complying with the cuts. In an interview with Bloomberg, Kuwait’s Nawal Al-Fezaia said that those countries already told customers that cuts were imminent. “It’s It’s a good time to do maintenance on oil fields during production cuts,” Al-Fezaia said, noting that Kuwait will lower output from 2.89 by Nick Cunningham of Oilprice.com.

IEA: non-OPEC oil supply tops 43 mb/d for first time in decades; global demand to reach 92.4 mb/d in 2014

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Renewed disruptions in Libya and smaller drops in Nigeria, Kuwait, the United Arab Emirates and Venezuela more than offset higher output in Iran, Iraq and Angola. The International Energy Agency’s (IEA’s) Oil Market Report (OMR) for December raised the estimate of global oil demand for 2013 by 130,000 barrels per day (130 kb/d) to 91.2 million barrels per day (mb/d), on stronger-than-expected third-quarter demand growth among OECD countries of 320 kb/d.

Opinion: How Much Longer Can OPEC Hold Out?

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The Saudis, along with Kuwait and UAE have been defending the decision of not reducing the OPEC production levels in order to retain their global market share. by Gaurav Agnihotri for Oilprice.com.

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TransGas and SK EC team on West Virginia coal-to-gasoline project

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SKE&C’s experience includes Korea’s largest oil refinery; the Cadereyta and Madero Refinery upgrades in Mexico; and full-scale refinery projects in Kuwait, UAE, Brazil and Ghana. TransGas Development Systems, LLC announced an agreement with SK Engineering & Construction Co., Ltd (SKE&C) leading to engineering, procurement and construction of its first US coal-to-gasoline plant—Adams Fork Energy—to be located in Mingo County, West Virginia. Earlier post.)

Opinion: Who Will Be Left Standing At The End Of The Oil War?

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Saudi Arabia and Kuwait enjoy some of the lowest production costs in the world, at about $10 and $8.50, respectively, according to Rystad Energy data. by Charles Kennedy for Oilprice.com. This is a financial cold war—nothing more, nothing less.

Oil price tumbles after OPEC releases 2015 forecast

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The exceptions, the news agency reports, are Kuwait and Qatar. by Andy Tully of Oilprice.com. The demand for oil in 2015 will drop to its lowest level since 2002 because of an oversupply of crude and stagnant economies in China and Europe, according to OPEC’s latest forecast. And that’s just one of several sour estimates. OPEC’s monthly report said demand for the cartel’s oil will fall to 28.9

With oil prices low, early signs of a pullback in drilling activity

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On the other hand, Kuwait’s Oil Minister suggested that OPEC will not cut its production target, and echoing al-Badri’s comments, he said that “prices will settle down once surplus oil is absorbed.”. by Nick Cunningham of Oilprice.com. With oil prices low and showing no sign of an immediate rebound, the industry is beginning to pull back on spending. Oil prices have dropped around 30 percent since summer highs, raising fears among producers across the globe.

Opinion: OPEC Divorce And Self-Destruction Thanks To Saudi Oil Strategy?

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Together, the three quotes provide a framework for analyzing Saudi options heading into the December 4 OPEC meeting in Vienna and its choices vis-à-vis the OPEC outsiders (all members but Saudi Arabia and its Gulf Arab allies, Kuwait, UAE, Qatar): reconciliation, separation, or divorce.

Opinion: Saudis Could Face An Open Revolt At Next OPEC Meeting

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by Dalan McEndree for Oilprice.com.

Ethanol Producers Group Calls for Congress to Repeal International Indirect Land Use Provision in RFS2

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This was accompanied by a picture of convoys entering Iraq from Kuwait. Tom Buis, CEO of Growth Energy , responded to the publication of the Environmental Protection Agency (EPA) peer review study of the proposed international land use change (ILUC) provision in the Renewable Fuel Standard (RFS2) rule ( earlier post ) by calling for Congress either to repeal the ILUC provision or to require a review by the National Academy of Sciences.

The Real Reason for USA based Economic Recessions.

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It took the Iraqi invasion of Kuwait and the oil price rising from $21/barrel in August 1990 to $46/barrel by the middle of October. The True Cause of Recessions: OIL. By Douglas A. Stansfield. Recently I had the opportunity to speak at the annual Pennsylvania Energy Festival ( [link] ) back in September of this year. I was asked to speak about the economic impact of our oil dependency and so I began researching this topic to see if I could draw some insightful conclusions.

Opinion: Saudi Oil Strategy: Brilliant Or Suicide?

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million), and its allies, UAE (2.87), Kuwait (2.8), and Qatar (.67), by Dalan McEndree for Oilprice.com. In the last quarter of 2014, in the face of possible oversupply, Saudi Arabia abandoned its traditional role as the global oil market’s swing producer and therefore it role as unofficial guarantor of existing ($100+ per barrel) prices.

Heard At The Show: Snippets from SAE 2009 World Congress

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The operations in Kuwait and Iraq use approximately 431 million gallons of fuel per year. Where does all of the energy go? In a session on total vehicle energy consumption, several people shared similar pie charts showing the flow of energy within an automobile. For every kJ of chemical energy in the fuel for a spark ignition internal combustion engine, 73 % is sacrificed to chemical and thermal losses. Braking losses add another 6%. Only 22% remains to power the vehicle.

Opinion: Is Russia Plotting To Bring Down OPEC?

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Putin has aligned Russia with OPEC’s have-nots—the members lacking financial resources to withstand low crude prices for an extended period and that have objected to Saudi policies (Iran, Iraq, Angola, Nigeria, Libya, Algeria, Ecuador, and Venezuela)—against the haves (Saudi Arabia, Kuwait, the UAE, and Qatar). by Dalan McEndree for Oilprice.com.

Chevron leveraging information technology to optimize thermal production of heavy oil with increased recovery and reduced costs

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Chevron is taking its technology learnings from Kern River and apply them to Duri and other major heavy oil fields globally, such as Wafra in the onshore Partitioned Neutral Zone (PNZ) between Kuwait and Saudi Arabia and in the Orinoco in Venezuela.