North Sea oil industry ‘close to collapse’

This is exactly what was mentioned was going happen when it was said the West was shooting itself in the foot to punish Russia. The neo-Soviets are laughing themselves to the bank because they know they will endure longer as they are more shielded from the repercussions. Their turning to China and Turkey as new customers are evidence enough.

 

The UK’s oil industry is in “crisis” as prices drop, a senior industry leader has told the BBC.

Oil companies and service providers are cutting staff and investment to save money.

Robin Allan, chairman of the independent explorers’ association Brindex, told the BBC that the industry was “close to collapse”.

Almost no new projects in the North Sea are profitable with oil below $60 a barrel, he claims.

‘Everyone is retreating’ Continue reading

Bank of America sees $50 oil as Opec dies

“Our biggest worry is the end of the liquidity cycle. The Fed is done. The reach for yield that we have seen since 2009 is going into reverse”, said Bank of America.

The Opec oil cartel no longer exists in any meaningful sense and crude prices will slump to $50 a barrel over coming months as market forces shake out the weakest producers, Bank of America has warned.

Revolutionary changes sweeping the world’s energy industry will drive down the price of liquefied natural gas (LNG), creating a “multi-year” glut and a mucher cheaper source of gas for Europe.

Francisco Blanch, the bank’s commodity chief, said Opec is “effectively dissolved” after it failed to stabilize prices at its last meeting. “The consequences are profound and long-lasting,“ he said.

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Former Joint Chiefs chairman: Obama plotted to destabilize regimes in Bahrain, Egypt

WASHINGTON — The United States was said to have planned to destabilize at least two Arab countries over the last two years.

A former leading U.S. military commander asserted that the administration of President Barack Obama worked to destabilize the regimes of Bahrain and Egypt.

[Ret.] Gen. Hugh Shelton, former chairman of the Joint Chiefs of Staff, said the administration’s drive against Bahrain, wracked by a Shi’ite revolt, was led by the intelligence community. Continue reading