No Picture

The Kurdish Oil Gamble Has Backfired

November 8, 2017 Gregory Brew 0

Since September’s independence referendum and October’s dramatic Kirkuk re-capture by Iraqi troops, the drama over Kurdish oil continues, with new developments occurring early this week. On Sunday, the government of the Kurdish autonomous region of Iraq indicated it was prepared to hand over oil facilities, airports, border points and state revenue to Baghdad, provided the central Iraqi government agreed to hand over the Kurdish share of the national budget. The long-running dispute over the country’s oil revenues is at the center…

The post The Kurdish Oil Gamble Has Backfired appeared first on aroundworld24.com.

No Picture

Shell To Hand Over Majnoon Stake To Iraq’s Basra Oil By 2018

November 8, 2017 Tsvetana Paraskova 0

After months of negotiations, Shell has agreed to hand over its stake in Iraq’s large Majnoon oil field to state-held Basra Oil Company by the end of the first half next year, two officials close to the talks told Reuters on Wednesday. At the Majnoon oilfield near Basra in southern Iraq, Shell is currently the operator and holder of a 45 percent stake, with Malaysia’s Petronas owning 30 percent, and Iraq’s Missan Oil Company holding the remaining 25 percent. The oilfield started production in 2014 and now produces an average of…

The post Shell To Hand Over Majnoon Stake To Iraq’s Basra Oil By 2018 appeared first on aroundworld24.com.

No Picture

Oil Prices Slip After Surprise Build In Crude Inventories

November 8, 2017 Irina Slav 0

After Brent and WTI both fell yesterday as traders started taking profit on the latest price rally, the EIA reported that U.S. crude oil inventories went up in the week to November 3, by 2.2 million barrels, rejecting API estimates of a 1.562-million-barrel draw. Analysts polled by S&P Platts had forecast a 2.7-million-barrel draw in crude inventories, as well as a 2.25-million-barrel decline in gasoline stockpiles. The EIA said gasoline stockpiles did indeed decline, by 3.3 million barrels, which should provide some support to bulls, especially…

The post Oil Prices Slip After Surprise Build In Crude Inventories appeared first on aroundworld24.com.

No Picture

Bakken Oil Production Rises As Oil Prices Jump

November 8, 2017 Irina Slav 0

Crude oil production in the Bakken shale in North Dakota has been experiencing some major challenges lately, but it is firmly on the growth path, said the state’s Department of Mineral Resources Director Lynn Helms in an interview for S&P Global Platts. Helms identified as the biggest challenges growing production in the Permian as well as a hypothetical ending of the OPEC production cut agreement. While the first challenge is very real, with the Permian still being the star of the shale patch, the latter challenge is more likely than…

The post Bakken Oil Production Rises As Oil Prices Jump appeared first on aroundworld24.com.

No Picture

Google Gets There First: Autonomous Cars On The Road

November 8, 2017 Irina Slav 0

Google’s self-driving car project, Waymo, has become the first to launch completely autonomous cars, free of humans behind the wheel, on the road. Waymo’s CEO, John Krafcik said yesterday at a conference in Portugal that the company had been testing the driverless vehicles on Arizona roads for the last couple weeks and will soon start offering taxi services using these cars. These cars will drive subscribers to Waymo’s Early Rider program within a 100-square-mile area in Chandler, a Phoenix suburb, and there will be a Waymo employee…

The post Google Gets There First: Autonomous Cars On The Road appeared first on aroundworld24.com.

No Picture

5 Stocks To Watch In The $6 Trillion Cyber War

November 6, 2017 Charles Kennedy 0

Cyber security is a megatrend that’s got horns just as big as the crypto currency bull. They’re both revolutionary elements of the digital era, and they both play a role in what is no less than World War III, unfolding in our cyber space. Nothing can hold tech back right now, and precisely because of that, cyber security is becoming an even bigger bull. That’s because business is under assault across every industry, everywhere in the world. What we’re seeing right now is a redistribution of wealth—and one of the biggest…

The post 5 Stocks To Watch In The $6 Trillion Cyber War appeared first on aroundworld24.com.

No Picture

Can WTI Hit $70 In 2018?

November 6, 2017 Arthur Berman 0

Comparative inventory (C.I.) has been dramatically reduced in 2017. Levels have fallen 159 mmb since February and are now approaching the 5-year average for the first time in nearly 3 years (Figure 1). (Click to enlarge)Figure 1. The U.S. Over-Supply of Oil is Ending. Source: EIA and Labyrinth Consulting Services, Inc. An interpreted yield curve that correlates C.I. and WTI price is developed by cross plotting the same data without the time dimension (Figure 2). The yield curve may provide price solutions to inventory reduction assumptions…

The post Can WTI Hit $70 In 2018? appeared first on aroundworld24.com.

No Picture

Did Oil Markets Overreact To The Saudi Purge?

November 6, 2017 Nick Cunningham 0

Saudi Arabia’s powerful crown prince led a massive purge over the weekend, ousting around a dozen royal cousins in a bid to consolidate power. The removal and detentions of so many members of the royal family were ostensibly the outgrowth of an anti-corruption campaign, but the actions put the top security institutions under the control of the king and the crown prince after having been distributed among different family factions for decades. In essence, Crown Prince Mohammed bin Salman (aka, MBS) has ended decades of tradition and has consolidated…

The post Did Oil Markets Overreact To The Saudi Purge? appeared first on aroundworld24.com.

No Picture

Is A Venezuelan Default Inevitable?

November 6, 2017 Tsvetana Paraskova 0

Bondholders, creditors, and any company with operations in Venezuela are all agog for news from Caracas after President Nicolas Maduro announced Venezuela will look to restructure its US$89 billion worth of debt to be able to continue servicing it. Forecasts about what will happen next are all pessimistic, and that’s no wonder. By the end of next year, the government and state-owned PDVSA must repay debt obligations to the tune of US$13 billion, and foreign currency reserves are less than that already, at US$10 billion. What’s more,…

The post Is A Venezuelan Default Inevitable? appeared first on aroundworld24.com.

No Picture

Nigeria To Back OPEC Extension If Conditions Are Favorable

November 6, 2017 Zainab Calcuttawala 0

Nigeria would back an extension of OPEC’s production cut deal to the end of 2018 “as long as the right terms are on the table” relative to Abuja’s planned economic recovery, Oil Minister Emmanuel Ibe Kachikwu said, according to a report by Reuters. “There isn’t any reason to change what is a winning formula,” Kachikwu said, adding “there is a consensus to extend. The issue will be the duration.” So far, the bloc and ten other producers have agreed to extend the agreement through next March.…

The post Nigeria To Back OPEC Extension If Conditions Are Favorable appeared first on aroundworld24.com.