Oil: The Big Picture

This past month the performance of the stock and bond market wasPrudent Bear

OPEC Leaders Say Oil Market is Well Supplied

The oil ministers of Iran and the United Arab Emirates said Tuesday that oil markets are well supplied despite crude prices hovering well over $50 a barrel. “The oil market is well supplied. It may be oversupplied,” said Iranian Oil Minister Bijan Zanganeh. He was in Trinidad with fellow Organization of the Petroleum Exporting Countries […]

Kuwait plans new 600,000 bpd refinery

KUWAIT CITY (AFP) http://www.tehrantimes.com/Description.asp?Da=4/25/2005&Cat=9&Num=13

Black Sea nations to build oil pipelines

Energy officials from 12 Black Sea and Caucasus countries have pledged with the EU to develop major energy networks, including new pipelines to Caspian Sea oilfields. Evripidis Stylianidis, Greece’s overseas trade minister, at the end of four days of meetings said on Saturday that the deal was a winner for everyone

Oil diplomacy peaks

India public sector (ONGC, IOC, OIL, GAIL) hydrocarbon presence has increased to 47 countries worldwide, petroleum minister Mani Shankar Aiyar has informed external affairs minister Natwar Singh in a recent letter. India is currently examining specific expressions of interest from Ecuador, Columbia, Trinidad and Tobago and Surinam in South America, Chad, Niger, Sao Tome-Principie, Gabon, […]

SUV owners get free gas — courtesy of Uncle Sam

Owners of gas-guzzling SUVs and other heavy vehicles who use them entirely for business can get Uncle Sam to pay for four or more years of fuel costs — in the form of tax breaks. It’s hard to think of a worse formula for wrecking the country.

MSN

Iraqi Labor Leader: We Will Defend Our Oil

Among those who had resisted Hussein’s brutal dictatorship within Iraq was an oilfield technician, Hassan Juma’a Awad. A veteran of the Shiite uprising in southern Iraq of 1991, Juma’a had begun to speak openly about the bad conditions in the fields and refinery of the Southern Oil Company, where he’d worked for three decades. Following […]

Ex Oil Min: Iraq South Oil Exports Seen Falling – Report

BAGHDAD -(Dow Jones)- Iraq’s oil exports from its southern offshore terminals are expected to fall from current levels in the coming weeks due to technical problems, former Iraqi oil minister Issam al-Chalabi said in a recent report. Iraq is currently exporting on average between 1.4 million barrels a day and 1.5 million b/d from Basra […]

Russia Presses Oil over $60

Is $60-a-barrel oil in our future? In our near future? Yep. It’s a sure thing. And once the oil market has cracked that psychological barrier, you should expect it to run higher before taking another breather. You can thank Vladimir Putin and those apparatchiks who run Russia’s economy for the run-up. They’ve just about guaranteed […]

Microbial Hydrogen Generation

Although some fear that the hydrogen economy, should it come, will be built atop of nuclear power plants, and others hope that solar and wind will provide enough juice to crack hydrogen from water, it may well turn out that the ideal source of hydrogen for fuel cells is the lowly bacteria. Worldchanging.

Shell may lose more oil reserves

Shell May Lose Oman Oil Field to Occidental, U.A.E. (Update1) April 26 (Bloomberg) — Royal Dutch/Shell Group, Europe’s second-largest oil company, may lose its rights to a 2.4 billion- barrel oil field in Oman because of a disagreement with the government over how to develop the deposit, officials familiar with the talks said. Occidental Petroleum […]

In Portland, living the green American dream

Bryan and Chris Higgins didn’t set out to save the world. But one look at their home, built on a tiny lot with tall windows and radiant floor heat that result in low utility bills, and it’s obvious the young couple has a mission: to leave the lightest footprint possible on mother earth’s soil.

Profit at BP beats forecasts

BP reported a 29 percent rise in net profit for the first quarter of 2005 on Tuesday, beating market expectations, on higher energy prices and increased production. Net income for the quarter rose to $5.49 billion from $4.26 billion a year earlier, excluding gains from holding oil inventories, BP said.International Herald Tribune

‘Peak Oil’ Gathering Sees $100 Crude This Decade

“The current tightness in global oil markets is likely to be a permanent feature as the world nears peak output,” said Matthew Simmons, chairman of energy investment group Simmons & Company International.

“Prices are going to go way higher — $100 isn’t very expensive,” he told Reuters on the sidelines of the Peak Oil UK conference in Edinburgh.

