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Water is the biggest output of U.S. oil and gas wells: Kemp

Posted on 19 November 2014 by VRS  |  Email |Print

The biggest product of the U.S. petroleum industry is not oil, gas or condensate but water — billions and billions of gallons containing dissolved salts, grease and even naturally occurring radioactive materials.
In 2007, when the shale revolution was still in its infant stages, the U.S. oil and gas industry was already producing more than 20 billion barrels of waste water per year, according to researchers at the Argonne National Laboratory (”Produced water volumes and management practices in the United States”, 2009). The industry’s daily output was 5 million barrels of oil, 67 billion cubic feet of natural gas, and 55 million barrels of water, according to federal government statistics……………………………………Full Article: Source

Crude oil production will grow 400 kb/d-900 kb/d by 2015 end: Barclays

Posted on 05 November 2014 by VRS  |  Email |Print

Despite the recent price drop, US production will continue to grow at a swift pace through 1H 15 and those additional barrels will need to find a home in the North American market due to export restrictions. US tight oil producers will likely take a long-term view with regards to their capex decisions, according to Barclays.
As a result, lower oil prices are unlikely to have an immediate impact on production growth. From September levels, Barclays forecast shows production growth of over 400 kb/d by the end of March and close to 900 kb/d by the end of 2015. Even opportunities to export to Canada or to export ANS internationally have limited upside from current levels………………………………………..Full Article: Source

Why is Russia buying so much gold bullion?

Posted on 27 October 2014 by VRS  |  Email |Print

One area where physical gold demand has remained constant has been Russia, with the central bank buying another 37 tonnes of gold in September. The Russians has now been net buyers for seven months running and its gold reserves are now up to 1,150 tonnes.
Adding to the country’s gold reserves has been a feature of Vladimir Putin’s stints as Russian president. It is now officially the world’s fifth largest holder of gold, but could be one place lower as China’s reserves are thought to be understated. Russia is also the number three gold producer………………………………………..Full Article: Source

U.S. To Produce More Oil & Gas Than Russia…For Decades

Posted on 24 October 2014 by VRS  |  Email |Print

The U.S. shale oil and gas renaissance has effectively stripped Russia from its status as biggest non-OPEC oil producing state. And Russia won’t recover for the next 25 years. Or more, according to the U.S. Energy Information Agency.
U.S. oil and gas production is seen going from 9.8 million barrels a day in 2011 to 14.2 million per day in 2020. By then, Russia will produce an average of 10.7 million barrels daily. And while Russia’s oil production will rise by an average of 0.6% year over year between now and 2040, U.S. oil production will be a little bit better, at around 1% growth per year………………………………………..Full Article: Source

India Steel output up by 2.5% in September,slight dip in Global output

Posted on 22 October 2014 by VRS  |  Email |Print

World crude steel production for the 65 countries reporting to the World Steel Association (worldsteel) was 134 million tonnes (Mt) in September 2014, a slight decrease of -0.1% compared to September 2013. India produced 6.8 Mt of crude steel, an increase of 2.5% compared to the same month 2013.
China’s crude steel production for September 2014 was 67.5 Mt, the same compared to September 2013. Elsewhere in Asia, Japan produced 9.2 Mt of crude steel in September 2014, a decrease of -0.5% compared to September 2013. South Korea produced 5.7 Mt of crude steel in September 2014, up by 10.1% on September 2013………………………………………..Full Article: Source

Iron Ore Risks Extending Collpapse on Supplies: Moody’s

Posted on 21 October 2014 by VRS  |  Email |Print

The collapse in iron ore prices may have further to run as global supply increases and steel-demand growth slows, according to Moody’s Investors Service, which said it may reduce ratings on producers.
About 300 million metric tons of new and expanded supply will come on stream over the next few years, analysts including Carol Cowan said in an e-mailed report received today. Global steel-production growth in 2014 remains muted with China, the key driver of consumption, continuing to slow, Moody’s said………………………………………..Full Article: Source

Chile’s Cochilco sees copper surplus growing in 2015 as Chinese demand slows Caracas

