Oil industry consultant predicts $70-$100 per barrel after 2008

FACTS: Sellers to gain from rising oil, LNG prices Judy Clark Senior Associate Editor HOUSTON, Feb. 16 — Oil prices have risen permanently to a new plateau, and natural gas prices will rise even more radically within the next decade, contends analyst Fereidun Fesharaki in a February oil and gas price forecast. Fesharaki, president of […]

US warned of east-west oil bidding war

The head of ChevronTexaco yesterday called on the US government to build growing competition for Middle East oil with Asian consumers into a new national energy policy, or risk harming future economic growth. Dave O’Reilly, chairman and chief executive of the second largest US oil and gas group, pointed to the closer ties between consumers […]

As high-tech exports drop, US warned it could lose competitive edge

The US share of worldwide high-tech exports has dropped from 31 percent to 18 percent over the past 20 years, in what could foreshadow the loss of the country’s leading position in science and technology, a blue ribbon expert panel warned. The Task Force on the Future of American Innovation, created by leading US companies […]

The Great American Job Sell Out

Americans are being sold out on the jobs front. Americans’ employment opportunities are declining as a result of corporate outsourcing of US jobs, H-1B visas that import foreigners to displace Americans in their own country, and federal guest worker programs. President Bush and his Republican majority intend to legalize the aliens who hold down wages […]

Head of ExxonMobil says 100 million more barrels per day needed by 2030

Exxon chief warns of oil ‘reality check’ Steve Hawkes, Evening Standard, 17 February 2005 LEE Raymond, head of US oil giant Exxon-Mobil and bete-noire of environmentalists, has warned European governments they may need to take a ‘reality check’ in their efforts to prevent global warming. His comments came hours after Greenpeace protesters staged a protest […]

Peak oil gaining mainstream media attention

Peak Oil is gaining momentum in European media attention. Dutch National Television opened its daily debate- and actua programming with a Peak Oil report. Among others, Dr. Colin Campbell (ASPO) was interviewed. There’s a link to the video on the page provided belowVideo

Proposed terminal gets license

The U.S. Maritime Administration on Wednesday licensed a proposed liquefied natural gas terminal in the Gulf of Mexico off the Louisiana coast, dismissing environmental concerns raised by federal fisheries scientistshttp://www.nola.com/business/t-p/index.ssf?/base/money-0/1108623746161470.xml

Oil prices expected to stay high

Oil prices will hover around the low to mid $40 a barrel level this year, supported by strong demand from Asian giants like China and tight supplies, according to research firm Cambridge Energy Research Associates. Fears of supply disruptions in areas like Nigeria and Iraq coupled with booming demand from fast-growing Asian countries kept oil […]

Psywar keeps Tehran on tenterhooks

To any intelligence analyst, it should be obvious that the United States has already embarked on a psychological warfare (psywar) campaign to keep Iran on tenterhooks in the hope of thereby breaking its will to resist US pressure to agree to the dismantling of its uranium enrichment capability. It is in this context that one […]

Canada To Compete In Oil Market

The vast potential of Canada’s oil industry has long been evident. However, most of the oil is trapped in the “tar sands” of northern Alberta. Extraction was for decades considered uneconomical due to the high costs associated with stripping oil from dense sand and shale. As long as more accessible sources of oil existed (e.g., […]

Kyoto protests disrupt oil trading

Oil trading was interrupted for more than an hour yesterday in the world’s second largest energy market when 35 Greenpeace activists invaded the International Petroleum Exchange in London on the day the Kyoto global warming treaty came into effect. The exchange, which trades oil worth up to $1,000bn a year and sets the price for […]

Saudi Arabia’s Ghawar Field

The Elephant of All Elephants Among the many prolific oil fields in the Middle East, the giant Ghawar field in Saudi Arabia stands out as the crown jewel. Discovered in 1948, Ghawar is the world’s biggest oil field, stretching 174 miles in length and 16 miles across to encompass 1.3 million acres. Current estimates, according […]

Energy bills rise for six million

Scottish and Southern Energy has announced inflation-busting price increases for its six million residential gas and electric customers. From July, gas bills will rise by an average of 9.1% a year, while electric bills will increase by 6.7%. The company which owns Southern Electric, Scottish Hydro Electric and Swalec blamed increasing wholesale energy costs for […]

Arctic becomes dump site

The Arctic, already a dump for Russian nuclear waste from the Cold War, is also rapidly becoming a chemical sump for the globe, the World Wide Fund for Nature said on Thursday. Reuters

Chinese demand set to push Opec to limit

The Organisation of Petroleum Exporting Countries signalled a significant tightening of oil markets towards the end of this year, warning on Wednesday it would have to pump close to its maximum capacity next winter to meet rising demand from China against the backdrop of slowing Russian production FT

China consumes most resources

China has overtaken the US in the consumption of basic agricultural and industrial goods, a new survey says.
China, with its 1.3bn population and booming economy, is now the world’s biggest consumer of grain, meat, coal and steel.

