How the fall in oil prices marked the beginning of a new global rivalry (The Washington Post, USA)

19


Houston - For many years, he promoted his concept that America would one day dominate one of the most powerful global markets. And when Harold Hamm, the discoverer of huge reserves of shale oil under American soil, stepped on the stage and began his performance in front of several hundred oil luminaries, he never questioned this concept.

“We can expect that the next 50 years will reap the benefits of the shale revolution,” Hamm said this spring. “This is the most important thing that ever happened to America.”

But outside the scene, the American oil industry — and Hamm’s business — were in a state of crisis.

Over the previous six months, Hamm, who founded the giant oil company Continental Resources, has lost 6,5 a billion dollars, or more than a third of its net worth. The industry that Hamm helped create faced the greatest challenge, desperately trying to maintain its profitability, while its rival Saudi Arabia smashes oil prices, and some analysts say it weakens the American oil industry. stories moment.

Behind low prices at gas stations this summer there is a trillion-dollar competition that can swing the geopolitical pendulum in one direction or another. On the one hand, there is the famous entrepreneur of the adventurous warehouse Hamm and other American oil owners who turned the technology of hydraulic fracturing into tens of billions of dollars in net profit and gave hope that Hamm says that the “catastrophic” period of Saudi hegemony will be over. On the other hand, the Saudis and their allies from the Organization of Petroleum Exporting Countries are trying to hold back the strengthening of American oil power and maintain their 40-year domination.

How the fall in oil prices marked the beginning of a new global rivalry (The Washington Post, USA)


On Tuesday, West Texas Intermediate oil fell in price to 52,11 dollars per barrel (this mark is an American price guideline). The decline compared to the peak price of almost 110 dollars is quite significant. Meanwhile, the number of drilling workers in the country has decreased to 645. This is the smallest number in less than five years: a year ago, 1 500 drilling rigs operated in the US. OPEC last month said it would continue to produce 30 millions of barrels per day, despite low prices. Thus, it gave a powerful signal to its American competitors that it does not intend to reduce pressure on the United States.

And now a new type of pressure has appeared on the scene. Thanks to the decision to conclude a nuclear agreement with Iran, which has more oil reserves than all OPEC countries, with the exception of three, more Iranian oil will appear on the markets in the coming months. Analysts believe that as a result of this, Iran will pump out one million barrels per day or even more. The chance to conclude a nuclear agreement with Tehran in recent weeks has lowered prices by almost 15%, interrupting the price stabilization band that began after a major fall last year.

Even before News about Iran, the clash between American and Saudi energy business circles has created a new volatile force in the global economy and created unprecedented challenges for the two largest oil producers. Saudis need high prices to finance their country, but they have lost control of the market due to the oil boom in the largest economy in the world. After years of easy growth, the United States has faced the need for painful adjustments, including the dismissal of tens of thousands of people. Thus, they hope to maintain their competitiveness in the face of a price downturn.

At stake is not only the prices at gas stations, but also America’s energy independence, as well as the fate of one of its most active industries. The results of the restructuring will ultimately determine what cheap oil is: a slight deviation in the conjuncture or a multi-year trend.

In the past, when oil prices declined, the Saudis and other oil states came into play, cut production, and thereby sought price increases. But this time, prices fell partly due to the fact that energy production in the United States has increased significantly. Instead of supporting the market, Saudi Arabia itself went to increase production, which is why prices collapsed, creating a serious threat to American drillers counting on expensive oil.

“For the past 20-30 years, it seemed that OPEC could snap its fingers and make a difference at its discretion,” said Oklahoma’s Independent Petroleum Association president and Hamm’s acquaintance Mike Terry. “Well, now she no longer has such an opportunity.”

It has been almost a year since the start of the oil competition, and the leading players in the oil capitals from Riyadh to Houston make risky bets, considering their next moves. The Saudis continue to pump, although because of this, instability is increasing in their own oil economy.

For the United States, the danger is that low energy prices will derail their energy revolution, which only a few months ago seemed unshakable, helping to rebuild the still recovering economy.

"This is such a tidal scenario," said ConocoPhillips chairman and chief executive officer of Ryan Lance in Houston, describing the forces that cause problems for oil producers all over the world. “The industry today seems to be fighting for survival.”

