UK Channel 4 News Saudi Insider Scoop

This lunchtime C4 news in the UK’s top story was Saudi Aramco insider Dr Sadad al Husseini (retiring Vice President) saying that the US govt estimates of future oil production were “dangerously overestimated”. And that the oil price would not drop below $50 for some long time.

Matt Simmons then was interviewed saying that the only thing to bring the oil price down was a long hard global recession.

North Sea-scale oil find just a matter of time–NZ geologist

19.10.2004
By SIMON COLLINS

The prospect of a “North Sea-scale” oil and gas field off the west coast of Northland has been raised again by the Institute of Geological and Nuclear Sciences.

The institute’s petroleum research programme leader, Dr Peter King, says it is gearing up for a surge of exploration work round New Zealand, with world oil prices at record highs.

New Zealand Herald

The future of energy security

In this bleak context, it is easy to understand why powerful and technologically advanced nations such as the US, Japan, and the UK. have such an abysmal record when it comes to long-term energy planning or alternative energy. In fact when the major industrial nations speak of energy policy, about energy for the future, or […]

Oil industry faces crisis similar to 1970s, CGES warns

LONDON, Oct 25 (AFP) – The oil industry, faced with record high crude prices, is facing a structural crisis of the severity not seen since the 1970s when crude prices soared to unprecedented summits, an energy consultancy warned Monday.

Capacity expansion by the Organization of Petroleum Exporting Countries (OPEC) and a fall in world oil demand is needed to help to bring prices down, the Centre for Global Energy Studies (CGES) said in its latest monthly report.

“Restricting capacity expansion within OPEC, as has been the case for the last 30 years, will keep prices high until demand growth falters or the 21st century equivalent of non-OPEC oil is developed,” the London-based organisation said.

“The oil industry is facing a structural crisis of a severity not witnessed since the 1970s, with capacity shortages throughout the supply chain,” it added.
.turkishpress.com

Russian oil company problems likely to affect global oil prices

One year ago the future of the Russian oil giant, Yukos, was thrown into question when its owner, Russia’s richest man Mikhail Khodorkovsky, was arrested at gunpoint on charges of tax evasion and fraud.

Mr Khodorkovsky’s case is still meandering its way through the Russian courts, but it now appears that his company is set to be dismembered and sold off by the end of the year to pay off its massive tax debts.

As our Moscow Correspondent Emma Griffiths reports, analysts say the sale is highly likely to disrupt Russia’s oil supply and put pressure on the world price.

abc.net.ua

The Buck Backs Down

I have posted news about the economy during the last three months of the election process before. And this news clip says more than what meets the eye. Also, it looks like we would have a good chance to replot that chart from the ASPO newsletter, where they argued that oil is traded in Euros os opposed to US-$. Enjoy!

CBS Marketwatch

Norwegian Oil Strike called off

Brent crude rose to 52.24$ a barrel today, partly on the news of the Norwegian Shipowner Association’s threat to lockout all rigs in the conflict that started July 1st. But the jittery market can save it’s concerns for other parts of the world. The oil extraction is regarded “of vital interest” to the country’s economy, […]

Dollar Has Longest Losing Streak Since December 2000 on Oil

“There’s very little on the horizon to stop the slide in the dollar unless we get a significant turnaround in energy markets,” said Hans Guenter Redeker, head of currency strategy at BNP Paribas SA in London. “People are getting more concerned about the impact of high energy prices” on U.S. growth.

Bloomberg

U.S. Retail Gasoline Rises to $2.04 a Gallon in Lundberg Survey

U.S. gasoline pump prices rose about 5 cents in the past two weeks to an average of $2.0408 a gallon, Trilby Lundberg said, citing a survey of about 7,000 filling stations by her Camarillo, California-based market research firm. Rising crude-oil prices were the main cause of the increase, Lundberg said in a telephone interview. Crude-oil […]

Campaigns fail to focus on energy

Gasoline prices are hitting record highs, stocks of winter heating fuel are shrinking and energy costs are slowing the U.S. economy. Yet little of this is being discussed on the campaign trail. Drowned out by Iraq and the war on terror, one of the most critical problems confronting America’s future — energy — has barely […]

Dwindling Supply VS Abundant Oil: A Timely Debate

Kenneth Deffeyes, Michael Lynch, Matthew Simmons, Marlan Downey, and a Q & A session at the Annual Technical Conference of the Society of Petroleum Engineers in September in Houston, Texas

Webcasting

Stocks sent sliding on rash of bad news about oil

U.S. stocks fell sharply as record oil prices and disappointing sales forecasts from Microsoft Corp. spurred losses in technology shares. The Dow Jones industrial average dropped to its lowest close this year.

Worries about corporate earnings combined with oil topping $55 a barrel to double down on the Dow and Nasdaq.