Posted on 20 October 2014 by VRS  |  Email |Print

The global copper market will record larger surplus next year as demand in China, the world’s largest consumer of the metal, slows sharply, but prices will remain stable, the Chilean Copper Commission, or Cochilco, said Friday.
Sergio Hernandez, the head of Cochilco, said the commission expects a surplus of 125,000 mt this year and 429,000 mt in 2015 as new mine capacity comes on stream in Chile, Peru, Mexico, the US and Zambia. Meanwhile, Chinese demand is expected to rise 4.5% next year to 11.2 million mt, or 47% of global demand, compared with growth of 9% this year, Hernandez said, citing a tight scrap market and the drop in the use of copper as loan collateral………………………………………..Full Article: Source

World top 15 gold producers - output still rising but peaking this year

Posted on 10 October 2014 by VRS  |  Email |Print

According to the latest research report from London-based precious metals analysts – Metals Focus – global mined gold output is still on the increase this year, despite the much lower gold price prevailing. This is primarily due to the build-up to full production of a number of major new gold mining operations which came on stream in 2013, while the start-ups at Kibali in the DRC, Aykem in Ghana and Tropicana in Australia added a further 21 tonnes in the first half of the current year.
The increased mine production in the first half of the year, however, was at least in part countered by a continuing decline in scrap sales – indeed the consultancy is forecasting a fall in global gold supply for the full year due to a predicted double digit drop in scrap supply………………………………………..Full Article: Source

Australia cuts 2015 iron ore price forecast to $92.40/tonne

Posted on 24 September 2014 by VRS  |  Email |Print

Australia revised down on Wednesday its forecast iron ore price for 2015 to $92.40 a tonne from $94.60 a tonne previously, citing mounting competition among producers as supply rises.
“Over the next five years, iron ore prices are projected to average between $90 and $95 a tonne,” Australian forecaster the Bureau of Resource and Energy Economics (BREE) said in its latest quarterly update. “Further increases in supply indicate increasing price competition will be needed to push more high-cost supply out of the market over the next two years,” BREE said………………………………………..Full Article: Source

OPEC May Lower Oil Production to 29.5Mln Barrels Per Day in 2015

Posted on 17 September 2014 by VRS  |  Email |Print

The Organization of the Petroleum Exporting Countries (OPEC) may decide to lower its oil output from 30 million barrels per day to 29.5 million, OPEC Secretary General Abdalla El-Badri, said on Tuesday. “I think our target next year will be lower, may be by 500,000 barrels,” El-Badri told reporters at the group’s headquarters in Vienna.
“This is an outlook, this is not a decision,” he said, adding that the decision could be made at the next regular OPEC ministerial meeting scheduled for November 27. El-Badri reiterated he was not overly concerned about the current drop in oil prices and said he expected them to rebound by the end of this year………………………………………Full Article: Source

Australian gold output up 9% in 2013-2014

Posted on 05 September 2014 by VRS  |  Email |Print

Australian gold production totaled 9.1 million ounces in 2013-2014, up 9% from 2012-2013 output and worth some A$12.5 billion at the current spot price, said Melbourne-based Surbiton Associates. Production for the June 2014 quarter was also up as Australia’s gold output totaled 71 tonnes (2.3 million oz) compared to 67 tonnes in the June 2013 quarter.
“Don’t be fooled by the good news of higher gold output,” said Dr. Sandra Close, Surbiton Associates’ director. “While some new operations have opened, others have closed, so the majority of the rise is due to an overall increase in ore grades as the industry responds to harder times.”……………………………………….Full Article: Source

Water - The World’s Most Important Commodity

Posted on 03 September 2014 by VRS  |  Email |Print

It’s quite the strange duality when you think about it. Undoubtedly, water is the single most important thing on earth….ok, so maybe it’s the second most important thing (sorry, oxygen) - but you get the idea. If I go to the store and there’s no bread, I would be shocked, and certainly annoyed, and that would be about it.
But if I turn on my faucet and nothing comes out, I’m about 15 hours away from turning into Mad Max - and so are you. So why is water so underappreciated? Why, when I live in a state that’s experiencing a once-in-a-generation drought that could become economically catastrophic in a heartbeat, can my home water bill be just 75 bucks a month?……………………………………….Full Article: Source

