Crude Oil....

[dpr112yme]

What is Crude Oil? A Detailed Explanation on this Essential Fossil Fuel

What is Crude Oil? A Detailed Explanation on this Essential Fossil Fuel | OilPrice.com <<< LINK

"Crude oil, commonly known as petroleum, is a liquid found within the Earth comprised of hydrocarbons, organic compounds and small amounts of metal. While hydrocarbons are usually the primary component of crude oil, their composition can vary from 50%-97% depending on the type of crude oil and how it is extracted. Organic compounds like nitrogen, oxygen, and sulfur typically make-up between 6%-10% of crude oil while metals such as copper, nickel, vanadium and iron account for less than 1% of the total composition."

We do know that Oil and water do not mix. So whenever True Oil is spilled in the Ocean it will not mix with the water and so will form a layer of oil on top of the water. However since crude oil is not pure oil but many ingredients, crude oil will mix with the water and have a depth of oil/water mixture which will harm natural life.

Basically, the oil we use for fuel and energy is not pure oil but a mixture of ingredients which people risk lives and nature over.


If the crude oil is formed through compression, just as diamonds are, there must be a way to be able to manufacture some form of compression agent that will 'compress' the ingredients of crude oil to manufacture crude oil. We have microchips, sim cards, Wi-Fi, and every other form of advanced technology. We should be able to think of how ingredients could be compressed well and fine enough to manufacture crude oil, if crude oil is truly needed for daily living.

 

[dpr112yme]

maybe the climate control/change scientists and those who are involved with the climate change/control aspect of life have known this information and are trying to figure out how to do such a thing.

 

[Ringel05]

http://www.smithsonianmag.com/innov...de-oil-in-less-than-an-hour-180948282/?no-ist
Scientists Turn Algae Into Crude Oil In Less Than An Hour | Innovation | Smithsonian
http://www.smithsonianmag.com/innov...de-oil-in-less-than-an-hour-180948282/?no-ist
Already being done.

 

[waltky]

Now we got OPEC cuttin' oil prices against each other...

Saudi Arabia Cuts Asian Oil Prices to Counter Rivals Russia, Iraq and Iran
Aug. 5, 2016 - Iraq’s oil exports to India leapfrogged Saudi Arabia’s in second quarter

Under pressure from Russian, Iraqi and Iranian oil exports, Saudi Arabia discounted its crude last weekend to maintain its share of big Asian markets. The price cut, which applies to September purchases, comes after two years of high-volume pumping by Saudi Arabia, the world’s largest oil producer. The kingdom had chosen to feed an oil glut and see prices drop rather than sacrifice sales to international rivals. But in Asia—the main source of oil-demand growth recently—Saudi Arabia has continued to lose ground. Last Sunday, it dropped its prices for Asian customers by between 70 cents and $1.30 a barrel (depending on the grade of oil), helping drive the global crude price below $42 a barrel. That was the deepest price cut since October last year. “The cuts were done to make sure Saudi Arabia remains competitive against sellers from the Middle East and Europe,” says a person familiar with the Saudi price-cut discussions.

Iraq’s Indian market share leapfrogged Saudi Arabia’s in this year’s second quarter. Iraq sold 11 million metric tons of oil to India in the quarter, a million more than Saudi Arabia, according to India’s oil ministry. That marks a reversal from last year, when Saudi Arabia’s India exports surpassed Iraq’s by 900,000 tons on a quarterly average. The shift reflects a boost in Iraqi production from new projects coming online. Iraq’s output in June was up 200,000 barrels a day from a year earlier, to 4.21 million barrels a day. In China, Saudi Arabian oil is losing ground to Russian exports that are feeding China’s burgeoning independent refineries. According to Chinese customs data, Russian crude exports to China increased by 9% to 4 million metric tons in June from a year earlier, inching closer to Saudi Arabia, whose sales fell by 14% to 4.6 million tons. Like Iraq, Russia has been ramping up output, with production of crude and condensates—liquid natural gas similar to light oil—in the second quarter rising by about 150,000 barrels a day from a year earlier to 11.03 million barrels a day, according to the Organization of the Petroleum Exporting Countries.

