What’s The Limit For Permian Oil Production?

The ‘hottest shale play’ has been the media’s favorite cliché for the Permian Basin over the past year. And while cliché, the basin straddling West Texas and New Mexico has lived up to this description—its oil production, unlike that in other basins, did not fall off a cliff during the downturn, it recently beat its own record from the 1970s, and is expected to continue to increase production more than any other U.S. shale play and account for most of the American oil production growth. The Permian has been…

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OPEC Under Pressure As Oil Rally Continues

The surge of Brent crude prices over the last few weeks to $70 may be rattling OPEC, raising questions about the longevity of the collective production cuts. Top OPEC officials surely did not expect such a dramatic run up in prices, at least not this early in the year. Both OPEC and the IEA have forecasted a rebound in crude storage levels in the first half of this year, a trend that was thought to keep a lid on any price rally. The working assumption was that oil prices wouldn’t dramatically improve until mid-2018. Against that backdrop,…

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Iran’s leader accuses Saudis of “treason” against Muslims

Iran’s supreme leader accused Saudi rulers on Tuesday of committing “treason” against Muslims by aligning themselves with the United States and Israel.

Addressing parliamentary representatives from Islamic countries gathered in Tehran, Ayatollah Ali Khamenei said the US decision to recognise Jerusalem as Israel’s capital was “a big mistake” and “doomed to failure”.

“Regional governments that are cooperating with the United States and the Zionist regime to fight against Muslims are certainly committing treason. That is what Saudi Arabia is doing,” Khamenei said, according to his official website.

Iran, the leading Shi’ite Muslim power, and Sunni Muslim Saudi Arabia, a key US ally, are rivals for influence in the Middle East where they support opposing sides in Yemen, Syria, Iraq and Lebanon.

US President Donald Trump said on a visit to Jerusalem last year that shared a concern about Iran was driving many Arab states closer to Israel. An Israeli cabinet minister said in November that Israel had covert contacts with Saudi Arabia amid common concerns over Iran.

Iran does not recognise the state of Israel and has repeatedly called for its destruction.

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Chevron To Resume Drilling In Kurdistan

Chevron expects to restart drilling in the semi-autonomous Kurdistan Region in Iraq and is taking steps to remobilize staff and equipment, The Wall Street Journal quoted a Chevron spokeswoman as saying on Tuesday, in what could be a sign that the Iraq-Kurdistan tensions may have eased.   Following the Kurdistan region’s independence referendum and Iraq’s federal government backlash against Kurdistan, Chevron temporarily suspended drilling in the region in October 2017. Chevron has had operations in Kurdistan…

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Chevron To Resume Drilling In Kurdistan

Chevron expects to restart drilling in the semi-autonomous Kurdistan Region in Iraq and is taking steps to remobilize staff and equipment, The Wall Street Journal quoted a Chevron spokeswoman as saying on Tuesday, in what could be a sign that the Iraq-Kurdistan tensions may have eased.   Following the Kurdistan region’s independence referendum and Iraq’s federal government backlash against Kurdistan, Chevron temporarily suspended drilling in the region in October 2017. Chevron has had operations in Kurdistan…

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Cheap Energy Draws Bitcoin Miners To Canada

A new leak has sprung from China’s bitcoin rumor pool. And while markets have grown resilient of such news, this new potential crackdown seems to have spooked miners. China’s bitcoin mining scene is huge, accounting for over half of the world’s mining power, with giant Bitmain Technologies leading the way. Chinese miners enjoy cheap labor and electricity from small towns scattered around rural China. But is this gravy train coming to an end? Initially reported on Reuters, a leak from a private meeting among officials from the…

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Prominent Tunisian intellectual: France, UAE support ‘counter-revolution’

Prominent Tunisian intellectual Abu Yarub al-Marzouki on Tuesday accused the United Arab Emirates (UAE) and France of attempting to undermine security and stability in his country.

“They are both supporting counter-revolutionary forces,” al-Marzouki told Anadolu Agency from Istanbul.

He did not, however, provide any evidence to back up his assertions. Nor did he identify by name the forces he classified as “counter-revolutionary”.

Al-Marzouki called on Arab revolutionary movements to unite “as the forces of the counter-revolution have united against the will of the Arab people”.

Regarding recent events in Tunisia, the intellectual said: “Protests and demonstrations in Tunisia are normal. But they must remain peaceful and reject acts of sabotage.”

Al-Marzouki went on to assert that Tunisia’s military “does not interfere in political life”.

“If revolutionary elements in Tunisia fail to come together in the face of a united counter-revolution, then the revolution’s ideals are destined to fail,” he said.

In recent days, popular demonstrations in Tunisia appear to have waned after thousands hit the streets last week — in different parts of the country — to protest government austerity measures and rising costs of living.

According to Tunisia’s Interior Ministry, at least 700 people have been detained for clashing with police and inciting what the ministry described as “riots”.

Born in 1947, Abu Yarub al-Marzouki has published numerous books — in Arabic, French and English — on Islamic thought and civilization.

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