The Dow lost 107.95, or 1.1 percent, to 9,757.81, its lowest close since Nov. 24. Twenty-eight of the index’s 30 stocks fell. The tech-laden Nasdaq Composite Index slid 38.48, or 2 percent, to 1,915.14, its biggest drop since Aug. 6.

http://www.indystar.com/articles/6/188730-4316-223.html

Crude Awakening

From The Nation by Michael T. Klare …Unless affordable substitutes are developed, a decline in global oil output will produce rising transportation costs, diminished economic activity, high inflation and the onset of a deep and prolonged worldwide depression. Furthermore, because modern, mechanized agriculture is wholly dependent on cheap oil–for herbicides and pesticides, as well as […]

Energy: A Global Overview

Matthew Simmons presentation:

Simmonsco

World Wildlife Fund Warns on Consumption of Resources

Humanity’s reliance on fossil fuels, the spread of cities, the destruction of natural habitats for farmland and over-exploitation of the oceans are destroying Earth’s ability to sustain life, the environmental group WWF warned in a new report Thursday. Yahoo! NewsThe biggest consumers of nonrenewable natural resources are the United Arab Emirates, the United States, Kuwait, […]

Raise the Roof: Power Source

The shingles that help to protect you from the elements could soon help to keep your lights on. Solar companies have developed light-absorbing roof tiles as a more aesthetically pleasing alternative to solar panels. Making solar materials better looking is the key to millions of American actually installing them on their rooftops, according to one […]

American Airlines to Layoff 1,100 Citing Fuel Costs & Competition

American Airlines, struggling with rising fuel costs and competition from low-fare carriers, will furlough up to 650 maintenance workers in Kansas City and St. Louis and up to 450 pilots, the company said in a memo given to employees Friday.

http://story.news.yahoo.com/news?tmpl=story2&u=/ap/20041023/ap_on_bi_ge/american_job_cuts

Elephant in the room is US debt

The recessions that followed the first two oil shocks were caused by monetary policy responses designed to control inflation, not the rise in the oil price itself. That is not to say $US50-plus oil is not painful – but since it is a product of demand, it should be self-correcting, in the short term at […]

China’s huge footprint being felt with the rising cost of oil

China has not only become a new heavy addict of the world’s oil teat, it is one of the worst offenders in terms of efficiency. To generate every $1 of GDP, China uses three times or more as much energy as the global average, 4.7 times more than the U.S., 7.7 times more than Germany […]

Scientific (and unscientific) petroleum supply forecasting

M. C. Lynch presentation

OTC/ M. C. Lynch

CGES: OPEC pushing limits of oil production capacity

Paula Dittrick
Senior Staff Writer

HOUSTON, Oct. 21 — Most members of the Organization of Petroleum Exporting Countries are pushing the limits of their oil production capability, and some probably are finding that their sustainable capacity is not as high as originally thought.

London-based Centre for Global Energy Studies reached that conclusion in its Global Oil Report Market Watch for September-October.

Oil&Gas Journal

OPEC pushing limits of oil production capacity

Most members of the Organization of Petroleum Exporting Countries are pushing the limits of their oil production capability, and some probably are finding that their sustainable capacity is not as high as originally thought. London-based Centre for Global Energy Studies reached that conclusion in its Global Oil Report Market Watch for September-October. “Indonesia and Venezuela […]

Oil Rises to Record as China’s Growth Expected to Boost Demand

Crude oil futures rose to a record $55.45 a barrel in New York after a report that the Chinese economy grew more than expected. Oil’s rally lifted heating oil to a record and natural gas to a 20-month high.China last year surpassed Japan as the world’s second- largest oil consumer after the U.S., because of […]

Interesting story on how oil companies are spending their dollars

http://moneycentral.msn.com/content/P97672.asp

London Analysts: OPEC Overrated Themselves

Organization of the Petroleum Exporting Countries may admit there is the limit of its never-ending capability to pump and pump when restless traders and crude consumers need another extra oil production activity. Neftegaz

Global oil markets well-supplied, stocks rising: IEA’s Mandil

Mandil said he believed the current “imbalance” between the prices of light, sweet and heavy, sour crude grades would prove to be “temporary.” “The supply of sweet crude will increase in the fourth quarter,” he said.

Petroleumworld

Schlumberger Reports 3rd-Quarter Profit of $318.2 Mln

Schlumberger Ltd., the world’s second- largest oilfield-services company, had third-quarter net income of $318.2 million after a year-earlier loss of $55.3 million as oil producers boosted spending. Bloomberg

Europe May Face Knockout Blow From Dollar Decline: Matthew Lynn

As if things weren’t tough enough for the euro-area economy, another villain appears on the scene threatening to deal a knockout blow to an export-driven recovery. The culprit? The declining U.S. dollar. The currency is slumping again, making exports from the 12- member euro region more expensive. On Thursday, the dollar’s weakness forced the euro […]

Crude Oil Rises Amid Concern Over Declines in U.S. Distillate Inventories

Crude oil futures rose close to records in London and New York on concern the U.S. won’t have enough heating oil for what forecasters say may be a colder-than-normal winter in the northeast. Heating-oil stockpiles fell 1 percent to 49.5 million barrels in the week ended Oct. 15, leaving supplies 11 percent lower than last […]

Crude Oil Price Rises to Record $55.35 a Barrel as China’s Economy Expands

Crude oil futures rose to a record $55.35 a barrel in New York after the release of a report showing that the Chinese economy grew more than expected last quarter. China’s economy expanded 9.1 percent in the third quarter, faster than the 8.9 percent projected in a Bloomberg survey. Chinese oil demand is expected to […]

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