Saudi Geologists’ Papers Spell Lower Output – Book

Research by Saudi Arabian geologists indicate oil production in the kingdom is at or near its peak and likely near-term declines could lead prices to $100 a barrel in the next three years, a U.S. author claims. Matthew Simmons, an investment banker specializing in energy for 30 years, tapped more than 230 technical papers published […]

Saudi King Fahd Hospitalized; Conflicting Reports on Alert

The government’s official news agency said only that Fahd, who is believed to be 82, was admitted to King Faisal Specialist Hospital in Riyadh for unspecified medical tests. But reports of Fahd’s deteriorating health had been blamed for sending the Saudi stock market tumbling 5% earlier in the week. Friday’s news that he was taken […]

Saudi King Admitted to Hospital

King Fahd of Saudi Arabia has been admitted to hospital for medical tests, according to a report by the official Saudi news agency. The agency quotes a statement from the Saudi royal court. The official SPA news agency did not give specific details about the king’s medical condition, but an unidentified source told Reuters that […]

The Neurobiology of Mass Delusion

History is replete with examples of social or-ganizations, whether a business or a nation, that failed to perceive the realities of a changing environment and didn’t adapt in time to prevent calamity. Hubris and a self-reinforced dynamic of mass delusion characterize the waning phases of these once powerful groups. In hindsight we ask, “What were […]

UK oil production down by over 30 per cent since 1999

Energy Minister Malcolm Wicks has confirmed that Britain’s oil production from the North Sea has declined by over 30 percent in the last five year. Crude oil production has fallen from 128 million tons in 1999 to an estimated 88 million tons last year, Wicks told MPs in a written parliamentary reply published Friday. With […]

Ocean Thermal Energy Conversion

OTEC – Ocean Thermal Energy Conversion appears to be a way to exploit solar energy without having to build very much in the way of power collection and storage equipment. 7×24 solar power without any dangerous lead-acid, or vanadium or bromide batteries. Large scale solar collection without any solar panels. Truely ingenious hack. Even a […]

Shanghai citizens dump U.S. dollars

Chinanews, May 25 – Affected by the recent anticipated adjustments in the RMB, quite a few Shanghainese residents lean towards getting rid of the U.S. dollars they own. In April this year, many Shanghainese banks have experienced the pressure of rising volume of foreign currency transactions. Many banks reflected that near end of April and […]

China Firm as U.S. Steps Up Yuan Pressure

China’s central bank chief and a trio of top government economists lined up on Friday to urge a cautious approach to economic reforms, defying increasingly urgent U.S. demands for a swift revaluation of the currency. U.S. Treasury Secretary John Snow told Congress on Thursday he was confident that China would change the yuan’s decade-old peg […]

Industry chiefs’ environment plea

A group of Britain’s leading industrialists has written to the prime minister urgently demanding long-term policies to combat climate change.The heads of the 12 leading firms say climate change is a huge challenge that needs serious investment by business. BBC

When the wells run dry

Predicting the end of the age of oil can be a sticky business. The Association for the Study of Peak Oil and Gas (Aspo), a collection of industry figures, politicians and academics, this week held its annual meeting at the Gulbenkian Museum in Lisbon.From quiet beginnings three years ago, Aspo is no longer just “bubbling […]

India hesitates on fuel prices, refiners see red

India

China to Open Petroleum Market by End of 2006

China will open its petroleum and refined oil market by the end of next year in compliance with commitments made when it entered the World Trade Organization, a commerce chamber representative was quoted by the China News Service as saying. Gong Jialong, president of the Petroleum Chamber of Commerce, affiliated to the All-China Federation of […]

Some Concerns on Saudi Production May be Answered

I remember one time taking a bus up to the Arctic Circle in Sweden, and being cautioned on the way not to ask the local Lapp how many reindeer they had. It was considered impolite. Gerald Posner notes in Secrets of the Kingdom, that the Saud family feel much the same way when asked about […]

Peak Oil

Now look at the rest of the chart: if Exxon is right, it means that practically all future production increases have to come from OPEC countries. That includes crude oil, NGLs (natural gas liquids, which can be refined into stuff like butane and propane), and condensates (gas-based liquids that are similar to crude oil). If […]

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 US$55-68/barrel.

