In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘fracking bubble’

The oil glut and an inevitable oil price rebound

Posted by seumasach on December 6, 2014

Oil Price

1st December, 2014

The world is awash in oil, I’m hearing. The problem is, it’s fairly expensive oil.

Take for example Canada. The country that has managed to increase its production of oil by a million barrels a day over the last decade. But almost all of that increase has come from oil sands. If you consider only conventional crude oil, Canadian production today would be a third of a million barrels a day lower than at its peak in 1973.

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More than $150 billion of oil projects face the axe in 2015

Posted by seumasach on December 6, 2014

Reuters

5th December, 2014

(Reuters) – Global oil and gas exploration projects worth more than $150 billion (£95.9 billion) are likely to be put on hold next year as plunging oil prices render them uneconomic, data shows, potentially curbing supplies by the end of the decade.

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OPEC in price war with US oil producers

Posted by seumasach on November 30, 2014

“In essence, the OPEC (Saudi) has decided to let the price fall to a point that the newest high-cost drilling projects in the US will find it uneconomical to continue production and will be forced to shut down. “

We are seeing classic end of empire scenario in which the imperial centre struggles to control the periphery. It’s a struggle that is being lost as Saudi Arabia, a critical US ally and fulcrum of the petrodollar system breaks, loose and follows an independent policy. These are dramatic developments which can only heighten the present sense of drift and lack of political leadership in the USA and throughout the West. On the other hand there is no sign of the demonization of the Saudis which one might expect in these circumstances. Is that because they hold the whip hand or is the oil crisis the trigger for the next phase of the financial crisis whose imminence David Cameron has recently announced, a financial crisis that could be utterly transformative in terms of the relationship between the West with the rest?

M.K.Bhadrakumar

Indian Punchline

The meeting of the Organization of Petroleum Exporting Countries [OPEC] in Vienna on Thursday has been a watershed event in the ebb and flow of energy politics. It took a momentous decision at the bidding of Saudi Arabia that there shall be no cut in oil production to counter the steep drop in oil prices. There were dissenting voices but Saudis call the shots within the OPEC.

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