Reuters

EIA Chief Sees High Oil Prices for 2-3 Yrs, Eyes Chinese Demand

Crude oil prices are likely to remain high at about $50 per barrel for two to three years before going down in the longer term, but uncertainty about China’s growing demand may change the short-term outlook, a top U.S. energy research official says. Guy Caruso, administrator of the U.S. Energy Department Energy Information Agency, told […]

The oil supply tsunami alert

The oil market is vibrating and crude oil prices are bobbing up and down like a float on the water. Around the world experts make analysis and try to explain why. The fact that the price of crude oil is approaching $60 per barrel and the production costs for the same barrel fluctuates between $1 […]

Saudis say oil relief remote

President Bush and Saudi Crown Prince Abdullah emerged from their meeting yesterday with no agreement that would lower gasoline prices in the near term, although Saudi Arabia reiterated plans to increase oil production capacity in coming years in an effort to meet fast-growing world demand. In previous years, Saudi Arabia, which has about a quarter […]

News from Simmons & Company

Recent Presentations from Matthew Simmons:

The Status of Future Energy Sources

An Energy Tsunami Ahead

These presentations require the use of the adobe reader(pdf format).

Analyst fears global oil crisis in three years

One of the world’s leading energy analysts yesterday called for an independent assessment of global oil reserves because he believed that Middle Eastern countries may have far less than officially stated and that oil prices could double to more than $100 a barrel within three years, triggering economic collapse. Matthew Simmons, an adviser to President […]

Canadian Oil Sands Expensive to Produce

Operating costs shot up 125 per cent to $38.13 a barrel from $16.91 a year ago, the trust said. Its selling price in the first quarter jumped 61 per cent to $63.66 a barrel, reflecting record high crude prices. Canadian Oil Sands Trust said Monday that first-quarter profit fell from a year ago as maintenance […]

Market’s control of oil prices uncertain

Although $50-per-barrel oil is getting to feel normal, many U.S. policy-makers and other oil “optimists” still talk about high prices as a temporary spike lasting at most a couple of years. Oil prices, they tell us, are being driven mainly by those gouging Machiavellians at OPEC and are therefore relatively short term. But the idea […]

Experts hear oil depletion fear

The world’s oil reserves are running out much faster than industry and governments are admitting, a conference in Edinburgh has been told. Experts refer to “peak oil”, the time when oil extraction reaches its highest point and then starts to decline. Many industry experts believe it will not occur until 2030 – but some analysts […]

Commodities rally as China wields influence

World oil prices rebounded strongly [last] week as supply fears resurfaced following a drop in US crude inventories and refinery problems across the United States, amid data revealing sharp economic growth in China, a major consumer of commodities. China

Energy-policy paralysis

Light-hearted cable-news anchors are busy chortling “Ouch!” over rising gasoline prices, as if pain-at-the-pump stories had no larger context. But even Cold War hawks and many Christian conservatives now agree with liberal environmentalists and centrist Democrats that Bush administration energy policy is a historic disaster. The ever-growing U.S. dependence on fossil fuels, especially foreign oil, […]

Bush To Push Saudis On Oil Prices

The high price of gasoline is expected to dominate talks between President Bush and Saudi Arabia’s Crown Prince Abdullah. The president is welcoming him to his ranch in Texas on Monday. Bush says he’ll make clear that it’s not in Saudi Arabia’s interests to keep oil prices high. He also says he’s looking for “a […]

Let logic join the global warming debate

When it comes to global warming, Americans have a right to be confused. Is it a problem or isn’t it? You don’t have to look far to find passionate voices on both sides of the issue, while the amount of information and disinformation is staggering. Google “global warming,” and you’ll find more than 14 million […]

The twilight zone

We’ve been warned about ‘peak oil’- the day that heralds the end of cheap energy. It’s the biggest threat to our lives and livelihoods, but no one is listening. Former industry insider Jeremy Leggett outlines the six reasons why we need to act now From time to time, the world is taken by surprise by […]

Hybrid Car Sales Rise 81 Percent in U.S.

DETROIT (AP) — Hybrid vehicle sales nearly doubled in the United States last year as gas prices soared and a wider variety of models attracted consumers. New hybrid vehicle registrations totaled 83,153 in 2004, an 81 percent increase over the year before, according to data released Monday by R.L. Polk & Co., which collects and […]

Valero to Buy Premcor for $6.9 Billion in Cash, Stock

Valero Energy Corp., the top performer this year in the Standard & Poor’s 500 Index, agreed to buy Premcor Inc. for $6.9 billion in cash and stock to become the largest refiner in North America.Bloomberg.com

VP Cheney Meets with Saudi Leader in Dallas

President Bush recently told CNBC he planned to ask the Saudi crown prince for a clear answer about the size of the kingdom

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