Saudi force

The Saudis have an initial advantage in this global rivalry. They have the most readily available oil in the world, including one huge field - Gavar - where more oil is produced daily than in any other OPEC country.

Analysts say that many state-owned oil companies from Venezuela to Nigeria are corrupt. The state oil company of Saudi Arabia, Aramco, is not like that. Her objects shine with cleanliness, she leads an active housing construction, she has classrooms and centers.

At a conference in Houston, in which Hamm participated, and which was organized by the consulting firm IHS, a representative of Aramco said that the Saudis, having great advantages over the Americans, do not intend to give up slack during the downturn. Displaying on the screen the logos of fallen American companies - Kodak, Polaroid, Compaq, Muhammad Saggaf warned: “If we look back, we will see that the history is full of examples of successful companies that were in the lead in the competition, but in a very short time have fallen behind and ended up in the back row ... because their competitors won the innovation race. "

For decades, Saudi domination, oil prices were low, but during the wars in the Middle East and the oil embargo, they made powerful leaps up. In recent years, prices have risen to a new level above 100 dollars per barrel amid rising energy demand in China and India. All this time, American companies have been improving their production technology using the method of hydraulic fracturing in order to extract oil in such regions that it was impossible to think about, what they have to offer in terms of energy resources.

Over time, prices began to decline gradually amid the economic downturn and the growing awareness that open reserves in the US are enough to make America an energy-independent country, and in the long run an oil exporter. Then at the end of November, Saudi Arabia for the first time applied a new strategy, refusing to cut production for the sake of maintaining prices. This decision turned the gradual decline in prices into their free fall.

The Saudis were affected by unpleasant memories of the mid-1980-s, when a decline in global demand led to a similar glut of the market. In an attempt to ensure price stability, the Saudis then cut production from 10 to two million barrels per day. Buyers rushed to other OPEC countries, and the Saudis had to fight for years to get them back.

“We learned from those mistakes,” said Ali al-Naimi, the oil minister of Saudi Arabia, at a conference in Berlin in March. “Today Saudi Arabia and some other OPEC countries do not intend to subsidize producers with higher costs, yielding their market share.”

Aramco declined to comment for this article.

The new Saudi strategy has driven a wave around the world, stopping costly prey everywhere, from the Arctic to South America. In general, lower energy prices hit the oil-dependent countries, increased pressure on state-owned oil companies, caused the currency to fall in Nigeria, and also contributed to a serious economic downturn in Venezuela and Russia.

Some experts say that the Saudis are hoping to cut the tendons to a sharp increase in oil production using the hydraulic fracturing method. If they had not brought down the prices, oil production in the USA could have continued its rapid growth.

“But they would be asked again and again to cut production, and each time they would lose an increasing part of the market,” said IHS analyst Jamie Webster, who deals with global oil markets.

The Saudis have many advantages besides huge reserves. Hundreds of US companies cannot adapt to new conditions as quickly as a single state-owned oil company. Saudi Arabia can deliver its oil to the market in a matter of weeks. American oil producers need six months, or even more, because their oil is more difficult to access. If American companies suddenly decide to increase production, they will have to persuade the laid-off workers to return to the oil fields. In some cases, they will be forced to do this in conditions when these people have already returned to their homes and found a new job.

But Saudi Arabia also faces a difficult choice: there is a change of leadership, and she is involved in a military conflict with neighboring Yemen. Despite many years of attempts to diversify the economy, oil revenues remain the main and primary source of state funding.

Sustained low prices can “drain the kingdom’s savings accumulated during periods of previous price spikes,” according to a report by Khalid A. Alsweilem, a former director of Saudi Arabia’s monetary agency, who was published at Harvard’s Kennedy School.

From poverty to wealth

Hamm was born into a poor family in Oklahoma, becoming the thirteenth child of an agricultural share-worker. At the beginning of his career, he did the dirty work, washing the bottom of the tanks and carrying materials to the drilling. But Hamm was obsessed with great luck, intending to find a treasure in the land, which the authors of the book about the new oil billionaires “The Frackers” are writing about. In 1967, he founded a tiny company, named after his two daughters, learned geology, computer cartography, and eventually began buying cheap land in hard-to-drill areas, such as North Dakota.