Australia: Rich in Commodities but not Oil

Posted on 01 September 2014 by VRS  |  Email |Print

Australia is rich in commodities, including fossil fuel and uranium reserves. It is one of the few countries belonging to the Organization for Economic Cooperation and Development (OECD) that is a significant net energy exporter, sending nearly 70 percent of its total energy production (excluding energy imports) overseas, according to data from Australia’s Bureau of Resource and Energy Economics (BREE).
However, Australia retains a surplus of all its energy commodities except oil. Australia’s dependence on oil imports has increased to fill the growing gap between domestic consumption and production………………………………………..Full Article: Source

Top 20 largest gold reserves by country

Posted on 01 September 2014 by VRS  |  Email |Print

After a long bull move gold is at a crossroads. Depending on who you talk to, the 15-year bull market in gold has ended or is taking a breather preparing for its next leg up. The massive inflation predicted from the enormous liquidity poured into the system by central banks around the world has not arrived so gold has pulled back from its 2011 high. Gold is the most followed and globally traded commodity. But not just by retail investors watching late night TV. While there is no more gold standard, governments maintain a reserve quantity of gold.
Although gold has industrial applications, gold is a monetary asset and its prime driver is investment demand. We take a look at the top reported official gold holdings of individual countries (as of June 2014) based on information from the World Gold Council………………………………………..Full Article: Source

Top 20 largest gold reserves by country

Posted on 29 August 2014 by VRS  |  Email |Print

After a long bull move gold is at a crossroads. Depending on who you talk to, the 15-year bull market in gold has ended or is taking a breather preparing for its next leg up. The massive inflation predicted from the enormous liquidity poured into the system by central banks around the world has not arrived so gold has pulled back from its 2011 high.
Gold is the most followed and globally traded commodity. But not just by retail investors watching late night TV. While there is no more gold standard, governments maintain a reserve quantity of gold. Although gold has industrial applications, gold is a monetary asset and its prime driver is investment demand. We take a look at the top reported official gold holdings of individual countries (as of June 2014) based on information from the World Gold Council………………………………………..Full Article: Source

Water: The World’s Most Important Commodity

Posted on 25 August 2014 by VRS  |  Email |Print

It’s quite the strange duality when you think about it. Undoubtedly, water is the single most important thing on earth. Ok, so maybe it’s the second most important thing (sorry, oxygen) – but you get the idea.
If I go to the store and there’s no bread, I would be shocked, and certainly annoyed, and that’d be about it. But, if I turn on my faucet and nothing comes out, I’m about 15 hours away from turning into Mad Max – and so are you………………………………………..Full Article: Source

Oil and gas set to run out within 35 years, says energy expert

Posted on 21 August 2014 by VRS  |  Email |Print

A leading figure in Scotland’s energy industry has voiced concerns over the country’s oil and gas reserves. Wood Group founder Sir Ian Wood said he expects the effect of a decline in North Sea production to be felt as early as 2030.
Sir Ian told the Press and Journal’s Energy Voice that he has “no allegiance to any party or campaign” but said he believes First Minister Alex Salmond’s estimates of North Sea reserves are too high. Sir Ian said: “I believe the debate should not be about nationalism, but growth and economic success, and the quality of life for citizens and all that goes with that………………………………………..Full Article: Source

World Crude Steel production surges 1.7% in July

Posted on 21 August 2014 by VRS  |  Email |Print

World crude steel production totalled 137 million tonnes (Mt) in July 2014, for the 65 countries reporting to the World Steel Association (worldsteel), according to the association. This indicates an increase of 1.7% compared to July 2013.
China’s crude steel production for July 2014 was 68.3 Mt, up by 1.5% compared to July 2013. Elsewhere in Asia, Japan produced 9.3 Mt of crude steel in July 2014, the same level of production as in July 2013. South Korea produced 5.9 Mt of crude steel in July 2014, up by 6.2% on July 2013………………………………………..Full Article: Source

