Russia ambitious to become oil superpower

Russia is reaping the economic benefits of sky-high world oil prices, but appears uncertain how to translate its energy riches into lasting international political influence. Russia’s leaders seem in little doubt that, in an era of $60 a barrel oil, they command more attention on the world stage than at any time since the break-up […]

Petrokaz takeover may face Kazakhstan opposition

Chinese state oil firm CNPC may face Kazakh government opposition to its planned $4.2 billion takeover of Canada’s PetroKazakhstan, possibly over ownership of the Central Asian nation’s largest refinery, industry sources said. The Kazakh government has declined to comment on the sale of PetroKaz, whose operations are based in the Central Asian state, and sources […]

The Oil Drum: Gulf Oil Production/Katrina Weather/Map Update

This whole Katrina thing could be a really big deal, not just because New Orleans is a prime target under the current models for Katrina, but she could also disrupt Gulf supplies of petroleum, both from rigs and from refineries, for a while. The first graphic is probability swath for Katrina with the recently damaged […]

Fuel Shortage to Hit Sydney Flights

Domestic and international flights into Sydney are expected to be disrupted due to a jet fuel shortage. The oil companies that supply fuel to Sydney airport – including BP, Caltex, Shell and Mobil – say they have found that a significant amount is “off specification”, or does not comply with standards.ABC News (Australia)

Oil Analysts, Once Shunned, Now Sought for Predictions

A prophet has no honor in his own country, but that is no longer the case with oil analysts, who have received unusual attention in recent months as the price of crude spirals to new highs. “This all goes in cycles,” said Daniel Yergin, the president of Cambridge Energy Research Associates, an oil consulting firm, […]

Globalization’s First Oil Shock – Stephen Roach

This is the first oil shock in the modern era of globalization. That means its impacts are likely to be compounded by the cross-border linkages that shape the global trade cycle. In todaySteve Roach Weekly Commentary

High Oil Prices Not Related to Supply

We’re conditioned by history to think that any time oil prices go up it must be because there’s some kind of shortage, an embargo or other “supply shock.” That was certainly the story of the 1970s. But it’s just not that way now. Today oil is just like any other commodity. When economic growth makes […]

Hurricane Katrina and Thunder Horse

Here’s a map of the location of Thunder Horse. Here’s the predicted map of Hurricane Katrina…it’s about as close as it was for Hurricane Dennis…and that turned Thunder Horse over about 20-30 degrees…More after the jump at The Oil Drum.

Energy strategy laid out State trying to fight global warming, greenhouse gases.

State regulators approved a far-reaching road map Thursday for California’s energy future that tries to fight global warming by limiting greenhouse-gas emissions. The plan, approved by the California Public Utilities Commission, represents the state’s latest attempt to balance economic growth with increasingly urgent environmental concerns. SFGate

Tensions Rise Over Fuel Prices

The American Trucking Assns. (ATA) yesterday issued a statement pointing out that numerous reports of budget woes felt by school districts across the nation mirror that of trucking fleets. “We are now at a critical point for the industry in terms of fuel prices,” ATA chief economist Bob Costello said. “The industry was coping with […]

Poor Africans hit hard by rising world oil prices

Africans are struggling to cope with stubbornly high global oil prices which are forcing many to walk long distances to work or schools, go hungry as food prices skyrocket, and depend on candles to light their homes. Crude oil prices surged to a record $68 a barrel this week on supply concerns, raising fears of […]

China

 China’s apparent oil demand climbed 3.0 percent in July, the highest rate in four months but still well below full-year forecasts after surprisingly strong summer power output curbed the need for oil-fuelled generators. Net imports of products slipped as domestic refineries, constrained by retail price caps on diesel and gasoline that prevent them passing global […]

Russia, China building own security arc – weekly

Washington’s persistent desire to establish itself in the Caspian region, which the United States views as an important region, is obvious. When Russia was weak in 1990s and early 2000s, the U.S. strengthened its hand there and is now planning to complement its deployment in Central Asia (Afghanistan) with a stronghold in the South Caucasus. […]

Iran thrives on the neo-con dream

Anyone who still believes that the US neo-conservatives who led the drive to war in Iraq are diabolically clever, geostrategic masterminds should now consider Iran’s vastly improved position vis-a-vis its US-occupied neighbor. Not only did Washington knock off Tehran’s arch-foe, Saddam Hussein, as well as the anti-Iranian Taliban in Afghanistan, but, with the near completion […]

Japan has no plans to tap strategic oil reserves, says minister

Japan has no plans to draw on its strategic oil reserves in response to the latest spike in crude prices, despite the country’s high reliance on energy imports, the government said. ‘We have not yet come to a situation where we need to draw down on our stocks,’ Economy, Trade and Industry Minister Shoichi Nakagawa […]

Nigeria set for crude oil auction

Nigeria is expected to announce the winners of dozens of new oil exploration contracts on Friday. Hundreds of oil firms from Asia, the US and Europe are taking part in Nigeria’s first fully open oil rights auction.

