BEIJING MOVES TO INCREASE INFLUENCE IN CENTRAL ASIA

Chinese President Hu Jintao made his second visit to Kazakhstan July 3-6, ahead of the Shanghai Cooperation Organization summit and after a visit to Moscow. The high point of the mini-summit was the signing of a Chinese-Kazakh Strategic Partnership agreement.Vital economic issues, such as the joint development of mineral and energy resources and construction of […]

Asian govts face protests as oil subsidies cut while prices hit records

Governments across Asia are facing political turmoil as they try to relieve pressure on budgets by cutting fuel subsidies or raising prices at the pump while surging crude prices continue to break records. From Pakistan to Vietnam to Indonesia, governments grapple with the impact of soaring oil prices, and economists have warned the levels could […]

Experts Predict Polar Bear Decline

As the pack ice that is the bedrock of their existence melts because of global warming, polar bears are facing unprecedented environmental stress that will cause their numbers to plummet, according to a report by a panel of the world’s leading experts on the species. In a closed meeting here late last month, 40 members […]

Blair presses for G8 climate deal

Britain’s Tony Blair is closing in on an accord with his fellow Group of Eight leaders, officials said, recognizing climate change as an urgent problem but with no specific targets to curb it. Rejecting pressure groups’ calls to isolate President George W. Bush, the British prime minister said there was no point in a deal […]

As oil prices rise, shrugs at the gas pump

The signs of unyielding US demand are everywhere. Analysts expect this summer’s driving season to be as strong as ever. Take Patrick Amesur, for example. He’s visiting friends in Houston this week and decided to drive instead of fly the 1,200 miles from Miami. As he pulls in to a west-side station to fill the […]

Chevron Energy Discussion

Oil has been the engine of economic growth for most of the last century. But there is growing concern and debate about the amount of oil we have left, and how much time we have to act. As oil reserves decline, prices will rise, and alternative fuel sources that were once considered too expensive will […]

Nuclear Power: Environmental Scourge or Climate Change Mitigator?

In his presentation at the Institutional Investor Summit on Climate Risk in May, Harvard University professor and National Commission on Energy Policy co-chair John Holdren stated that nuclear power might be a valid energy alternative to mitigate climate change. Greenpeace founder Patrick Moore said the same thing in testimony before the Congressional Subcommittee on Energy […]

LNG coming near you?

  WHEN BECHTEL and Shell Gas & Power announced a plan in 2002 to build a liquefied natural gas facility in Vallejo, the community immediately mobilized and, nine months later, the proposal was history. It’s questionable whether a community, concerned about the danger such a facility poses, would have as much say today. As of […]

Analyst sees $4 as a floor for natural gas

Natural gas prices in the U.S. will stay above $4 per thousand cubic feet for at least five years because of the cost of producing the fuel from fields in the Rocky Mountains, a Wood Mackenzie analyst said. The region is set to become the biggest U.S. onshore source of natural gas, and its importance […]

To decipher Russia’s riddle, watch its oil

The Russian economy is highly dependent on oil. It provides roughly 20 percent of GDP – maybe as much as 40 percent, if its impact on the rest of the economy through orders for machines, pipe, steel and other goods and services is included, estimates Marshall Goldman, longtime Russia analyst and author of “The Piratization […]

Earth getting darker as sunlight decreases

The Earth is getting darker because of pollutants in the atmosphere, scientists claim in a report published today.The cause of “global dimming” came to light following the September 11 terrorist attacks when flights in New York were grounded and scientists noticed brighter days and cooler nights, the investigation for BBC Focus magazine says.It is thought […]

Left, right: Iran and Venezuela in lockstep

Left” embraced “right” when Venezuelan President Hugo Chavez made a demonstrative congratulatory phone call to Iran’s president-elect, Mahmud Ahmadinejad. Despite their apparent ideological divergence, the two have close affinities: oil, for one thing; their vision of a “new socialist society” for another. Which puts both on a collision course with the US

Stiff upper lip

Londoners will take this attack in their stride. There has been no panic. After all, London has a long memory, having suffered disasters of all kinds, both man-made and natural. From the Roman occupation to the present day, armed destruction, plague, fire, water, chemical poisoning, aerial bombing and terrorist attacks have all made their mark […]

UK knew it was coming

The initial indication that pro-al Qaeda terrorist elements were planning a major terrorist strike in London came in August last year following the arrest in Lahore by the Pakistani authorities of one Mohammad Naeem Noor Khan, a Pakistani computer expert, who used to live partly in London and partly in Pakistan. During his interrogation, he […]

Oil prices hit US$62 a barrel, then plunge amid explosions in London

Crude oil prices hit another record high above $62 US a barrel Thursday before sharply backing off, amid heightened market uncertainty following a string of fatal explosions in the British capital. Near simultaneous blasts rocked the London subway and three double-decker buses during the morning rush hour. Police said they were concerned it was a […]

Oil prices slide after explosions

Oil prices have fallen 3% after a number of explosions hit London’s transport system. US light sweet crude fell to a low of $57.20 a barrel – from an high of $62.10 – before moving back to $59.08, down $2.20 on the day.

