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Massive new investment is required to meet Russia's goal of maintaining and then boosting production. After Saudi Arabia, Russia is the world's biggest oil exporter. Gaddy said the world needs Russian oil.
"Just ask yourself, where would world oil prices be without these three million extra barrels a day of oil that Russia has contributed since 1999? I mean, that is a real counter-factual and a lot of other things might have happened. Maybe China wouldn't have grown as much without that oil, maybe the whole world would be in a depression, but maybe oil prices would be not $70 to $80 a barrel, but $120 a barrel, or $150 a barrel, or $200 a barrel,"
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Fourteen Middle Eastern and Central Asian oil exporters used more than half of a $400 billion increase in their budget surpluses between 2003 and 2005 to build foreign reserves
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Despite its oil riches, Saudi Arabia’s economy went through a prolonged period of stagnation in the 1990s. As oil revenues dwindled, unemployment rose and living standards plummeted. With a steep rise in the price of oil in recent years, the country’s fortunes have changed again. How much did Saudi Arabia earn in oil export revenues in 2005?
Latest world news | Breaking News Alerts ANSWERS:
A. $473 billion B. $229 billion C. $153 billion D. $135 billion
A. $473 billion is not correct.
The total amount of oil revenues generated by all 11 members of the Organization of Petroleum Exporting Countries in 2005 stood at $473 billion. Saudi Arabia is by far the most important OPEC member, with average exports of more than 8 million barrels a day in 2005.
Even though OPEC has considerable control over world oil prices, it accounts for only 40 percent of global oil exports. Prominent non-OPEC oil exporters are Russia and Mexico.
B. $229 billion is not correct.
The United States is by far the world's biggest consumer of oil. And while the country still remains a significant oil producer, domestic production falls well short of domestic consumption. The United States therefore imports about 58 percent of all the oil consumed domestically.
The total cost of those imports reached $229 billion for 2005, accounting for 29 percent of the US trade deficit that year.
C. $153 billion is correct.
Saudi Arabia earned about $153 billion in oil revenues in 2005 a record level even for a country that has long been awash in petrodollars. All of Saudi Arabia's oil industry is controlled by Saudi Aramco, a fully state-owned company that in 1976 took over the oil assets initially developed by Standard Oil of California and Texas Oil Co.
The surge in Saudi oil revenues boosted the country's gross domestic product growth rate to 6.5 percent in 2005, double the average 3.2 percent growth rate of the Saudi economy during the 1990s.
D. $135 billion is not correct.
From January 2004 to late April 2006, the average price of a barrel of oil more than doubled from $33 to a peak of $75 a barrel.
OPEC's windfall profit in 2005 -- that is, the rise in revenues for OPEC members because of the price increase -- amounted to $135 billion in additional revenues compared with 2004
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At a recent industry conference, LUKoil President Vagit Alekperov was asked about the prospects for foreign investment in Russia's petroleum sector. The question came only five days after a public statement by Natural Resources Minister Yury Trutnev that auctions to develop certain major oil, gas and mineral fields would only be open "to those companies in which not less than (51 percent) of the share capital belongs to Russian participants."
No wonder that Alekperov's response beginning "you are doomed to invest in Russia" was greeted with appreciative laughter. Taken as a whole, the legal history of foreign investment in the petroleum sector in post-Soviet Russia suggests that international oil companies are indeed "doomed" to invest in the sector, just as Russia is doomed to seek such foreign investment. Compared to other major oil exporting countries that have shunned foreign investment
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Saudi Arabia agrees $6bn oil refinery deal with Total
May 21 2006 18:22
Saudi Arabia has embarked on an ambitious plan to boost its oil refining capacity by joining forces with Total, the French energy company, to build a $6bn (€4.7bn £3.2bn) refinery on its Persian Gulf coast.
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sygy, yes i'm looking forward to it. I think we have half a chance to make some money here. NDOL seems to be the target of some negativity. Even if they new they would merge when they said buyout, I don't see what difference it should make in what the potential is here. In some respects it seems like some people are just determined to let me know how much knowledge they think they possess. I don't sell cocaine and I look terrible in the nude so I'm hoping for the best.
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if i wasn't into a stock ,i wouldn't spend all the time they do bashing it!! there is no gain(well maybe there ego) i think we all wish for the best but sometimes we just learn the hard way(RED)not green ,this stock has appealed to me from begining and is one of my picks,,could of sold but gut feeling says not too! i don't have an exit point but i'll just see where it goes.
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For oil-producing countries, the crisis appears to be a windfall. But are there any negative economic effects on major producers, such as Russia?
First of all, we can easily say that this has been a tremendous boom to the Russian economy, and to Russian state finances. First of all, because of the high oil prices, secondly, because these high prices have pulled up gas prices, and Russia is a great exporter of gas also. And, thirdly, the state taxation system is progressive. So as the price of oil rises, so the revenues received by the state increase more than proportionately. So there's been a huge influx of funds into the state system. Presumably, it's spending it of course domestically, and that has helped the Russian citizen. On the other hand, the downside is that the Russian ruble has appreciated, and this of course harms other Russian exports. But at the moment, the benefits from oil and gas far outweigh any negative sides.
