Wednesday, June 10, 2015

U.S. surpasses Russia as world's largest gas and oil producer

  1. US surpasses Russia as world’s largest natural gas...

    www.worldoil.com/news/2010/1/13/us-surpasses-russia-as...Cached
    US surpasses Russia as world’s largest natural gas producer. The US, with its big gas shale resources, has surpassed Russia as the world’s leading gas producer.

  2. US surpasses Russia as world’s largest natural gas producer

    1/13/2010
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    US surpasses Russia as world’s largest natural gas producer

    The US, with its big gas shale resources, has surpassed Russia as the world’s leading gas producer. The US government’s Energy Information Administration (EIA) said US gas production for the year probably rose 3.7% to 624 billion cubic meters, its highest level of the decade. Russia’s output fell 12% to 582 billion cubic meters last year, the Russian energy ministry said this week.
    The US growth trend may indicate that Gazprom will not be able to break into the US market as it had planned, Mikhail Korchemkin, head of East European Gas Analysis, said in a Bloomberg report. Gazprom set a target to take as much as 10% of the US market by 2020 through LNG sales from Arctic plays, Gazprom executive Alexander Medvedev said in June.

    In the US, by contrast, lower gas prices last year than in 2008 encouraged the power sector to absorb the booming output from newly developed gas shale deposits. The surprising boost shale gas has given US output has closed the world’s biggest energy consumer to some imports and “created a huge oversupply of LNG in Europe,” Korchemkin said.
    The Department of Energy also noted that, “Minimal hurricane disruptions and significant growth in production from onshore shale basins have contributed to the increase in domestic supply.”

    Compared with the US, where gas trades on an open market, gas prices in Europe remained relatively high, discouraging fuel-switching. Most Russian gas sold to Europe is subject to long-term price agreements linked to crude prices.

    In July, Qatari LNG prices in the UK fell as low as $75 per thousand cubic meters compared with Gazprom prices of between $210 and $220 per thousand cubic meters for countries in the European Union under long-term deals.

    Gas deliveries from Norway and Qatar to Europe in the third quarter outpaced European growth in consumption while Russian exports lagged behind, according to the International Energy Agency. European imports from Nigeria fell 38% to 2.1 billion cubic metres in the period, according to the report. Additionally, Turkmenistan’s route to Europe was closed when Gazprom stopped purchases in April of this year.

    Gazprom’s share of the European market may fall further as it refuses to show flexibility by giving a temporary price discount to European buyers, Korchemkin said. This may result in Gazprom exports to Europe remaining flat at levels just above contractual minimums over the next five to 10 years while others take advantage of growth, he said.

    Russia surpassed the US in gas production in 2002, pumping 539 billion cubic metres versus America’s 536 billion, according to figures from UK supermajor BP.

    Russia, which has the world’s largest reserves and a quarter of Europe’s market, led the world in output from 1986 to 1996 and again in 1999, the year after the government defaulted on $40 billion of domestic debt and devalued the ruble.

    Russia’s annual output fell 12% to 582 billion cubic metres. Demand for gas in Russia, the world’s largest user of the fuel after the US, contracted last year along with the economy. Prime Minister Vladimir Putin said 30 December that annual gross domestic product declined 8.5%, the most since the collapse of the Soviet Union in 1991.
    Despite the decline in output,  Moscow signed deals with China last year for $25 billion of loans to help with oil and gas development, and revived talks over a proposed gas pipeline to China. Russia also started exporting liquefied natural gas (LNG) last year from Sakhalin Island, off its Pacific coast, mainly to Japan and South Korea. Last summer, Kuwait also imported a Russian LNG cargo.
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    US surpasses Russia as world’s largest natural gas...

    Jeb Bush's money trail, Elon Musk's space internet and oil on the rise

    Yahoo Finance via Yahoo! News49 minutes ago
    Yahoo Finance's Midday Movers is live each weekday at 12pm ET, covering all the latest news on the markets, the economy and the biggest stories of the day. 

    Jeb Bush's money trail, Elon Musk's space internet and oil on the rise

    Yahoo Finance
    By 49 minutes ago
    It's a rally Wednesday with all major stock indices (^DJI, ^GSPC, ^IXIC) solidly in the green. Is this the breakout we've been waiting for? Probably not, but we'll keep an eye on it just in case.
    Get the Latest Market Data and News with the Yahoo Finance App
    Here are some of the other stories Yahoo Finance is watching today.
    Crude popsCrude prices are up today as the government reports weekly U.S. inventories sank by 6.8 million barrels. In addition, research by BP shows America has surpassed Russia as the world's biggest producer of oil and gas combined.
    Jeb Bush's money trailJeb Bush is set to announce he's running for President on Monday, but he is already playing role of candidate. Bush is now touring Europe, calling for a stronger U.S. stance against Russian leader Vladimir Putin.
    Student loans and U.S. taxpayers
    One issue the next President may have to deal with: more trouble with government-backed student loans. Bloomberg is reporting a refinancing boom is underway driven by private lenders. But there's a catch--  they only want successful graduates with professional degrees.  And that leaves more risky borrowers on the government loan portfolio, putting taxpayers at risk when they default.
    Out of this world wide webElon Musk is at the cutting edge again. The entrepreneur behind Tesla and the Hyperloop train is now seeking permission to expand his already significant reach into space. Musk's SpaceX franchise is asking the federal government to allow testing on a way to beam the internet from ships in orbit.
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    Jeb Bush's money trail, Elon Musk's space internet and oil on the rise



     

     
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