Iraqi Insurgents Attack Key Oil Refinery

Insurgents in Iraq attacked the main oil refinery in the Iraqi capital Baghdad, as assaults against key infrastructure appear to be on the rise. Some 150 firefighters battled a blaze at the Dura refinery for more than two hours after a pipeline was struck by mortar fire late yesterday. Dura supplies Baghdad with most of […]

Georgia Factory Will Use Carpet Scraps to Fuel Production

Here in the “Carpet Capital of the World,” the vast manufacturing plants that supply almost half the nation’s carpet also pump out reams of wasted scraps that eventually wind up in landfills. Next month, the world’s largest carpet maker plans to do something about the problem, opening a one-of-a-kind power plant that will be fueled […]

U.S. Treasury Secretary Says He’s ‘Not Concerned’ Over China’s Interest

The United States isn’t worried about China’s interest in the Alberta oil sands, a top U.S. official said yesterday after he visited the world’s second-largest oil deposit. “I’m not concerned,” John Snow, U.S. treasury secretary, said at an afternoon news conference in Calgary in response to a question about the issue. Yesterday morning he was […]

Samuel Bodman

At a breakfast with reporters sponsored by the Monitor, Mr. Bodman noted that “for the first time in my lifetime, in my professional existence,” major oil suppliers like Saudi Arabia are “right at the ragged edge” in their ability to meet the demand for oil. The energy secretary says that despite increased world thirst for […]

North Atlantic Ocean Temps Hit Record High

Ocean temperatures in the North Atlantic hit an all-time high last year, raising concerns about the effects of global warming on one of the most sensitive and productive ecosystems in the world. Sea ice off the coast of Newfoundland and Labrador was below normal for the tenth consecutive year and the water temperature outside St. […]

Snow Visits U.S.’s Biggest Oil Supplier: It’s Not Saudi Arabia

U.S. Treasury Secretary John Snow’s first official visit to Canada begins today in an isolated city amid marshlands and lakes — and oil reserves big enough to reshape political and economic ties between the two countries. The destination is Fort McMurray, Alberta, 750 kilometers (466 miles) northeast of Calgary in the heart of Canada’s C$39.4 […]

Iran says OPEC should move slowly

Just before that meeting in Islamabad, Iran’s Oil Minister said OPEC should wait for the market to respond to previous increases in crude oil supplies before deciding on any new output boost. He was reacting to ever-increasing oil prices, which continue to hit record highs.     Iran’s Oil Minister, Bijan Namdar Zangeneh, was in Islamabad for […]

Global growth to moderate this year

World economic growth will probably moderate this year after the best performance for many years in 2004, softened by rising interest rates and high oil prices, according to a Reuters poll. The median forecast in the July 4-6 poll of 22 strategists at major banks showed global gross domestic product growing 4.0 percent this year. […]

Putin Promises Stable Gas Supplies to Europe, Says Ukraine Must Give Guarantees

Speaking at the G8 summit in Gleneagles, Scotland, President Vladimir Putin assured his European partners that Russia will do everything to ensure stable energy supplies. At the same time he stressed that a project to deliver Russian natural gas to Europe via Ukraine was only possible if Kiev gave clear guarantees that it would honor […]

Caspian oil and gas deposit estimated at 1 billion metric tons

The anticipated recoverable reserves of a Caspian Sea oil and gas deposit are estimated at 1 billion metric tons, a press release of the project’s joint venture said Wednesday. On Tuesday, Kazakhstan Energy and Mineral Resource Minister Vladimir Shkolnik, President of Kazakh KazMunaiGaz company Uzabak Karabalin and President of Russian state-owned oil firm Rosneft Sergei […]

Power Crunch Deepens as Heatwave Bakes China

Searing temperatures across booming China have driven up energy demand, exposed an over-reliance on coal and are taking a toll on industry, Xinhua news agency said. Power shortages this summer should be “much more serious” than last year — when China faced its worst energy crunch in two decades — a source from the State […]

Almost All of Portugal Gripped by Drought

Ninety-seven percent of Portugal is in severe or extreme drought as the worst dry spell in 60 years deepens, the government’s Water Institute reported. As of June 30, 64 percent of the continental territory was in extreme drought and 33 percent in severe drought, the institute said in a twice-monthly report posted on its website […]

Bush Urges Less Global Oil Use, as US Guzzles It

While President George W. Bush is urging nations to use less oil, his administration has opposed major increases in US vehicle fuel standards that could save millions of barrels of oil a year and reduce carbon dioxide emissions. Speaking on Wednesday as the leaders of the major industrialized countries traveled to Scotland for a Group […]

CNOOC will meet Unocal conditions-source

CNOOC Ltd. will meet all conditions set by takeover target Unocal Corp. for its board to recommend the Chinese company’s bid over one from Chevron Corp., a person close to the situation said on Thursday. But the source, who said the talks “are going well,” added that Unocal is still trying to decide whether CNOOC’s […]

