Has The E&P Industry Lost Touch With Reality?

The U.S. rig count increased by 19 this week as oil prices dropped below $48 per barrel–the latest sign that the E&P industry is out of touch with reality.

Getty Images from The New York Times (July 26, 2015)

The last time the rig count increased this much was the week ending August 8, 2014 when WTI was $98 and Brent was $103 per barrel.

Requiem for the Macrosaurus: The beginning of the end of the Jurassic Period of economics.

This summer’s biggest movie is Jurassic World. Apparently, people have an endless appetite for dinosaurs, which could also explain much about the popularity of Flintstones vitamins or, for that matter, Vladimir Putin. Fortunately for these people, there remain dinosaurs among us who are producing mayhem on a scale unimagined by even Hollywood’s CGI wizards.

Could eurozone integration damage the single market?

Can Britain be at ease in a European Union that is increasingly focused on the euro and its troubles? Britain’s eurosceptics think not. The eurozone’s many problems require it to integrate more closely, and that will be bad for Britain, they say, since the euro countries will start to act as a bloc and manipulate EU institutions for their own benefit. Therefore Britain should quit this euro-centric club and negotiate a new and looser bilateral relationship with the EU.

David Cameron’s government has begun technical talks with its partners on reforms to the EU, prior to an in-or-out referendum. His officials say that though arguments over EU migrants’ access to benefits will generate more political heat, the relationship between the eurozone and the wider EU is the most important substantive problem. Both George Osborne, the chancellor, and many business leaders see this issue as a priority.

Greece and Turkey should build on "low politics"

Two of the major allies in NATO and the wider Mediterranean region, Greece and Turkey have long being faced with huge dilemmas of stability and security in the Middle East and North Africa. Under the current pivotal shifts of global and regional influence, these two countries have a lot to win by cooperating closely and consistently.

The unfolding of the Greek financial crisis has been heightened up during the last six months. Even after the first agreement at the latest Euro Summit over a third bailout deal, economic conditions and the future of Greece inside Eurozone are not yet secured. And not that much because the Greek government does not look for it, but because the financial deal has nothing to incite hopeful thoughts over growth development. The bailout deal is not investment-oriented  nor addresses the major macroeconomic burdens of the Greek economy. 

Progress despite adversity: women's empowerment and conflict in Colombia

The Colombian case is an example of progress in women’s empowerment in the face of formidable and continuing challenges. Progress is identified in relation to: legal gains for women’s rights and gender equality; women’s presence and representation in public and elected positions; the advancement of a gender-responsive approach to addressing the legacies of conflict and associated mechanisms of memorialisation, reparations, restitution and transitional justice.

Britain's renegotiation: Advice to Mr Cameron

To succeed in his renegotiation, David Cameron needs to build an alliance for reforms that benefit the EU as a whole. Shortly after midnight on June 26th, a new chapter in the chequered history of Britain in Europe opened in Brussels. The European Council conclusions note, in two lines on page eight, that David Cameron, re-elected as prime minister, "set out his plans for an (In/Out) referendum in the UK" and that "the European Council agreed to revert to the matter in December". What will happen then will depend on how Cameron handles his intended negotiation about reform of the EU and Britain's relationship with it: he has yet to tell the European Council what he wants. But his plans will certainly work in London: the promise of a referendum was set out in the Conservative Party's election manifesto, and, despite misgivings in the House of Lords, a century-old convention that the unelected upper chamber does not obstruct a government's manifesto measures means that the necessary enabling legislation will not be blocked. So in 2017, or, more likely 2016, the British will vote on Brexit. 