Today, with oil prices that show extreme volatility –

Pipelineistan’s Biggest Game Begins

History may judge it as one of the capital moves of the 21st century’s New Great Game: May 25, the day high-quality Caspian light crude started flowing through the Caucasus toward the Mediterranean in Turkey. The Baku-Tbilisi-Ceyhan pipeline (BTC) – conceived by the US as the ultimate Western escape route from dependence on oil from […]

Officials try to hide rise in transport pollution

Official figures showing sharp increases in gases responsible for climate change from air and freight transport were removed from the Office of National Statistics (ONS) report on the environment last week after pressure from the Department for Transport. In a week when Tony Blair was insisting the issue of climate change was “very, very critical” […]

Japan to Again Ask China to Stop Drilling Operations in Disputed Waters

Japan will ask China in talks next week to halt preparations to begin producing natural gas from wells in disputed waters of the East China Sea, Kyodo News reported. “We intend to take up the issue of natural resource development in the East China Sea during the Japan-China talks next week,” Kyodo quoted Chief Cabinet […]

Algeria Oil Minister Sees Further Summer Hike in Oil Prices

Robust global oil demand may mean a further hike in crude oil prices during the summer months, Algeria’s oil minister said Wednesday. “I am expecting prices to go even higher for the summer period and even for autumn, because world oil demand is growing and there is not enough refining capacity,” Chakib Khelil told Dow […]

Steps Seen Needed to Blunt Storm Damage to Gulf Pipelines

Hurricane Ivan has shown that oil drillers need to do a better job of securing their platforms to prevent damage to pipelines on the sea floor, according to researchers helping the government draw lessons from last year’s massive storm. The hurricane shut down significant parts of U.S. oil and natural gas production in the Gulf […]

Nuclear Power: A Convert

Suddenly, it seems that everyone’s talking about the end of oil – and not necessarily for the right reasons. Take the recent Peak Oil UK conference in Edinburgh. Lurking at the back was a delegation from the BNP, including the party’s odious leader, Nick Griffin. Why were they there? Simple, Griffin told my informant. Once […]

A Sudden Oil Shortage?

The US currently imports some 1.3 million barrels of oil or nearly seven percent of our daily consumption from Venezuela. You may not have noticed this, but the Venezuelan President is currently having a row with the US over a number of issues ranging from our alleged attempts to overthrow him to his claims against […]

Gas Giveaway Triggers Traffic Jam

A bank’s free gas promotion on Thursday triggered a traffic jam outside one filling station, leading police to temporarily shut it down. The Sunoco station in the city’s Roxbury section was ordered closed around 7:45 a.m. because the line of vehicles created a safety hazard, police spokesman Office John Boyle said. The station was one […]

Rising China Oil Use Limits US Political, Business Options

China’s soaring demand for oil and other commodities has taken it into regions never before on its diplomatic radar screen and into countries the U.S. considers strategically important or geopolitically worrisome, a panel of experts said Thursday. A global quest for energy sources to fuel its expanding economy has taken China to Central Asia, Latin […]

Global Warming will Increase World Hunger – U.N.

Global warming is likely to significantly diminish food production in many countries and greatly increase the number of hungry people, the U.N. Food and Agriculture Organization said on Thursday. FAO said in a report that food distribution systems and their infrastructure would be disrupted and that the severest impact would likely be in sub-Saharan African […]

Norway Sees Injecting CO2 into Oil Fields as Too Pricey

Injecting carbon dioxide (CO2) into oil fields boosts production and even helps reduce emissions of the gas, but is for now too costly and too risky, according to a new study published in Oslo. “At the present time, CO2 injection does not appear to be a commercial alternative for improved oil recovery for the licensees […]

China April Oil Demand Growth Slows, Pricing Hurts

China’s apparent oil demand growth slowed to 2.3 percent in April as suppressed domestic power and fuel prices curbed imports and refiners ran down product inventories, data showed on Thursday. Overall demand appeared to pick up in April versus March, in line with higher second-quarter seasonal consumption due to higher use in farming and transportation, […]

UK Confirms Receipt of EU Warning on Oil Stocks Cover

A spokesman for the UK’s Department of Trade and Industry said that the country had broken European Union regulations requiring 67.5 days of reserve oil, but had rectified the situation. Late last year, the DTI received a letter from the European Union’s Commission for Energy warning that the country had dipped below reserve levels. Each […]

OPEC Crude Exports Flat on Week at 24.42 Million B/D – Analyst

Tanker bookings for the four weeks to June 11 showed a 500,000 million b/d increase in crude exports from OPEC, but rates are flattening out, tanker tracker Oil Movements said Thursday. Shipboard exports of oil from the Organization of Petroleum Exporting Countries held steady from last week at 24.42 million b/d, reflecting the end of […]

CBI cuts economic growth estimate

The CBI has cut it forecast for UK economic growth in 2005 to 2.5% from its previous 2.7% estimate. The business organisation’s decline in confidence for the UK economy comes after its latest manufacturing survey showed a big growth in pessimism.

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