Saudi Arabia also is facing increased pressure from political rival Iran. Since Western sanctions were lifted in January, Iranian output has jumped by about 600,000 barrels a day to 3.64 million barrels a day in June. “Part of the weakness in Saudi Arabia is caused by crude headed to Asia from Iran,” said Jamie Webster, an adjunct research scholar at Columbia University’s Center on Global Energy Policy.

According to Vienna-based energy consultancy JBC, Iran’s combined exports to China, Japan, South Korea and India averaged 1.4 million barrels a day in the first half of 2016, up 29% year on year. That jumped to 1.7 million barrels a day in June. Iran’s shipments to India rose to 5 million metric tons in the three months to June, compared with a quarterly average of 3.2 million tons last year, according to India’s oil ministry. The Saudi price cut wasn’t entirely motivated by competition—it was also aimed at stimulating demand in China’s weakening market, said the person familiar with the government’s price-cut discussions. OPEC expects Chinese oil consumption to rise by 280,000 barrels a day this year, down from 350,000 barrels a day in 2015.

Saudi Arabia Cuts Asian Oil Prices to Counter Rivals Russia, Iraq and Iran

 

[pwjohn]

Oil will be with us for hundreds of years to come, Although to what extent is difficult to say. For example, NASA still relies on whale oil for lubrication needs. That seems a little weird

 

[QuickHitCurepon]

Only the dinosaurs know.

 

[waltky]

Possible oil surplus to keep prices stable for now...

Goldman Sachs maintains fragile outlook on global oil prices on possibility of surplus output
Tuesday 23rd August, 2016 - Investment banking major Goldman Sachs has said global oil price recovery continues to be fragile, as a pick-up in disrupted production in countries like Nigeria, Iraq and Libya in the latter part of the year may result in surplus output.

With the existing instability in these countries, "even a conservative assumption that only 100,000 barrels per day (bpd) of disruptions will come back online, leaves risks skewed toward higher output,” Goldman said. "As a result, we reiterate our view that the oil price and fundamental recovery remains fragile," it said in a note. Goldman Sachs maintained its $45-$50 a barrel forecast through next summer, and said it continues to view oil as having weak near-term fundamentals. The bank said, “A sustainable pick-up in disrupted production would lead us to lower our oil price forecast with WTI (West Texas Intermediate) prices to average $45 per barrel.”

The note said talks of an output freeze by the Organization of the Petroleum Exporting Countries (OPEC) and a weak dollar have aided the sharp upward reversal in oil prices in August, but neither of the factors have the potential to sustain prices at current levels. Oil prices jumped over 20 percent to enter a bull market on Thursday. “Thawing relationships between parties in conflict in areas of disrupted production would be more relevant to the oil rebalancing than an OPEC freeze, which would leave production at record highs,” Goldman Sachs said.

The bank said a production freeze would also likely prove "self-defeating" if it succeeded in supporting oil prices further, with the U.S. oil rig count up 28 percent since May. Saudi Arabia and Iran appear unlikely to unilaterally accept a freeze, the Goldman Sachs note said, adding supply will remain the driver for oil prices in coming weeks, with little evidence that demand growth is weakening. Experts say OPEC and a few other producers from outside the group could agree to freeze production during informal talks in September.

Goldman Sachs maintains fragile outlook on global oil prices on possibility of surplus output

 

[waltky]

Gas up while ya can - sounds like we'll soon be back to bein' held hostage by OPEC...

Iran says will cooperate with OPEC to stabilize the oil market: IRNA
26 Aug.`16 - Iran's oil minister said on Friday that Tehran will cooperate with Organization of the Petroleum Exporting Countries (OPEC) to stabilize the world market, but expects others to respect its rights, the ministry's news agency SHANA quoted him as saying.

