OPEC Divided on Oil Output Plans for Third Quarter

“The Saudis are doing all they can to be seen by the West to be doing something to lower prices,” said Youssef Ibrahim, managing director of Dubai-based Strategic Energy Investment Group. “OPEC will probably end up compromising and do nothing, but at least the Saudis and Kuwaitis can say they tried.” The 10 OPEC members […]

G8 MEETING Ministers Say Oil Prices Hampering Global Growth

G8 finance ministers said high oil prices are hampering global economic growth, which is expected to moderate this year. ‘Sustained high energy prices are of significant concern since they hamper global economic growth,’ they said in the communique issued at the end of their meeting here. They said growth was strong last year due to […]

Tropical Storm Arlene heads for U.S. Gulf Coast

U.S. crude producers evacuated oil rigs in the Gulf of Mexico on Friday as the first tropical storm of the season aimed for the Gulf coast, and forecasters said it could be a hurricane by landfall during the weekend. U.S. forecasters issued a hurricane watch from Louisiana to Florida, meaning hurricane conditions were possible within […]

US: Will Fill SPR To 727 Million Bbl Cap When In National Interest

The U.S. government will fill the Strategic Petroleum Reserve to its 727-million barrel capacity when it determines it to be “in the national interest” to do so, the Department of Energy said Friday. The SPR, the’s world’s largest national emergency oil stockpile, will reach its target of 700 million barrels in August. Some DOE officals […]

The Dark and Stormy Friday Night Entry

“In order to push the oil from the rock into the oil well the Saudi

Saudi Oil Minister Questions Need for Additional Barrels

Saudi Arabian Oil Minister Ali Naimi said Saturday that he backed an increase in OPEC’s production ceiling but questioned whether demand justified adding actual oil to the market. Speaking at a press conference here after meeting Norwegian Oil and Energy Minister Thorhild Widvey, Naimi said raising the ceiling is “reasonable.” Naimi flies Monday to Vienna […]

Food fears for UK seabirds

“Seabirds have delayed their breeding this year, so what sandeel peak there is this summer will have passed when many seabirds and their chicks most need the food,” said Dr Euan Dunn, head of marine policy at the RSPB. “Climate change and the rise in North Sea temperatures may well be the major cause of […]

The Community Solution Richard Heinberg: Author,

Extra weight must go to save fuel!

The inexorable rise in oil prices will leave BA with a Telegraph

Oil Demand Eases in China but Surges in US: Report

Chinese and European demand for oil slowed in April but demand from the US and Pacific zone “counterbalanced” this, the IEA reported yesterday, holding its 2005 demand estimate steady. The International Energy Agency said in its monthly report that it was keeping its 2005 demand estimate little changed at 84.3 million barrels per day, up […]

US Refiners Expect No Change In Saudi Crude Shipments

Saudi Arabia’s crude exports to the U.S. are expected to hold steady for the next few months, traders at companies with Saudi contracts said Friday. They said high inventories and a decision earlier this week by state-owned Saudi Arabian Oil Co. (SOI.YY), or Aramco, to boost contract prices to their highest levels in nearly a […]

Trade Deficit Swells as Oil Imports Climb

The U.S. trade deficit rose to $56.96 billion in April as a big jump in exports was swamped by record foreign oil prices and heavy American demand for imports. The Commerce Department reported Friday that both exports and imports climbed to record levels. Imports rose 4.1 percent to $163.38 billion, led by a higher foreign […]

Oilcast #8: IEA says `save electricity`. Fast.

‘Saving Electricity in a Hurry’ is the new report released this week by the International Energy Agency.
In this Oilcast Dani Gomez comments on some of the measures they propose. How to

Iraq Sees No Early Prospect of Oil Export Increase

Iraqi crude exports will remain severely limited at just 1.5 million barrels daily until Baghdad is able to get foreign investors to boost output, Oil Minister Ibrahim Bahr al-Uloum said Friday. The admission from the newly appointed minister puts paid to Baghdad’s post-war hopes that it might quickly be able to build capacity at Iraqi […]

The Empty Quarter?

“Well I am now getting into Twilight in the Desert, and, while it would be wrong to describe it as totally dispassionate, it is a well written and relatively easy text to understand and enjoy, so far. This is going to become a fairly controversial subject before long, since the raw numbers are not getting any better and there are going to be some enemies generated. Historically to motivate the nation, there has had to be an enemy.

This may very well, in the intermediate term, become the Saudi family or the Arabian nation.