Montana’s governor eyes coal to solve U.S. fuel costs

HELENA, Montana (Reuters) – Montana’s governor wants to solve America’s rising energy costs using a technology discovered in Germany 80 years ago that converts coal into gasoline, diesel and aviation fuel. The Fischer-Tropsch technology, discovered by German researchers in 1923 and later used by the Nazis to convert coal into wartime fuels, was not economical […]

Russia looks for way to become an oil superpower

Russia is reaping the economic benefits of sky-high world oil prices, but appears uncertain how to translate its energy riches into lasting international political influence. Russia’s leaders seem in little doubt that, in an era of $60 a barrel oil, they command more attention on the world stage than at any time since the break-up […]

The Oil Drum: The Chinese don’t think oil is fungible

This only works when there is more oil available than there is a need for. And until we see more demand destruction than we have so far one must conclude that this historical situation is coming to an end. As depletion continues to carve away at the oil available from existing fields, and as new […]

Andrew McNamara on Queensland’s Oil Vulnerability Task Force

Queensland Australia Parliament member Andrew McNamara speaks about the world’s first known study of a region’s vulnerability to energy shortages due to global oil peak. GlobalPublicMedia

U.S. is oil-shockproof — for now

The good news: Consumers and businesses are adapting to higher oil prices. But for how much longer? NEW YORK (CNN/Money) – A new week, a new record: the stubborn surge in oil prices hasn’t shaken the U.S. economy — yet. But economists and other experts expect that the months to come will challenge the ability […]

Soaring pump prices…the bright side

These readers are cutting back and making other changes…but the news isn’t all bad. NEW YORK (CNN/Money) – When CNN/Money asked readers how rising gas prices are affecting them, our in-box was flooded with stories of budget cutting, initiating gas-saving strategies, switching cars…and even jobs. But quite a few people wrote in to tell us […]

Blast hits oil well in Iraq’s Kirkuk field

BAGHDAD (Reuters) – Insurgents sabotaged an exporting oil well in Iraq on Friday, stepping up pressure on the U.S.-backed government struggling to steer Iraq through a political crisis over a draft constitution. In an all too familiar scene in a country with the world’s third largest oil reserves, flames threatened to halt output from the […]

Lock in winter fuel price? Not this year

Dealers are shunning contracts that stabilize heat-fuel prices. NEW YORK (CNN/Money) – People who have gotten used to locking in prices in the summer for home-heating fuel will have to devise other saving strategies this year. With fuel prices on the rise, dealers are saying no way to the fixed and capped-price programs that have […]

Chavez seeks influence with oil diplomacy

MEXICO CITY A generous offer, but not a surprising one. Chavez has been traveling the hemisphere offering preferential oil deals, barters, and loans to leftist and left-of-center governments. In the past 30 days, the leader of the world’s fifth-largest oil exporting country, has inked deals with Argentina, Brazil, Uruguay, and Paraguay. Thirteen Caribbean nations signed […]

Washington to be sued over global warming

In a landmark judgment, a court in California has allowed a coalition of environmental groups to sue the US government over global warming – the first time a court has recognised the potentially disastrous impact of climate change. A judge in San Francisco gave permission for the two groups, along with four US cities, to […]

Gas Station Workers Face Angry Customers

It’s a scene gas station workers say is becoming increasingly common and frightening: Customers angry over gas prices nearing $3 a gallon storm in and decide to take it out on the employees. “They just yell and scream,” said Selam Berhe, assistant manager at a Dallas Tetco station. “They think it’s only us that are […]

China : African continent is conquered again

This week senior African officials are in Beijing to discuss China’s large trade surpluses, but countries with oil to sell to energy-hungry China have few complaints. The Nigerian National Petroleum Corporation agreed last month to sell 30,000 barrels of crude a day to China. PetroChina International submitted bids for two oil blocks in the 2005 […]

Sudan Oil & Gas Summit to take place in London by november

Following consultation and partnership agreements with the Sudanese Ministry of Energy & Oil and Ministry of Investment, the Sudan Development Program is proud to announce the official Sudan Oil & Gas Summit, to take place in London in November 2005. The Minister of Energy & Oil, Alshreef Omar Badr wishes to bring the international oil […]

Fuel, power price hikes hit shoe exporters

Global branded footwear makers might think twice before relocating their plants from China to Indonesia due to the government’s recent decision to increase fuel and electricity prices. The Indonesian Footwear Association (Aprisindo) said on Thursday that since the United States and Europe issued an anti-dumping policy against Chinese products recently, global shoe companies have been […]

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