Economist: Time for OPEC to plump up its cushion

Oil prices rose to within a whisker of all-time highs during the past week, before falling back on profit-taking. If OPEC wants to keep its grip on the market, it will have to widen the gap between the amount it pumps and the amount it can. Continued in

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Crude Oil Rises as OPEC Members Disagree on Production Quotas

Crude oil rose as OPEC ministers disagree about the need to increase production quotas at a meeting this week. The Organization of Petroleum Exporting Countries should boost its quota by 500,000 barrels a day to 27.5 million a day, Saudi Oil Minister Ali al-Naimi said in a faxed statement today from Riyadh. Libya doesn’t support […]

Libya Oil Min: Crude Prices Are Out Of OPEC Hands

ISFAHAN, Iran -(Dow Jones)- Libya’s Oil Minister Fathi bin Shatwan said Monday that OPEC was no longer in control of the oil market and he wouldn’t support a proposal by Saudi Arabia to lift the group’s output ceiling by almost 2% Any OPEC Output Hike Now ‘Purely Cosmetic’ -Nigeria ISFAHAN, Iran -(Dow Jones)- OPEC is […]

Any OPEC Output Hike Now ‘Purely Cosmetic’ -Nigeria

ISFAHAN, Iran -(Dow Jones)- OPEC is unlikely to manage more than a ‘cosmetic’ increase in oil output this meeting, even as oil prices test the level that the world economy can bear, Nigerian Presidential Adviser on Petroleum and Energy Edmund Dakouru said Monday. Saudi Arabia has called on the group to increase its formal output […]

China Natural Gas Sales Faster Than Expected, Will Reach Capacity Soon

SINGAPORE, March 14 (Reuters) – Natural gas sales from China’s flagship West-to-East pipeline are running ahead of schedule with sales due to reach a third of capacity this year, mostly to booming Shanghai, an official from operator Petrochina said on Monday. PetroChina said in December it aimed for total gas sales from the West-to-East pipeline […]

UK factory gate prices increase

Prices charged by manufacturers rose faster than expected in February, official figures have shown, as firms sought to cover rising costs. The Office for National Statistics (ONS) said the price of goods leaving factory gates rose 0.4% on the month to stand 2.8% higher for the year. Producer input prices rose 0.1% in February on […]

OPEC Likely to Raise Output on Pricing

ISFAHAN, Iran – The Organization of Petroleum Exporting Countries will likely raise its output ceiling by 500,000 barrels a day if prices stay at present levels, the organization’s president said Monday. With OPEC (news – web sites) already overshooting quotas by about 700,000 barrels a day, any such move would mostly have a psychological effect […]

Vietnam Finds Oil in the Basement

From the AAPG Explorer: Oilfields in the Cuu Long Basin offshore southeastern Vietnam typify the country’s fractured basement reservoirs. Bach Ho (White Tiger), Vietnam’s largest oilfield, produces almost 280,000 barrels of oil per day from granitoid basement. Recently, a basement-reservoir play extension in the nearby Su Tu or “lion” fields generated wide industry interest. The […]

Inside the World of Oil Price Manipulation

Because of the incredible dominance and control the major energy companies have over America, the mainstream press is more often than not in their control. In order to justify the rising cost of petroleum products, we are fed the line that “oil reserves are running low” or that the world’s coal mines are virtually depleted. […]

The China Disconnect – Stephen Roach

The world remains in the grips of a China mania. Although it still accounts for only about 4% of world GDP, China continues to be viewed as something close to a savior for an otherwise growth-starved world. It’s all about China’s “delta” — visions of an open-ended 8-9% growth trajectory that enthralls western industrialists, investors, […]

Bottom Dollar

If you’ve been following closely, you know that the dollar has been declining steadily against many foreign currencies. From recent highs—reached in mid-2001 or early 2002—the dollar has dropped 38 percent against the euro, 23 percent against the yen and 25 percent against the Canadian dollar. And most economists expect the slide to continue. By […]

No relief in sight from huge oil demand, tight capacity squeeze

Amid cold waves and the unabated appetite of China and the United States, the slowdown in global oil demand in 2005 hoped for just a few months ago seems increasingly unlikely, and the lack of production capacity threatens to keep oil prices under pressure. The International Energy Agency, the energy forum linked with the Organization […]

Saudi Arabia Urges OPEC to Increase Production (Update3)

Saudi Arabia Urges OPEC to Increase Production (Update3) March 14 (Bloomberg) — Saudi Arabia, OPEC’s biggest oil producer, called for members to increase output quotas, creating a rift in the group as demand rises and oil prices remain above $50 a barrel.

