Kent Moors Media
Oil prices plunged 6%. U.S. crude stockpiles rose to record levels. The contest for market share within OPEC intensified, prompting rumors of a new oil cartel. And Europe's largest oil company settled the industry's biggest deal in at least a decade.
That's why CCTV-America brought in Dr. Kent Moors.
In the following video, Kent explains why oil price levels will rise over the long term, why oil producers aren't cutting back despite an oversupply, why the Saudis are putting pressure on OPEC, and why rumors of a new cartel are unfounded.
In the wake of the Saudi-led airstrikes, West Texas Intermediate (WTI) jumped over 6% in less than 18 hours. Meanwhile, Brent climbed more than 5%.
Now Iran is warning of bloodshed as the crisis takes a turn for the worse. According to Dr. Kent Moors, this situation has "all the hallmarks of a bloodbath just waiting to happen."
With King Salman taking over in Saudi Arabia, many have wondered how the OPEC country will handle its oil policy.
The country's refusal to cut production in 2014 was one of the biggest reasons crude oil prices fell so sharply over the past seven months.
Money Morning's Global Energy Strategist Dr. Kent Moors appeared on CNBC last week and discussed how Saudi Arabia could handle its oil policy now. He's a 35-year expert in oil and gas policy, and regularly meets with oil policymakers from around the globe.
Energy news broke yesterday (Tuesday) when the U.S. Commerce Department imposed steep tariffs on solar panels imported from China and Taiwan.
Money Morning's Global Energy Strategist Dr. Kent Moors made one of his regular appearances on CCTV last night and told viewers what to expect as tensions mount between the two nations.
In a highly publicized meeting last month, OPEC announced it would maintain high production levels in an attempt to disrupt U.S. shale oil producers.
But the OPEC oil price war simply won't work says Money Morning's Global Energy Strategist Dr. Kent Moors. He's been meeting with some of the world's top oil policymakers in Dubai this month and has been analyzing OPEC's strategy.
Negotiations between Russia, Ukraine, and the European Union regarding Russia's supply of natural gas to Ukraine collapsed again Tuesday.
Despite another stalemate in the discussions, the three parties will resume talks next week. Until then, the gas taps in Ukraine will remain closed.
Money Morning's Global Energy Strategist Dr. Kent Moors joined CCTV again last night and detailed the enormous impact these failed negotiations are having on both countries.
Future gas and oil prices are in focus this week as the U.S. and its allies have initiated airstrikes in Syria and Iraq.
Over the past several months, ISIS forces in Iraq have been selling oil from captured refineries on the black market in order to fund their terrorist activities and wreak havoc on the region.
Despite the crisis in Iraq, crude oil prices are down this month near $93 per barrel.
But Money Morning's Global Energy Strategist Dr. Kent Moors says a "great danger" in the region could send crude oil prices much higher.
Crude oil prices are down this week as WTI trades near $97 per barrel today (Wednesday), after hitting a high of $106.64 in late June.
Prices spiked in June as ISIS militants swept across large portions of Iraq and took control of many northern oil fields. However, the crisis has not impacted the southern oil fields where Iraq's exports are located. And that's the reason many analysts see oil prices falling.
But according to Dr. Kent Moors, that isn't the whole story...
Facing rampant inflation and a shortage of dollars, Venezuela's state-owned oil company, Petróleos de Venezuela SA (PDVSA), is looking to sell its Citgo assets for $10 billion.
But the deal may be undervalued, and the PDVSA's financial problems may be the work of the Venezuelan government.
The European Union is prepared to place sanctions on Russia, based on Russia's actions in the Ukraine, and many are wondering about the economic impact of the sanctions.
Money Morning's Global Energy Strategist Dr. Kent Moors joined CCTV last night (Thursday) and discussed why these Russian sanctions by the EU may not have a huge impact on the Russian economy short term.
However, the Russian sanctions could have a major long-term effect, particularly on Russia's energy sector...
WTI crude oil prices for delivery in August were down slightly yesterday (Tuesday) to $103.43 a barrel, which was a $0.10 drop from Monday.
And while crude oil prices are down from 52-week highs, they're still at inflated levels because of the crisis in Iraq.
In a Tuesday appearance yesterday on CNBC's "Closing Bell" program, Money Morning Global Energy Strategist Dr. Kent Moors discussed his outlook for the strife in Iraq and what it will mean for oil prices.