In less than 10 years, Hamma Company, renamed Continental Resources, has become an oil giant thanks to a new, but expensive drilling technology, which has enabled the development of previously inaccessible wealth. “Thank God, we had good oil prices at that time!” Said Hamm at one event last September, when oil cost 97 dollars per barrel.

“Once upon a time, everyone thought about the decline of the American oil industry,” said Hamm. “We, if you will, witnessed how America entered a new era.”

However, due to falling prices over the steady growth of the United States - and Continental Resources - doubts began to appear.

Since the autumn of last year, the American oil industry has closed 60% of its drilling. Shares of their companies fell in price, not giving hope of growth. I had to lay off thousands of workers who might not return even if prices rose again. So far, only a small number of companies face the threat of bankruptcy, but they have to struggle with all their might to reduce projects that are no longer viable today. The recession was so severe that it slowed the growth of the entire American economy, which for many years received support from the growth of employment in the oil sector and from investment.

“There was an unreasonable opinion that the market for American oil is limitless,” said Michael Levi, an energy expert at the Council on Foreign Relations. “Because of this, there have been a lot of conflicting common sense investments.”

The prices of previous years - 111 dollars per barrel in 2012, 108 dollars per barrel in 2013 - helped Continental Resources to develop at breakneck speed. In early September, 2014, the company's stock price reached 80 dollars, and the state of Hamm, who owns 68% of these shares, exceeded Rupert Murdoch's wealth.

But then prices began to fall.

Due to lower prices, Continental Resources has become particularly vulnerable because Hamm misjudged the prospects for the oil market. When oil began to fall in price in early November, he considered that it had reached its “bottom rung”. Therefore, he sold off insurance assets worth 433 million dollars, and at the same time he lost his guarantees that he could sell oil at fixed prices.

His company, if you use industry slang, "bare", substituting for the impact of markets. Then, after Thanksgiving, OPEC held a meeting, and the Saudis decided that they would no longer maintain a balance in the market. Hamm probably understood that such a moment would come, but he did not guess how the markets would react. And they are crazy.

“In hindsight, you realize that this was the wrong decision,” said analyst Leo Mariani, who works at RBC Capital Markets, which oversees the energy industry.

Continental Resources declined to comment on Hamm and other company executives on corporate decision making, but answered a few questions via email.

The company's vice president of investor relations and research, Warren Henry (Warren Henry), said in an e-mail message that “no one expected such a rate of price decline, partly because it was caused by OPEC’s refusal to cut production, and not just demand-demand dynamics” .

Today, Continental is a completely different company than a year ago. She became smaller. It puts pressure on suppliers, forcing them to cut costs, and today it has fewer drilling rigs and production sites. In the Bakken Formation, which brought fame and celebrity to the company, Continental today works only in selected places in a small area where oil is the cheapest. Previously, work was distributed across eight countries.

“Last year, I sat at the table and counted 60 trucks per hour,” said Divide resident Jean Nygaard, who leases her farm land to Continental. “Now I’m going to work 45 kilometers and in all this time I can’t see a single car.”

Today, the American oil industry is trying to understand what will happen next. Someone believes that the rise in oil prices is already underway, explaining that many companies have refused to explore new places for drilling. Without exploration, mining can be conducted at the same level for a year or two. But not half a decade.

Hamm believes that the events of the last six months show the viability of the American oil industry. In the first three months of 2015, Continental Resources lost 33 million dollars, but Hamm says that the company will be able to stand on its feet by the end of the year. And if oil prices hit a mark in 70 dollars, it will quickly increase production.

“We adapt well to the new pricing environment,” says Hamm. - This is a great time to work in the American oil business. America will again become an energy superpower. ”
Our news channels

Subscribe and stay up to date with the latest news and the most important events of the day.

19 comments
Information
Dear reader, to leave comments on the publication, you must sign in.
  1. +4
    18 July 2015 05: 32
    There is a great bargain ...
    1. +11
      18 July 2015 07: 10
      Quote: Strashila
      There is a great bargain ...

      What are they trading with? After all, not even with oil - with the power given by the money received for oil.

      The most interesting thing is that all this talk about world oil markets, barrels, energy wars, etc. for us, in Russia, has a completely hypothetical meaning. Oil is getting more expensive, oil is getting cheaper - our gasoline is stubbornly and evenly, like a camel in the desert, going up. And everything else follows him. And no economist can explain to me why this is happening with us. And I can explain it to myself - because of the generation of greedy hucksters grown by democracy. Greed - and nothing more.

