High prices trim US oil consumption

A healthy world economy is keeping up global demand for oil but the US has seen growth of less than 1% this year so far while its economy is expected to grow by 4%, it said. “High oil-product retail prices and comparatively low natural gas prices will act as a drag on demand through [to] the end of the year,” said the IEA in its latest review.

guardian.co.uk

Saudi to Increase Production to 12 Million Barrels a Day by 2009

Khaleej Times – Saudi Arabia is planning to increase its production of crude oil to 12 million barrels per day by the end of 2009, the Saudi News Agency reported on Tuesday. The president of oil company Aramco Abdallah Jomaa was quoted by the agency as saying that the increase is expected to compensate for […]

Aging Oil Wells Hold a Treasure Trove, Report Finds

Canada.com – A $1-trillion Canadian oil and gas bonanza awaits production in aging western wells, says a new energy treasure map drawn by industry and government experts. The astronomical added wealth can be reaped chiefly in Alberta by investing $12 billion to $15 billion over the next 15 years to tap leftovers of standard methods […]

Russia to Further Restrict Foreign Oil Groups

FT.com – A senior Russian minister on Tuesday proposed tightening restrictions on foreign oil companies and increasing the number of oil and gas fields which the government defines as strategic, in a sign of increasingly nationalistic policy towards energy resources. Speaking at an international economic forum in St Petersburg, Yuri Trutnev, natural resources minister, said […]

New World Financial System Without Dominating Currencies

Russian Deputy Prime Minister Dmitry Medvedev, who is often viewed as one of President PutinMosNews.com lutherquick’s comments: Maybe this looks like small news, but this idea works in parallel to selling energy in any currency, not just dollars… Like this short article eludes, dominating currencies are a problem… And I will add that a dominant […]

The Oil Drum: Gazprom and the G8

As the G8 finance ministers have been discussing the state-of-the-world, prior to the meeting of the principals in mid-July, our friends at Gazprom seem to be adding a little more sand to the gears of international diplomacy. The first problem that arises is, as has been noted by several of us over the past year, […]

Hurricane Season Has Many Speculating

While the final industry picture still remains to be determined, the anxiety and the likelihood of an active hurricane season have many speculating on higher oil and gas prices as our energy infrastructure along the Gulf remains vulnerable. Onshore exploration, development and production increases will help to offset potential disruptions along the coast as the nation prepares for a volatile summer. One thing is certain; this season will be one of the closest watched storm seasons to date.

NaturalGasStrocks.com

Where Now For Oil?

…Traditionally, Saudi Arabia has always helped out in times of crisis by increasing its production. However, some observers think that the country’s reserves are lower than the Saudis claim — over-production during previous crises may have damaged the quality of the wells. Matthew Simmons, a Texan banker, expounded this argument in his book, Twilight In […]

Spiralling petrol & local community planning

“The veneer on our society is as thin as the next oil delivery.” Reuters, 7th June 2006 – “Alan Greenspan, the former Federal Reserve chairman, offered a grim view on Wednesday of the world’s rising high crude oil prices, saying he was skeptical that oil producers could pump enough crude to meet future demand.” Bill […]

Officials ponder Northwest’s energy future

PORTLAND, Ore. (AP) — Learning to live with less oil is one of the keys to the energy future of the Pacific Northwest, business and government leaders say. World oil production will eventually peak and sharply decline, according to a 2005 report to the U.S. Department of Energy. Metro — the regional government agency that […]

Should you relax as energy prices dip?

It’s not unusual for plant managers to suffer from a severe case of amnesia as soon as energy prices begin to fall. In his monthly Energy Expert column, Peter Ganforth explains why it’s so important to remain diligent in cutting energy costs even as prices dip. Last year, we saw natural gas prices hit record […]

Commods investors shrug off market drop as correction

HONG KONG (Reuters) – Large money managers, echoing comments by the International Monetary Fund, are shrugging off a recent drop in commodities prices as a short-term blip and predicting gold prices will soar to $1,500 an ounce. … Speakers at the Commodity Investment World Asia conference in Hong Kong on Tuesday cited supply constraints and […]

Norwegian oil firm claims 100 million barrels in Northern Iraq

OSLO (AFP) – Independent Norwegian oil firm DNO has said that tests in its Tawke oil field in Kurdish northern Iraq indicated reserves of about 100 million barrels. Last year, DNO reached an agreement with local Kurdish authorities to drill in the region, and in April said it had struck oil and would perform more […]

Iraq resumes oil exports through Turkey

ANKARA, Turkey – Oil exports from Iraq’s northern fields have resumed more than four months after insurgents sabotaged twin pipelines carrying Iraqi crude to Turkey, oil officials said Tuesday. Iraq began pumping oil on Saturday and it is currently pumping around 21,000 barrels a day Iraq briefly resumed pumping crude via the pipeline twice in […]

Global oil demand growth withstands high prices: IEA

LONDON (Reuters) – A healthy world economy is underpinning oil demand growth, but high prices are slowing consumption in the United States — the world’s biggest fuel burner, the International Energy Agency said on Tuesday. The energy adviser to 26 industrialized countries also said output constraints in Nigeria and Iraq had deflated OPEC’s spare capacity […]