"I think the situation in Iraq is about to deleverage, and deleverage quickly," Dr. Moors said. But he also said that certain oil companies were actually benefiting from the recent turbulence in oil prices.
In this video, Dr. Moors talks about why this is happening - and names the companies that stand to gain...
In August, the U.S. government will begin allowing the exportation of crude oil for the first time in 40 years.
That has many American consumers wondering what will happen to crude oil prices now that the United States is exporting oil.
Money Morning's Global Energy Strategist Dr. Kent Moors appeared on CCTV Friday and discussed the benefits of U.S. oil exportation, and what effect oil exports will have on consumers and oil prices.
Money Morning Global Energy Strategist Dr. Kent Moors appeared on CNBC's "Closing Bell" on Fridayto discuss what geopolitical conflict in Iraq will do to crude oil prices and the effect on gas this week.
On Friday, Islamic State of Iraq and Greater Syria (ISIS) insurgents attacked Baji, an area about 200 miles north of Baghdad. Baji houses the largest refinery in Iraq, which accounts for almost a third of the country's refining capacity. Although the Iraqi government said it held Baji against the attack, ISIS has control of areas just outside the refinery.
Watch the video to see where Moors thinks "exceptionally unstable" crude oil prices will go from here, and whether gas prices will hit $4 per gallon this week...
Oil prices today are approaching $107 a barrel as offenses by Islamic militants in Iraq are causing concerns that Iraq's oil supplies and exports could be slowed of entirely cut off.
The crisis has consumers worrying how high the price of oil will go and how U.S. policies will be impacted.
Money Morning's Global Energy Strategist Dr. Kent Moors appeared on FOX Business' "Countdown to the Closing Bell" yesterday (Thursday) and discussed the potential collapse of Iraq and how that could impact the price of oil and U.S. consumers.
See his take here:
Russia and China made waves in the global natural gas market today (Wednesday) by finally closing a 30-year deal after nearly a decade of negotiations.
Beginning in 2018, Russia will provide China with 38 billion cubic meters of natural gas annually from its huge fields in Siberia worth about $400 billion over the 30-year life of the contract.
The deal will require the construction of a vast new natural gas infrastructure, with Russia expected to spend $55 billion and China $20 billion.
"This is the biggest contract in the history of the gas sector of the former USSR," declared Russian President Vladimir Putin after the agreement was signed in Shanghai between Gazprom OAO (OTCMKTS ADR: OGZPY) and China National Petroleum Corp (CNPC).
The announcement comes amid recent shifts in the European natural gas market away from Gazprom in favor of more imported LNG (liquefied natural gas) and political tensions between Russia and other European countries over the annexation of Crimea and other threatening moves toward Ukraine.
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Money Morning Global Energy Strategist Dr. Kent Moors said Russia had two objectives in becoming a much bigger player in China's natural gas market.
"They wanted to move Gazprom revenues, essential to Russia's central budget, from a politically insecure European direction to a more amenable Chinese one," Dr. Moors said. "And they wanted to outflank U.S. intentions to use LNG exports as a weapon in lessening Moscow's influence over both the European and Asian markets."
One part of the deal that was not disclosed was how much China will pay, although President Putin did say the natural gas price would be tied to the price of oil, which is how Gazprom's deals with Europe are structured.
The haggling over price was why the negotiations had dragged on for years. In the accompanying video, Dr. Moors discusses why the time was finally right for this deal to happen, which country had the upper hand, and how it will affect the natural gas market in Europe.
Today (Monday), U.S. oil futures hit a five-month high on fallout from the Ukraine conflict, further supported by inclement weather across the United States.
On the New York Mercantile Exchange (NYMEX), West Texas Intermediate (WTI) crude for delivery in April rose to a session high of $104.65 a barrel, the highest since Sept. 23.
Money Morning Global Energy Strategist Dr. Kent Moors appeared on FOX Business this week to discuss the effects of the Syrian crisis on oil prices today.
The first question is whether oil prices will continue to go up, and if they do, for how long? Moors defines the forces involved and predicts the path of future movements in oil prices.
With 'black gold on the rise, is it solely Egypt affecting oil prices, or is there another factor at play?
Oil prices hit a nine-month high this week as the "next Arab Spring" erupted in Egypt. Money Morning Global Energy Strategist joined FOX Business to answer: "Why does this have an impact on oil prices? Is it because Egypt's near oil transport regions?"