European Gas Reverses Biggest Drop Since 2009 on Ukraine

Posted on 20 August 2014 by VRS  |  Email |Print

European natural gas prices are reversing their biggest slump in five years as concern mounts that tension between Russia and Ukraine will again disrupt flows to the region. Gas for next-month delivery in the U.K. rallied 21 percent over the past six weeks as Ukraine said it may ban OAO Gazprom, Europe’s biggest supplier, from shipping the fuel across its territory because of Russia’s support of separatists.
The Moscow-based company, which meets 15 percent of European gas demand through Soviet-era pipelines across Ukraine, halted supplies to its neighbor on June 16 in a debt and price dispute………………………………………..Full Article: Source

OPEC: Iran’s monthly crude oil output declines by 10 kbpd

Posted on 11 August 2014 by VRS  |  Email |Print

Iran’s crude oil production (excluding gas condensates and natural gas liquids) declined by 9, 800 barrels per day and stood at 2.762 million barrels per day in July, compared to June. Iran’s crude oil output increased by 86,000 bpd in 2Q14 compared to 4Q13, according to a monthly report based on secondary sources, released by OPEC Aug. 8.
Iran and the six world powers including the U.S., the U.K, France, Germany, Russia and China reached an interim nuclear deal Nov.23, 2013. The agreement entered into force Jan.20, 2014 and extended by Nov.23, 2014……………………………………..Full Article: Source

Barings backs resources sector equities over commodities

Posted on 06 August 2014 by VRS  |  Email |Print

Resources sector equities are currently more attractive than direct investments in physical commodities and investors should focus on investing in ‘companies not commodities’ to benefit from an increasing global demand for resources, according to Baring Asset Management (Barings).
The opportunity in resources equities is as strong as it has been for several years, believes Barings. Its positive outlook is based on the size of differential between what it sees as positive company specific drivers versus a negative – often macro driven – consensus view………………………………………..Full Article: Source

ENBD Research: OPEC output update

Posted on 06 August 2014 by VRS  |  Email |Print

Average OPEC oil production dropped slightly in July to 30.2 million b/d, compared to 30.3 million b/d registered in June and 30.9 million in the same month last year. For the first seven months of 2014, total OPEC output has averaged 30.1 million b/d, down 2.2 per cent in year-on-year terms. The fall in aggregate production in July was due almost exclusively to lower output from Iran and Iraq, which saw drops of 140k b/d and 100,000 respectively.
In the case of Iraq, oil output has now slumped by 300,000 in the past two months to sit at 3.0 million b/d. Although there are ongoing concerns that the weakened security environment across the country could eventually undermine investment and hence production growth, the largest and most important oil fields do not yet appear to have been affected………………………………………..Full Article: Source

The 10 most oil-rich states

Posted on 04 August 2014 by VRS  |  Email |Print

The U.S. energy industry is booming. As new technologies make oil easier and more affordable to extract, the United States is poised to become the world’s leading oil producer as soon as 2015, according to a 2013 study by the International Energy Agency. At the same time, proven oil reserves — the estimated quantities of oil that can be extracted under existing conditions — have also risen. In 2012, the U.S. had more than 30.5 billion barrels of proven oil reserves, up 15% from the year before.
Ten states accounted for nearly 80% of the U.S. proven oil reserves as of the end of 2012. Texas was the state with the most proven reserves, totaling more than 9.6 billion barrels of oil, or close to a third of all U.S. reserves. Based on the U.S. Energy Information Agency (EIA) data on proved oil reserves, these are the most oil-rich states in the country………………………………………..Full Article: Source

Saudi Kingdom sees modest increase in oil supply

Posted on 01 August 2014 by VRS  |  Email |Print

OPEC’s oil production rose in July from June, a Reuters survey found, as a fragile recovery in Libyan supply outweighed fighting in Iraq and reduced output from Angola.Saudi Arabia raised supply modestly, in part because of a greater need for crude in domestic power plants, industry sources said. Some sources said exports had increased.
Despite the increase, unrest in Africa and the Middle East is still weighing on supply. That could hinder OPEC’s ability to boost output later in the year, when the International Energy Agency expects demand for OPEC crude to rise………………………………………..Full Article: Source

