Evaporative Ponds

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Saudi oil minister Naimi: Oil production cuts won’t happen

Saudi oil minister Ali Ibrahim Naimi said Tuesday producers will hopefully meet in March to negotiate an output freeze, but production cuts will not happen.

Last week, Saudi Arabia, Russia, Qatar and Venezuela proposed a freeze that would cap production at January levels. Russian Energy Minister Alexander Novak said Saturday the deal, which is contingent on other producers participating, should be finalized by March 1, Reuters reported.

“Freeze is the beginning of a process, and that means if we can get all the major producers to agree not to add additional balance, then this high inventory we have now will probably decline in due time. It’s going to take time,” Naimi said.

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US oil industry buckling up for biggest production cuts

OPEC Secretary General Abdallah Salem El-Badri speaks Monday afternoon. Ali al-Naimi, the oil minister from Saudi Arabia, which led the 2014 switch to market-based pricing, will speak at the conference Tuesday morning.

His remarks will be key, since just last week Saudi Arabia and Russia agreed to a production freeze if other producers join in. Production would be set at January levels, when Russia was pumping more than 10.8 million barrels a day, a post–Soviet Union high, and Saudi Arabia was at about 10.2 million barrels a day.

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Which Oil Producers Are Breaking Even?

The world’s biggest petrostates need to sell oil at a certain price to balance their budgets. But there is a wide gap between the prices at which different producers break even. Government spending cuts and deferred projects have helped lower the breakeven price somewhat for countries like Saudi Arabia, but some petrostates still need oil prices above $100 a barrel to balance their budgets. Scroll to see forecasted break-even price per barrel for oil in 2016 for select oil producers.

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Crude Oil Price History Chart

An interactive chart of historical monthly West Texas Intermediate (WTI or NYMEX) crude oil prices per barrel back to 1946. The price of oil shown is adjusted for inflation using the headline CPI and is shown by default on a logarithmic scale. The current month is updated on an hourly basis with today’s latest value.

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Obama Proposes $10.00/bbl Tax on Crude Oil

US President Barack Obama proposed a $10.25/bbl crude oil tax to fund transportation improvements in addition to doubling federal clean energy research and development outlays in the final federal budget proposal of his presidency. Oil and gas associations immediately said the plan could jeopardize the nation’s relatively new position as a leading global energy producer.

 

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Oil Prices 2016: What to Expect

Heading into 2015, there was a general consensus among analysts that oil prices would be weaker initially in 2015 before improving toward the end of the year. U.S. oil companies would welcome a return to a $50 crude price because that’s just high enough for them to make it through 2016 without having to make any real drastic changes.

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US Crude Futures Jump Ahead of Peak Winter Demand

OPEC in a report on Wednesday forecast that demand for its crude would be lower in 2020 than in 2016 as rival producers prove more resilient than expected in a low oil price environment. On Wednesday, Brent traded as low as $36.28 a barrel, flipping WTI from a long-standing discount into a slight premium over the international benchmark for the first time since a short period in November

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Senate Panel Told That Effectively Curbing ISIS Oil Revenue Won’t Be Easy

Senate panel told that effectively curbing ISIS oil revenue won’t be easy. In an effort to reduce ISIS revenues, said Keith Crane, Rand Corp. senior economist, “the US has been targeting oil infrastructure, including loading and other facilities in oil fields it controls, and tanker trucks hauling oil from these fields to buyers.” He said, “To discourage truckers from hauling crude oil or refined oil products, the US has dropped leaflets to inform drivers that their vehicles will be targets.”

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