KUWAIT CITY, Sept 9: The minister of oil is holding high-level talks with senior officials in the state to avoid what he called 'a looming crisis' following reports some workers in the oil sector are contemplating to go on strike to protest the salary hike which has been approved for them by the Civil Service Commission, reports Al-Anba daily.
http://www.zawya.com/cm/profile.cfm/cid159264
KUWAIT CITY - Results of a comparative study conducted by the World Bank recently on salaries of citizens in the region revealed that Kuwaitis receive higher salaries than the nationals of other countries in this part of the world, reports Al-Rai daily quoting sources.The bank has warned the Kuwaiti government against approving any proposal to increase the salaries of citizens while the country depends solely on oil as its main source of income.
It has highlighted the fact that 84 percent of oil revenues mentioned in the first chapter of the budget has been allocated for salaries; hence, the need for Kuwait to look for other sources of income to meet the requirements which will be stipulated in this chapter in the future.
http://www.zawya.com/story.cfm/sidZAWYA20100307071822/?relcontent=ZAWYA20110910060855
In the mean time Syria is on fire..
A revolution on the march
http://www.internationalviewpoint.org/spip.php?article2272
söndag 11 september 2011
lördag 10 september 2011
About the Brent vs WTI price diffrential
PARIS — Libyan oil exports are unlikely to return to their pre-war level before 2013, the new head of the International Energy Agency said on Thursday.
"Our experts think that 2013 or beyond will most probably show the complete full restoration of the Libyan supply to the market, but not before that," Maria van der Hoeven told AFP in an interview.
Libya, a key African oil exporter, produced about 1.6 million barrels per day (bpd) before the rebellion against Moamer Kadhafi broke out in mid-February, and then slowed to a trickle.
Around 85 percent of Libyan oil output was exported to Europe, with the disappearance of its high quality light sweet crude from the market one of the reasons why Brent crude from the North Sea has been trading much higher than oil quoted on US exchanges.
http://www.rawstory.com/rs/2011/09/07/libya-oil-exports-not-to-return-to-normal-until-2013/
Anyway, I haven't checked up on production data there for a while. The graph above shows the total production of the three main countries involved: the UK, Norway, and a little from Denmark (data from BP).
As you can see, production peaked in 2000 and has tanked since. If we look at the year-on-year growth rates, we get this:You can see the very high decline rates reached in the early 2000s. After 2005, with sustained high oil prices, there was a moderation in the decline rate for a few years (some new fields came on, like Claire and Buzzard). However, 2010 was the worst year yet, with an 8.6% decline rate. There seems small doubt that this region is played out and will decline to very little over the next decade or two. http://earlywarn.blogspot.com/2011/07/update-on-north-sea-oil-production.html
If there is a lesson to be learned here it is: be careful shorting crude oil volumes in 2011Expected UK North Sea crude oil declines increase oil price uncertainty
https://www.gplus.com/Natural-Resources/Insight/Expected-UK-North-Sea-crude-oil-declines-increase-oil-price-uncertainty-53571/
I have circled the March data in each case. You can see what was going on. The Saudis were slowly increasing their production from last fall through February, presumably in response to growing global demand and rising prices. But then, in March, when Libyan production went into freefall, they put on the brakes and did almost nothing to make up for the shortage.
The burning question is: why? Back in 2006, when their production started to gradually decline from 9.5mbd even as global oil prices were in the worst spike since the 1970s, I was an advocate of the view that the decline was largely involuntary: they'd never produced more than 9.5mbd, they'd underinvested for decades, and some of their big fields were getting very tired (particular northern Ghawar and Abqaiq) and they were starting a big rash of new projects and ramping up their rig counts at the same time.
I see current events differently. The reduction in late 2008 was clearly voluntary to support prices in the face of the great recession. There's no new projects announced, and the rig count hasn't taken off.