Photos Show Climate Change; Ministers Meet in UK

LONDON (Reuters) – A photo of Mount Kilimanjaro stripped of its snowcap for the first time in 11,000 years will be used as dramatic testimony for action against global warming as ministers from the world’s biggest polluters meet Tuesday. “This is a wake-up call and an unequivocal message that a low-carbon global economy is necessary, […]

Russian push for pipeline to Europe raises doubt

In northern Russia, where vast deposits of natural gas lie waiting to be tapped, Gazprom, the state-owned Russian energy giant, is hatching a multibillion-dollar strategy that would lock a swath of Europe from Germany to Britain into long-term delivery contracts, a move that would bypass Ukraine and Belarus and anchor Russia to Europe more closely […]

Water crisis fear as glaciers melt

GLOBAL warming is causing Himalayan glaciers to rapidly retreat, threatening to cause water shortages for hundreds of millions of people who rely on glacier-dependent rivers in China, India and Nepal, the World Wide Fund For Nature WWF warned today. The warning by the global conservation group comes as the WWF released a report which it […]

SE Asia sounds alarm over worst drought in decades

One of the worst droughts in years in Southeast Asia has raised concerns over crop losses in the region, prompting an emergency meeting in Thailand and a call for help from Cambodia. Ten areas in the northern Thai province of Chiang Mai were declared disaster zones Friday so they could seek emergency assistance to alleviate […]

America’s Total Debt Report – Update 2005

America has become more a debt ‘junkie’ than ever before with total debt of $40 trillion, or $136,479 per man, woman and child. 66% ($27 trillion) of this debt was created since 1990, a period primarily driven by debt instead of by productive activity. BIG PICTURE $40 TRILLION of DEBT in America, and rising rapidly. […]

Oil’s not well

When I was a boy, I loved Australia’s new Chadstone Shopping Center. It was the very first modern shopping center in the southern hemisphere. And better than pretty-well everything else was the Downyflake Donut Shop. The donut machine stood in the window. Embryonic donuts danced and grew in the hot oil as they meandered through […]

Growing fears credit boom may implode

Growing fears credit boom may implode
By Dan Roberts and David Wighton in New York and Peter Thal Larsen in London
Published: March 13 2005 21:42 | Last updated: March 13 2005 21:42

Bankruptcy advisers are hiring extra staff amid fears that an end to the global credit boom could spark a surge in business failures in the US and Europe.

FT

Security threat over Africa oil

African naval chiefs sparred with US top brass the past week over how to share responsibility for protecting the continent’s burgeoning oil supplies from political instability, war, piracy and terrorism. Senior defence experts and military officers met in the Nigerian capital Abuja for a week-long Pentagon-sponsored seminar on energy security and the implications of a […]

Oil output growth to drop among non-OPEC producers

Oil output growth outside the Organisation of Petroleum Exporting Countries (Opec) could to strain global supplies this year, the International Energy Agency (IEA) has said. In a monthly report released last week, the IEA cut its forecast for non-Opec supply growth by 175,000 barrels per day (bpd) to 910,000 bpd, pointing to prolonged disruptions in […]

China Authorizes Use of Force Against Taiwan

BEIJING, China (CNN) — China’s top legislative body has approved a resolution that authorizes Beijing to use military force to prevent Taiwan from declaring its independence.

Chinese oil and gas giant eyes NZ .

Sinopec president Wang Jiming, who discussed broad opportunities in a private meeting with Prime Minister Helen Clark at Auckland’s Hilton Hotel on Thursday, said his company was focused on gas fields in Taranaki and Northland.

See full article at http://www.stuff.co.nz/stuff/0,2106,3215914a13,00.html

Blood and coal: the human cost of cheap Chinese goods

Blood and coal: the human cost of cheap Chinese goods Jonathan Watts in Miaowan, Sha’anxi province Monday March 14, 2005 The Guardian More than 5,000 Chinese miners are killed each year, 75% of the global total, even though the country produces only a third of the world’s coal. Working under appalling safety conditions, they are […]

China Prepares for Anti-Secession Law’s OK

13.March.2005 China announced to her 2.5 million troops that a new session law against Taiwan is about to pass. And the President Hu Jintao is preparing for war if Taiwan declares independence. Considering that China holds such massive amounts of US treasuries and generally trillions of other US debts, it would seam dangerous for the […]

Gas gallops as oil boils

The biggest challenge for the growth of the gas industry is the infrastructure to connect supply sources with users. The physical infrastructure requires a dramatic expansion, covering inter-country pipelines to last mile connectively, or delivering gas to the user’s doorstep.

Business Standard

Canada oil sands favor Midwest

A swelling tide of petroleum is set to pour out of Canada in coming years, freed from primordial sands for a journey to refineries in Illinois and northwest Indiana.

Illinois is the main refining center and port of entry for oil from Canada, the largest supplier of petroleum to the United States.

Now companies are proposing three new pipelines linking the Chicago area or Wood River, near St. Louis, both major refining and transshipment points, with Alberta oil sands fields more than 1,400 miles away. The estimated cost is nearly $3 billion.

Chicago Tribune

Iran Dismisses Economic Offer From the U.S.

EHRAN, March 12 – Iran reacted testily on Saturday to a statement from the United States offering modest economic incentives if it permanently ended the enrichment of uranium, saying that it would not give up its right to nuclear power.

NYT

BBC: Oil nations ‘can exceed’ quotas

Oil producers’ cartel Opec may agree at its meeting next week to allow members informally to pump above official output quotas to limit rising prices. Opec will stabilising prices by keeping the ceiling as it is now or “allowing overproduction to continue like it did in 2004,” its president said. bbcBut Sheikh Ahmad admitted: “I […]

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