Water scarcity and rising energy costs threaten mining industry

Posted on 28 July 2014 by VRS  |  Email |Print

Access to water has become one of the most significant business risks for miners, says a report that also highlights the threat to the sector from rising energy costs in some resource-rich areas.
EY, the consultancy, said affordable water and energy should now be viewed as one of the 10 biggest problems for miners. The threat was particularly acute in South America and Africa, it said. These continents are significant in the global supply of many metals, particularly copper………………………………………..Full Article: Source

Iran slips to 8-th spot as OPEC’s oil exporter

Posted on 24 July 2014 by VRS  |  Email |Print

Iran’s crude oil export dropped by 42.2 percent to 1.25 million barrels in 2013. According to the OPEC’s Annual Bulletin, released on July 19, Iran’s crude oil export was 2.537 million barrels per day in 2011, before the West imposed tough sanctions on Iran.
The crude oil in OPEC statistics includes a mixture of hydrocarbons that exist in a liquid phase in natural underground reservoirs and remains liquid at atmospheric, then it consists of crude oil, gas condensate, NGLs, etc. Before sanctions took effect in mid-2012, Iran was both the second major oil exporter and producer of OPEC………………………………………..Full Article: Source

Investing in Water

Posted on 22 July 2014 by VRS  |  Email |Print

Water scarcity is making headlines, particularly as a drought savages California, and heightened tensions about water supply and use won’t evaporate any time soon. Whether it is concern about climate change, global population growth or the need to revamp aging water infrastructure, investment advisers say the water sector offers long-term buying opportunities. However, they add, carefully review the type of investment since offerings are as vast as the ocean.
It has become easier to add water investments to a portfolio. Some water utilities are publically traded, as are a few agricultural producers, and a handful of exchange-traded funds have bubbled up to make it simpler to get broad sector exposure. Farmland remains another way to get water ownership………………………………………..Full Article: Source

Commodities: Water should be traded on financial markets to avoid global crisis

Posted on 21 July 2014 by VRS  |  Email |Print

Markets can play an important role in providing future water security. Britain, as the rest of the world, is facing a water crisis, leading some experts to predict that by the end of the decade H2O will be traded on financial markets like other finite commodities such as crude oil, or iron ore.
Although the Environment Agency says the past six months have been the wettest on record, summer hosepipe bans remain a possibility, partly because of historic inconsistencies in infrastructure investment. However, changing weather patterns and rising demand for water resources spell a potentially more nightmarish scenario within the next 20 years………………………………………..Full Article: Source

How to Invest in the World’s Most Precious Commodity: Water

Posted on 18 July 2014 by VRS  |  Email |Print

When asked what the world’s most precious commodity is, most people would rattle off guesses from a list of the usual suspects — things like gold, platinum, oil or diamonds. However, there is a commodity more precious than any of those, one that has the potential to rise in value dramatically over the next decade, and one that you can easily invest in.
If you want to know what it is, just watch any episode of a survival reality show. Whether it’s “Man vs. Wild,” “Survivorman” or even “Naked and Afraid,” the first thing the TV survivalists do after assessing their situation is to look for this precious commodity — clean, drinkable water………………………………………..Full Article: Source

World’s Largest Silver Producing Countries: Peru

Posted on 17 July 2014 by VRS  |  Email |Print

Peru was once a world leader of silver mine supply but has now fallen to third globally. While the country does boast some large primary silver producing mines, Antamina, the country’s largest silver producing mine is primarily a copper mine, with silver constituting as by-product.
Chungar, also one of the largest silver producing mines in Peru, is primarily a zinc producing mine. Peru’s production peaked in 2009 at 126 million ounces of silver followed by three consecutive years of decline. The country bounced back in 2013 and is expected to produce nearly 120 million ounces of silver in 2014………………………………………..Full Article: Source