Asked about an oil output freeze plan, Bijan Namdar Zanganeh also said that Iran supports any effort to bring stability to the market. "Iran will cooperate with OPEC to help the oil market recover, but expects others to respect its natural rights," he added.

Iran will cooperate on oil market stabilization

 

[Wyatt earp]

Gas up while ya can - sounds like we'll soon be back to bein' held hostage by OPEC...

Iran says will cooperate with OPEC to stabilize the oil market: IRNA
26 Aug.`16 - Iran's oil minister said on Friday that Tehran will cooperate with Organization of the Petroleum Exporting Countries (OPEC) to stabilize the world market, but expects others to respect its rights, the ministry's news agency SHANA quoted him as saying.

Asked about an oil output freeze plan, Bijan Namdar Zanganeh also said that Iran supports any effort to bring stability to the market. "Iran will cooperate with OPEC to help the oil market recover, but expects others to respect its natural rights," he added.

Iran will cooperate on oil market stabilization

If that happens, head to the Dakota's, olkhamoa , Texas as fast as you can if your poor, more $18 dollar an hour McDonald's and WalMart jobs will be available ..


.

 

[dannyboys]

What is Crude Oil? A Detailed Explanation on this Essential Fossil Fuel

What is Crude Oil? A Detailed Explanation on this Essential Fossil Fuel | OilPrice.com <<< LINK

"Crude oil, commonly known as petroleum, is a liquid found within the Earth comprised of hydrocarbons, organic compounds and small amounts of metal. While hydrocarbons are usually the primary component of crude oil, their composition can vary from 50%-97% depending on the type of crude oil and how it is extracted. Organic compounds like nitrogen, oxygen, and sulfur typically make-up between 6%-10% of crude oil while metals such as copper, nickel, vanadium and iron account for less than 1% of the total composition."

We do know that Oil and water do not mix. So whenever True Oil is spilled in the Ocean it will not mix with the water and so will form a layer of oil on top of the water. However since crude oil is not pure oil but many ingredients, crude oil will mix with the water and have a depth of oil/water mixture which will harm natural life.

Basically, the oil we use for fuel and energy is not pure oil but a mixture of ingredients which people risk lives and nature over.


If the crude oil is formed through compression, just as diamonds are, there must be a way to be able to manufacture some form of compression agent that will 'compress' the ingredients of crude oil to manufacture crude oil. We have microchips, sim cards, Wi-Fi, and every other form of advanced technology. We should be able to think of how ingredients could be compressed well and fine enough to manufacture crude oil, if crude oil is truly needed for daily living.

"if crude oil is truly needed for daily living".
Dear GOD! Another fucking dummy!
There is literally NOTHING you eat, live in, drive, watch, wear, etc etc that doesn't need crude oil to make happen. Like NOTHING asshole!
The fucking carrot you stuck up your ass last night needed crude oil to plant the carrot. Crude oil originally to manufacture the equipment needed to plow the soil. To plant the seeds. To water the crop. To harvest the crop. To transport the crop. To warehouse the crop. To move the fucking carrot you will later shove up your ass to the grocery store. So the cashier can use a computer to scan the fucking carrot, which you will later shove up your ass. Then crude oil to power the bus that depends on crude to be built so you can show your free bus pass.
Now go play with your carrot fool!
The hilarious thing is if you ever found yourself in a situation where there was literally nothing that had anything to do with crude oil to help you, like in a primitive survival situation, you'd last one fucking day.
Permanent Ignore.

 

[QuickHitCurepon]

Gas up while ya can - sounds like we'll soon be back to bein' held hostage by OPEC...

Iran says will cooperate with OPEC to stabilize the oil market: IRNA
26 Aug.`16 - Iran's oil minister said on Friday that Tehran will cooperate with Organization of the Petroleum Exporting Countries (OPEC) to stabilize the world market, but expects others to respect its rights, the ministry's news agency SHANA quoted him as saying.

