Experts say production only one factor in rising oil prices

CAIRO, Egypt: Would oil prices really fall if Saudi Arabia and other OPEC countries raised their production as President George W. Bush proposed Tuesday? Some questions and answers about prices at the pump: ___ Q: Saudi Arabia has the world’s largest oil reserves. But how much can it really ramp up production in the short-term?A: […]

OPEC’s Total Crude Oil Output Rose to 32 Million Barrels Per Day in December

The members of the Organization of Petroleum Exporting Countries (OPEC) produced an average 32.03 million barrels per day (b/d) of crude oil in December, according to a Platts survey of OPEC and oil industry officials January 14. This is up from November’s rate of 31.65 million b/d. Production from OPEC’s ten members bound by crude […]

French Finance Min Says Crude Has Led Inflation, Eyes Oil Companies

PARIS (Dow Jones)–French inflation, which rose 2.6% on the year in December according to the country’s statistics office, was largely driven by oil prices, Finance Minister Christine Lagarde said Tuesday, who promised to keep a close eye on a price pledge by oil companies. The latest inflation statistics “essentially reflect the influence of the recent […]

Big Push Against Warming

A Grass-Roots Teaching Effort Has Snowballed Across The U.S. Into A Massive Program About Climate Change At Month’s End Students in Missouri will truck in 15 tons of coal. Wesleyan will serve a “sustainable” dinner, while kids at the Laureate Elementary School in San Luis Obispo, Calif., are using worms to compost the remains of […]

Total, Suez, Areva to build two nuclear plants in Abu Dhabi

French nuclear giant Areva, oil company Total and utility group Suez have reached agreement on plans to build two next generation nuclear power plants in Abu Dhabi, Total said Monday. A Total spokeswoman said the two plants would be based on the third-generation system developed by Areva, the world’s largest nuclear power group. A statement […]

2007 Second Warmest Year On Record

With the record for 2007 now complete, it is clear that temperatures around the world are continuing their upward climb. The global average in 2007 was 14.73 degrees Celsius (58.5 degrees Fahrenheit) Looking at the northern hemisphere alone, 2007 temperatures averaged 15.04 degrees Celsius (59.1 degrees Fahrenheit)

Turkmenistan learns a lesson

…We are, I suspect, entering a time of sobering reality, where transient breaks in gas supplies will transition from the odd week without for remote villages in Iran, to larger outages in more visible parts of the world. Turkey Which is why, in part, I suspect, that while the number of rigs drilling for oil […]

Alberta crude may be too dirty, U.S. law says

Alberta’s oil sands are taking a hit from new U.S. energy legislation passed last month that has an unusual wrinkle suggesting that Canadian crude might be too dirty for the U.S. government. The legislation won’t allow any U.S. federal agencies to buy vehicle fuel derived from non-conventional sources unless the life cycle of its greenhouse-gas […]

Wholesale prices rose by 6.3 percent in 2007

WASHINGTON – Wholesale inflation last year shot up by the largest amount in 26 years while retailers suffered their worst December shopping season in five years as mounting economic woes caused consumers to put away their wallets. The Labor Department reported that wholesale inflation was up 6.3 percent for all of 2007, reflecting a huge […]

Southern China Shuts Power Capacity on Coal Shortage

Jan. 15 (Bloomberg) — China has shut down more than 6 percent of the power generating capacity in its southern provinces because of a coal shortage, with the region bracing for the worst electricity shortage in at least five years. Guangxi has shut 2.3 gigawatts, Guizhou 4.2 gigawatts and Yunnan 3.8 gigawatts, Xiao Peng, vice […]

The Growing Power of Petro-Islam

In Saudi Arabia, Bush encounters a force more powerful than democracy. …None of this would have happened had it not been for the petro-dollar. The Saudis would have stayed obscure Bedouins and Wahhabism little more than a cult. But because of their oil wealth, the Saudis were able to spread Wahhabism’s seed worldwide, making it […]

Russian oil only for Russia

For the first time in the modern history of Russia the export of crude mineral oil has dropped. The production is on the contrary growing, which is the evidence of larger amount of oil processed inside of the country. It seems to be comforting at first: selling gasoline abroad instead of crude oil is much […]

Stunning Trends & Developments in Energy

While we did not see triple digit crude oil prices in the futures market last year we remain optimistic the energy sector will perform well in 2008. Growing global energy demands will continue to present challenges to the market. Several graphics we ran across last month illustrate the major issues in the energy sector. The […]

Iraq blames coalition helicopter for refinery fire

BAGHDAD, Jan 15 (Reuters) – Iraq said a helicopter from the U.S.-led coalition caused a blaze on Tuesday that shut the major Shuaiba refinery near the southern oil hub of Basra. A spokesman for the British military denied any coalition helicopters had been involved in the incident, which took place around dawn. A source at […]

Panel: Increase gas tax to fix roadways

WASHINGTON (AP) — A special commission is urging the government to raise federal gasoline taxes by as much as 40 cents per gallon over five years as part of a sweeping overhaul designed to ease traffic congestion and repair the nation’s decaying bridges and roads. The two-year study being released Tuesday by the National Surface […]