U.S. World’s Largest Producer of Oil & Gas

Posted on 16 July 2014 by VRS  |  Email |Print

Recent reports have confirmed that the US is now the world’s largest producer of crude oil with output exceeding 11 million barrels per day in the 1Q of this year. This surpasses the daily oil production of Russia and Saudi Arabia.
This is the first time in over 40 years that the US has once again become the largest producer of oil in the world – and this is despite the Obama administration’s continued ban on new drilling for oil in our coastal waterways………………………………………..Full Article: Source

BP’s Latest Estimate Says World’s Oil Will Last 53.3 Years

Posted on 14 July 2014 by VRS  |  Email |Print

According to BP, drivers whose vehicles rely on burning oil have a little more than a half-century to find alternate sources of energy. Or walk. BP’s annual report on proved global oil reserves says that as of the end of 2013, Earth has nearly 1.688 trillion barrels of crude, which will last 53.3 years at current rates of extraction. This figure is 1.1 percent higher than that of the previous year. In fact, during the past 10 years proven reserves have risen by 27 percent, or more than 350 billion barrels.
The increased amount of oil in the report include 900 million barrels detected in Russia and 800 million barrels in Venezuela. OPEC nations continue to lead the world by having a large majority of the planet’s reserves, or 71.9 percent………………………………………..Full Article: Source

Fossil industry is the subprime danger of this cycle

Posted on 10 July 2014 by VRS  |  Email |Print

The cumulative blitz on energy exploration and production over the past six years has been $5.4 trillion, yet little has come of it. The epicentre of irrational behaviour across global markets has moved to the fossil fuel complex of oil, gas and coal. This is where investors have been throwing the most good money after bad.
They are likely to be left holding a clutch of worthless projects as renewable technology sweeps in below radar, and the Washington-Beijing axis embraces a greener agenda………………………………………..Full Article: Source

Is it time to drain the Strategic Petroleum Reserve?

Posted on 09 July 2014 by VRS  |  Email |Print

Bloomberg reported Monday that U.S. crude oil production hit 11 million barrels a day during the first quarter of this year, beating both Saudi Arabia and Russia. In fact, it looks like America is going to remain the world’s top oil producer for the rest of 2014. The federal International Energy Agency has already predicted that America will replace the Saudis as the world’s biggest oil producing country by 2020.
This begs a question. Why does this nation still have a Strategic Petroleum Reserve? Maybe it’s time for this relic of Carter-era energy policy to get the heave-ho in the face of the realities of America’s new era of energy — and oil — abundance……………………………………Full Article: Source

Goldman Sees China’s Iron Ore Production Falling 10%

Posted on 08 July 2014 by VRS  |  Email |Print

Cuts to China’s iron ore production will be less than forecasts, with increased output at some lower cost inland mines offsetting closures at smaller coastal mines, according to Goldman Sachs Group Inc. (GS)
Output may decline 10 percent over the two years to 2015, trimming production by 40 million tons, Goldman Sachs Australia Pty’s Global Investment Research Executive Director Christian Lelong said in an interview in Sydney on July 4. That compares with a JP Morgan Chase & Co. forecast that predicts China will need to cut about 64 million tons in 2014 and a further 85 million tons by 2017 to keep the market balanced……………………………………..Full Article: Source

Texas Set To Overtake Iraq In Oil Production

Posted on 04 July 2014 by VRS  |  Email |Print

America’s increasing reliance on hydraulic fracturing to recover energy trapped in shale will soon lead Texas to generate more oil than Iraq, OPEC’s No. 2 producer.
Texas produced just over 3 million barrels a day in April for the first time in nearly four decades, according to a new report by the U.S. Energy Information Administration (EIA). That accounted for 36 percent of the United States’ total production for the month — 8.4 billion barrels per day………………………………………..Full Article: Source

Water – Hot commodity of the future?

