Oil prices are the highest since Saddam invaded Kuwait, but analysts aren’t worr

“Oil prices have been exceeding the most bullish forecasts for the past year and a half, and that’s not driven by industry fundamentals, but largely by speculation and fears of a potential supply disruption,” said Fadel Gheit, oil analyst at Oppenheimer & Co.

CNN

Dick Chenny on Peak Oil

Special thanks to ASPO (peakoil.net)

In the April 2004 issue of the magazine the Middle East I found a statement that Vice-
President Dick Cheney had made in a speech at the London Institute of Petroleum
Autumn lunch in 1999 when he was Chairman of Halliburton. A key passage from his
speech was:

Prices move higher on doubts that the oil cartel (CNN)

“Algerian Energy Minister Chakib Khelil said on Tuesday that Saudi Arabia is the only OPEC producer with the spare production capacity to implement the proposed increase in output quotas.”

CNN

Peeved at the pump?

Industry magazines have been tracking a controversy about “peak oil”: the notion that world oil production will soon outstrip demand.

Globe and Mail

IHS-ENERGY : world production forecast

2004 = 46,859 bb total
2005 = 48,527 bb
2006 = 50,417 bb …

le revenu – Business Wire

China’s oil thirst changes global flows

But again, the impact of growth is causing competition as Asian refiners look to diversify crude sources. Asian, North American and European refiners are battling for light crudes, especially from Africa, pushing up price differentials and increasing price volatility, said SG’s Lasserre. (Additional reporting by Jonathan Landreth and Tanya Pang) China’s oil thirst changes global […]

Saudi fields are vital to world’s oil supply

“Taking down Saudi Arabia’s oil infrastructure is like spearing fish in a barrel,” former CIA officer Robert Baer writes in his recent book, Sleeping with the Devil.

USA Today

ANALYSIS-Oil price strength to bring only limited investment

OPEC’s big producers not only sit on the world’s largest reserves, but also have some of the lowest recovery costs, making it much easier for them to open up output than non-cartel rivals. But many nations either do not allow foreign investment in oil, or have unattractive investment and legal terms. This has slowed down […]

Oil isn’t the only fossil fuel that’s in crisis.

Federal Reserve Chairman Alan Greenspan confirmed what energy traders have known for months: that prices for natural gas could top $6 per thousand cubic feet this summerGot Gas? Oil isn’t the only fossil fuel that’s in crisis. By Paul Roberts Posted Tuesday, May 11, 2004, at 11:47 AM PT Now that you’ve finally adjusted to […]

Arabs must invest $1tr in oil and gas. (of an expected 6tr)

The projects will push up the overall output capacity of the 11-nation Organisation of Petroleum Exporting Countries from 31.4 million bpd in 2000 to 38.4 million in 2010, to 44.8 million in 2010 and 60.2 million in 2020

Gulf News

Earth observation boosts hydropower development

Hydropower production may soon get a boost from Earth Observation technology. Through the European Space Agency, C-CORE has joined forces with a number of European and Canadian collaborators to provide Earth Observation services to the hydropower industry. c-core news One fifth of the world

High oil prices reinforce world oil demand

Expressed in dollars of 2004, the second Oil
Shock of 1979-81, through pushing oil prices into the 60-90 US dollars/bbl
range

PetroleumWorld

The increased cost of finding and developing non-OPEC oil has fuelled speculator

LONDON (Reuters) – Saudi Arabia’s call for OPEC to cool prices by increasing supply aims to douse a rally that has sent oil prices up around 20 percent this year to the highest level in 13-years. Despite Saudi Oil Minister Ali al-Naimi’s comments, oil prices are still within a dollar or the $40 mark after […]

Miller Petroleum, Inc. Announces the Completion of Two Major Lease Acquisitions

“Knowledgeable geologists have described this prospect as perhaps the largest unexplored structure in the Appalachian region and believe it could be a major hydrocarbon reservoir,News Release For Immediate Release: May 10, 2004 Miller Petroleum, Inc. Announces the Completion of Two Major Lease Acquisitions HUNTSVILLE, Tenn., May 10, 2004 – MILLER PETROLEUM, INC. (OTCBB: MILL) plans […]

Fight US with oil weapon Arabs told

KUALA LUMPUR: Malaysia’s former prime minister Mahathir Mohamad urged oil-producing Arab countries in comments published yesterday to use oil as a weapon to fight US oppression.Fight US with oil weapon Arabs told KUALA LUMPUR: Malaysia’s former prime minister Mahathir Mohamad urged oil-producing Arab countries in comments published yesterday to use oil as a weapon to […]

Sabotaged Iraq pipeline fire contained

Basra, , May. 10 (UPI) — A fire suspected to be the work of saboteurs on an Iraqi oil pipeline was brought under control Monday near the southern city of Basra, the BBC said.Sabotaged Iraq pipeline fire contained Basra, , May. 10 (UPI) — A fire suspected to be the work of saboteurs on an […]

Oil prices fall as Saudi minister calls for more OPEC output

RIYADH Oil prices fell on Monday after Ali Naimi, Saudi Arabia’s oil minister, urged OPEC to raise its production ceiling by 1.5 million barrels a day when it meets on June 3.RIYADH Oil prices fell on Monday after Ali Naimi, Saudi Arabia’s oil minister, urged OPEC to raise its production ceiling by 1.5 million barrels […]