China is well ahead of the US in the consumption of goods such as television sets, refrigerators and mobile phones.

http://news.bbc.co.uk/1/hi/world/asia-pacific/4272577.stm

Saudi charming

If more oil than that is required after 2010, Jumah said 20 million b/d “may be doable” but said Aramco had yet to flesh out the plan to get there. David Knapp in New York EnergyintelSaudi Arabia is continuing the charm initiative started in April 2004 to assure oil markets that it is prepared to […]

Oil development may not brake prices

…
Cambridge Energy director says reserves not key issue
By Lisa Sanders, MarketWatch
Last Update: 1:36 PM ET Feb. 15, 2005

HOUSTON (MarketWatch) — It’s not that there isn’t enough oil in the world. It’s that it may not be developed in time to halt rising crude prices, a Cambridge Energy Research Associates director said Tuesday.

CBS Marketwatch

Oil Output to Slow After Uptick in ‘05

Russia is likely to enjoy its last sizable annual oil output increase in 2005 and will then have to wait until 2010 before growth resumes with new export pipelines, the country’s pipeline monopoly said Wednesday.

Moscow Times

Opec warns of tightening in oil market

The Organisation of Petroleum Exporting Countries signalled a significant tightening of oil markets towards the end of this year, warning on Wednesday it would have to pump close to its maximum capacity next winter to meet rising demand from China against the backdrop of slowing Russian production.

Financial Times

Oil Rises for 2nd Day on Signs of Increased Global Consumption

…
Feb. 17 (Bloomberg) — Crude oil rose for a second day after the Organization of Petroleum Exporting Countries yesterday raised its forecast for global oil consumption, citing surging demand in China.

Global demand will rise to 83.8 million barrels a day this year, according to an OPEC report, 5 percent more than the group estimated last month. Daily oil use in China, the world’s most populous nation, will climb by 500,000 barrels to 7 million, OPEC said, citing a projected economic growth rate of 8 percent.

Bloomberg

OPEC Output Cut Could Cause Shortages-EIA

WASHINGTON (Reuters) – An early OPEC oil production cut could lead to a shortage of gasoline during the peak driving season and low heating oil inventories going into next winter, the U.S. Energy Information Administration said on Wednesday. OPEC should not reduce its oil production quotas before its March 16 meeting, because while demand for […]

Chinese Demand Set to Push Opec to Limit

The Organisation of Petroleum Exporting Countries signalled a significant tightening of oil markets towards the end of this year, warning on Wednesday it would have to pump close to its maximum capacity next winter to meet rising demand from China against the backdrop of slowing Russian production. FT.comThe Organisation of Petroleum Exporting Countries signalled a […]

Boone Pickens says China is building lots and lots of roads

Crude Oil Rises on Signs of Increased Global Fuel Consumption Feb. 16 (Bloomberg) — Crude oil surged above $48 a barrel in New York, after the Organization of Petroleum Exporting Countries said global oil consumption will increase more than it forecast last month, led by surging demand in China. World oil demand will rise to […]

Conflicting Stories Given for Iran Blast

An explosion was reported Wednesday in southern Iran near a nuclear power plant, with state-run media offering conflicting explanations for what happened, from blasting for dam construction, a fuel tank dropping from an Iranian plane, and friendly fire. The explosion came as Iran’s intelligence chief accused the United States of flying spy drones over its […]

Crude-Oil Prices Rise After OPEC Raises Forecast for World Demand Growth

Crude oil surged above $48 a barrel in New York, after the Organization of Petroleum Exporting Countries said global oil consumption will increase more than expected this year, led by surging demand in China. “The market is very jittery and for good reasons,” said Boone Pickens, who oversees more than $1 billion in energy- related […]

Big Bad Boy Puts Hummer in the Shadows

For some drivers, even a Hummer may not be enough. At a curb weight of more than 3.5 tons, the Humvee-inspired Hummer H1 is no skinny guy who gets sand kicked in his face. But the Bad Boy Heavy Muscle Truck, a dressed-up military vehicle more than twice as heavy, is being billed as bigger, […]

CERA: World oil production capacity may grow 16 million b/d by 2010

World oil production capacity could jump by more than 16 million b/d to 101.5 million b/d by 2010, with the addition split “fairly evenly” between members of the Organization of Petroleum Exporting Countries and non-OPEC producers, said an executive of Cambridge Energy Research Associates, a subsidiary of IHS Inc. OGJCERA: World oil production capacity may […]

Forget the tiger in your tank – Saudis harness seed power

A British company is to develop a seed-based car fuel in Saudi Arabia. D1 Oils, which recently floated on the London stock market, has signed a 50-50 joint venture with a Saudi firm to create biodiesel for the world’s biggest crude oil exporter. The new fuel is to be produced from plantations of jatropha trees […]

Close Your Eyes

Another G-7 meeting has come and gone. And what has been accomplished? Next to nothing, in my view. The club of the world’s wealthiest nations has punted on the big issues facing the global economy — namely, unprecedented current-account imbalances, currency misalignments, mounting trade tensions, and the liquidity-prone biases of central banks. The G-7’s latest […]

« 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