Goldman Sachs: Oil prices to stay high for years

Investment bank sees crude entering a ’super spike’ phase LONDON – Oil prices, which hit record levels this summer, have entered a “super spike” phase that could last for four more years as global demand booms and supply growth slows, Goldman Sachs analysts said on Tuesday. “We disagree with what appears to be a growing […]

Canada harnesses power of tides

The one thing that every schoolchild learns about the Bay of Fundy is that it has the highest tides in the world. The North Atlantic waters are funnelled up this deep inlet between the Canadian provinces of New Brunswick and Nova Scotia, swirling through the narrowest parts of the bay with impressive speed and power. […]

ConocoPhillips to buy Burlington Resources

Deal valued at $35.6 billion seen a bet that natural-gas prices will stay high HOUSTON – ConocoPhillips Co. announced plans to acquire oil and gas producer Burlington Resources Inc. for $35.6 billion, in a deal illustrating the surge in both the price and industry demand for natural gas. The deal announced by the Houston-based companies […]

World oil demand growth to pick up next year: IEA

The growth of world demand for oil will be slightly less than expected this year, the IEA said citing warm weather but it upgraded its outlook for demand growth in 2006. The IEA said that global demand for oil in 2005 would total 83.4 million barrels per day, rising to 85.2 million barrels per day […]

The Saudi Miracle

Saudi Arabia was able to rapidly ramp up oil production in the 1970s to meet global demand. This was particularly important given that US production peaked in 1971-72 and then began a gradual downtrend. The Saudis picked up the slack. The fact that Saudi Arabia was able to increase its production by a factor of […]

Iran Supports Russia

Iran supports RussiaIn June, India signed a deal worth $22 billion which foresees Tehran supplying 5 million tons of liquefied natural gas annually over a 25-year period from 2009 and also a memorandum of cooperation on the construction of a multi-billion-dollar gas pipeline from Iran through Pakistan. The 2,600-kilometer (1,600-mile) link is expected to cost […]

The German wind power experience

E.ON Netz serves a population of 20 million people living in 40 percent of the Germany’s land area. It runs 32,500 kilometers of high voltage power lines, and is responsible for integrating 7,000 megawatts of wind power, nearly half of that installed in all Germany, which has more wind power installed than any other country, […]

Energy costs deter outside investors

MPs have received evidence that soaring energy costs are discouraging multi-national companies from investing in the UK. In a report due for release today, the Commons trade and industry committee will call for industrial and chemical companies to be given the right to breach emissions limits if they are forced to switch fuels in the […]

Brussels: Use of renewable energy in Europe behind target

Use of renewable energy in Europe lags behind target with just ten percent of the EU’s energy mix expected to come from renewable sources by 2010, missing a forecast of 12 percent, the European Commission said last Wednesday, Deutsche-Presse-Agentur (dpa) reported. Outlining European Union plans to boost the use of renewable energy from forestry, agriculture […]

Oil output, profits prop up Sudan economy

Sudan’s economy is set to expand 13.4 percent next year, from an expected 8.3 percent in 2005, amid higher oil output and profits, the International Monetary Fund said on Monday…The global lender said the government believed the best approach was to gradually increase the fuel price, likely starting at the end of 2005 or in […]

Even in An Oil Boom, Saudi Arabia Still Seeks to Diversify Its Economy

The ultimate oil state is seeking to shift its economy away from oil. Saudi Arabia may be experiencing its third oil boom in three decades but it is also undergoing an economic revolution that its rich but nervous leaders hope will finally insulate it from the oil producer’s curse: the next price collapse. The Saudi […]

Energy hungry India keen to explore, have access to oil rich sources

Oil Minister Mani Shankar Aiyer said on Tuesday that New Delhi is keen to explore and access oil-rich Central Asia, Iran, Myanmar along with countries like Indonesia, Australia and Qatar, to fulfill supplies for energy-hungry India. Speaking at a conference on Asian Energy Security in the Indian capital, Aiyar said that though a heavy financial […]

UK manufacturers bear the brunt of rising energy costs

Britain’s hard-pressed manufacturers were squeezed even harder last month as their costs surged but competition forced output prices down. ..Consumers are being protected from the full force of the rise in energy prices because industry cannot pass on the extra costs. The Times Online

China urges Kazakhstan, Russia, to export oil to Asia

Russia and Kazakhstan should export more oil to Asia in the interests of the region’s energy security, a Chinese official said at the Russian-Chinese-Kazakh oil forum in Beijing, reported Interfax. Meeting demand for oil in Asia, primarily by adjacent sources contributes to Asia’s oil security, said Zhou Dadi, head of the Chinese state development and […]

Planning for a Future not Dependent on Oil

Last week, I filled my trusty Honda’s gas tank and happily noted the fall in gas prices eclipsed the 9.5-cent state gas tax I voted to keep. But after a couple of days listening to energy experts, economists and investors talk about something called “peak oil,” I fear a $2.16-a-gallon price is only a temporary […]

