The possibility of a rapprochement in nuclear talks between the US and Iran – though they did not produce a deal – had fueled a degree of oil market optimism about Iran’s reinstatement as a global oil supplier. But even if negotiations had proved successful, political and logistical hurdles would likely have stalled any significant return… Keep reading →
Daniel Yergin, vice-chairman of IHS Cera, has published an op-ed in the Wall Street Journal to commemorate the 40th anniversary of the Arab Oil Embargo of 1973. The piece drives home a central point: oil production and pricing can adapt relatively quickly to changing circumstances, provided that governments refrain from stepping in to influence them. “A… Keep reading →
Iran has a new oil minister – Bijan Namdar-Zanganeh – and he has an ambitious plan to bring oil output back to 2005 levels of 4.2 million barrels per day, up from 2.56 MM bbl/d now. If he can actually make it happen – a big “if” – additional supply on the market could impact prices.… Keep reading →
The House passed the 2013 Nuclear Iran Prevention Act by a 400-20 vote facilitating broader economic sanctions and increased oversight for enforcing existing Iran sanctions. On July 31, 2013, the House of Representatives passed the 2013 Nuclear Iran Prevention Act (H.R. 850) aimed to impose tougher sanctions against Iran’s petroleum sector and other industries, in… Keep reading →
“Peak oil” is a term that’s been bandied about for decades, but almost always in reference to supply, not demand. The Economist is calling oil “yesterday’s fuel”. “The world’s thirst for oil could be nearing a peak. That is bad news for producers, excellent for everyone else.” [Economist] There’s a nice (and very thorough) piece… Keep reading →
Prince Alwaleed bin Talal, a Saudi billionaire investor with holdings in outfits like Citigroup and Time Warner, published a critical letter to Saudi Arabia’s oil minister, Ali Al-Naimi (on twitter, no less). It said that the country “won’t be able to fulfill its plan to increase capacity to 15 million barrels a day”, that “there’s… Keep reading →
Opec countries’ oil export revenues – excluding Iran – reached $982 billion last year, up by 5% over the previous year, according to Energy Information Administration estimates. This marks a record for EIA estimates covering the 1975-2012 time period, with Saudi Arabia accounting for 32% of the total. But revenues are projected to fall this year and… Keep reading →
