According to the BP’s annual statistical report, the United States passed last year in front of Saudi Arabia. The American production progressed faster than planned, thanks to the revolution of the fracking (shale oil).
A highly symbolic bar was crossed on the world oil scene. According to the BP’s annual statistical report published on Wednesday, the United States became last year the first world oil producer, in front of Saudi Arabia and Russia. According to the oil group, the production of American crude oil (including liquids of natural gas) increased last year of 1,6 million barrels a day ( Mb / day ), to 11,64 Mb / day, whereas that of Saudi Arabia remained globally stable, in 11,5 Mb / j. Russia, world number three, extracted from its part 10,84 Mb / day in 2014.
Continue reading United States now became the first world oil producer ahead of Saudi Arabia , #fracking, #shalegas #US
US and European equity markets continue to fall as a consequence of another drop in oil prices, fears of financial instability in Europe over Greek debt and the signs that global deflationary pressures are rising.
Currency markets instability occurs as the US dollar hit a nine-year high against a basket of currencies, while the euro touched a nine-year low, amid concerns over whether the Greek election, to be held on January 25, would spark political instability if the opposition SYRIZA coalition were to win.
Continue reading Greek possible Grexit and Crude Oil’s fall drive the markets crazy : Analysis
A new natural gas field off Israel’s Mediterranean coast may hold about 3.2 trillion cubic feet (tcf) of gas, an exploration group said on Sunday after analysing a 3D seismic survey of the area.
If the estimate is accurate, reserves for the Royee prospect, located about 150 km (93 miles) offshore along its maritime borders with Cyprus and Egypt, would be the third largest discovered in Israeli waters, said Israel Opportunity, a partner in the group.
The company provided a range for estimated reserves of 1.9 tcf to 5 tcf, with a best estimate of 3.2 tcf.
The drilling of an exploration well is expected to begin in December 2015 and cost about $100 million, Israel Opportunity’s chief executive, Eyal Shuker, told Reuters.
The discoveries in 2009 and 2010 of the huge Tamar and Leviathan fields nearby, which hold combined reserves of about 33 tcf, triggered an exploration boom in the eastern Mediterranean.
Israeli Opportunity holds a 10 percent stake in the Royee project. Ratio Oil has 70 percent and Italy’s Edison, the Italian power company controlled by France’s EDF, holds 20 percent.