Luxury electric car manufacturer and Wall Street darling Tesla announced 3rd quarter earnings yesterday that contained mixed results. The company reported a record 5,500 Model S deliveries, which beat its own expectations, but the financials were mixed. “The company’s earnings, excluding special charges, came in at $16 million, or 12 cents a share, just ahead… Keep reading →
By: Sri Jegarajah U.S. crude futures are on course for their fifth weekly loss, reflecting a build-up of domestic stockpiles while Brent crude may gain on concern of continued export disruptions from OPEC member Libya, CNBC’s latest market survey of traders, analysts and strategists showed. Broadly, two-thirds of the respondents in CNBC’s latest poll of… Keep reading →
Washington’s relationship with Riyadh has always been focused on mutually-beneficial policies, while politely ignoring considerable societal differences. There have certainly been periods of ideological conflict, but the House of Saud and the Obama Administration currently find themselves very far apart on several important issues. And while leadership in Washington thus far appears relatively unconcerned –… Keep reading →
The US made significant energy efficiency inroads following the 1973 oil embargo, but fresh supplies of cheap energy hit markets in the mid-1980’s, bringing renewed complacency that caused lawmakers to backslide on efficiency measures. Famed innovator and energy researcher Amory Lovins sets the stage for a new energy efficiency surge in his latest blog post:… Keep reading →
Classic economic theory says markets behave rationally, but the global oil market is largely an exception where emotion and politics can influence price formation as much as supply and demand. While various actors like Opec and consuming-country governments can impact prices to a certain extent, price movement in the modern oil business is bound by… Keep reading →
Most oil analysts and market observers feel nostalgic this week, as they consider how the global oil market changed in the 40 years following the Arab oil embargo. Citi’s Ed Morse credits the embargo with triggering the largest transfer of wealth in modern history – due to the spate of oil company nationalizations that followed… Keep reading →
By Kiran Moodley The Organization of the Petroleum Exporting Countries (OPEC) trimmed its forecast for U.S. growth in 2013, warning that the ongoing budget impasse in Washington could damage the recovery. The group cut its forecast from GDP growth of 1.7 percent to a 1.6 percent expansion for this year. While there was a healthy… Keep reading →
The Saudis are pumping oil near 32-year highs – north of 10 million barrels per day – and much short-term non-Opec supply growth is expected from Brazil where technically-challenging, deepwater, subsalt projects could experience delays, investment bank Simmons & Co. said in a recent note analyzing Oct’13 IEA Oil Market Report data. “For the time… Keep reading →
The 40th anniversary of the Arab oil embargo against states that supported Israel during the Yom Kippur War is an appropriate occasion to evaluate the state of the international oil market. The embargo started on October 16th, 1973. The global petroleum system was irrevocably altered by the embargo and the global oil business forever transformed… Keep reading →
Two of the oil industry’s more colorful chief executives – Total’s Christophe de Margerie and Eni’s Paolo Scaroni – provided some choice remarks on a range of energy-related topics yesterday at a Council on Foreign Relations event, The Future of Energy. They were joined by Michael Levi, director of the Council’s program on energy security… Keep reading →
