- Saudi Arabia's sovereign wealth fund
- US$250 billion in assets under management (I show about $500 billion)
- plans to expand to $400 billion by 2020 but right now: US$250 billion
- Saudi Arabia 2018 budget
- deficit of US$52 billion
- oil price target: US$80 / bbl
- available foe mega-projects
- $2 trillion Saudi Aramco valuation
- IPO, at 5%: US$100 billion
- plus the sovereign wealth fund, results in total of US$350 billion
- that leaves $33 billion short for the mega-projects planned by Prince Salman
- Financial Times:
- oil needs to be trading at $120/bbl for Saudi Aramco to be valued at US$2 trillion
- at a price of US$64/bbl, Aramco would be worth just US$1.1 trillion
- the six mega-projects
- Neom city project and the Softbank deal (solar project): US$700 billion
- another smart city for Egypt: US$7 billion
- refinery deal with three Indian companies: US$44 billion
- refinery project in Malaysia: US$7 billion
- petrochemicals complex in Saudi Arabia; US$5 billion
- total: US$766 billion
Tuesday, April 17, 2018
Can Saudi Arabia Afford All Those Mega-Billion-Dollar Projects? -- Oilprice.Com -- April 17, 2018
Link here. Data points:
US Crude Oil Inventories Decline Slightly; Essentially Flat -- API -- April 17, 2018; Kraken Operating With Six New Permits In North Dakota
Weekly crude oil inventories, API data:
Seven new permits:
- forecast: an increase of 0.625 million bbls of oil
- actual: a decrease of 1.047 million bbls of oil; oilprice.com said this was in-line with analysts expectation, although API forecast a slight build
- the EIA data will be released Wednesday morning, 10:30 a.m. EDT
- oilprice.com headline: "oil prices head higher after API reports crude inventory draw"
- at close: WTI was up 30 cents for the day; trading at $66.52
- 30 cents / $66.52 = 0.4%
- technically, the headline was correct -- "oil prices were higher" -- 0.4%
| $66.52→ | 4/17/2018 | 04/17/2017 | 04/17/2016 | 04/17/2015 | 04/17/2014 |
|---|---|---|---|---|---|
| Active Rigs | 59 | 52 | 29 | 93 | 186 |
Seven new permits:
- Operators: Kraken Operating (6); Hunt Oil
- Fields: Epping (Williams); Brooklyn (Williams); Ross (Mountrail)
- Comments: Kraken Operating has permits for a 6-well Kraken pad in NENE 25-155-99
- Sinclair: four Yauch permits, in McKenzie County
I Thought This Was A Longer, Colder, Snowier Spring Than Usual -- We Need Atmospheric CO2 To Go Higher, Apparently -- At Least According To The Algore Model -- April 17, 2018
Link here to Bloomberg:
LOL.
Back to the article: "...but snow and ice may be headed for northern New York and New England later this week."
Snow and ice may be headed for New England later this week. The forecasters aren't sure about the weather this weekend (four days from now) but they know to 0.4 degrees what the global temperature will be one hundred years from now.
Wow, this gets tedious.
Your Spring Break is over.
The calendar says it’s mid-April, but snow and ice may be headed for northern New York and New England later this week, according to Bob Oravec, a senior branch forecaster at the U.S. Weather Prediction Center in College Park, Maryland. Places that had a nice, sunny day this past weekend probably won’t see warm temperatures again for at least several days.
Blame the Arctic. Weather patterns up there haven’t been changing much, and that’s driving colder temperatures across most of North America. The only part of the U.S. that’s bucked that trend this month has been in the Southwest, where parts of California, New Mexico, Arizona and southern Utah have had above-average temperatures, Oravec said.Blame the Arctic.
LOL.
Back to the article: "...but snow and ice may be headed for northern New York and New England later this week."
Snow and ice may be headed for New England later this week. The forecasters aren't sure about the weather this weekend (four days from now) but they know to 0.4 degrees what the global temperature will be one hundred years from now.
Wow, this gets tedious.
So Much For New Zealand's Efforts To Save The World -- April 17, 2018 -- This Is A Huge, Huge Story -- Wasn't India A Signatory To The Paris Accords?
How many remember this post of just a few days ago?
So, New Zealand cuts their potential revenue in an effort to minimize a perfectly harmless gas, CO2, at "normal" atmospheric concentrations. In fact, most/all plants require CO2 for energy.