      So, all these "oil" conversations in general and the article in particular are of impractical interest, so, read at your leisure ...

      Somehow about a year ago, I overlaid charts of gasoline prices in Russia and oil in the world from Yandex quotes. Guess from three times - where is gasoline, and where is oil ... Our "petrol camel" walks and goes uphill, no matter how stock dogs in the world bark ...
      1. +3
        18 July 2015 14: 41
        Quote: Zoldat_A
        Oil is getting more expensive, oil is getting cheaper - our gasoline is stubbornly and evenly, like a camel in the desert, going up. And everything else follows him. And no economist can explain to me why this is happening with us

        To a similar question (it was not only oil-gasoline, but also the dollar-ruble and in general: prices), the economist Katasonov answered literally like this: "it acts like a nipple," and why, on reflection, one can guess: here you are close to the truth, if not to the point, then near
        because of the democracy-grown generation of greedy hucksters. Greed - and nothing more
      2. +1
        18 July 2015 23: 02
        Don't dump everything on those who sell petroleum products. This is primarily a business. And business presupposes profit. If the increase in profits occurs without an increase in the price of the product, the businessman will not go for an increase in the price of the final product. It is not profitable for business. Otherwise, you can lose the consumer. But this is ideal if there is competition. Another thing is that the authorities use a rather broad interpretation of economic activity in terms of trade in a strategic resource and allow unnecessary "chains" of intermediaries in it on the way to selling goods from supplier to consumer, but this, you see, is a completely different story. This is where kinks need to be corrected.
  2. +4
    18 July 2015 05: 34
    "Shale revolution" like any other has two sides - and the second is the destruction of resources and a strong blow to the environment. Not a lot of minds among those who decided to kill nature to make money for themselves. However, idiotic actions are in the order of things in the United States.
    1. +3
      18 July 2015 07: 48
      Quote: sv68
      "Shale revolution" like any other has two sides - and the second is the destruction of resources and a strong blow to the environment. Not a lot of minds among those who decided to kill nature to make money for themselves. However, idiotic actions are in the order of things in the United States.

      Well, idiotic or not, they suffer from it, but lowering oil prices is good, cheaper gasoline
      1. +2
        18 July 2015 08: 04
        Where is cheaper ????
        1. +1
          18 July 2015 08: 13
          Quote: Strashila
          Where is cheaper ????

          So in Israel, probably
        2. +1
          18 July 2015 09: 07
          Quote: Strashila
          Where is cheaper ????

          We are getting cheaper. request
      2. +1
        18 July 2015 14: 46
        Quote: atalef
        cheaper gasoline

        About this reasonably 2 comments above Zoldat_A
    2. WKS
      0
      18 July 2015 11: 51
      Quote: sv68
      method of killing nature to gain money

      Yes, there is no killing with this method. There is not much more harm than with traditional mining. All this propaganda is a competition for markets. Objectively, these shale hydrocarbons are more expensive than traditional ones, and below $ 60 per barrel, shale production is not profitable at all, i.e. unprofitable. Therefore, the price will not rise above these 60 in the near future and will fluctuate between 50 and 60. And if a production method cheaper than 60 is suddenly found, prices will be lowered so that this method becomes unprofitable.
      1. +1
        18 July 2015 15: 17
        Quote: wks
        Yes, there is no killing with this method. There is not much more harm than with traditional mining.