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May 18, 2006 — Memorial Day weekend is the unofficial start of summer, as well as a good indicator for travel habits. Despite the high gas prices and higher vacation prices, 37 million Americans will travel this Memorial Day weekend, which is 1 million more than last year, according to AAA.
Right now, a gallon of gas costs an average of $2.93, up 75 cents from last year. And plane tickets are up 10 percent as airlines make up for soaring jet fuel costs. Once you get to your destination, that's going to cost more, too.
"You're probably going to pay $5 a day more for your hotel room and $6 a day [more] for your rental car," said Amy Ziff, editor at large at Travelocity.com.
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Russian economic growth forecast to 6% WASHINGTON. April 20 (Interfax) - The Russian economy will grow 6% in 2006 and 5.8% in 2007, the IMF World Economic Outlook, which is published twice yearly, says.
In its previous World Economic Outlook, the IMF forecast Russia's economic growth at 5.2% in 2006 and 5% in 2007.
Economic growth in CIS countries is forecast at 6% in 2006 and 6.1% in 2007. The previous forecast was 5.7% and 5.5%, respectively.
Russia's GDP increased 6.4% in 2005 (7.2% in 2004) and GDP in the CIS rose 6.5% (8.4%). The slower economic growth in the CIS in 2005 was largely due to a slump in the rate of Ukraine's GDP growth - to 2.6% from 12.1% in 2004. IMF forecast puts inflation at 10.4% in 2006 and 9.5% in 2007
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GEE'S---GOLLY!!!---An average Russian drinks 19 liters of pure alcohol a year, a report on Russia’s alcohol policy has revealed. This is ten liters above the level that separates a nation with a drink problem from a nation that is becoming extinct.
Of the 19 liters in question, only 9.7 are legally produced, while the rest is counterfeit alcohol, Moskovsky Komsomolets daily reported Friday, citing speakers at the Russian Alcohol Policy conference. In the past ten years, alcohol caused more than 900,000 deaths: 335,000 people were poisoned by low-quality counterfeit liquors, 230,000 died in drunken brawls and 250,000 were victims of drunk drivers.
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and if your not into booze there's over 2,000 Russian ladies who have expressed a sincere desire to find emotional stability in a loving and lasting relationship with a foreign husband.-----LOL!!
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excited for tomorrow.....8-k tomorrow or tuesday because of canadian holiday, 8-k and PR might be tuesday......
we should see the 70's tomorrow.
the new vice president of NWOG is Stratton Stevens, in case someone didn't know, he's canadian like royalty, ans a member of the Order of Canada.....nice to haveat behind this....also midland baring financial group is in heavy as well.......NDOL has been near the top of microcaptrades "top400" list for weeks now, so alot of DT and swing players are watching on the side lines closely to see what numbers the 8-k will bring........ I think this will see volatility for another month as there will be a string of PRs on production, and also OTCBB listing and also 10k being out soon as well......some folks have forgotten the 10-k coming soon....that will be very good if the NWOG stuff is added in, along with NDOLs oil transport biz, which last year grossed 19million I think......should be a great stock to profit on in the coming days or weeks or months, however you're playing it......lots of events and PRs coming on this....ithnik this will be hot for a couple weeks with lots of volatility to freak investors out! HA HA, as it has already done
-------------------- GSUS - Eternal 100 Bagger! HCPC - my favorite potential into December
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NDOL = 8k + 10Q + Northwest Oil GP Consolidated Financials for the 2 merging divisions. If the numbers are as advertised and they are audited by RSM Top Audit #6 accounting firm in the world. Then we should see a very nice increase in SP I would also think a sister company with the same management team will benefit greatly. "AURC" This week should be verrrrrrry interesting with both stocks. I think both will do very well, but who knows?
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The fact is, we are going to make money in NDOL this week because of an 8K, 10Q, and other misc PRs with good news. So you have a choice buy in, ride, make a profit or you can sit on the sidelines and watch! Its your choice
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May 16, 2006 (M2 PRESSWIRE via COMTEX) -- Geneva, Switzerland, and Dover, Delaware, USA -- StockTargets, Inc., a private Swiss company and an innovator in investor sentiment tracking on listed stocks, measured a firm shift in investor targets over the past 2 days on Nord Oil International, Inc. (Pink Sheets: NDOL), following a new recommendation.
Investor sentiment and forecast shows a substantial increase, and remains resolutely positive on the stock's prospects, following the latest news and a revaluation of the company by TTS Zurich http://www.ttszurich.com. Investors now forecast the stock rising to approximately US$ 3.43 during the next 12 months. The StockTargets consensus 12 months target was US$ 3.08 recently.
The 12 months target by TTS Zurich for the stock is US$ 2.60. These different targets can be reviewed by clicking the following link: http://www.stocktargets.com/cgi-bin/ticker.pl?command=ndol.pk. Targets indicators on stock are an aggregate of all the news, sentiment and forecasts available on the company at a given moment in time, as perceived by investors. Nord Oil International, Inc. website is http://www.nordoil.com.
Nord Oil International Inc. is the corporate holding company, which wholly owns three Russian subsidiaries; Nord Oil Products LLC, Nord Oil Samara LLC and Nana A LLC. The Company's mission is to become one of the leaders in the industry sector in terms of technological advancements, growth rates, quality of oil products and efficiency of business management, while creating substantial shareholder value and contributing to increasing shareholder income through an equitable distribution of profits.
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