Saudi oil minister rebuffs White House

Prominent OPEC nation says it won’t increase oil output unless market requires it; statement comes after Bush urges cartel to boost supply. RIYADH, Saudi Arabia (AP) — Saudi Arabia will raise oil production only when the market justifies it, the kingdom’s oil minister said Tuesday, in response to President Bush’s request that OPEC nations increase […]

Europe May Ban Imports of Some Biofuel Crops

In a sign of growing concern about the impact of supposedly “green” policies, European Union officials will propose a ban on imports of certain biofuels, according to a draft law to be unveiled next week. If approved by European governments, the law would prohibit the importation of fuels derived from crops grown on certain kinds […]

Tiny Car, Tough Questions

What happens when the laudable, currently fashionable movement to improve the environment comes directly into conflict with the equally laudable, equally fashionable movement to improve the lives of the poor? By its very existence, the Nano embodies this dilemma. Though the Indian-made car will remain out of reach for the poorest, it’s an obvious boon […]

British birds face potential eco-disaster

Familiar British bird species will be driven hundreds of miles further north by the end of the century because of the “potentially disastrous” impact of global warming, according to a new book. If man-made climate change persists at the present rate, eight species including the Scottish crossbill, the snow bunting, pintail and osprey may face […]

Indonesia to Switch 10 Pct Petroleum to Biofuel

Indonesia plans to substitute around 10 percent of its fossil fuel transport consumption with biofuel products by 2010, a senior government official said on Monday. The resource-rich tropical nation has been pushing the use of biofuels made from various resources such as palm oil, sugar cane and cassava to cut the use of costly petroleum […]

India: Left opposes hike in petroleum product prices

The Left on Monday opposed any increase in fuel prices and asked the government to remove the ad valorem surcharges on petroleum products. “There is no question of imposing additional burden on the people till the ad valorem surcharges on the petroleum product is removed,” CPI politburo member Sitaram Yechury told media.“If this extra earning […]

China: Energy demand may decrease as economy slows

China’s economic growth may start to slow in the second quarter this year, leading to a decrease in energy demand. As a result Chinese energy companies should keep a close eye on the market to maintain a stable energy supply, an official from the national energy watchdog said in an interview with China Daily. Zhou […]

Global Oil shortage is looming large…

A multitude of world issues are converging and manifest themselves around future fossil fuel, energy resources, carbon dioxide, oxygen depletion, including water and mineral depletion. All combined alternative energy sources have limited energy potential to fulfill the needs of an existing and expanding world population.Analysts said the current depletion rate of Saudi Aramco fields, has […]

2007: Norwegian oil production drops – Gas production up

As expected, oil production was somewhat lower in 2007 than in the previous year, while gas production has increased. This is shown by figures from the Norwegian Petroleum Directorate. The report says 32 exploration wells were spudded in 2007, up from 26 in 2006. Twelve new discoveries were made, most of which appear to be […]

Bush Urges OPEC to Raise Oil Output to Help U.S. Economy

U.S. President George W. Bush, on his first visit to Saudi Arabia, urged the Organization of Petroleum Exporting Countries to pump more oil in an effort to lower crude prices that remain near record levels. “I would hope that as OPEC considers different production levels they would understand that if their biggest consumer economy suffers […]

UK: Food prices are accelerating at their fastest rate since records began

…Food prices are not the only costs being driven higher by international economic turbulence. Crude oil recently passed the $100 mark, which has led to soaring fuel prices in Britain. Aviation fuel rose by 11.6 per cent last year. Petrol products rose by 20.5 per cent, the highest since 2000, the year of national fuel […]

The Spillover Effect of $100 Oil

Rising oil itself can’t cause a recession, but it affects the price of virtually everything consumers purchase U.S. consumers are hurting. Amid the housing crisis, a weakening job market, and spiraling inflation, consumers are facing the toughest economic climate in more than 15 years. With crude oil prices hitting the once-unthinkable $100 milestone on Jan. […]

Greenland opens to oil firms; melting ice unlocks reserves

HOUSTON (Dow Jones/AP) – Rising temperatures are giving Greenland the opportunity to tap into billions of barrels of oil and gas trapped under ice. Greenland, a self-governed province of Denmark that’s roughly the size of Saudi Arabia, plans to auction off rights to crude-oil and natural-gas reserves officials believe will become feasible to exploit once […]

DUBAI (Reuters) Iran is using open credit lines settled in euros to finance fuel imports after some international banks stopped guaranteeing its deals due to US pressure, an oil industry source said yesterday. French banks BNP Paribas and Calyon stopped offering letters of credit (LCs) last year for oil sales to Iran because of political […]

Eni loses grip of Kazakh oilfield

Eni, the Italian oil company, is to lose operating control of the giant Kashagan oilfield, the crown jewel of its upstream portfolio, as Kazakhstan asserts greater control over the troubled oil development. The settlement between an Eni-led oil consortium and Kazakhstan over production delays and ballooning costs at Kashagan, finalised on Sunday night, allows Eni […]

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