OPEC: U.S. recession fears cloud oil demand outlook

Mounting concerns over a U.S. recession have obscured the demand outlook for OPEC’s oil this year, the producer group said on Tuesday, adding that high prices could inflict further pain on consumers. OPEC, in its monthly oil market report, estimated world economies will grow by 4.7 percent in 2008, down from 5.3 percent the previous […]

Oil peak fears are false, study says

An authoritative study published last week suggests that perceptions of a quickly approaching peak of oil production are based on incorrect assumptions. Cambridge Energy Research Associates (CERA), an international energy adviser based in Cambridge, Massachusetts, conducted a field-by-field analysis of the production characteristics of 811 separate oilfields. It concluded the aggregate oil production decline from […]

PETROL SHORTAGES AFFECT KIRIBATI PUBLIC TRANSPORT

A fuel shortage in Kiribati has resulted in public transport being taken off the road. The main fuel supplier, Kiribati Oil Company, ran out of fuel at the weekend which forced bus company owners to send their workers home. Acting CEO, Taouea Teaeki, says they’re having to control the supply of fuel to both businesses […]

Saudi Arabia remains China’s top crude supplier

Saudi Arabia consolidated its place as China’s top crude oil supplier in 2007 after its exports growth outpaced that of nearest rival Angola, data from the General Administration of Customs showed Tuesday. The Middle Eastern kingdom is now likely to pull further ahead, as it chases a target of exporting 1 million barrels of crude […]

World Oil Demand to Reach 118 Mmbpd by 2030: UAE Minister

A senior energy official of the United Arab Emirates (UAE) said on Monday that the world’s oil demand will reach 118 million barrels per day (bpd) by 2030, the official Emirates News Agency reported. The forecast was made by the UAE Energy Minister Mohammed bin Dhaen Al Hamli in his keynote speech at the World […]

China, Japan and World Food Insecurity

Yuki Takagi, who heads the Agriculture, Forestry and Fisheries Finance Corp., was in charge of feed grain at the Ministry of Agriculture, Forestry and Fisheries at the time. Looking back on the crisis, he said: “Prices for livestock feed doubled.” According to Takagi, grain stockpiles around the world have dropped to those same levels of […]

MPs’ warning on biofuels angers Brussels

The EU yesterday denounced a House of Commons report calling for a moratorium on the increased use of biofuels and made plain it would stick to mandatory targets for the use of biofuels in transport when it unveils a climate change package today.Yesterday’s report from the Commons environmental audit committee warned that biofuels were too […]

Nigeria warns on oil contracts

Nigeria has warned energy companies it wants to complete its planned renegotiation of contracts covering offshore oilfields in the next three months, saying record prices mean western groups are having “a ball”. It is the first time Nigeria has come up with a timeframe for renegotiating the complex agreements, which the government signalled it would […]

Israel: Eilot Region pins energy hopes on solar collectors

The Eilot region, at the southeastern edge of Israel, is likely to become the first part of the country, along with the city of Eilat, that is not dependent on polluting energy resources. Instead of oil- or coal-fired power plants, the region’s electricity will be produced from clean, renewable sources – first and foremost, the […]

Prince saves his energy in dramatic appearance at climate conference

Sheikh Mohamed bin Zayed Al Nahyan, crown prince of Abu Dhabi, said the small emirate, which controls 10% of the world’s oil reserves, intended to become the world’s leading funder and researcher of renewable energy. “The evidence is now overwhelming that our responsibility must be balanced by a duty to find new sources of energy […]

High-level EU activity in nuclear power underpins uranium projects

Currently active on an interesting uranium project in Hungary, WildHorse Energy (WHE) notes that “with rising concern about global warming and the need to reduce CO2 emissions, many countries in the European Union (EU) are considering introducing nuclear power to their energy mix, or increasing its share of their energy sources. Security of supply is […]

E. Coli: the source of the ‘next biofuel’

Scientists have genetically engineered E. coli that is highly efficient in producing butanol, a promising new type of biofuel. This new technology could speed up the development of butanol biofuels into a cost-effective alternative to ethanol.“It [butanol] has many attractive properties,” says Jim McMillan, manager of biorefining process R&D at the National Renewable Energy Laboratory’s […]

Europe, Cutting Biofuel Subsidies, Redirects Aid to Stress Greenest Options

Governments in Europe and elsewhere have begun rolling back generous, across-the-board subsidies for biofuels, acknowledging that the environmental benefits of these fuels have often been overstated. Ronald Steenblik, research director of the Global Subsidies Initiative in Geneva: “You can’t look at a bottle of ethanol and tell how it’s produced, whether it’s sustainable. You have […]

Environment damage of rich countries on poor

A study has revealed the extent to which poorer countries are trampled by the huge environmental footprints of the rich. The environmental damage caused by rich nations disproportionately impacts poor nations and costs them almost Meanwhile, the effect of poor on rich nations, such as Britain, is less than a third of the impact that […]