Offshore Oil and Gas Drilling in California

Expanded efforts to drill for oil and natural gas off the California coast and elsewhere in the US will be among the direct impacts of the growing demands for oil and natural gas as their supplies diminish. Sen. Barbara Boxer and Rep. Lynn Woolsey have consequently drafted legislation to enlarge the boundaries of two national […]

Commodity Strategists: Uranium to Trade at $20 to $30 a Pound

Uranium may trade between $20 and $30 a pound until 2008, a level that may encourage the development of new mines, Citigroup Inc. said. The metal, used as fuel in nuclear power plants, has traded at $29 a pound since May 11, the highest for 23 years and more than double the price in January […]

Oil & Natural Gas May Bid for PetroKazakhstan, Raha Says

Oil & Natural Gas Corp., India’s largest oil and gas explorer, may bid for PetroKazakhstan Inc., a Canadian company that produces oil in the Central Asian country. “PetroKazaksthan is an object of interest for us,” Subir Raha, chairman of Oil & Natural Gas, told reporters in New Delhi today.

The London bombings were fueled by oil

It is oil’s fault. The London bombings are almost surely al-Qaida’s work, which means oil paid for them. Oil keeps the Mideast backward. It funds the madrassas that fill heads with anti-West poison. And it pays the terrorists who plant bombs on European trains and fly airplanes into American buildings. It is time we did […]

Kazakhstan to quench India’s oil thirst

Energy deficient India and energy surplus Kazakhstan are set to enter a new phase of cooperation when ONGC Videsh Ltd (OVL) reopens its regional office here by Sunday and gets later to choose an exploration block in the country. “Discussions are going on about two offshore oil blocks. One of them will be given to […]

India favours inclusion of Bangladesh

India is likely to continue its efforts to resolve issues with Bangladesh to facilitate the laying of gas pipeline from Myanmar to India via Bangladesh. The two sides discussed on Wednesday the evacuation of gas from Myanmar through the Myanmar-Bangladesh-India pipeline and other alternatives to access natural gas resources for Indian market. At the end […]

Hurricane Dennis Grows to Level 4

Hurricane Dennis reached Category 4 strength Thursday night as it churned just off the coast of Cuba, while Florida officials ordered a mandatory evacuation of the lower Florida Keys. Florida Gov. Jeb Bush declared a state of emergency to mobilize resources to deal with the impending storm, which packed maximum sustained winds of 135 mph […]

Oil Falls a Second Day After London Attack, U.S. Supply Gain

Crude oil fell for a second day after the attack in London yesterday raised concern terrorism will deter travel, slowing jet-fuel sales, and after a report showed U.S. supplies distillate rose more than expected. Prices in New York fell from a record $62.10 yesterday, in the biggest price swing in 14 years, to close down […]

China to Go to the Colorado Rockies?

Canada’s EnCana is considering bringing in Chinese companies to construct and operate drilling rigs in the Colorado Rockies as the region struggles to keep up with demand and rising energy prices. EnCana, a major player in the Piceance Basin of western Colorado, said Chinese workers are cheaper and better educated. But the move could be […]

Left, Right: Iran and Venezuela in Lockstep

Among the world leaders felicitating Iran’s president-elect, Mahmud Ahmadinejad, one head of state conspicuously set aside protocol norms – President Hugo Chavez of Venezuela. Though Ahmadinejad will only be formally sworn in on August 4 – and a congratulatory message through diplomatic channels at this stage was all that was required – Chavez telephoned Ahmadinejad. […]

Oil’s Not Well, So Let’s Find Alternative

Anyone who’s young, particularly below the age of 30, should pay special attention to the content of this column. You and your future children may well be living through an age of crisis and worse, our government and citizens seem blissfully unaware of anything more than its most simple ramifications. The catastrophe I speak of […]

The Peak-Oil Crisis: Mid-Year-2005

These developments again raise the question of what it will take to trigger public recognition by the major industrial powers that a disaster of monumental proportions is near. Obviously, no responsible leader wants to trigger a panic by openly announcing oil will soon become very expensive, and then very scarce, and finally unavailable. But, there […]

Oilcast special report: Oil volatile as explosions rock London

In this special report we look at the events of the day from the perspective of the oil markets. A day which saw armed violence on the streets of London. We look at the movements on the NYMEX and London indexes plus some other underlying factors that may also have been price-forming…

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Oil to lay the foundation of a new order

On the occasion of the Independence Day, President Hugo Ch

Seoul mulls measures to curb oil consumption

South Korea, the world’s fourth-largest oil importer, plans to take measures to rein in demand for oil, such as restrictions on driving, the government said on Thursday. Public baths, retail outlets and other energy-gulping businesses will also be encouraged to cut their working hours and raise air-conditioning temperatures, according to the Ministry of Commerce, Industry […]

Gas pipeline talks: Iran, Pak to invite India

Iran and Pakistan have decided to invite India to hold trilateral meetings of their oil ministers to speed up the implementation of the multi-billion dollar Iran-Pakistan-India (IPI) gas pipeline project. Visiting Iranian Oil Minister Bijan Namdar Zanganeh and his Pakistani counterpart Amanullah Khan held detailed discussions here last night.

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