IEA: High Oil Price May Be Leading To More E&P Investment

High oil prices seem to be translating into increased investment in exploration and production, the International Energy Agency said Wednesday in its monthly oil market report. “Anecdotal evidence suggests that sustained high prices may be pulling forward new field startup dates and could be encouraging operators to sustain mature fields in production beyond originally planned […]

Oil Peak ‘Looms’

The Association for the Study of Peak Oil (Aspo) says oil production will peak in 2007. The New Zealand oil exploration industry disputes that.

The International Energy Agency predicts the peak some time between 2013 and 2037.

Jones said Aspo was an association of petroleum geologists who had worked for oil companies. When they did they were too constrained to publicise the urgency of oil production peaking and falling. The group was gaining more attention worldwide.

The peak in the production of light crude oil would cause a sharp and sustained rise in world oil prices and a physical shortages in oil might occur. Dirtier fossil fuels, which were harder to extract, would be used, but they had financial and environmental downsides.

RedNova

Less Oil Demand Seen

The International Energy Agency on Wednesday lowered its estimate of global oil demand this year, citing a sudden drop in Chinese consumption. After growing 11 percent in 2003 and 15.4 percent last year, China reported its oil use dropped by 1 percent in the second quarter of this year from a year earlier, the agency […]

Why Iraq Oil Money Hasn’t Fueled Rebuilding

First, the good news: With oil prices at record highs, Iraq is on track to bring in $20 billion or more in oil revenue this year. That may sound like a lot of petrodollars, especially for a war-torn country with tremendous needs in infrastructure repair and services delivery. But the bad news is that very […]

Imperial/Exxon pumping $6.5 bilion into oil sands

CALGARY — Imperial Oil Ltd. and Exxon Mobil Corp. are putting up as much as $6.5-billion for a huge expansion of their oil sands operations, pushing the total amount of cash behind current regulatory applications from the industry past $20-billion. The Globe and Mail

IEA shock markets with predictions – Oilcast #17

The IEA have shocked the oil markets with predictions that have left some analysts reeling. What did they say? Whose figures are we to believe? Is this the most important piece of oil data this year? We take a good look at the figures.
Plus the damage from Dennis, the arrival of Emily, and a report from Platts on OPEC that makes even more interesting reading now the IEA have confounded the forecasters…

http://www.oilcast.com/

New Age of Anxiety Dawns

The global economy seems to be walking on water, shrugging off soaring oil prices, policy paralysis in Europe, unsustainable borrowing by the United States and record housing prices. Is it because, as leaders of the Group of Eight economies would have us believe, investors are in a buoyant mood, confident in their leaders’ stewardship of […]

Editorial Cartoonist View of Gas Prices

Arizona Republic’s cartoonist, Steve Benson, shows his idea of rising gasoline prices.

Arizona Republic

The Relationship Between Income and Energy Consumption

To me, the plot of the relationship between a country’s GDP and its energy consumption over time really shows how far the US has to fall as “king of the mountain.” We’re a rich country that uses a lot of energy per person…and as energy becomes more and more expensive, the rest of the world will look at stats like these and say, “hey US, you’re going to have to take it down a notch or ten.” Just one more reason that they’re going to hate us more and more as oil gets more and more expensive. This is the world that a shrinking supply of oil is going to lead us towards, it seems to me.

The problem is that we are in the mindset that everything, including economies, will keep growing. However, it is ONLY BECAUSE OF CHEAP OIL/ENERGY that economies have continually grown. After watching Jared Diamond last night, this becomes even more abundantly clear…it sounds deterministic that geography facilitated societal development, yes…but oil is part of that geographic catalyst. The US, because of its agricultural and natural resource wealth, has had the riches to pay for the oil…at least up until now.

It also seems that, when you take cheap oil out of the equation, and many economic assumptions would seem to no longer hold. We’ve had 100 years of constant growth facilitated by cheap oil. If peak oil is now, with nothing ready to replace the energy margin, the implications are ugly.

More after the jump at The Oil Drum.

India, Pakistan pledge ’serious commitment’ to Iran gas pipeline economy

India and Pakistan pledged “serious commitment” to a 4.5 blnusd Iran-India gas pipeline that would pass through Pakistan, setting the end ofthe year as a deadline for a final agreement on the tri-national venture.A joint statement issued at the end of two days of talks in New Delhi betweenIndian and Pakistani oil officials said technical, […]

Indonesia asks OPEC to raise oil production

Indonesia has asked the Organization of Petroleum Exporting Countries (OPEC) to raise oil production to bring world oil prices down, said Minister of Energy and Mineral Resources Purnomo Yusgiantoro. ‘If possible production should be increased … what’s important is that oil prices must come down even though OPEC has its limits,’ Yusgiantoro told reporters.

House panel to weigh in on China oil deal

The $18.5 billion takeover bid by China’s CNOOC Ltd <0883.HK> <CEO.N> for U.S. oil producer Unocal<UCL.N> is expected to find a critical reception at a congressional hearing on Wednesday. With tensions over currency issues and China’s trade surpluses rising along with oil prices, the Armed Services Committee of the U.S. House of Representatives will examine […]

Daqing unmoved by Putin’s remarks about Sino-Russian oil pipeline

An official involved in drawing up the petrochemical development plans for the city of Daqing has told Interfax that the scheme is still shelved, despite the comments made by Russian President Vladimir Putin regarding the future of the Sino-Russian oil pipeline. When it seemed as if the Pacific port of Nahodka, rather than Daqing, would […]