Why gasoline prices could ease soon

Demand for oil has dropped, sending its price lower. Another factor: an expected slowing in the economy. NEW YORK Oil markets started to factor in some of these supply-and-demand dynamics last week: The price of crude oil fell below $70 a barrel on Thursday. (By Friday, however, it had inched back above $71 a barrel, […]

Inflation hits 2.2 percent in May

LONDON (AFP) – 12-month inflation rose to 2.2 percent in May from 2.0 percent in April, lifted by soaring domestic energy bills and rising motor fuel prices, official data showed. May’s figure breached the Bank of England’s government-set target of 2.0 percent — and was the highest reading since October 2005 when it stood at […]

Energy shapes new Gulf security architecture

The relevance of the Gulf region as a major supplier is further reinforced because alternative energy sources are inadequately developed to significantly replace hydrocarbon energy sources. The latter remains the main source of energy fuelling our civilisation and progress, and no major or sudden shift to other forms of alternative energy is anticipated in the […]

Climate change a bigger security threat than terrorism, says report

The government’s obsession with the “war on terror” is counterproductive and distracting politicians from more fundamental threats to global security, a leading UK thinktank warns today. The most likely causes of future conflict are climate change, competition for natural resources, social and economic marginalisation and militarisation, it says. The independent Oxford Research Group says in […]

India: Left holds countrywide protests against fuel price hike

Left parties along with affiliated trade unions Tuesday took out marches and held public meetings in protest against the fuel price hike, affecting normal life in some parts of the country.The government last week increased the prices of petrol by Rs.4 per litre and of diesel by Rs.2 per litre to cut the losses of […]

Doubling of Danish export of energy know how within 10 years

The Danish companies within energy equipment and know-how have more than doubled their sales since 1996 and last year export surpassed EUR 5 billion. According to The Confederation of Danish Industries (DI) this feat may be repeated over the next 10 years. “The ambition is once again to at least double the export before 2015. […]

Energy price increase is good news for China

China’s recent wave of domestic energy price increases is very positive both for the nation’s economy and for relations with the major net oil-importing industrial economies. The latest, a 10 per cent retail price increase three weeks ago for refined oil products, was the seventh since 2005, and came just three weeks after I predicted […]

Chevron CEO doesn’t see oil crisis looming

Chevron CEO David O’Reilly being interviewed:“The worst-case doomsday scenario is highly unlikely. The world has a lot of hydrocarbon resources. Coal is a plentiful resource in the United States, where we have more reserves than any other nation. “People who think that peak oil will occur are just looking at conventional oil. You have to […]

Behind the spin, the oil giants are more dangerous than ever

The green rebranding of Shell and BP is a fraud. Far from switching to biofuels, it’s drilling and devastation as usualFor a company that claims to have moved “beyond petroleum”, BP has managed to spill an awful lot of it on to the tundra in Alaska. Last week, after the news was leaked to journalists, […]

Increased Asian oil drilling fails to slow demand

Asia’s expanded oil drilling, spurred by record prices, has failed to increase supplies and ease the region’s growing reliance on the Middle East, Fereidun Fesharaki, chief executive officer at the oil consultancy Facts, said Monday at the Asia Oil & Gas Conference. Asia’s annual oil demand may grow as much as 800,000 barrels a day, […]

‘Three-nos’ call to help save energy

No cars, no lifts and no air conditioning. These are the three “nos” the State Council has told civil servants to go without today, as part of an ongoing week-long national energy-saving drive. “All of us are urged to leave our cars at home on Tuesday,” said Zhou Qing, a spokesman with the National Development […]

Nanomix Receives Additional Patent in Hydrogen Energy Storage

Nanomix Incorporated, a leading nanoelectronic detection company commercializing high-value diagnostic and monitoring applications, today announced that it was issued an additional U.S. patent. The new patent is related to hydrogen storage technology and follows five earlier patents issued to Nanomix in this field. Efficient, safe, high-density hydrogen storage is critical to realizing the promise of […]

A Warning to Africa: The New U.S. Imperial Grand Strategy

…Perhaps the clearest ordering of U.S. strategic objectives has been provided by Robert J. Art, professor of international relations at Brandeis and a research associate of the Olin Institute, in A Grand Strategy for America. “A grand strategy,” he writes, “tells a nation’s leaders what goals they should aim for and how best they can […]

China considers ethanol to supplant oil, coal

China is considering a change in energy policy to encourage the wider use of ethanol in a bid to allievate the nation’s worsening air pollution, the website of Financial Times reported on Monday. The Chinese government policymakers may set a target by the end of this year for the share of ethanol in the nation’s […]

The world’s first biogas train in operation in Sweden

After a few months delay, the world’s first biogas-powered passenger train is finally in formal operation in Southeast coast of Sweden. According to report from Swedish Daily and Swedish Biogas who owns the train, the successful operation of the biogas train shows that there will be no electricity needed and the cost will be eventually […]

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