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

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The sustained fall in global prices has led oil-producing countries to search for ways to keep their revenues up. Cheap gasoline is good news for the economies of most countries, but not those that rely on oil exports. 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., The total purchase price includes cash paid at closing as well as a carry of a portion of Chevron Canada''s share of the joint venture’s future capital costs.

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Oil Prices Running Out Of Reasons To Rally

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Oil prices faltered at the start of the second week of the year, as fears set in about a rapid rebound in US shale production. For the better part of two months, optimism surrounding the OPEC deal has buoyed oil prices, but bullish sentiment from speculators are showing early signs of abating, raising the possibility that the oil rally is running out of steam. The gains in the rig count come even as oil prices have held steady in the mid- to low-$50s per barrel.

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Global Gas Prices | Hybrid Sales

Hybrid SUV Blog

sales of hybrid SUVs and other fuel efficient vehicles will prove interesting to watch this year, especially if fuel prices remain relatively low. Expert predictions about where oil and gas prices are headed vary widely. prices at the pump. Since then we’ve seen the price dip below $34/barrel (12/08) and most recently it has traded in the $70 to $80 range. Low gas prices encourage less fuel efficient vehicles. World Gas Prices By Country (converted to U.S.

2010 78

Oil price tumbles after OPEC releases 2015 forecast

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As a result, the price of Brent crude has plunged more than 40 percent since June. You start to price that in now.”. In fact this year’s price plunge hasn’t hurt just the weaker OPEC members. Bloomberg reports that oil prices now are too low for 10 of its 12 members to balance their governments’ budgets. The exceptions, the news agency reports, are Kuwait and Qatar. by Andy Tully of Oilprice.com.

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. 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. In other words, lower oil prices hurt demand for Transocean’s drilling rigs.

2014 91

The Real Reason for USA based Economic Recessions.

DIY Electric Car

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. This article will also show how the price of oil contributed to the current housing crisis as well but the responsibility of that problem has other root causes that will not be discussed here. The True Cause of Recessions: OIL.

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Opinion: How Much Longer Can OPEC Hold Out?

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Simply put, the world has too much oil at the moment which has resulted in the reduction of price levels from approximately $100 to $50 a barrel, and OPEC (as well as US shale producers) has a major role to play in this supply glut. With the decline of average annual crude prices, OPEC earned around $730 billion in net oil export revenues in 2014 (Source: EIA), a big decline of 11% from its previous year. The current oil price levels are nowhere near this.

2015 76

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.” Prices rebounded to $60 for a few months, before falling once again below $50.

2015 100

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

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Breakeven prices are hard to pin down, and harder yet because they fluctuate. OPEC governments downsize their budgets, cut social spending and put big projects on hold to lower the breakeven price. 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. It’s probably more concerned about regaining the market share it lost under sanctions than it is about low prices.

2016 84

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

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Saudi Arabia and Kuwait might, and should be encouraged to do so. Fossil-fuel exporters rush to produce as much as they can, despite falling prices and constraints on trade. In an opinion piece in the journal Nature , a team from the US and Europe suggests that the transition to a low-carbon world will create new rivalries, winners and losers, and that it is therefore necessary to put geopolitics at the heart of debates about the energy transition. abating carbon will create losers.

2019 75

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. Despite low oil prices, Saudi Arabia is maintaining its investment in its oil industry. as the drop in oil prices over the last year has put a strain on the nation’s finances.".

2015 79

Opinion: Is Russia Plotting To Bring Down OPEC?

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Even a casual glance at the IMF’s World Economic Outlook statistics for Russia shows the tight correlation since 1992 between GDP growth on the one hand and oil and gas output, exports, and prices on the other (economic series available here ). The Saudi decision to let the market set prices and to pursue market share, has led to steep declines in crude and petroleum product prices. Such a price war would pressure the competitors’ currencies.

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. by Dalan McEndree for Oilprice.com.

2015 78

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. All that combustion of fossil fuels must certainly come at an environmental price.

Iraq 65

Heard At The Show: Snippets from SAE 2009 World Congress

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How did the high fuel prices impact customer behavior in 2008? A $1 change in gas prices can lead to a 4-6% shift in take rates (i.e. Alexander Edwards, President, Automotive Strategic Vision believes the exodus from full size SUVs was caused by economic caution as much as higher gas prices. 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

2009 60

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. Oil price volatility has in the past been a significant deterrent to heavy oil project investment by industry, particularly by smaller independent producers, the DOE notes.

2011 85