London rocked by terror attacks

At least two people have been killed and scores injured after three blasts on the Underground network and another on a double-decker bus in London. UK Prime Minister Tony Blair said it was “reasonably clear” there had been a series of terrorist attacks.

Oilcast launches collective futures price forecast poll

Oilcast.com has started a weekly online poll to collectively forecast NYMEX crude prices for the forthcoming week.

Now forecasting next week – July 11th to 15th 2005. Where do you feel oil will go next week? How accurate will the forecast be?

http://www.oilcast.com/

Oil to play for as North Sea’s future looks bright

But behind the headlines it is far from being all doom and gloom. Despite continuing falls in production over the last three to four years, the North Sea energy industry is attracting interest from big and small players alike.

Industry commentators believe there is still hope the oil fields can provide a positive outlook, on the back of consistently high oil prices and the success of the most recent round of offshore licensing.

Scotsman

Oilcast #15 – Saudi & Mexican fields ‘in decline’

* New statements from Don Coxe says Saudi & Mexican fields peaked
* Petro Caribe comes into force – details
* Russia moves to limit investment
* BP report 2Q 05 non-Russian production flat
* Prices await inventory draw or build
* Cindy outs major offshore terminal

OilCast

Leadership on Energy Use ‘Will Curb High Oil Prices’

Mr Mandil, who is a participant in the G8 summit at Gleneagles, Scotland, said that if asked he would raise the issue in a discussion about high oil prices and climate change. Financial Times

Saudis Say OPEC Will Not Meet Projected Oil Demand in 10-15 Years

OPEC, the Organisation of the Petroleum Exporting Countries, will be unable to meet projected western oil demand in 10 to 15 years, Saudi officials have warned. At today’s prices, the world will need the cartel to boost its production from 30m to 50m barrels a day by 2020 to meet rapidly rising demand, according to […]

Indonesia in Grip of Oil Crisis

INDONESIA is facing a shortage of fuel as world oil prices reach an all-time high while it is struggling to pay for oil imports. The police were ordered yesterday to secure petrol stations across the vast archipelago in anticipation of potential unrest in the light of the shortages. In several cities people queued for hours […]

Green Energy Will Never Meet Needs, Says Exxon

ExxonMobil has dismissed solar and wind energy as “inconsequential” and urges politicians to concentrate on sources that would continue to provide 99% of future energy needs. Lee Raymond, the chairman and chief executive, also argues that areas such as the Arctic National Wildlife Refuge in Alaska should be opened to exploratory drilling. His comments – […]

Wind Farms Pitch Plan to Addresss Bird Deaths

JoeGreene writes: Wind farm operators in the Altamont Pass are offering to shut down half of their electricity-producing windmills during the winter to reduce bird deaths and to replace them all with more modern machines within 13 years. But the proposal, which Alameda County officials will consider Thursday, comes with strings attached. The offer is […]

Bush Urges G8 to Lead Shift from Oil and Gas

President Bush urged leaders ahead of a G8 summit on Wednesday to spearhead a worldwide effort to invest in alternatives to oil and gas to help control global warming. Speaking hours before the start of the G8 meeting in Scotland, Bush put forward economic arguments that might help bridge gaping U.S. differences with the other […]

Beijing to Invest $100b in Iran Oil, Gas Sectors in 25 Years

China has announced that its investment in IranTehran Times

Higher OPEC Output Not to Control Global Oil Price

Mohammad Khatibi Tabatabaii added that under the current circumstances increasing OPEC output by 500,000 barrels per day cannot control prices. The official stated that some experts predicted that the world will hit its peak oil production in the 21st century and current estimates show that the world is really producing as much crude as it […]

Asia Seeks Alternatives to Oil Power as Prices Soar

From bananas to wind farms, alcohol and the sun, the search for alternative energy sources has taken on a new urgency as oil prices hit record levels. Ideas once seen as the preserve of fringe environmental groups are getting more attention, but flicking most switches in cars, homes or industries in Asia still means tapping […]

U.S. Stocks Fall as Oil Prices Surge to Record; Darden Declines

U.S. stocks fell as oil prices breached $61 a barrel for the first time, stoking concern that higher energy costs may curb corporate profits and consumer spending. Restaurant chains such as Darden Restaurants Inc. and IHOP Corp. slumped after a Raymond James analyst said rising gasoline prices may cut into their customers’ dining budgets. “The […]

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