Tuesday, November 12, 2019

Is Russia Right About US Shale Energy?

by F. William Engdahl, New Eastern Outlook:

In recent remarks to a Pennsylvania shale oil producers’ convention, US President Donald Trump, noting the spectacular growth in shale gas as well as shale oil over the past decade, remarked that unconventional shale energy had made “America the greatest energy superpower in the history of the world.” On first look the achievement has indeed been impressive. Since 2011 the USA surpassed Russia to become the world’s largest producer of natural gas. By 2018 USA had passed Russia and Saudi Arabia to become the world leading oil producer. It is all because of US unconventional shale oil and gas. But the success may be short-lived.

TROUBLE AT MIGHTY EXXONMOBIL: Record Number Of Shale Wells While Permian Oil Production Remains Flat

by Steve St. Angelo, SRSRocco Report:

There’s trouble brewing in the U.S. largest oil company while most investors remain in the dark.  ExxonMobil added a record number of wells in the Permian during the first three quarters of 2019, only to see the company’s oil production plateau.  What a difference in a year when Exxon bragged that its Q4 2018 Permian oil production had surged 93% from the same period in 2017.

However, an investor reading ExxonMobil’s latest presentation would believe the company’s Permian oil production continues to increase significantly by the announcement that output is up 72% since Q3 2018.

“Robbing” Syria’s Oil to Thwart Syria’s Recovery

by Salman Rafi Sheikh, New Eastern Outlook:

In the name of what the US president called “securing the oil” or what the Pentagon chose to describe as an attempt to “protect” Syria’s oil, the US is basically indulging in what can, in simple terms, be described as purposeful pillaging of Syria’s natural resources. There are three objectives that the US aims to achieve through this “control” of Syria’s oil. First, it can thwart all attempts towards Syria’s territorial reunification under Damascus. Secondly, it can keep a lid on a critical source of Syria’s economy and can thus thwart Syria’s economic recovery and reconstruction. Thirdly, by “controlling” the oil, the US can clip Kurds and prevent their bid to make a deal with the Russians and the Syrians for integration with Damascus; hence, Pentagon’s “warning” to everyone—Russians and Syrians in particular—-against any attempts at recovering the oil fields. This, however, is equally going to make US-Turkey rapprochement extremely difficult, if not impossible.

Russia, Turkey, Iran to Decide Syria’s Fate; US Still Holding On to Oilfields

from Russia Insider:

What happened in Geneva this Wednesday, in terms of finally bringing peace to Syria, could not be more significant: the first session of the Syrian Constitutional Committee.

The Syrian Constitutional Committee sprang out of a resolution passed in January 2018 in Sochi, Russia, by a body called the Syrian National Dialogue Congress.

Was There Another Reason for Electricity Shutdowns in California?

from The Epoch Times:

According to the official, widely reported story, Pacific Gas & Electric (PG&E) shut down substantial portions of its electric transmission system in northern California as a precautionary measure.

Citing high wind speeds they described as “historic,” the utility claims that if they didn’t turn off the grid, wind-caused damage to their infrastructure could start more wildfires in the area.

Perhaps that’s true. Perhaps. This tale presumes that the folks who designed and maintain PG&E’s transmission system are unaware of or ignored the need to design it to withstand severe weather events, and that the Federal Energy Regulatory Commission (FERC) and North American Electric Reliability Corporation (NERC) allowed the utility to do so.

US smuggles crude worth $30mn per month from occupied Syrian oil fields, violating its own sanctions – Russian Foreign Ministry

from RT:

A supposed champion of the rule of law, the US is violating its own anti-Syrian sanctions by smuggling crude from oil fields it seized from Damascus, Russian Foreign Ministry spokesperson Maria Zakharova has said.

Each month the US smuggles crude worth $30 million out of Syria, according to Zakharova. The fuel comes from fields in the northeastern part of the country, where the US maintains a military presence after pulling its troops back from the Syrian-Turkish border.

“A nation that repeats ad nauseam that it sticks to democratic values and rule of law in international relations, is pumping oil… under a pretense of fighting ISIL,” the official said, using an outdated name for terrorist group Islamic State (IS, formerly ISIS/ISIL).

Keiser Report: Money burning unicorns & shale slowdown (E1456)

from RT:

In the second half, Max continues his conversation with Dmitry Orlov of Club Orlov about his views on the protests erupting around the world and his thoughts on central banks engineering negative interest rates and what it means for the future of the global economy.

Cyberattack Shuts Down India’s Largest Nuclear Power Plant

from ZeroHedge:

India’s second (and largest) nuclear power unit stopped operating on 19th October 2019. It is suspected that the Kudankulam Nuclear Power Plant was hit by a cyberattack and the authorities were already alerted of the threat months in advance. Even as cybersecurity experts are investigating the case, the authorities were quick to dismiss any occurrence of a spyware infiltrating their systems. The power plant project built in collaboration with Russia has been a target of foreign players since its inception.

Putin, Turks Agree to Patrol Syrian Border, Disarm Kurds. But Will Damascus Get Its Oil Back?

by Pepe Escobar, Russia Insider:

Russia-Turkey deal establishes ‘safe zone’ along Turkish border and there will be joint Russia-Turkey military patrols

The negotiations in Sochi were long – over six hours – tense and tough. Two leaders in a room with their interpreters and several senior Turkish ministers close by if advice was needed. The stakes were immense: a road map to pacify northeast Syria, finally.

The press conference afterwards was somewhat awkward – riffing on generalities. But there’s no question that in the end Russian President Vladimir Putin and his Turkish counterpart Recep Tayyip Erdogan managed the near impossible.

One Of The World’s Largest Oil Companies Just Ditched The Dollar

by Tsvetana Paraskova, Oil Price:

Russia’s largest oil company Rosneft has already completed the switch away from the U.S. dollar to euros in its export contracts to minimize risks from potential new U.S. sanctions, Rosneft’s chief executive Igor Sechin said on Thursday.

Rosneft has already fully switched to euros as the base currency for all its export contracts, and sees big potential in working in euros, Sechin said at the Eurasian Economic Forum in Verona, Italy, on Thursday.

According to Rosneft’s top executive, the Chinese yuan could become a much more important global currency in the future, because of Chinese economic growth.

PG&E WARNS CALIFORNIANS OF 10 YEARS OF POWER SHUT OFFS

by Mac Slavo, SHTF Plan:

California residents are facing up to a decade of widespread, precautionary, power shut-offs until Pacific Gas & Electric Corp., the bankrupt utility giant, will be able to prevent its power transmission lines from sparking fires, the company’s top official said.  Californians could experience power shut-offs for the next ten years.

Chief Executive William D. Johnson said at an emergency meeting Friday of the California Public Utilities Commission in San Francisco, that ten years is a probable timeline. “I think this is probably a 10-year timeline to get to a point where it’s really ratcheted down significantly.” Of course, that isn’t sitting well with Californians or politicians.

Russia Ready To Seize Control Of The World’s Largest Oil Reserves

by Irina Slav, Oil Price:

The Venezuelan government is readying to hand over control over state oil company PDVSA to Russia’s Rosneft, a local newspaper has reported, citing sources from the industry.

Russian TASS reports, quoting El Nacional, that the radical move is being discussed as a way of erasing Caracas’ debt to Moscow. The debt is sizeable: at the end of June this year, money owed to Rosneft alone stood at $1.1 billion. That’s down from $1.8 billion at end-March.

Two years ago, Caracas and Moscow sealed a deal for the restructuring of another $3.15 billion debt to Russia over 10 years with minimum payments over the first six years. Since 2006, Russian loans to Venezuela have reached more than $17 billion in total.