Saudi Aramco CEO: Co.’s Crude Oil Production Under 10M b/d

The chief executive of Saudi Arabian Oil Co. (SOI.YY) said Monday that the state-owned company is producing fewer than 10 million barrels a day of crude oil. “We are not above 10 million barrels a day,” Abdulla Jum’ah said at a conference hosted by the Baker Policy Institute in Houston. He said that there were […]

Chevron CEO Blasts U.S. Oil Debate

David O’Reilly, the head of Chevron Corp., took a shot Tuesday at the notion of the United States gaining oil independence, a current theme among Washington lawmakers promoting domestic energy policies. MarketWatch

Mind the Gap: How to Ease Yourself Across the Oil Peak

By nearly all accounts, the age of cheap energy is coming to an end, at least for the forseeable future. We may be destined for a glorious paradise of magical energy too cheap to meter, but nothing on the drawing board today can bridge the gap between our ever-growing demand and what appears to be […]

CASPIAN LEGAL STATUS: MOST DIFFICULT QUESTIONS REMAIN

The convention on the legal status of the Caspian sea has been 75 to 80 percent coordinated, although “the most complex things are ahead,” Iranian deputy foreign minister Mehdi Safari said after the 17th sitting of a special working group for the convention. If no legal status for the Caspian is eventually drawn up, armed […]

Iran nuclear talks: It’s time to shut up

The nuclear talks between Iran and the so-called European three (EU-3 – Britain, France, and Germany) are due to resume May 23 in a crisis atmosphere filled with accusations and counter-accusations, with each side blaming the other for not sticking to the terms of their agreement signed in Paris last November. Described as a “last ditch” effort […]

Andrew McKillop: Open shift to the Euro would further lock-in higher oil prices

The US economy attained it highest-ever postwar annual growth of real GDP, achieving what today would be the impossible all-year rate of 7.5%, in the Reagan re-election year of 1984. At the time, in dollars of 2004 corrected for inflation and purchasing power parity, the oil price range for daily traded volume crudes was about  […]

Global Wind Map Shows Best Wind Farm Locations

North America was found to have the greatest wind power potential according to a new global wind power map that may help planners place turbines in locations that can maximize power from the winds and provide widely available low-cost energy. After analyzing more than 8,000 wind speed measurements in an effort to identify the world’s […]

Global warming likely to hit Africa hard

“In 30 to 40 years’ time, climate change will be as great as other stresses such as malaria,” said Davi King, the British government’s chief scientific adviser, who was in South Africa to promote the Zero Carbon City program, a campaign organized by the British Council to raise awareness on global warming.     Due to increase […]

U.S. producer prices rise 0.6% in April

The U.S. producer price index increased a larger-than-expected 0.6% in April on higher energy prices, the Labor Department reported. Excluding food and energy prices, the producer price index for finished goods increased 0.3% on the month

Wave, wind, sun and tide is a powerful mix

For years, nuclear power has looked expensive, dangerous and dirty. That opinion may be about to change. Britain is facing a power gap of up to 2,000 megawatts (MW) of generating capacity

China’s Boom Is Bust for Global Environment, Study Warns

According to Vital Signs 2005

What to do as oil peaks out

“Hubbert’s Peak,” the point on the graph that marks the apex of world oil production, has dropped below its zenith. And, for Americans dependent on their economy’s lifeblood, the news goes against the grain of our optimistic belief in the eternal More. Whether you consider the shrinking of that commodity as bringing grim times for […]

Arctic Plan May Tap Norwegian Expertise

Russia and Norway, the world’s second- and third-largest oil exporters, are looking to the Barents and other Arctic seas as recoverable reserves dry up. An estimated 25 percent of the world’s undiscovered oil and gas lies in the region, Widvey said last week.

China’s energy consumption no threat to the world

Xu Kuangdi, Vice Chairman of the National Committee of the Chinese People’s Political Consultative Conference (CPPCC ) and President of the Chinese Academy of Engineering, said in Shanghai yesterday that China’s energy consumption which ranks the 2nd in the world but only less than half of the world’s average and one-tenth of the US in […]

Taxes, gasoline, and the coming economic slowdown

In recent weeks we’ve examined the plans now advancing to mop up some of the excess liquidity the Fed created between 2002-2004. These efforts have included a pronounced slowing down in the money supply growth rate and interest rate hikes. The focus of this commentary will be a tool that is used to combat inflation […]

Pakistan will not drop Iran gas pipeline project: Musharraf

Pakistan President General Pervez Musharraf was adamant in remarks published on Monday that he would not be persuaded by the U.S. to drop plans to build a gas pipeline from Iran. The pipeline would cross Pakistan and India and is seen as a cornerstone of a two-year old peace process between the two neighbors.http://www.tehrantimes.com/Description.asp?Da=5/17/2005&Cat=9&Num=21

Energizing new wars

The quest for energy has been elevated into the realm of national security. As the global struggle for energy intensifies, the danger of tensions boiling over will grow. In such an environment, small incidents evolve into crises, and crises into wars. Expect a hot couple of decades ahead.