        And you look at the list of substances that are pumped into the soil using this method, so change your mind, and with conventional drilling, the danger is just pouring oil from the well itself, here, by the very method, there can be many more oil or gas. Of course, spontaneous outcrops to the surface of oil occur in nature, but this happens an order of magnitude more often with hydraulic fracturing.
      2. 0
        18 July 2015 19: 43
        Quote: wks
        Therefore, the price will not rise above these 60 in the near future and will fluctuate between 50 and 60. And if a production method cheaper than 60 is suddenly found, prices will be lowered so that this method becomes unprofitable.
        - take a look at the chart of quotations in the SABJ - after the fall, the chart below drew one wave, after - the second, larger. Now there will be a third, about the same size as the first. As a result, three waves with the largest wave in the middle are a pattern of a backward reversal. In technical analysis, such a pattern is called "Head and Sholders", "head and shoulders", since these three waves also resemble head and shoulders. So, after a certain period, prices will rush up again to the same level, or even higher. My IMHO
  3. +5
    18 July 2015 08: 08
    In fact, for the United States, low oil prices are a good thing. Yes, the oil industry is suffering, but it is far from the main one in the American economy. Yet the rest are not weak in gain. In America, most of the traffic is automobile. And rail and especially air transportation also depend on either diesel fuel or kerosene. Reducing transportation costs reduces the cost of almost everything. Moreover, lowering gas prices is tantamount to lowering taxes on the population, especially in the midwest, south, and in rural areas, where people prefer large pickups and SUVs with a big appetite for gasoline. They carry the saved money to shops and restaurants, which stimulate the economy. It is a pity that a large part of the stimulation goes to China, because America stopped producing consumer goods, otherwise the economy would boom like in the 1950s - but even as it is, this is good for retail, the restaurant business, and indirectly for the economy as a whole.
    China so generally benefits from all sides. Both cheap energy and increased demand for consumer goods manufactured by them can only be dreamed of. If not for this, their securities market would collapse much lower, although 30% is not weak.
    But in countries where oil is the basis of the economy and budget, it really hit hard. And if Russia is likely to survive this scourge, then people like Venezuela may not be able to withstand it. As the saying goes, while the fat dries, the skinny dies.
    1. +1
      18 July 2015 09: 19
      Quote: Nagan
      In fact, for the United States, low oil prices are a good thing

      But in 1/6 of the world it’s hard to believe

      Quote: Nagan
      If not for this, their securities market would collapse much lower, although 30% is not weak.

      They published strange data on GDP growth, as it is hard to believe request
      Quote: Nagan
      And if Russia is likely to survive this scourge, then people like Venezuela may not be able to withstand it. As the saying goes, while the fat dries, the skinny dies.

      Maduro is now hastily looking for a new enemy, it seems that his mantras about the Americans have exhausted themselves, he wanted the war.
      Venezuelan President Nicolas Maduro has found a means to combat the low rating and economic crisis in the country - he decided to capture two-thirds of the neighboring state of Guyana. According to him, now the government is preparing a "great victory." Venezuela believes that part of the territory was dishonestly taken back in 1899 and now is the time to restore historical justice
      The newly created state agency “Essexibo’s Rescue Ministry” will be responsible for the return of the disputed territory in Venezuela. Essekibo is Guyana's largest river, and the territory Maduro promises to capture is called Guyana-Essekibo and mainly consists of the jungle and savannah. First of all, Venezuelans want to give out passports to local residents living in the jungle. In total, about 200 thousand people live in this territory.
      Recently, Nicolas Maduro called Guyana President David Granger a footman in the service of American oil companies and American imperialism. Maduro's statement is related to the fact that Guyana allowed ExxonMobil to extract oil in its waters (ExxonMobil left Venezuela after it nationalized its property there in 2007). Maduro declared the coastal waters of Guyana the territory of Venezuela and demanded that the American company get out of there.
  4. +1
    18 July 2015 08: 22
    Correct, suitable article. In this scenario, who would be surprised by the mess in Yemen? The Saudis are pressured with all their might, forcing them to raise oil prices. And who would be surprised that the SA began to draw closer to Russia? Only earlier it was necessary to do this. And now will Russia do something? Putin and Lavrov must have stockpiled popcorn and chips for a year ahead.
    1. 0
      18 July 2015 09: 14
      Quote: RiverVV
      Correct, suitable article. In this scenario, who would be surprised by the mess in Yemen?

      Yes, leave Yemen alone, in a country living at the level of the 17th century, a gang with machine guns is chasing, Yemen does not play any role in the world
      Yes, in general, Saudi has already finished everything there
      Aden, July 16th. A group of government officials returned to Aden in Yemen by helicopter. According to Reuters, the visit took place for the first time in several months after the liberation of the village from the Hussite rebels.


      The takeover of Aden took place on July 15. For two days, the troops of Yemen supported by Saudi Arabia recaptured the main seaport of the city, the airport and some other areas from the Hussites.

      Quote: RiverVV
      The Saudis are pressured with all their might, forcing them to raise oil prices

      Who is pushing? belay
      Audi Arabia continues the price war for market share. But this time, a blow was dealt to the diesel market.