Saudis Urge OPEC to Hike Oil Output

RIYADH, Saudi Arabia – Saudi oil minister Ali Naimi urged OPEC (news – web sites) on Monday to raise its production ceiling by 1.5 million barrels a day when it meets on June 3. Saudis Urge OPEC to Hike Oil Output RIYADH, Saudi Arabia – Saudi oil minister Ali Naimi urged OPEC (news – web […]

Respite unlikely as fuel hits $1

RACVs government relations manager Mr David Cumming said predictions that the world had reached its peak oil supply and there was nowhere else to find a substantial amount of oil are false

Border Mail, Australia

The Oil Crunch

Rupert Murdoch explained the payoff: “The greatest thing to come out of this for the world economy, if you could put it that way, would be $20 a barrel for oil.”

NY Times

David Freeman Speech

Willy Sutten used to rob the banks because “that’s where the money is.” And we’re interested in the Middle East because that’s where the oil reserves are. Where we have a co-dependency relationship with many of the countries over there.

Video and Text at energycooperation.org

New Material Grabs More Solar Energy

The material could lead to relatively inexpensive, highly-efficient solar cells that would be much simpler to make than today’s high-end multijunction solar cells.

Space.com

Oil to spare, Saudi claims

Just a few days ago at a Paris oil summit, the Saudis claimed the country could pump nearly twice as much as it is now, if need be, for 50 years.

Houstan Chronical

Saboteurs blamed for oil fire

AN oil pipeline supplying one of Iraq’s southern exporting terminals was on fire today after a suspected sabotage attack, firemen said.

news.com.au

New book predicts major shock to global economy.

Q: In “The Oil Factor,” you forecast $ 100-a-barrel crude-oil prices in the future. That seems like an extravagant number, given that prices now are historically high and they’re not even one-third of that.

Dig More Coal, The Hybrids Are Coming

coal-powered car? Absurd though that may sound, that’s exactly what a hybrid becomes if configured to allow its battery to be recharged from an electrical outlet

Yahoo – Forbes

Oil Crisis Scenario

“We may be in for a perfect storm type scenario.”

RigZone

Crude oil price surge sends shivers down investors’ spines

The market’s concern is well founded. High oil prices have a ripple effect on the economy

The Globe and Mail

UK oil flow expected to become a trickle.

“…The discovery of oil in the North Sea transformed the economy of
many of the communities surrounding it. But production has peaked…”

Alexander’s Oil and Gas Connection

Experts rule out Opec role in oil price increase

Opec is not to blame for soaring oil prices which have hit 13-year highs as members pump up to maximum capacity, but the producers’ group must do more to calm a nervous market, Gulf analysts say. Unexpectedly strong economic growth in some industrialised nations as well as China and India, has driven demand for the crude to higher levels, pushing prices to around $40 a barrel in New York on Wednesday, the highest since 1990.

Fear of terrorist attacks on oil installations in the Middle East, especially in Saudi Arabia, prospects of shortages in petrol in the US and a drop in world inventories have all contributed to the rise.

“The situation is highly explosive worldwide now, because of lingering fear that oil installations could be targeted by fresh attacks, endangering production,” said Kamel Al Harami, a former Kuwaiti oil official.

“Normally, at this time of year, demand drops by at least two million barrels per day (bpd) for seasonal reasons, but the actual demand has in fact increased because of strong world economic growth,” Al Harami said.

Gunmen attacked a Saudi oil facility at the industrial port of Yanbu on the Red Sea on Saturday, killing five staff at European engineering group ABB and a member of the Saudi National Guard.

“It is clear that the market is reacting to a demand-driven problem. Opec is currently far exceeding production ceilings and most members are producing to almost maximum capacity,” Abdulwahab Abu-Dahesh, senior economist at Riyad Bank, said.

“The problem is not caused by Opec. They are producing 2.5 million bpd above their output quota of 23.5m bpd. The problem is that demand for oil spiked at a time when stocks were lower than average,” he said.

Saudi economist Bishr Bakheet, head of Bakheet Financial Advisers, believes that “real” oil prices are not high if inflation rates and the price index of other commodities were taken into account.

“Consumers’ cry about high prices appears to be totally political. Real oil prices are not high if factors of inflation and high increases of prices of internationally-traded commodities were considered,” Bakheet said.

http://www.gulf-daily-news.com/Articles.asp?Article=80913&Sn=BUSI

« Previous Page — Next Page »

LATEST NEWS HEADLINES

• Why the IEA is Wrong About Peak Oil Demand
• Did we inadvertently speed global warming?  
• Venezuela’s Oil Monopoly Eases
• Why Germany is Choosing Natural Gas Over Nuclear Power
• U.S. coal-fired electricity generation decreased in 2022 and 2023

• America Cracks Down on Methane Emissions from Oil and Gas Facilities
• Meet America’s Newest Oil Trader Extraordinaire: Joe Biden
• Is It Time To Refill America’s Strategic Petroleum Reserve?
• Oil prices set to end year 10% lower as demand concerns snap winning streak
• What’s Driving America’s New Oil and Gas Boom?
• China’s peak oil demand bombshell eviscerates Danielle Smith’s energy strategy