Nigeria: Oil Reserves To Last 33 Years, Says DPR

“The remaining oil reserves as at January 31, 2005 indicated a life index of about 32.97 years,” said the DPR. This latest DPR figure indicated that the expected life span of the nation’s crude reserves had slumped from the 34 years period calculated in 2003, by which time annual depletion rate was based on production […]

Chevron CEO: Oil Industry Won’t Quickly Fix Capacity Crunch

The oil industry won’t quickly overcome the pervasive capacity constraints that have underpinned the huge increase in oil prices over the past two years, Chevron Corp. (CVX) Chief Executive David O’Reilly said Tuesday. While prices are now extraordinary and demand high, the industry suffered nearly two decades of equally pervasive overcapacity, O’Reilly said. Prices will […]

Saudi ‘Could Double Oil Output’

“US forecasts say Saudi capacity will need to grow from its current 11 million bpd to over 23 million bpd to meet world demand,” he said in a speech at Rice Universitys James Baker III Institute for Public Policy in Houston, according to the text of his remarks released by Aramco Tuesday. “Can Saudi Arabia […]

Non-OPEC Supply Growing Slower Than Expected – OPEC

The Organization of Petroleum Exporting Countries will have to pump at its highest rate this winter despite slowing world oil demand because of sharply weaker oil output from non-OPEC producers, the group said Tuesday. OPEC trimmed its forecast for oil demand growth for the year by 80,000 barrels a day to 1.82 million b/d for […]

Bolivians stage huge energy rally

Thousands of protesters in Bolivia have marched through the main city of La Paz to pressure the president to toughen a controversial new energy bill. Police prevented the mainly indigenous demonstrators from entering the central square. There were a few clashes, but the march was largely peaceful. Elsewhere, other protesters set up roadblocks on several […]

Climate change policy in tatters

The government’s climate change policy is failing and urgent action is needed in this session of parliament if the UK’s targets to reduce greenhouse gas emissions are to be met, the Royal Society says in a report out today. The society says all the gains brought about in the 1990s will be lost and carbon […]

US Rejects Airline Climate Taxes

The United States said on Monday it would be too harsh on airlines to tax emissions of heat-trapping gases from their planes, even though the European Union reaffirmed it was considering measures.Airwise News

The Long Emergency

As I write this, I’m 35,000 feet above the southeastern United States in an Airbus A319, eating processed cheese (from Los Angeles), individually wrapped bread sticks (from New Orleans), individually wrapped cookies (made in Belgium but distributed from San Francisco), and individually wrapped hard candies (from Hanover, New Jersey). James Howard Kunstler has a thing […]

Saudis Plan $621 Billion Projects To Create Jobs

He touted the company’s investment in new technologies and human resources as well as its massive reserves Houston Chronicle

Downslope steep after the oil peak

Oil plays a role in virtually all aspects of our lives. Almost all plastic products are made of oil. Modern agriculture is little more than a system of turning oil into food, with fertilizers, mechanized equipment and worldwide shipping all dependent on petroleum. The suburbs that dominate our cities were built with the assumption that everyone would continue driving cars. The entire world economy will suffer when energy prices spiral upward.

RegisterGuard

Poten: Six To 10 North American LNG Projects Likely

Of the nearly 60 liquefied natural gas (LNG) import terminals on the drawing board for North America, only six to 10 are likely to be built by 2012, according to an energy consultant with Poten & Partners. Speaking at Platts Fourth Annual LNG Conference in Houston on Thursday, Poten’s Gabriel Avgerinos forecast that one to […]

China Shakes Off IEA Forecast Of Slow Growth

China has issued a note of caution to the oil market: ignore the country’s oil thirst at your own peril. Barely a week after the International Energy Agency cut its demand growth forecast for China, the country Monday posted a record-high crude oil import figure of 12.25 million metric tons for April, or the equivalent […]

Forecasters See Big Atlantic Hurricane Season

U.S. forecasters predicted on Monday that up to 15 tropical storms and hurricanes would form in the Atlantic and Caribbean this year, another busy season on the heels of one that hammered Florida with four hurricanes and swamped U.S. oil production. If the forecasters are right, the 2005 hurricane season, which runs from June 1 […]

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