Η ανθεκτική δυστυχία της Αιγύπτου

Αστυνομικός των «ΜΑΤ» φρουρεί κτήριο όπου επρόκειτο να διεξαχθεί η δεύτερη δίκη του ανατραπέντος προέδρου της Αιγύπτου Μοχάμεντ Μόρσι, στις 8 Ιανουαρίου του 2014. AMR ABDALLAH DALSH / REUTERS

Τα τελευταία δύο χρόνια ήταν τα πιο βίαια και κατασταλτικά στην σύγχρονη ιστορία της Αιγύπτου. Από τότε που ο στρατός της χώρας αντέδρασε σε μαζικές διαδηλώσεις για την ανατροπή του πρώτου εκλεγμένου προέδρου της χώρας, του συνδεδεμένου με την Μουσουλμανική Αδελφότητα, Μοχάμεντ Μόρσι, τον Ιούλιο του 2013, τουλάχιστον 1.800 πολίτες και 700 άτομα από το προσωπικό ασφαλείας έχουν σκοτωθεί [1], δεκάδες χιλιάδες έχουν φυλακιστεί και έχουν τεθεί αυστηροί περιορισμοί για τα μέσα ενημέρωσης, την κοινωνία των πολιτών, και τις εκδηλώσεις διαμαρτυρίας. Και αυτή η πικρή ιστορία προβλέπεται να επιδεινωθεί. Μετά την δολοφονία του γενικού εισαγγελέα της Αιγύπτου στις 29 Ιουνίου, ο πρόεδρος Αμπντέλ Φατάχ αλ Σίσι κατηγόρησε την Αδελφότητα και υποσχέθηκε ολοένα και πιο σκληρά κατασταλτικά μέτρα κατά της οργάνωσης, συμπεριλαμβανομένων των αυστηρότερων νόμων [2] για να εξασφαλίσει ότι οι Αδελφοί Μουσουλμάνοι που βρίσκονται στην πτέρυγα των μελλοθανάτων θα εκτελεστούν νωρίτερα. Σε απάντηση, η Αδελφότητα ενέκρινε [3] την ξαφνική έξαρση των επιθέσεων σε υποδομές, συμπεριλαμβανομένων πύργων ηλεκτρικής ενέργειας. Και τζιχαντιστές που συνδέονται με το αυτοαποκαλούμενο Ισλαμικό Κράτος (επίσης γνωστό ως ISIS) ξεκίνησαν ένα νέο γύρο επιθέσεων, συμπεριλαμβανομένων των βομβιστικών επιθέσεων της 1ης Ιουλίου στο Βόρειο Σινά που σκότωσαν δεκάδες στρατιώτες [4], και της πρόσφατης επίθεσης κατά του ιταλικού προξενείου στο Κάιρο.

Europe’s geopolitical suffering

Andrea Bonetti

Professor Giancarlo Elia Valori

"Professor Giancarlo Elia Valori is an eminent Italian economist and businessman, a University Professor and a keen observer of the political and economic international situation. During his long career he has held numerous high positions in prestigious Italian and foreign companies. He currently chairs “La Centrale Finanziaria Generale SpA”, the Laboratory Foundation for Public Administration and the Italian delegation of the Abertis Foundation. He is also the honorary president of Huawei Italy, economic adviser to the Chinese giant HNA Group, Khashoggi Holding’s advisor and holder of important professorships at prestigious universities such as Yeshiva University in New York, The Hebrew University of Jerusalem and The Peking University.

Strategic Petroleum Reserve No Longer Key Part Of U.S. National Security

The U.S. Strategic Petroleum Reserve (SPR), once seen as a cornerstone of America’s energy security, is losing its shine in Washington.

The SPR was established in the aftermath of the 1973-1974 oil embargo, which led to high gasoline prices, fuel rationing, price controls, and long lines at gas stations. The U.S. government decided to stockpile oil in salt caverns in Texas and Louisiana, fuel that could be used in the event of a supply outage. Today, the SPR holds 695 million barrels of oil.

U.S., Russia: The Case for Bilateral Talks

Phone calls between relatively low-level diplomats are normally not newsworthy. But Monday's conversation between U.S. Undersecretary of State Victoria Nuland and Russian Deputy Foreign Minister Grigory Karasin on the simmering conflict in Ukraine is an exception. The bilateral nature of the conversation and its timing amid mounting claims of cease-fire violations from the Ukrainian government and separatist forces makes it uniquely significant. Moreover, it reaffirms that the evolution of the Ukrainian conflict — whether toward a settlement or toward escalation — will be most strongly shaped not by Kiev but by the actions of and relationship between Moscow and Washington.