Asked about an oil output freeze plan, Bijan Namdar Zanganeh also said that Iran supports any effort to bring stability to the market. "Iran will cooperate with OPEC to help the oil market recover, but expects others to respect its natural rights," he added.

Iran will cooperate on oil market stabilization

If that happens, head to the Dakota's, olkhamoa , Texas as fast as you can if your poor, more $18 dollar an hour McDonald's and WalMart jobs will be available ..


.

 

[waltky]

Saudi Arabia an' Russia in cahoots together...

Biggest jump in a month for stocks as oil boils
Mon Sep 5, 2016 - World shares saw their biggest jump in over a month on Monday and the dollar slipped, after weaker-than-expected U.S. jobs figures gave investors another excuse to push back Federal Reserve interest rate rise expectations.

=Snip=
HOT OIL

The sharp rise in oil prices came amid renewed speculation that major producers including Saudi Arabia and Russia could cooperate to tackle weak prices and rein in oversupply. Brent crude futures for November delivery were last up $1.93 per barrel at $48.75 a barrel at 0945 GMT and U.S. crude for October delivery was up $1.60 a barrel at a session high of $46 a barrel.

Saudi energy minister Khalid al-Falih will make a "significant announcement" at a news conference at 0930 GMT at the G20 summit currently being held in Hangzhou in China.

This comes after Saudi deputy crown prince told Russian President Vladimir Putin on the sidelines of the same summit that cooperation between the two countries would bring benefit to the global oil market. "Verbal intervention was again needed to trigger a recovery towards $50," senior ABN Amro economist Hans van Cleef said.

MORE

 

[waltky]

Oil prices comin' down, gas should be cheaper in the short run...

Oil prices slide on supply glut warning
September 13, 2016 • Oil prices slumped Tuesday as the International Energy Agency warned that a global supply glut would last longer than expected, ahead of a meeting of producers to tackle the issue.

Prior to Tuesday's revised forecast from the IEA watchdog, prices were already falling after OPEC sparked its own fresh worries about the oversupply crisis. Around 1530 GMT, US benchmark West Texas Intermediate for delivery in October was down $1.43 -- or 3.0 percent -- at $44.86 a barrel. Brent North Sea crude for November delivery shed $1.09 to $47.23 a barrel compared with the close on Monday. "Oil remains under pressure again today after the IEA reported that oil demand growth will be lower than expected this year," said Craig Erlam, senior market analyst at Oanda trading group. "This at a time when OPEC is pumping at near-record levels and non-OPEC countries are expected to pump at a faster rate than previously expected in 2017."

The International Energy Agency said demand growth for oil was slowing while supply was rising and looks set to go on at least six months longer than previously thought​

The IEA said oil demand growth was slowing while supply was rising, meaning the glut was now due to linger "at least through the first half of next year". The Paris-based organisation had earlier seen the oil oversupply disappearing in the latter part of 2016. Oil prices were falling back once more after the commodity rallied for most of August on hopes of a deal at an upcoming meeting between OPEC and Russia to limit output. But the market has taken a beating in recent weeks as traders grow doubtful that the Algiers gathering later this month will end in an agreement.

Oil: growth forecast
The International Energy Agency said demand growth for oil was slowing while supply was rising and looks set to go on at least six months longer than previously thought​

Adding to the downward pressure has been a pick-up in the dollar -- making oil more expensive for holders of other currencies -- and signs that demand remains weak. The Organization of the Petroleum Exporting Countries (OPEC) on Monday said non-OPEC producers, such as Russia, would see output rise in 2017, revising its previous expectations of a drop. "Oil prices are under pressure on renewed oversupply concerns," Bernard Aw, an analyst with IG Markets in Singapore, told AFP.

Global oil demand is now expected to grow by 1.3 million barrels per day (mb/d) in 2016, to 96.1 mb/d, from its original forecast of 1.4 mb/d growth​

Forecasts that US commercial crude stockpiles will show a rise when fresh data is released Wednesday would give "credence to OPEC's prediction that output from non-OPEC producers will increase next year", Aw added. Traders are keeping watch also on the Federal Reserve ahead of a policy meeting next week, with speculation rife that it could lift US interest rates. Such a move would strengthen the dollar, hurting crude prices even further.