So my take is that the failure to increase production to compensate for Libya is deliberate. We can only speculate, but my guess is that, having watched how the west has helped to ease Mubarak and Ben-Ali out of power and is intervening in Libya to the same end, the Saudi regime is in no mood to care about our desire for more oil. Instead, they are very much in the mood to build as large a war chest as possible with which to appease their own population, strengthen their defense measures, etc.
So, instead of Saudi production increasing to compensate for Libya, total world production decreased, and oil prices went up sharply to enforce the necessary conservation on the world's oil consumers.
http://earlywarn.blogspot.com/2011/04/saudi-arabia-did-not-make-up-for-libyan.html
"Our experts think that 2013 or beyond will most probably show the complete full restoration of the Libyan supply to the market, but not before that," Maria van der Hoeven told AFP in an interview.
Libya, a key African oil exporter, produced about 1.6 million barrels per day (bpd) before the rebellion against Moamer Kadhafi broke out in mid-February, and then slowed to a trickle.
Around 85 percent of Libyan oil output was exported to Europe, with the disappearance of its high quality light sweet crude from the market one of the reasons why Brent crude from the North Sea has been trading much higher than oil quoted on US exchanges.
http://www.rawstory.com/rs/2011/09/07/libya-oil-exports-not-to-return-to-normal-until-2013/
Anyway, I haven't checked up on production data there for a while. The graph above shows the total production of the three main countries involved: the UK, Norway, and a little from Denmark (data from BP).
As you can see, production peaked in 2000 and has tanked since. If we look at the year-on-year growth rates, we get this:You can see the very high decline rates reached in the early 2000s. After 2005, with sustained high oil prices, there was a moderation in the decline rate for a few years (some new fields came on, like Claire and Buzzard). However, 2010 was the worst year yet, with an 8.6% decline rate. There seems small doubt that this region is played out and will decline to very little over the next decade or two. http://earlywarn.blogspot.com/2011/07/update-on-north-sea-oil-production.html
If there is a lesson to be learned here it is: be careful shorting crude oil volumes in 2011Expected UK North Sea crude oil declines increase oil price uncertainty
https://www.gplus.com/Natural-Resources/Insight/Expected-UK-North-Sea-crude-oil-declines-increase-oil-price-uncertainty-53571/
I have circled the March data in each case. You can see what was going on. The Saudis were slowly increasing their production from last fall through February, presumably in response to growing global demand and rising prices. But then, in March, when Libyan production went into freefall, they put on the brakes and did almost nothing to make up for the shortage.
The burning question is: why? Back in 2006, when their production started to gradually decline from 9.5mbd even as global oil prices were in the worst spike since the 1970s, I was an advocate of the view that the decline was largely involuntary: they'd never produced more than 9.5mbd, they'd underinvested for decades, and some of their big fields were getting very tired (particular northern Ghawar and Abqaiq) and they were starting a big rash of new projects and ramping up their rig counts at the same time.
I see current events differently. The reduction in late 2008 was clearly voluntary to support prices in the face of the great recession. There's no new projects announced, and the rig count hasn't taken off.
So my take is that the failure to increase production to compensate for Libya is deliberate. We can only speculate, but my guess is that, having watched how the west has helped to ease Mubarak and Ben-Ali out of power and is intervening in Libya to the same end, the Saudi regime is in no mood to care about our desire for more oil. Instead, they are very much in the mood to build as large a war chest as possible with which to appease their own population, strengthen their defense measures, etc.
So, instead of Saudi production increasing to compensate for Libya, total world production decreased, and oil prices went up sharply to enforce the necessary conservation on the world's oil consumers.
http://earlywarn.blogspot.com/2011/04/saudi-arabia-did-not-make-up-for-libyan.html
Probability of Large-Scale False Flag Terror Event Increasing As European Banking Panic Looms
The leading factor compelling the Anglo-American power elite into a new false flag terror adventure is the now rapidly worsening breakdown crisis of the European and US banking systems. Almost 2 years of Anglo-American financial warfare against the euro, generally taking the form of credit default swap (CDS) assaults on European government bonds, have now created an extraordinarily serious crisis. There is presently a list of at least one dozen large European banks, each of whom is a candidate to play the role of Lehman Brothers in the blowup which can now be expected for some time over the next two months. This includes the top British banks.