Now, today, from energypost.eu:
Oh, well.
Yes, to answer the question, India was a signatory to the Paris climate accords.
The accord: only words.
Words, Bee Gees
Dumb and dumber: New Zealand's strategy to end global warming? Story here:If too many words in that story, this screenshot:
- halt immediately any new permits for offshore oil and gas exploration
- yeah, that will solve the "problem"
- mostly it will push future investment overseas
- but, I suppose, the hobbits are happy
So, New Zealand cuts their potential revenue in an effort to minimize a perfectly harmless gas, CO2, at "normal" atmospheric concentrations. In fact, most/all plants require CO2 for energy.
Now, today, from energypost.eu:
Oh, well.
Yes, to answer the question, India was a signatory to the Paris climate accords.
The accord: only words.
Update On The Brouhaha Between British Columbia And Alberta -- April 17, 2018
There are several stories that fascinate me: ObamaCare (pretty much "New Diet Coke"); Netflix; Apple, Inc; and, now, the brouhaha between Alberta and British Columbia. Is "brouhaha" the best word to use in this context? Whatever.
Apparently the word on the street is that Ms Notley will be defeated in the next election. The next election will take place on or before May 31, 2019.
She has said "the pipeline" will be built. She has threatened British Columbia with economic repercussions if the pipeline is further delayed or "killed."
Apparently things are starting to happen.
Apparently there are already some pipelines that run from Alberta to the west coast of British Columbia. These pipelines carry refined products (such as gasoline and diesel fuel) which customers in British Columbia purchase and consume. The pipelines also carry crude oil that is refined in a Burnaby, British Columbia, refinery. The pipelines also carry crude oil (and refined products?) for export, mostly to Asia.
Apparently, right now, the pipeline moves product based on a free market, capitalistic system.
According to Irina Slav at oilprice.com, a bill to change this "system" has been introduced into the Alberta legislature.
If passed, the bill will give the Alberta provincial government the authority to license fuel traders. The Alberta government will be able to control what products and how much product will go through those pipelines.
Facts:
But, also think about this: there are likely political folks in the US who are watching this closely. Could the US federal government or could individual states get into the pipeline licensing business (licensing, and thereby controlling pipelines more than they are already controlled?). After all, the federal government, through RINS, has greatly affected production in US refineries.
Regardless, the bill introduced into the Alberta legislature is certainly very interesting.
From Macrumors:
Apparently the word on the street is that Ms Notley will be defeated in the next election. The next election will take place on or before May 31, 2019.
She has said "the pipeline" will be built. She has threatened British Columbia with economic repercussions if the pipeline is further delayed or "killed."
Apparently things are starting to happen.
Apparently there are already some pipelines that run from Alberta to the west coast of British Columbia. These pipelines carry refined products (such as gasoline and diesel fuel) which customers in British Columbia purchase and consume. The pipelines also carry crude oil that is refined in a Burnaby, British Columbia, refinery. The pipelines also carry crude oil (and refined products?) for export, mostly to Asia.
Apparently, right now, the pipeline moves product based on a free market, capitalistic system.
According to Irina Slav at oilprice.com, a bill to change this "system" has been introduced into the Alberta legislature.
If passed, the bill will give the Alberta provincial government the authority to license fuel traders. The Alberta government will be able to control what products and how much product will go through those pipelines.
Facts:
- Alberta supplies 50% of total fuel imported by British Columbia
- the only refinery in British Columbia is the Burnaby (Vancouver) refinery
- this refinery produces 25% of BC's fuels
- without the "right" kind of fuel the refinery cannot operate properly
- British Columbia has other options: fuel and crude oil from west coast of the United States; problem:
- more expensive
- would also likely raise cost/prices of oil and refined products for consumers on the US west coast
But, also think about this: there are likely political folks in the US who are watching this closely. Could the US federal government or could individual states get into the pipeline licensing business (licensing, and thereby controlling pipelines more than they are already controlled?). After all, the federal government, through RINS, has greatly affected production in US refineries.
Regardless, the bill introduced into the Alberta legislature is certainly very interesting.
*******************************
The Apple Page
From Macrumors:
The iPhone X accounted for 35 percent of total worldwide handset profits in the fourth quarter of 2017.
The device generated 5x more profit than the combined profit of more than 600 Android OEMs during the quarter, despite the fact that it was only available for purchase during the final two months of the year and in spite of reports pointing towards lackluster sales of the device.
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