Oil Prices Expected to Soar to Feed Global Appetite

While many private forecasters already had concluded that the era of cheap oil was over — with some warning that the era of peak oil is not far away — the energy agency had been perennially optimistic that oil would stay plentiful and inexpensive. Its stand was increasingly dubious, however, in light of recent developments […]

Former U.S. Official May Head Russia Oil Firm

Donald Evans, a former U.S. commerce secretary, may become chairman of Russian state oil company Rosneft ahead of its initial public offering, the Kommersant business daily reported on Tuesday. It quoted sources close to the situation as saying Evans met a number of top Russian officials during a trip to Moscow last week, including President […]

EIA Report Shows OPEC Producing 36.9 Mln B/D by 2010

The U.S. Energy Information Administration, in its annual energy outlook, sees OPEC increasing oil production to 36.9 million barrels per day by 2010, which is slightly higher than its forecast last year of 35.8 million barrels per day. In a news briefing Monday, the head of the energy statistics agency noted that the number reflects […]

Energy Industry Seen Ripe for Mergers

News that ConocoPhillips is buying Burlington Resources Inc. for $35.6 billion has raised speculation that the energy industry is on the brink of another bout of mergers – with a twist. Unlike the feverish M&A activity of a few years ago that spawned double-barreled behemoths like Exxon Mobil Corp. and ConocoPhillips itself, industry analysts say […]

More hydropower and coal to fuel plants

The Energy Ministry plans to increase the proportion of hydropower and coal used to generate electricity by at least 50% of total fuel demand over the next 15 years. Viset Choopiban, the energy minister, said Thailand would seek further co-operation with neighbouring countries, such as Laos and Burma, to speed up the development of hydropower […]

Iraq bullish on oil goals

Iraq has declared its intention to reach an elusive milestone next year — a return to the oil production levels before the invasion. Oil Minister Ibrahim Bahr Al Uloum, attending a meeting of Opec in Kuwait, pledged to raise Iraq’s crude oil flows to three million barrels per day by the end of 2006. Trade […]

India’s energy demand by 2020 will rise by 2.5 times

India’s demand for commercial energy in 2020 is expected to increase by about 2.5 times from the present level, Non-Conventional Energy Development Corporation of Andhra Pradesh (NEDCAP) Vice-Chairman and Managing Director Lingaraj Phanigrahi said today. Addressing the press in connection with Energy Conservation Week scheduled here from December 14, he said the demand projections placed/installed […]

Obasanjo warns of energy crisis

Nigerian President Olusegun Obasanjo has urged African governments to prioritise the use of renewable energy sources, warning that the continent will soon run out of energy. ..Obasanjo said there was need for governments to initiate reforms and create the environment for the exploration of other sources of energy. He said Africa requires adequate and diverse […]

Kuwait may open up to foreign oil groups

Kuwait said on Monday it would not be able to meet its oil production goals without the help of international energy companies, raising the prospect that the oil majors could get access to its oilfields almost 30 years after the industry was nationalised. Sheikh Ahmad Fahad Al-Sabah, the emirate’s energy minister, on Monday said: “For […]

Vietnam may cut crude oil, coal export

Vietnam’s Ministry of Planning and Investment has proposed the government reduce crude oil and coal exports in the 2006-2010 period, aiming to ensure sufficient supply of the materials for domestic industries. According to the proposal, Vietnam’s crude oil export will drop to 18.5 million tons in 2006 and 15.6 million tons in 2010 from estimated […]

Bush urged to use WTO to break up OPEC oil cartel

A U.S. senator on Monday urged President George W. Bush to get tough with OPEC after the cartel threatened to cut its crude oil production next year if oil prices fall. …Democratic Sen. Frank Lautenberg of New Jersey said such price-fixing export quotas are illegal under the World Trade Organization. He said Bush should work […]

OPEC shaves oil output

OPEC paved the way for a cut in oil supplies early next year with an agreement on Monday that aims to pull cartel production back within its official limits.

OPEC, provider of a third of the world’s oil, retained its official 28 million barrels per day ceiling to keep consumer nations supplied through the winter. But it said it would rein in excess output to prepare for slacker demand in spring.

Reuters

Gov’t Report: $50-Plus Oil Here to Stay

WASHINGTON – Oil prices are projected to remain well above $50 a barrel for years to come, resulting in a greater shift to more fuel efficient cars and alternative energy sources, according to an analysis released Monday by the Energy Department. The analysis reflected a sharp change from the department’s projections a year ago when […]

Loss of refining capacity

Crews fighting the ferocious blaze still raging at a Hertfordshire oil depot have put out fires in 10 of some 20 fuel tanks that were affected.
Meanwhile, a huge plume of smoke continues to billow from the site, spreading out across southern England.

Explosions and fire at the Buncefield depot, near Hemel Hempstead, early on Sunday injured 42 people.

Deputy Prime Minister John Prescott has told the Commons the government would provide support and assistance.

Article from the BBC

Hundreds succumb to Teheran Smog

More than 1,600 people have been taken to hospitals in Tehran as pollution in the Iranian capital reaches critical levels, health officials have said. Hospitals have reported increased cases of heart attacks and breathing problems, while many residents are complaining of fatigue and headaches. Public offices and schools have been closed in an attempt to […]

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