Oil prices slide on supply glut warning

 

[RoshawnMarkwees]

Oil prices comin' down, gas should be cheaper in the short run...

Oil prices slide on supply glut warning
September 13, 2016 • Oil prices slumped Tuesday as the International Energy Agency warned that a global supply glut would last longer than expected, ahead of a meeting of producers to tackle the issue.

Prior to Tuesday's revised forecast from the IEA watchdog, prices were already falling after OPEC sparked its own fresh worries about the oversupply crisis. Around 1530 GMT, US benchmark West Texas Intermediate for delivery in October was down $1.43 -- or 3.0 percent -- at $44.86 a barrel. Brent North Sea crude for November delivery shed $1.09 to $47.23 a barrel compared with the close on Monday. "Oil remains under pressure again today after the IEA reported that oil demand growth will be lower than expected this year," said Craig Erlam, senior market analyst at Oanda trading group. "This at a time when OPEC is pumping at near-record levels and non-OPEC countries are expected to pump at a faster rate than previously expected in 2017."

The International Energy Agency said demand growth for oil was slowing while supply was rising and looks set to go on at least six months longer than previously thought​

The IEA said oil demand growth was slowing while supply was rising, meaning the glut was now due to linger "at least through the first half of next year". The Paris-based organisation had earlier seen the oil oversupply disappearing in the latter part of 2016. Oil prices were falling back once more after the commodity rallied for most of August on hopes of a deal at an upcoming meeting between OPEC and Russia to limit output. But the market has taken a beating in recent weeks as traders grow doubtful that the Algiers gathering later this month will end in an agreement.

Oil: growth forecast
The International Energy Agency said demand growth for oil was slowing while supply was rising and looks set to go on at least six months longer than previously thought​

Adding to the downward pressure has been a pick-up in the dollar -- making oil more expensive for holders of other currencies -- and signs that demand remains weak. The Organization of the Petroleum Exporting Countries (OPEC) on Monday said non-OPEC producers, such as Russia, would see output rise in 2017, revising its previous expectations of a drop. "Oil prices are under pressure on renewed oversupply concerns," Bernard Aw, an analyst with IG Markets in Singapore, told AFP.

Global oil demand is now expected to grow by 1.3 million barrels per day (mb/d) in 2016, to 96.1 mb/d, from its original forecast of 1.4 mb/d growth​

Forecasts that US commercial crude stockpiles will show a rise when fresh data is released Wednesday would give "credence to OPEC's prediction that output from non-OPEC producers will increase next year", Aw added. Traders are keeping watch also on the Federal Reserve ahead of a policy meeting next week, with speculation rife that it could lift US interest rates. Such a move would strengthen the dollar, hurting crude prices even further.

Oil prices slide on supply glut warning

It's not just gasoline. This can affect the entire economy in a good way if allowed to continue. Of course, if we didn't have this corrupt AGW scam impeding domestic extraction, this would be a moot point and our economy would once again be robust just as it was under Clinton, Bush I and Reagan, all for the same reason.

 

[waltky]

Likely to be seen immediately at the pump...

Oil climbs as Venezuela sees output deal, Libya suffers clashes
Mon Sep 19, 2016 | Oil prices rose almost 2 percent on Monday, after Venezuela said OPEC and non-OPEC producers were close to reaching an output deal and as clashes in Libya raised concerns that efforts to restart crude exports could be disrupted.

Venezuelan President Nicolas Maduro has said that a deal could be announced this month to stabilize oil markets, which have come under pressure due to a persistent glut and a price collapse over the past two years. Brent crude futures were at $46.54 per barrel at 0645 GMT (02:45 a.m. EDT), up 77 cents, or 1.7 percent, from their previous settlement. U.S. crude was up 78 cents, or 1.8 percent, at $43.81 a barrel.