New Book Suggests Practical Strategies to Deal With Peak Oil

The Urgent Need For a Sustainable Energy Model examines the need to re-think and re-tool the world’s energy model in the face of a rising demand for oil that is becoming increasingly more difficult for oil producers to supply. Written by Bilaal Abdullah, an Electrical and Software Engineer from oil-producing Trinidad and Tobago, with many […]

Exxon Mobil again targeted by protesters

dozen environmental and liberal-advocacy groups organized protests against Exxon Mobil Corp. on Tuesday to object to the oil giant’s effort to expand oil drilling in Alaska and to cast doubt on the science of global warming. The groups held a series of news conferences and launched a Web site to ask consumers and investors to […]

Record Hurricane Year has Oil Industry Worried

A parade of major storms in the Gulf of Mexico could disrupt US crude and natural gas production, leaving the world’s largest energy consumer with less supply to meet robust demand, oil industry experts and weather forecasters said on Tuesday. Warmer Atlantic waters have already touched off the most active start to hurricane season on […]

Tough for OPEC to Boost Output When Extra Oil Unwanted

OPEC will have a tough time making good on its pledge to boost production to cool off prices when refiners are reluctant to boost already-ample inventories as long as prices stay high. Saudi Arabia, the world’s largest oil producer and the only member of the Organization of Petroleum Exporting Countries with any significant unused production […]

Threat to US economy is Washington, not Beijing

The increasing politicization of economic relations between Washington and Beijing poses a significant threat to the US economy. A shift toward protectionism, rather than supporting the economy, as intended, is likely to push US inflation and interest rates higher and economic growth lower.

Foul play in the Great Game

In a landmark speech at Johns Hopkins University in 1997, the then-US deputy secretary of state, Strobe Talbott, said: “For the last several years, it has been fashionable to proclaim or at least to predict, a replay of the ‘Great Game’ in the Caucasus and Central Asia. The implication of course is that the driving […]

Cutting out the US

Overshadowed in the Western press by the Group of Eight summit of leading industrialized nations and the complications to it caused by the London transit bombings, another summit – the July 5 meetings in Astana, Kazakhstan of the heads of government of the six members of the Shanghai Cooperation Organization (SCO) – promised to have […]

Industry leaders want uranium debate. (Australia)

MINING industry leaders are urging uranium enrichment be considered in South Australia to better exploit the state’s prized resource.In an exclusive Advertiser forum, industry leaders said Australia was one of the world’s biggest uranium producers but had not yet “responsibly” debated the nuclear fuel cycle

High gas prices could be here to stay

No breaks are in the offing for motorists weary of high gasoline prices: The government now forecasts an average gas price of $2.25 a gallon through September. That’s 8 cents a gallon more than the Energy Information Administration forecast last month, and about 35 cents more than the average a year ago. And the EIA […]

Oil forecast jumps $6 a barrel

Crude futures briefly jumped more than $2 a barrel Tuesday after the Energy Department raised its oil-price forecast by $6 a barrel and as traders remain worried that summer storms in the Gulf of Mexico could curtail petroleum output. The Energy Department, which oversees U.S. supply and demand statistics, said Tuesday that it expects oil […]

IEA Says Oil Demand to Rise in 2006; Cuts 2005 Figure

The International Energy Agency, an adviser to 26 oil-consuming countries, said oil demand will accelerate and rise 2.1 percent next year, a sign that prices at $60 a barrel have done little to restrain growth. “We’ve seen oil go from $20 a barrel to $60 a barrel without any government saying they will take serious […]

130 new nuclear power plants to be built within 15 years – IAEA

MOSCOW, July 13 (RIA Novosti) – About 130 new nuclear power plants may be built in the world in the next 15 years, a deputy director general of the International Atomic Energy Agency said at an international conference in Moscow Wednesday. Yury Sokolov told the conference, Multilateral Technical and Organizational Approaches to the Nuclear Fuel Cycle to Strengthen the Non-Proliferation Regime, that 440 nuclear power plants produced 16% of the world’s electricity. Russian News & Information Agency

To Boldly Go Where No Energy Consumer Has Gone Before

As man’s appetite for energy consumption has increased over our lifetimes, so has his apprehension of the future of energy consumption. This is no better demonstrated than in the realm of the science-fiction film. In these films, we often see three things which parallel American society today – optimism, abundant energy and the wasteful use […]

Big Shift in China’s Oil Policy

Until recently, China’s view of the global energy map focused narrowly on the Middle East, which holds roughly two-thirds of the world’s oil. Special attention was directed toward one well-supplied country: Iraq. Through cultivation of Saddam Hussein’s government, China sought to develop some of Iraq’s more promising reserves. Beijing advocated lifting the United Nations sanctions […]

Indonesia Energy Min:Oil Prices Require OPEC Output Boost

Indonesia’s Minister of Energy and Mineral Resources Purnomo Yusgiantoro said Wednesday that he had asked the Organization of Petroleum Exporting Countries to raise output to ease record-high global oil prices. “We have asked OPEC to increase its oil production to cope with rising oil prices,” Purnomo told reporters. “But I realize that OPEC has its […]

Oil Gains as Gulf of Mexico Storms Probably Cut U.S. Supplies

Oil prices rose for the first session in four after the U.S. government reported that as much as 96 percent of production in the Gulf of Mexico was shut by Hurricane Dennis. “The oil production losses reported by the government were higher than people expected,” said Phil Flynn, vice president of risk management with Alaron […]

EIA Revises Up Oil Demand, Prices; China View Holds

The U.S. Energy Information Administration revised higher its second-half 2005 estimates for oil demand and prices from a month ago, citing robust growth expected in 2005 and 2006. While not as strong as in 2004, world demand growth for crude oil and refined products is sturdy, with the total estimated at 84.9 million barrels a […]

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