Flood warnings as Britain is divided by the weather

People across the north of England and the Midlands were braced for renewed flooding yesterday as rising river levels prompted the evacuation of houses, the closure of roads and severe disruption to rail travel. Forecasters are predicting more rain for the next two days and a continuation of the bizarre climactic conditions that have seen […]

UK: Public borrowing smashes forecasts to hit record high

George Soros, the veteran investor, summed up the views of many in the market in an interview with Der Standard newspaper, warning that the US and Europe were threatened by recession, and President Bush’s package of measures was unlikely to help. The situation in the financial markets was “much more serious than any financial crisis” […]

Pre-emptive nuclear strike a key option, Nato told

The west must be ready to resort to a pre-emptive nuclear attack to try to halt the “imminent” spread of nuclear and other weapons of mass destruction, according to a radical manifesto for a new Nato by five of the west’s most senior military officers and strategists. Calling for root-and-branch reform of Nato and a […]

Eco-risks loom as arctic oil activity grows

OSLO (Reuters) – Exploitation of the Arctic’s huge oil and gas wealth poses a growing danger to an icy wilderness that can recover only slowly from heavy oil spills, a report by the eight-nation Arctic Council said on Monday. “Oil spills can kill large numbers of animals by covering them in oil, and create long-term […]

An Oil Giant’s Green Dream

If you filled your tank with gasoline today, or warmed your home with natural gas, there’s a decent chance you sent some money to Abu Dhabi. The capital of the United Arab Emirates (UAE) is blessed with fossil fuels, including the fourth-biggest reserves of oil in the world. Selling that petroleum at record prices has […]

Nigerians demand taxes at gunpoint

LAGOS, Nigeria, Jan. 21 (UPI) — Norway’s largest oil company paid its Nigerian tax bill at gunpoint, a company spokesman said on Monday. StatoilHydro’s Nigerian taxes had been in dispute over real estate estimates and payroll concerns in Lagos, where the company’s Nigerian headquarters are located. Armed police and tax officials, however, appeared at the […]

Iraq makes good on Kurd oil blacklist

BAGHDAD, Jan. 21 Iraq’s Oil Ministry has reportedly cut current and will block future deals as part of a blacklist of firms that have signed oil contracts with the Kurd region. Companies will not be able to purchase Iraqi oil or bid on upcoming projects in Iraq’s oil and gas sector if they have signed […]

Brazil’s state oil company, Petrobras says it discovered giant gas reserve

SAO PAULO, Brazil: Brazil’s state oil company said Monday it has discovered a huge natural gas reserve off the coast of Rio de Janeiro that could be as big as the recently discovered giant Tupi oil field. Petroleo Brasileiro SA’s said in a press release posted on its Web site that the potential reserves in […]

Venezuela boosts oil investment

State oil company Petroleos de Venezuela SA will spend $15.6 billion on oil-related investments this year, a 56 percent increase over last year, the country’s oil minister said Monday. Oil Minister Rafael Ramirez said the higher investment is aimed at helping PDVSA meet its goal of increasing crude output to 5.8 million barrels a day […]

Why is the Fed is worried about inflation?

Also: How come profits for oil refiners are falling? Why is the Fed worried about inflation when typically it is caused by too few goods being chased by too many dollars. Isn’t the problem now is that inflation is tied to the rise in energy costs And, yes, higher energy costs are a big cause […]

Mexico oil output, exports wane in 2007

MEXICO CITY, Jan 21 (Reuters) – Storm disruption and the decline of a major oil field left Mexico’s crude oil output and export volumes lower in 2007, although soaring global oil prices ensured record foreign oil sales. December data from state-owned oil monopoly Pemex on Monday showed crude exports fell sharply to 1.496 million barrels […]

CERA

Last week the Wall Street Journal ran an article on Cambridge Energy Research Associates Any credible projection of future oil supplies must be based, CERA suggests,

Arabian Oil Tsar to President Bush: ‘Get Lost’

After pleading with King Abdullah to pump more oil and ease gas prices, “get lost” was the answer President Bush received on his historic visit to Saudi Arabia. “Presidents and kings have every right to comment or ask or say whatever they want,” but we will not do it, the Saudi oil minister, Ali Naimi, […]

Questions Congress Needs to Ask Before Authorizing Bush’s Saudi Arms Deal

…Early in 2007 with the price of oil hovering about $50/bbl, Saudi Arabia as the leader of OPEC, organized a production cut of 1.7 million barrels a day from OPEC’s production quotas. Since then the price of oil has escalated by 100% touching $100/bbl just some two weeks ago. Such an increase in price is […]

Bush

Unless you read The Oil Drum, a web site dedicated to the discussion of Of all the world

Venezuela says no need for OPEC to up output

CARACAS (Reuters) – Venezuela does not believe OPEC needs to increase output to tame high oil prices despite pressure from consumer nations, especially the United States, oil minister Rafael Ramirez told reporters on Monday. c The position of Venezuela, a price hawk in OPEC, reinforced the resistance that group members have offered in the face […]

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