This crisis is almost exclusively the handiwork of the City of London and Wall Street, and they have created it in order to relieve pressure on the dollar, and to neutralize the threat to the future role of the dollar as the world reserve currency. Over the past few days, Anglo-American commentators have been chortling as the dollar has picked up a few pennies of value compared to the euro.
The problem for the Anglo-Americans is that panic runs on European banks will quickly be translated into panic runs on US banks, and on the dollar. Institutions like Bank of America, Citibank, Morgan Stanley, and even the vaunted Goldman Sachs, which have existed as zombie banks thanks to government largess since September 2008, are now exhibiting telltale signs of a Lehman-like death spiral. In short, if the European banks blow, the London and New York banks will not be far behind. Maybe the Wall Street geniuses of international financial warfare should have thought of that before they embarked on their current lunatic beggar-my-neighbor campaign against their confreres in continental Europe.
Experience teaches that if the New York money center banks are faced by imminent bankruptcy, their first instinct would be to demand a second bailout of trillions of dollars at US taxpayer expense. The problem for them is that the first bailout has left such a bitter aftertaste that congressional passage of such a monstrous funding bill would be anybody’s guess. From the Wall Street point of view, this makes martial law a much more attractive alternative than in the recent past.
Under the impact of a huge false flag event, new bailouts could be railroaded through the Congress or even approved by Wall Street puppet Obama as executive orders and validated later. They could even be approved as a measure necessary for national defense in an emergency. The impact in Europe would be similar.
Martial law declared in response to a terror attack would automatically be used to suppress public protests against the bailouts and austerity cuts decreed by the zombie bankers and hedge fund hyenas. No matter what the ins and outs, a new terror crisis would help Wall Street get its money. And there is nothing like an imminent financial panic to make the Anglo-American ruling elite go collectively bonkers.
http://tarpley.net/2011/09/09/probability-of-false-flag-terror-event-increasing/
Nobel-prize winning economist Robert Mundell, whose research contributed to creation of the euro, said a Greek default would trigger a run on banks of “monstrous proportions.”
“This risk means that issues in Greece and the euro area are an international problem,” Mundell told reporters in Budapest today.
Th European Central Bank and the Federal Reserve should introduce a “very large” swap facility, in the range of $1 trillion, to tackle any potential dollar shortage, Mundell said.
Mundell, who is a professor of economics at Columbia University in New York, also said no country should leave the euro area because it “doesn’t solve any of the problems.”
http://www.bloomberg.com/news/2011-09-08/greek-default-would-cause-monstrous-run-on-banks-mundell-says.html
This crisis is almost exclusively the handiwork of the City of London and Wall Street, and they have created it in order to relieve pressure on the dollar, and to neutralize the threat to the future role of the dollar as the world reserve currency. Over the past few days, Anglo-American commentators have been chortling as the dollar has picked up a few pennies of value compared to the euro.
The problem for the Anglo-Americans is that panic runs on European banks will quickly be translated into panic runs on US banks, and on the dollar. Institutions like Bank of America, Citibank, Morgan Stanley, and even the vaunted Goldman Sachs, which have existed as zombie banks thanks to government largess since September 2008, are now exhibiting telltale signs of a Lehman-like death spiral. In short, if the European banks blow, the London and New York banks will not be far behind. Maybe the Wall Street geniuses of international financial warfare should have thought of that before they embarked on their current lunatic beggar-my-neighbor campaign against their confreres in continental Europe.
Experience teaches that if the New York money center banks are faced by imminent bankruptcy, their first instinct would be to demand a second bailout of trillions of dollars at US taxpayer expense. The problem for them is that the first bailout has left such a bitter aftertaste that congressional passage of such a monstrous funding bill would be anybody’s guess. From the Wall Street point of view, this makes martial law a much more attractive alternative than in the recent past.
