According to the article, Ecuador Reveals Pain Inside OPEC: The warning comes after several other members of the Organization of Petroleum Exporting Countries, including Algeria and Libya, said the group should consider holding an emergency meeting to respond to the drop in oil prices. Thus, it exported nearly , bd in While the drilling rig count in the U. Today… they have one:. According to the article, Ecuador: A Nation Of Oil No Longer:. In Quito, his regime exhibited the first barrel of oil produced by a consortium between transnational Texaco and the fledgling Ecuadoran State Petroleum Corporation CEPE for its Spanish acronym.

Nearly half a century later, the Government of Rafael Correa Delgado ends the extractive cycle, squeezing the last drops of black gold from the earth. This is the reason the county only has one lousy drilling rig.

And that was based Baker Hughes International rig count as of Jan. Zerohedge published this article today: On Wednesday, BP CEO Robert Dudley — who earlier this month reported the worst annual loss in company history — is out warning that storage tanks will be completely full by the end of H1.

This means, if the price of oil continues to remain low highly likely , watch for the top three U. Major Oil Companies to start slashing dividends. Investors still holding onto these energy stocks… YOU HAVE BEEN WARNED. From the article, A slippery decision: Chevron oil pollution in Ecuador:. The Ecuador Supreme Court had ruled in that Chevron owes this amount as compensation for dumping more than 18 billion gallons 68 billion liters of oil and toxic waste in the Ecuadorian Amazonia region, where the company operated for 25 years.

When Chevron acquired Texaco in , it inherited the mess it left behind in Ecuador. There is just too much debt in the world and with the low oil price, it is gutting economies everywhere. Please check back for new articles and updates at the SRSrocco Report. You can also follow us at Twitter, Facebook and Youtube below:.

I hope that you find SRSroccoReport. Please, consider contributing to help the site remain public. These are the sad stories starting to surface concerning the global oil glut.

Commodity-currency countries like Ecuador have been hammered for too long Australia, Canada, etc and the deflation spiral is just beginning to take hold. IMHO the members of OPEC will be forced to capitulate and hold back production despite all I hear that any progress to this end is slim to none. Stansberry has been pumping Shale Oil and Majors for years.

Now they are bearish??? Thank You for the update.. Perhaps sometime you folks can write an article about how oil and gold are enmeshed, intertwined, married. Why the contrarian viewpoint? We are at the end of fossil fuel driven industry, and, the beginning of fuel cell driven machines.

A need for oil will not exist soon. The Gold comes in, due to the Governments that have collapsed currencies, due to extreme debt, and bankrupt on bonds, will be forced to back their currencies with gold.. The Chinese think they may have the most gold in the world, but, the USA will develop the BlockGold currency first, and, again, be king of the hill for controlling world trade. Iran, Iraq, and nearby countries will be forced to discontinue oil drilling, as Saudi Arabia, and, only the fuel cell producers will accept payment via BlockGold currencies, a new paradigm for who runs what.

If a clean up is done, investors will pay for it. Elites divested themselves of oil. Cost to us will be 10x what it is now.

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I was an investor in Chevron several years ago and so I read about this case. Texaco was partners with the national oil company of Ecuador the entire time. According to Chevron they cleaned up everything that they were required to do and the Ecuador national oil company did not. Plus they showed video tapes of the judge making a deal for a bribe for contracts for the clean up. I am no longer an investor and so I have no dog in this fight but you are not reporting the facts behind this story.

Just to let you know, there are protests by citizens in 20 countries against Chevron. Yes, I know about the corruption and bribes by parties on the Ecuadorian side. However, there is still a great deal of pollution.. Of course there is corruption. The president of Ecuador is as corrupt as they get. The people in the Amazonian region are the victims. Barrick is one of the largest gold mining polluters on the earth.

The list goes on and on. Am Freitag wurde der Austritt von sechs Bergbauunternehmen aus der London Metal Exchange bekannt.

Laut Reuters haben sich Rio Tinto Ltd. At Friday 6 Members of the LME escape without a reason. Phillips 66 has dumped crude at Cushing Okla. Crashing the 1st — 2nd month spread to 5 year lows in the process. So perhaps Ecuador will go from exporter to importer and leave OPEC membership behind.

Although I understand OPEC membership is open to oil importing members these days; Indonesia.

As well I understand that on January 26, the government of Ecuador formally signed exploration contracts for two Amazonian oil blocks—known as blocks 79 and 83—with a Chinese state oil company. That will be fairly controversial I imagine. It seems to me that Ecuador is on the short path the failed statehood. One more to ad to the region behind Honduras, Guatemala, El Salvador, and Venezuela.

The people will reach for an economic lifeline and it will be growing more cocaine.

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The commentary here about reduction in rig activity in Ecuador is good. It is unfortunate that the article conflates that with misinformation about the Chevron Texaco oil pollution case. On March 4th , the US district court in New York found that the main lawyer for the Ecuadorian villagers had coached them in their answers and had violated RICO laws. Further, said lawyer, Steven Donziger lost a second case when the supreme court of Gibraltar ruled that a company that he set up to receive damage payments had to pay the money back to Chevron.

I suggest that if you want to inform your readers, you present all of the information, not just part of it that suits a certain agenda. Please click here if you are not redirected within a few seconds.

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Steve, These are the sad stories starting to surface concerning the global oil glut. SRSrocco February 11, at 1: RD February 11, at 4: However capitalists have always been the dumbest people on earth so they can impress us again!

Steve February 10, at 7: Steve, Just to let you know, there are protests by citizens in 20 countries against Chevron. Der London Metals Exchange verbleiben nun noch 48 Mitglieder der Kategorie 5.

Rio Tinto not a small fish! OutLookingIn February 11, at 6: Weak Global Oil Price Getting Weaker. Jmmy February 11, at 4: Buckle your chin strap! This does not end well!! Keith February 20, at 2: Leave a comment Cancel reply Your email address will not be published.

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