Posted on 03 July 2014 by VRS  |  Email |Print

Why trading water futures could be in our future? In the next quarter century, demand for water will boom as the world population swells. This liquid gold is expected to be traded like oil. Already commodity experts are brainstorming on how to create a marketplace for water futures.
Water is the one natural resource required to sustain all life on the planet, making it already the most important commodity on Earth. Although it has been fought over, sold, diverted, dammed, claimed by governments and overseen by authorities, Wall Street has never really gotten its hands in it the way it has with, say, oil………………………………………..Full Article: Source

Texas oil production set to top No. 2 OPEC country

Posted on 03 July 2014 by VRS  |  Email |Print

Texas now is pumping 36 percent of the nation’s oil, more than doubling its production in three years, according to new federal data. The Energy Information Administration reports that Texas oil production topped 3 million barrels per day in April, for the first time since the late 1970s.
Nearly as much crude flowed from Texas as from Iraq, which was the second largest OPEC producer in April at 3.2 million barrels per day, according to estimates from Bloomberg. The news agency estimates that Iraq’s production fell to 2.9 million barrels in June amid insurgent violence, which would drop it below Texas oil if the state’s supply continued to rise as it did every month since 2011………………………………………..Full Article: Source

Raw-Material Resurgence Following Record Exit From Funds

Posted on 02 July 2014 by VRS  |  Email |Print

Investors are being lured back to commodities after war and drought helped make raw materials the surprise best-performing major asset class in the first half.
About $5.9 billion was added to raw materials investments this year, compared with a record $50 billion withdrawn in 2013, Citigroup Inc. estimates. Assets under management of about $360 billion at the end of last year rose to $365 billion through May and probably increased again in June, the bank said……………………………………….Full Article: Source

World saved $3.5 trillion from emergency oil stocks: IEA

Posted on 26 June 2014 by VRS  |  Email |Print

The world has saved $3.5 trillion over the last 30 years by maintaining emergency oil stocks to offset supply shocks and curb price surges, the West’s energy watchdog said on Wednesday. The International Energy Agency (IEA) said in a report that emergency oil stocks held by member and non-member states have acted as an ” insurance” against oil supply disruptions.
Spiralling violence in key oil producer Iraq in recent weeks has pushed global oil prices to nine-month highs, reviving speculation of a release of strategic stocks in case of severe supply disruptions………………………………………..Full Article: Source

Oil price hike about fear, not Iraq output: OPEC chief

Posted on 25 June 2014 by VRS  |  Email |Print

The head of OPEC, the group of major oil exporters, says recent crude price increases are to blame on market fears caused by the crisis in Iraq but not on a drop in output. OPEC Secretary General Abdullah Al-Badry said Tuesday that Iraq is “still producing as normal,” with 95 per cent of its capacity in the country’s south being unaffected by the violence.
The price for a barrel of Brent crude, the key international benchmark, has risen from a stable level of $110 held over the past four years to about $115 following the takeover of some parts of Iraq by Sunni insurgents………………………………………..Full Article: Source

OPEC secretary general says no shortage of oil

Posted on 25 June 2014 by VRS  |  Email |Print

OPEC is ready to pump extra oil in the event of any supply disruptions caused by Iraq and its biggest producer, Saudi Arabia, can ramp up to capacity if needed, oil officials said on Tuesday.
For now the market is well-supplied and prices above $114 a barrel are the result of market nervousness, OPEC Secretary General Abdullah al-Badri said. An official from Saudi Arabia, the only OPEC member with significant spare capacity, said it was committed to supplying the market if needed………………………………………..Full Article: Source

World’s Largest Gold Producing Countries: Russia

Posted on 19 June 2014 by VRS  |  Email |Print

Not quite as secretive and mysterious as Chinese mine production, but certainly not as forthcoming as other countries, Russia’s vast lands hold some large mines and deposits ranking it as the third largest gold producer.
The Olimpiada mine has been producing gold since 1996 and is still a staple of Polyus Gold International’s country-leading gold production portfolio…………………………………..Full Article: Source

World’s Largest Gold Producing Countries: China

Posted on 17 June 2014 by VRS  |  Email |Print

While the Chinese dominate gold production among countries, it still maintains a level of mystery as to where all these ounces come from. Much of the mining industry in China is highly privatized and you’d be hard pressed to find traditional production figures that are generally more available around the rest of the world.
Gold production coming out of China over the last decade has more than doubled as the country produced 6,827,000 ounces of gold in 2004. In 2014, gold production estimates are expected to be around 14.5 million ounces………………………………………..Full Article: Source