Under the impact of a huge false flag event, new bailouts could be railroaded through the Congress or even approved by Wall Street puppet Obama as executive orders and validated later. They could even be approved as a measure necessary for national defense in an emergency. The impact in Europe would be similar.
Martial law declared in response to a terror attack would automatically be used to suppress public protests against the bailouts and austerity cuts decreed by the zombie bankers and hedge fund hyenas. No matter what the ins and outs, a new terror crisis would help Wall Street get its money. And there is nothing like an imminent financial panic to make the Anglo-American ruling elite go collectively bonkers.
http://tarpley.net/2011/09/09/probability-of-false-flag-terror-event-increasing/
Nobel-prize winning economist Robert Mundell, whose research contributed to creation of the euro, said a Greek default would trigger a run on banks of “monstrous proportions.”
“This risk means that issues in Greece and the euro area are an international problem,” Mundell told reporters in Budapest today.
Th European Central Bank and the Federal Reserve should introduce a “very large” swap facility, in the range of $1 trillion, to tackle any potential dollar shortage, Mundell said.
Mundell, who is a professor of economics at Columbia University in New York, also said no country should leave the euro area because it “doesn’t solve any of the problems.”
http://www.bloomberg.com/news/2011-09-08/greek-default-would-cause-monstrous-run-on-banks-mundell-says.html
The Deregulation of the public Domain
The Ologarch family Wallenberg is agressively moving in to the public sector domain e.g. via Aleris. Key word and concept is "deregulation" as a vihecel for accumulating (or rather stealing) value from the tax payers dirt cheap..
http://www.aleris.se/
This as their core asset the SE Bank has been and is busy creating an inflated housing bubble ready to burst at any time..
Were watching you..
http://www.youtube.com/watch?v=6g3QbH_i2VU&feature=related
http://www.aleris.se/
This as their core asset the SE Bank has been and is busy creating an inflated housing bubble ready to burst at any time..
Were watching you..
http://www.youtube.com/watch?v=6g3QbH_i2VU&feature=related
fredag 9 september 2011
Terence McKenna - Seeking the Stone Part
An eloquent perspective by Terence McKenna on the idea of a spiritual path for all and an impending transformation of the human world. In his singularly lucid, prosaic style, McKenna presents profoundly compelling ideas that challenge our beliefs and encourage our participation in the creation of a new social reality. He champions the individual’s freedom of choice in deciding one’s own sexual and spiritual development and techniques. He highlights the role of hallucinogenic plants in shamanic societies and their impact on the evolution of human cultures. See why this cyber-techno-shaman is drawing freethinking crowds wherever he speaks and find out what role you may play in the unfolding of our “post-historical future” as we approach a major “concresence” in human history.
http://video.google.com/videoplay?docid=-6088867521723616224#
http://video.google.com/videoplay?docid=-6088867521723616224#
onsdag 7 september 2011
Fuel Shortage Hits Dakotas, Minnesota
North Dakota Petroleum Marketers Association Executive Director Mike Rud says with the harvest getting underway and a huge demand for diesel, supplies are short.
FARGO - A critical shortage of gasoline and diesel fuel is showing no signs of improving. North Dakota Petroleum Marketers Association Executive Director Mike Rud says with the harvest getting underway and a huge demand for diesel, supplies are short.
Rud says he and other industry representatives are working with the governor's office, trying to find ways to get more fuel into North Dakota from refineries in other parts of the country. Minnesota, South Dakota and Iowa are also experiencing fuel supply shortages.
http://www.kfgo.com/fm-headline-news.php?ID=0000005254
FARGO - A critical shortage of gasoline and diesel fuel is showing no signs of improving. North Dakota Petroleum Marketers Association Executive Director Mike Rud says with the harvest getting underway and a huge demand for diesel, supplies are short.
Rud says he and other industry representatives are working with the governor's office, trying to find ways to get more fuel into North Dakota from refineries in other parts of the country. Minnesota, South Dakota and Iowa are also experiencing fuel supply shortages.
http://www.kfgo.com/fm-headline-news.php?ID=0000005254
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