      The Kingdom is the world's largest supplier of crude oil, and now has decided to increase the supply of diesel fuel. This in itself means the start of a new price war with competitors in Asia.

      Saudi Arabia is the largest consumer of gasoline in the Middle East, and more than 25% of the total oil produced, or more than 10 million barrels per day, is consumed domestically.

      At the same time, the refineries of the kingdom have begun to consume more and more oil amid falling prices and excess in the world market.

      In fact, the kingdom is now equal to the volumes of Royal Dutch Shell, that is, it occupies the fourth place in the world in terms of processing.

      Currently, Saudi Arabia through Aramco Trading Co. proposed within the framework of tenders 2,8 million barrels of diesel fuel with delivery at the end of July and early August, Reuters reports citing traders.

      At the same time, the fuel has an extremely low sulfur content, and this volume itself corresponds to Japan's consumption in 3,5 days

      Quote: RiverVV
      And who would be surprised that the SA began to draw closer to Russia?

      belay
      Quote: RiverVV
      Putin and Lavrov must have stockpiled popcorn and chips for a year ahead.

      Well, yes, watching the world and the best world head of the Ministry of Foreign Affairs.
  5. +3
    18 July 2015 08: 32
    Russia needs to get off the "oil needle", and we, as that drug addict, were forcibly pulled off it. "Let's break" - we will become healthier and stronger than we were. We'll wait for the next jump in oil prices, drop the dollar, go back to our den and sleep. There is no alternative. Either we will make an industrial "leap", relying on the internal needs of the country, in particular, import substitution and defense orders, or .... Yes, we do not have any "or".
    1. -1
      18 July 2015 09: 30
      Quote: Mountain Shooter
      We will wait for the next jump in oil prices, drop the dollar, again we go to the den and sleep. There is no alternative.

      generally sleep there is an alternative hi
      Quote: Mountain Shooter
      Or we will make an industrial "breakthrough", relying on the internal needs of the country, in particular, import substitution and defense orders, or

      In general - without modern technologies, which are now sanctioned - all these are words and nothing more.
      Do not make a jump, do not catch up, nor real. To create the whole chain from design (let's start with the lack of personnel - which you need to learn at least), machine tools, technology, etc. etc. - and all this in the absence of money is neither real, it’s just not real. Of course, you can patch up holes, but no more than that, let alone defer the defense order, it simply does not lend itself to any criticism - the defense industry has never been profitable, and even more so, the main one in GDP and any normal country during the crisis first of all reduces spending on defense .--- what do you think why?
  6. +3
    18 July 2015 09: 28
    That's all about the US economy and nothing about Russia. The people should rejoice or be upset by the problems of the states, we only need more expensive gas. It suggests that the country doesn’t seem to be there either, so it is the US economic colony.
    Russia is a country with a cold climate and long distances, and for the normal development of the economy it is necessary to understand that energy should be cheaper than abroad. And from the fact that prices (through the efforts of the notorious Chubais) are constantly growing, the country has no chance of development.
    We are worse off from any changes in the market.
    Now, if now in Russia the ruble had not been lowered by 2 times, and the prices for gasoline, electric power, gas, prices for goods and food would have fallen, because. transportation became cheaper, production costs decreased, goods turnover increased, production increased, trade revived, there was no need to index benefits, it would become less poor. This is a market mechanism that works in the West, but never with us.
    The question arises due to the fact that sharks of Russian business operate on the foreign market, then if problems arise there, losses are automatically transferred to Russian citizens, business becomes richer under any conditions.
    Liberal economic science is structured in such a way that any crisis does not affect a country printing reserve currency, all stresses are resolved at the expense of regional currencies - only they become cheaper, people from third countries suffer, and Russia with such principles of regulation has no chance to build its own strong economy.
    I understand that my opinion is controversial, but why aren’t they putting us in the course of our economy, and people should be killed, employment has fallen or increased in the USA, oil production is profitable there
    We have full of their problems with employment, profitability and people want to know whether there will be work and why it is not, there is no decent wage, many people have been deprived of leisure opportunities for decades, payment for housing continues to grow, but not at the expense of improving the quality of services, but for by adding firms that receive their share of the rent of the population confirming their involvement at the expense of subcontractors and subtenants.
    Someday in the country they will begin to solve the issues vital for the life support of the people of the country?
  7. -3
    18 July 2015 09: 38
    well, well, yes, here he is the "hero" of America boor - of course he is from a "poor" family and "suddenly" an idea came to him and suddenly he became rich, but the fact that the states do not need a drop in prices is another nonsense because all the oil is raw it is processed because petrochemistry is very developed, so the Jews are trying in every way to bring down prices, and what kind of Saudis are all smart and hardworking despite the fact that the Arabs, everything shines and sparkles with them; but from the point of view of Israeli propaganda, all Arabs are "Papuans" who cannot do anything; and maybe all these oil companies have nothing to do with the Arabs, maybe they are not them at all but? and since when did Ayatola become his own enemy? that is, he decided to bring down the oil price to the detriment of the Iranian national company itself, in the sense that I saw the branch on which I sit --- they say all the bats are smelly, both literally and figuratively
  8. +2
    18 July 2015 10: 14
    Very useful article, especially for this grandmother.
  9. 0
    18 July 2015 10: 20
    Quote: Zoldat_A
    Somehow, a year ago, I superimposed charts of quotes for gas prices in Russia and for oil in the world from Yandex-quotes. Guess three times - where is the gas and where is the oil ...