China has world’s second largest gold resource

Posted on 12 June 2014 by VRS  |  Email |Print

While China has now been the world’s largest producer of gold for the past seven years, there have always been questions asked as to whether the current level of gold output (430 tonnes in 2013) is sustainable. Now figures out of The Bureau of Raw Material from the Ministry of Industry and Information Technology suggest that there certainly are sufficient gold resources available to retain this position for the foreseeable future.
According to a report on Asia First Chan Yanhua, Director of the Bureau has said that reserves found through geological prospecting had been increasing faster than the country’s mining rate – and had seen a substantial rise over the past three years. The Bureau put China’s gold resources as being 8,200 tonnes (263.6 million ounces), which it says is only exceeded by known South African resources of 31,000 tonnes (close to 1 billion ounces)………………………………………..Full Article: Source

OPEC nations see no reason to alter oil output ceiling

Posted on 11 June 2014 by VRS  |  Email |Print

OPEC, the oil producing cartel, will likely stick by its output ceiling at a meeting here, member nations indicated Tuesday as they expressed satisfaction with current high crude prices. The Organization of Petroleum Exporting Countries, which pumps out about one third of the world’s oil, has stood by a daily production ceiling of 30 million barrels for almost three years.
OPEC kingpin Saudi Arabia, the cartel’s biggest and most influential producer, declared Tuesday that he expected no change to oil output levels………………………………………..Full Article: Source

Iran fourth biggest OPEC oil exporter

Posted on 09 June 2014 by VRS  |  Email |Print

An official with the National Iranian Oil Company (NIOC) says Iran ranked fourth among OPEC members due the decrease in oil exports as a result of Western sanctions.
Seyyed Mohsen Qamsari also hoped that Iran’s oil exports will increase in the next month to improve its ranking among members of the Organization of Petroleum Exporting Countries, Iran Daily wrote in its Saturday issue. “Taking the second place in OPEC is quite tough given the increase in Iraq’s (oil) output,” he said. He added Iran’s oil exports are about one million barrels per day………………………………………..Full Article: Source

Here Are The World’s Five Most Important Oil Fields

Posted on 06 June 2014 by VRS  |  Email |Print

Much has been made about the role that hydraulic fracturing – or fracking — has played in revolutionizing the energy landscape, unlocking vast new reserves of oil trapped in shale rock. This “tight oil” is pouring into the global pool of oil supplies at a crucial time, preventing oil prices from spiking in an age of high demand and geopolitical turmoil.
But the world still relies overwhelmingly on conventional oil production from existing fields, many of which are in decline. The Middle East has dominated the world of oil for half a century and as the list below shows, it remains king. Here are the top five most important oil fields in the world………………………………………..Full Article: Source

OPEC Crude Output Advances from 3-Year Low

Posted on 02 June 2014 by VRS  |  Email |Print

The Organisation of Petroleum Exporting Countries (OPEC) crude production climbed in May for the first time in three months, led by gains in Angola and Saudi Arabia, a Bloomberg survey showed. Output from the 12-member OPEC countries rose by 75,000 barrels a day to an average 29.988 million, according to the survey of oil companies, producers and analysts.
Last month’s total was revised 50,000 barrels a day higher to 29.913 million because of changes to the Saudi Arabian and United Arab Emirates estimates. Members increased production as the International Energy Agency projected further increases will be needed to meet demand during the second half of the year…………………………………….Full Article: Source

Why China is stockpiling huge amounts of oil at a record pace

Posted on 22 May 2014 by VRS  |  Email |Print

China is stockpiling oil for its strategic petroleum reserve at a record pace, intervening on a scale large enough to send a powerful pulse through the world crude market.
The move comes as tensions mount in the South China Sea and the West prepares possible oil sanctions against Russia over the crisis in eastern Ukraine. Analysts believe China is quietly building up buffers against a possible spike in oil prices or disruptions in supply………………………………………Full Article: Source

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