A natural gas flare on an oil well pad burns as the sun sets outside Watford City, North Dakota​

The rise in oil prices is a reaction to Venezuelan comments about producers reaching a possible output agreement, said Ric Spooner, CMC Markets' chief market analyst. Loading disruptions in Libya were also underpinning the market, Spooner added. "(Libya) unable to get their first ship loaded is a reminder that it may be difficult for Libya to increase production." Clashes in Libya have halted the loading of the first oil cargo from the port of Ras Lanuf in close to two years, while also raising fears of a new conflict over Libya's oil resources. Brent and WTI prices had been dragged to multi-week lows on Friday amid worries returning supplies from Libya would add to the global supply glut.

Concerns over rising supplies remain a bugbear on sentiment. Crude exports from No.3 OPEC producer Iran in August jumped 15 percent from a month ago to more than 2 million barrels per day, according to a source with knowledge of its tanker loading schedule, closing in on Tehran's pre-sanctions shipment levels of five years ago. In the United States, drillers have added oil rigs for 11 out of the past 12 weeks. Drillers added two oil rigs in the week to Sept. 16, bringing the total rig count up to 416, the most since February.

Oil climbs as Venezuela sees output deal, Libya suffers clashes | Reuters

See also:

Easy resolution unlikely for contentious Dakota pipeline
Mon Sep 19, 2016 | A potential rerouting of a long-anticipated pipeline at the center of a protest in North Dakota would be a laborious and costly task, possibly delaying a startup by months and provoking further opposition from Native American and environmental groups who were instrumental in halting construction.

The 1,172-mile (1,886 km) Dakota Access pipeline was slated to start up by the end of the year, transporting more than 470,000 barrels per day of crude oil through four states into Illinois before it hooks up to another pipeline down to Texas. But in a stunning twist last week, the U.S. Justice Department and other federal agencies intervened to delay construction in what industry and labor representatives called an "unprecedented" move. The halt on the $3.7 billion project was the result of a groundswell of protest from Native American tribes and environmentalists, some of whom now are vowing to continue the fight until the project is permanently suspended.

While there are a few options for rerouting the line, most still cross either culturally important lands to Native Americans or large waterways. The more extensive a reroute, the more likely it is that regulatory obstacles crop up. "We're entering unchartered waters if a reroute happens at this stage and I can't think of another example of a case where this has happened," said Afolabi Ogunnaike, a senior analyst at consultancy Wood Mackenzie. "Should a reroute take place, there are some major challenges." North Dakota's governor, Jack Dalrymple, told Reuters on Friday that he hoped regulators would give the go-ahead for construction to resume shortly. If that does not happen, an alternative solution does not appear to be easy to come by.

Protesters demonstrate against the Energy Transfer Partners' Dakota Access oil pipeline near the Standing Rock Sioux reservation, in Los Angeles, California​

Energy Transfer Partners (ETP.N), the company constructing the line, declined to comment. It had said it is committed to completing the project. The protest is concentrated in Cannon Ball, North Dakota, near Lake Oahe, a large and culturally-important reservoir located on the Missouri River in central southern North Dakota, where the line was supposed to cross. The U.S. Army Corps of Engineers now needs to decide whether it correctly followed the National Environmental Policy Act (NEPA) and other federal laws. If they did not, the permit process may need to be restarted, which could take at least 120 days. It is unclear when the NEPA review will be finished.

The other option -- rerouting the pipeline -- also presents substantial challenges. The surrounding land where the pipeline could cross has a number of national parks or wetlands, commercial and residential uses, or Native American reservations. An early proposal involved sending the pipeline from the Bakken shale, where more than a million barrels of oil is produced daily, a bit further north and crossing the Missouri north of the state capital of Bismarck. The current crossing is about 30 miles south of the state capital. "Knowing that the destination of the pipeline is to the east and looking at where the majority of the oil is sourced from, at some point, you have to cross the Missouri River," said Eric Hansen, director of environmental services at Westwood Professional Services, a surveying and engineering firm that works in North Dakota.

