At least 22 foreigners were killed in the latest attacks on oil industry

At least 22 foreigners were killed in the latest attacks on oil industry workers and facilities in the kingdom, the world’s largest oil exporter. About 50 people were taken hostage and held for 24 hours before Saudi commandos assaulted the terrorist’s stronghold, killing at least two of the attackers. That renewed concerns about supply in a skittish market, with the Saudis scheduled to boost production today from 8.3 million barrels to 9.1 million barrels a day.

The Street

Oil Hits $42 Record After Saudi Attack

LONDON (Reuters) – U.S. oil prices leapt to a record $42 a barrel on Tuesday after an attack in Saudi Arabia by Islamic militants killed 22 people, heightening fears about political instability in the world’s biggest oil exporter.

Reuters

Marketplace Report: Oil Supplies

NPR’s Madeleine Brand talks to Marketplace’s David Brown about how the latest terrorist attacks in Saudi Arabia could affect oil supplies.

Shell Announces Buyback of Own Shares

The “Shell” Transport and Trading Company, p.l.c. announces that on May 27, 2004 it purchased for cancellation 2,000,000 ordinary shares at a price of 399.80 pence per share.

Rigzone

Kuwait says Gulf Arabs coordinating oil security

“We must remain cautious and trust in our security organisation,” Sheikh Ahmad told reporters.”We are coordinating among Gulf Arab countries to prevent attacks.”

Oil at $80 a barrel is just around the corner.

The terrorist attacks in Saudi Arabia are giving new life to the idea that the world is heading into an era of permanently high oil prices.

Canada.com

Thailand Aims To Double Its Oil Production

There is no shortage of activity. In 2002/2003 268 wells were drilled, with oil in 36, gas in 115 and both oil and gas in 69. The government is also keen to open promising new areas to exploration, hence the award in the 18th licensing round of a number of concessions close, or adjacent to existing oil finds.

OilBarrel.com

Many Oil Exporters to Hike Production

Leading oil exporters outside the Middle East have pledged to boost production to offset soaring world prices

Oil On Fire: The

As long as the government regulates the price of oil products, as long as the government has a political need to satisfy the farming and the agri- cultural community and the large sections of the Indian population who are poor and have to use kerosene for their fuel, the domestic pricing of oil products will remain a major dilemma for the government.

Indian Express Newspapers

Iraq and the Problem of Peak Oil

Iraq and the Problem of Peak Oil
by F. William Engdahl
Today, much of the world is convinced the Bush Administration did not wage war against Iraq and Saddam Hussein because of threat from weapons of mass destruction, nor from terror dangers. Still a puzzle, however, is why Washington would risk so much in terms of relations with its allies and the entire world, to occupy Iraq. There is compelling evidence that oil and geopolitics lie at the heart of the still-hidden reasons for the military action in Iraq.

http://www.currentconcerns.ch/archive/2004/01/20040118.php

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