French oil company Total, could lose $2.5 million USD per day due to its North Sea oil rig leak.
The Elgin ocean rig, near Scotland, began leaking natural gas eight days ago. It’s coming from a well that workers were trying to cap. The situation in the North Sea now, is similar to the 2010 BP Gulf of Mexico blow out.
Workers were evacuated for fear of a huge explosion. There are now reports of “oily sheen” on the ocean’s surface.
According to the North African country of South Sudan, their neighbor Sudan is bombing their oil rich areas, in order to drive off investors from the United States.
Officials from Sudan deny that they are specifically targeting oil wells, but U.S. President Barack Obama asked both sides to avoid targeting oil resources. The U.S. supported the creation of the new country of South Sudan.
The Kurdish autonomous government in northern Iraq, have stopped oil shipments. Kurdish officials say the Iraqi government has not made any of the payments promised for past oil shipments.
Iraqi officials responded by stating that the Kurds have not sent all the oil that was promised. However, a payment of $560 million USD is being reviewed.
Iraqi officials also say they have reason to believe the Kurds are illegally selling oil to neighboring Middle Eastern countries. However, despite such claims of loss from Iraqi Kurdistan, Iraqi oil exports hit 2.13 million barrels per day in March.
The world’s biggest oil producer is no longer Exxon Mobil. PetroChina is now the number one producer of petroleum oil.
According to Bloomberg, PetroChina is now producing a little more than 2.4 million barrels per day of oil. Chinese officials say the petroleum company will actually increase its take over of other oil companies around the world, because China’s industries need the oil.
“Look, the very fact that a ‘no’ [a no on Keystone] could even be said underscores to our country that we must diversify our energy export markets. We cannot be, as a country, in a situation where our one and, in many cases, only energy partner could say no to our energy products. We just cannot be in that position.”-Stephen Harper, Prime Minister of Canada
Canada has been selling its oil to the United States by at least half the going rate, but Canadian officials say that can’t continue, even if U.S. officials approve the Keystone XL pipeline. Canada will eventually jack up the price for U.S. customers.
“We have taken a significant price hit by virtue of the fact that we are a captive supplier and that just does not make sense in terms of the broader interests of the Canadian economy…”-Stephen Harper, Prime Minister of Canada