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. oil Middle East energy policy United Arab Emirates Saudi ArabiaIn some cases, that means cutting back on cheap gas for their own citizens. DON'T MISS: Even Saudi Arabia vows to end its.

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

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World crude oil production model. 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. Ibrahim Nashawi and colleagues point out that rapid growth in global oil consumption has sparked a growing interest in predicting “peak oil”—the point at which oil production reaches a maximum and then declines.

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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. It will process 100% Kuwaiti crude oil, supplied by KPC, with a refining capacity of 300,000 barrels per day, equivalent to 15 million tons per annum.

Opinion: Saudi Oil Strategy: Brilliant Or Suicide?

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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. In October, Saudi sources first prepared the market with statements that the country would be comfortable with oil prices as low as $80 per barrel for “a year or two.” Plunging oil prices have substantially reduced Saudi revenues.

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Oil price tumbles after OPEC releases 2015 forecast

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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. OPEC’s monthly report said demand for the cartel’s oil will fall to 28.9 Add to that a new report from the US government’s Energy Information Administration (EIA), which also cut its 2015 forecast for growth in global oil demand by 240,000 barrels per day, down to 880,000 barrels per day.

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. But these are just the costs of lifting oil out of the ground. State-owned oil companies often have many more responsibilities than just producing oil. It’s hard to measure costs when this oil has to pay for all the luxuries of the Saudi royal family. Oil Opinionby Charles Kennedy for Oilprice.com.

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

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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. Yet, many oil majors are relatively diversified, with large holdings downstream. Steep declines in oil prices may hurt their production sectors, but with lower priced oil as an input, big oil’s refining assets become more profitable.

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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. If You’re a Free Range Oil Producer. Despite low oil prices, Saudi Arabia is maintaining its investment in its oil industry. Market Background Oil Opinion

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Baker Institute: End of the ‘Big Oil giveaway’ is underway in the Persian Gulf

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In recent years, all six Gulf monarchies—Saudi Arabia, the United Arab Emirates (UAE), Kuwait, Oman, Qatar and Bahrain—have begun to challenge the notion that citizens are entitled to cheap energy. Energy Subsidy Reform in the Persian Gulf: The End of the Big Oil Giveaway” was co-authored by Jim Krane, the Wallace S.

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

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Chevron’s focus on optimizing the thermal management of the Kern River field has resulted in a steady drop in the steam:oil ratio (barrels steam water per barrel oil), resulting in improved economics of the field even with slowly declining production. Chevron, already the largest thermal heavy oil producer, is optimizing thermal production in heavy oil fields by leveraging information technology to improve the percentage recovery as well as the economics.

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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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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 Global oil supplies increased by 310 kb/d in November to 92.3 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.

Opinion: How Much Longer Can OPEC Hold Out?

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With its headquarters in Vienna, Austria, one of the mandates of 12-member OPEC is to “ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry.” The EIA even predicts that OPEC’s net oil exports (excluding Iran) could fall to as low as $380 billion in 2015. The current oil price levels are nowhere near this.

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The Real Reason for USA based Economic Recessions.

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The True Cause of Recessions: OIL. 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. There have been 5 recession since then until now and I wanted to see if Oil had anything to do with them, because deep in my heart, I knew the most recent recession was directly caused by the oil price spikes that started in 2007 and peaked in 2008.

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

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OPEC next gathers December 4 in Vienna, just over a year since Saudi Oil Minister Ali Al-Naimi announced at the previous OPEC winter meeting the Saudi decision to let the oil market determine oil prices rather than to continue Saudi Arabia's role of guarantor of $100+/bbl oil. In fact, Saudis have downplayed the impact of lower prices on their country, asserting that the kingdom has the financial wherewithal to withstand lower oil prices. Oil Opinion

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Opinion: Is Russia Plotting To Bring Down OPEC?

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Putin has highlighted on various occasions the contribution Russia’s mineral wealth, in particular oil and natural gas, must make for Russia to be able to sustain economic growth, promote industrial development, catch up with the developed economies, and modernize Russia’s military and military industry. While oil and natural gas are crucial to Russia, Russia’s crude and natural gas are crucial to its neighbors on the Eurasian landmass. Market Background Oil Opinion Russia

Global Gas Prices | Hybrid Sales

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Expert predictions about where oil and gas prices are headed vary widely. In July of 2008, oil futures hit their record high of more than $145 per barrel and several areas of the country neared $5/gal. While many others agreed (including executives at several auto makers) it is unlikely that higher taxes would be a popular approach to reducing our dependence on oil. Kuwait.

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Europe/US team: transitioning to a low-carbon world will create new rivalries, winners and losers

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Nigeria or Algeria cannot do the same for their oil industry. Saudi Arabia and Kuwait might, and should be encouraged to do so. Petro-states are compensated to transition smoothly to a sustainable economy, avoiding a last-ditch attempt to flood the world with cheap oil and gas. Some national oil companies go bankrupt and others consolidate into a handful of global energy giants.

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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.

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

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In only singling out biofuels in their analyses of indirect effects, both EPA and California have overlooked the enormous secondary impacts of our continued dependence on oil. Accompanying the statement was a picture of oil wells burning in Iraq in 1991. The RFA followed that up later in the week with a second statement asserting that CARB and EPA failed to evaluate indirect petroleum GHG emissions related to reconstruction of Iraq and protection of the US oil supply.

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Heard At The Show: Snippets from SAE 2009 World Congress

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Skalny, Director, US Army TARDEC shared the following insights on fuel usage within the Department of Defense (DOD): Every $10/barrel increase in oil prices adds $1.3 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.

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