MORE

 

[waltky]

Yeah, gas went up 30 cents/gal. overnight here...

Oil surges over 2 percent to June highs on another U.S. crude draw
October 5, 2016 - Oil prices hit session highs on Wednesday, rising to their highest since June, after the U.S. government reported another surprise weekly drawdown in crude inventories.

Brent crude was up $1.13, or 2.2 percent, at $52 a barrel by 10:58 a.m. EDT (1458 GMT), peaking at $52.09, its highest since June 10. U.S. West Texas Intermediate (WTI) crude was up $1.20, or 2.4 percent, at $49.89. It earlier hit $49.95, a high since June 29. The U.S. Energy Information Administration (EIA) said crude stockpiles fell nearly 3 million barrels for the week ended Sept. 30, marking a fifth straight weekly drop.

Crude oil storage tanks are seen from above at the Cushing oil hub in Oklahoma​

Analysts polled by Reuters had forecast a build of 2.6 million barrels. But the American Petroleum Institute (API), a trade group, on Tuesday set market expectations for an inventory decline by reporting a 7.6 million-barrel drop. "Hence positive news has already been baked in the cake, and prices could ease lower from here, especially given the rampant rally of recent days," said Matt Smith, analyst at New York-based Clipperdata, which analyses data and impact from crude cargoes and supplies.

Oil surges over 2 percent to June highs on another U.S. crude draw

 

[waltky]

Granny says, "Dat's right - dat's the thanks we get fer fightin' dey's wars fer `em...

Saudi says US$60 oil 'not unthinkable' by year-end
Tuesday 11th October: Saudi Arabia said on Monday (Oct 10) it was "not unthinkable" that the price of crude oil could surge to US$60 a barrel by the end of the year but warned against drastic production cuts that might shock markets.

Speaking in the opening keynote speech at the World Energy Congress in Istanbul, Saudi Energy Minister Khalid Al-Falih said that whatever the oil price the kingdom was in good shape to implement its reform vision to transform the structure of its crude-based economy by 2030. For months pressured by concerns of slack demand amid a global economic slowdown at a time of a glut in supply, US oil rose above $50 a barrel in New York last week for the first time since June.

This came after Saudi last month agreed to a surprise output cut of oil cartel OPEC, the first in eight years. "We are seeing the convergence of supply and demand," said al-Falih. "It is not unthinkable we could see $60 (a barrel) by the year end. "But my eyes are not on the price but on supply and demand." He added: "OPEC should make sure not to crimp too tightly and create a shock to the market. "We do not want to shock the markets into a process that could be harmful."

The minister admitted that the kingdom had become "a little fat around the belly, a bit complacent" during the era of high oil prices but was now fully committed to its economic reform programme set out by Deputy Crown Prince Mohammad bin Salman. "The kingdom will be prepared to deal with whatever price emerges," he said.

The minister said he believed that demand for oil would peak but "if it does happen we will be ready for it". "The (2030) vision will lead to a stronger and more robust Saudi Arabia," he said, noting this includes the planned IPO of a portion of state oil giant Saudi Aramco, the biggest such offering in history. World Energy Congress in Istanbul brings together players across the energy sector to discuss a transformation of the sector. The congress is later Monday to be addressed by Turkish President Recep Tayyip Erdogan and also his Russian and Venezuelan counterparts Vladimir Putin and Nicolas Maduro.

Saudi says US$60 oil 'not unthinkable' by year-end

 

[SassyIrishLass]

Something stinks....

The Billion Barrel Oil Swindle: 80% Of U.S. Oil Reserves Are Unaccounted-For | OilPrice.com

 

[RoshawnMarkwees]

If not for the asshole-in-chief this OPEC leverage wouldn't be.

Obama Administration Imposes Five-Year Drilling Ban on Majority of Offshore Areas

 

[Unkotare]

Look, just because the oil made some "locker room remarks" over a decade ago is no reason to write it off as crude today.