The picture that I have posted tonight is from the presentation that the Saudi Oil Ministry made to counter Matt Simmons presentation to the CSIS in 2004. What it shows is that all the exploratory wells that have been drilled have concentrated in the North East corner of the country where the oil companies have found a significant number of very large fields. So far they have not explored that much in what, for even more reasons, is referred to as

U.S. Trade Gap Grew in April as Oil Prices, Imports Rose

 The U.S. trade gap widened during April as oil prices surged to a record high and Americans stepped up their purchases of foreign jewelry, clothing and other consumer goods. The U.S. deficit in international trade of goods and services grew to $56.96 billion from an upwardly revised $53.56 billion in March, the Commerce Department said […]

China to have strategic oil reserve soon

China is on track to complete building its first strategic oil reserve storage tanks by August, but Beijing has not indicated when it may start filling them in the face of high oil prices, an industry official said on Friday. The world’s second-largest oil consumer after the United States will finish the crude oil tank […]

One part in the ”6th Extinction”

Altered food chain marks cod-forsaken ecosystem An entire marine ecosystem is being restructured because of the collapse of East Coast fish stocks more than a decade ago and could make their recovery nearly impossible, according to a unique study to be published Friday. The Globe and Mail

Crude from Caspian likely to come via Azerbaijan

Azerbaijan may soon become an important energy link for India in bringing crude oil and gas from the Caspian Sea region. India, which imported 95.9 million tonne crude and a little over 5 million tonne per annum of LNG during 2004-05, has so far not been able to source any crude oil or gas from […]

Baghdad plans cuts in crude exports

Iraq plans to cut its oil exports by 15 per cent in the second half as terrorism and lack of investment take their toll on infrastructure. The new export figures imply an export volume of 1.45m barrels a day,or 250,000 b/d below the contracts offered in the first half.

Expert casts doubt on Ukraine’s plan to seek oil ties with Kazakhstan

In Astana, the leader of the “orange revolution”, President of Ukraine Viktor Yushchenko, spent two hours talking with the “authoritarian” – as he is generally considered – President of Kazakhstan Nursultan Nazarbayev. He already has some experience in this: Previously, he chatted just as warmly with an even lesser democrat, the leader of Turkmenistan. Yushchenko […]

Cooperation with Russia stands high on China’s priority list

A senior Chinese official said cooperation with Russia stood high on his country’s priority list. Zeng Peiyan, the deputy chairman of China’s State Council, met with Russian Deputy Prime Minister Alexander Zhukov in Moscow on Friday. Peiyan said they viewed the visit to Russia by State Council Chairman Hu Jintao, due in late June, as […]

Chinese and British scientists try to give a push to hydrogen economy

Two-thirds of the water here is hydrogen,” said Professor Z. Xiao Guo, as he took a bottle of pure water on the desk, to explain why hydrogen was one of the most promising alternatives of the energy sources in the future. Guo, from Department of Materials, Queen Mary, University of London, is working on the […]

Big Business Urges Urgent G8 Global Warming Action

Big business added its voice on Thursday to a growing crescendo of calls on the governments of the world’s richest nations to take urgent action to curb potentially catastrophic global warming. The call follows a similar appeal from the world’s top scientists and comes four weeks before leaders of the Group of Eight — along […]

Shrinking lakes of Siberia blamed on global warming

Lakes in two large swaths of Siberia are shrinking in size and 125 of them have disappeared altogether, a US study revealed yesterday. Scientists have examined satellite photographs of 190,000 square miles of Siberia, two areas stretching south between the Ural mountains and the Arctic mining town of Norilsk. They claim the disappearance of the […]

Biofuels Take Off in Some Countries

Environmental concerns and hopes to cut oil import bills while helping farmers have rekindled global interest in biofuels, a form of “green” energy with the potential to become a key transportation fuel. Biofuels include ethanol and biodiesel derived from organic matter such as sugar cane, vegetable or corn oils. Not all ethanol is suitable to […]

High natural gas prices are hurting the U.S. economy

Each day, the United States loses more good-paying manufacturing jobs to overseas operations as a result of the natural gas crisis confronting the nation, and consumers are paying record-high levels for heating and cooling purposes. Here in West Virginia, the U.S. Bureau of Labor Statistics reported that we lost 13,900 manufacturing jobs from 1999 to […]

Chinese oil demand growth slows again-IEA

China’s rapid oil demand growth turned negative in April as Chinese refiners ran down stocks and cut petroleum product imports, the International Energy Agency said on Friday. For the second month in a row in its monthly oil market report the IEA cut its forecast for China’s oil demand growth in 2005. But world demand […]

Greenspan Says U.S. on `Firm Footing,’ Rates May Rise

Federal Reserve Chairman Alan Greenspan said the economy is on a “firm footing” and central bankers may keep raising the U.S. benchmark interest rate at a “measured” pace, cooling speculation about a pause in rate increases. “Most recent data support the view that the soft readings on the economy observed in the early spring were […]

US Hegemony In The Far East Under Seige

The rise to prominency on the world stage of China and India has implications for the US hegemony in the Far East. Over the past six months, moves and counter moves have been being made by the major players in the region that all were motivated by one factor; the scramble for energy resources. There’s […]

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