    Tip: add another chart of the ruble exchange rate and get a high correlation result
  10. +1
    18 July 2015 11: 46
    The US shale oil asset will remain with them, with proven technology and a willingness to almost instantly increase production as soon as prices are right.

    For Russia, this resource will act as a limiter of revenues from the sale of crude oil, forcing it to go through deep processing, high petrochemicals, cheaper oil products in the country (which is prevented by monopolism), as well as a general reorientation of the country's economy from trade in resources to industry and technology.

    It is also important that cheap oil will drop arrogance from the oligarchs of comprador capital and weaken their stranglehold on the neck of the people of Russia.

    Thanks to America, which, wishing to destroy Russia, will in fact help it to recover and get rid of the oil drug.
  11. 0
    18 July 2015 15: 05
    the whole joke is that the oil shale industry sits on subsidies from the federal treasury of the "light elves" thereby increasing the state. debt
    1. 0
      19 July 2015 14: 17
      Subsidies are not from the federal budget. From the budgets of individual states,
      where drilling adds jobs.
  12. 0
    18 July 2015 15: 48
    As if Stalin mockingly smiled, looking at this energy war. The leader of the industrial (already in the past) world, the SGA are fighting for the role of the raw materials appendage of the new third world and Europe. Progress, however ...
  13. 0
    19 July 2015 00: 35
    Continental Resources lost $ 2015 million in the first three months of 33, but Hamm says the company will be able to stand on its feet by the end of the year.

    The director of a company that is experiencing difficulties cannot say anything else. It remains only to demonstrate confidence in the future.

"Right Sector" (banned in Russia), "Ukrainian Insurgent Army" (UPA) (banned in Russia), ISIS (banned in Russia), "Jabhat Fatah al-Sham" formerly "Jabhat al-Nusra" (banned in Russia) , Taliban (banned in Russia), Al-Qaeda (banned in Russia), Anti-Corruption Foundation (banned in Russia), Navalny Headquarters (banned in Russia), Facebook (banned in Russia), Instagram (banned in Russia), Meta (banned in Russia), Misanthropic Division (banned in Russia), Azov (banned in Russia), Muslim Brotherhood (banned in Russia), Aum Shinrikyo (banned in Russia), AUE (banned in Russia), UNA-UNSO (banned in Russia), Mejlis of the Crimean Tatar People (banned in Russia), Legion “Freedom of Russia” (armed formation, recognized as terrorist in the Russian Federation and banned)

“Non-profit organizations, unregistered public associations or individuals performing the functions of a foreign agent,” as well as media outlets performing the functions of a foreign agent: “Medusa”; "Voice of America"; "Realities"; "Present time"; "Radio Freedom"; Ponomarev; Savitskaya; Markelov; Kamalyagin; Apakhonchich; Makarevich; Dud; Gordon; Zhdanov; Medvedev; Fedorov; "Owl"; "Alliance of Doctors"; "RKK" "Levada Center"; "Memorial"; "Voice"; "Person and law"; "Rain"; "Mediazone"; "Deutsche Welle"; QMS "Caucasian Knot"; "Insider"; "New Newspaper"