Oil prices too high, production sufficient – IEA

ROME (Thomson Financial) – Oil prices at their current level are too high for everyone, the head of the International Energy (otcbb: IENI.OB – news – people ) Agency (IEA), Nobuo Tanaka, said on Monday. At the same time, output from oil producing countries is sufficient, Tanaka added. ‘The IEA’s view is that the prices […]

Emerging Market Oil Use Exceeds U.S. as Prices Rise

(Bloomberg) — Traffic jams in Beijing and humming air conditioners in Dubai are replacing U.S. highways and suburbs as the driver of global oil prices. China, India, Russia and the Middle East for the first time will consume more crude oil than the U.S., burning 20.67 million barrels a day this year, an increase of […]

China’s thirst for oil isn’t being quenched by Albertan crude

Despite Asia’s insatiable thirst for oil, the prospects for oil exports from Alberta to the Far East are growing more remote by the day, a leading China expert said in Calgary last week. “It looks like we’re in hibernation. We’re ignoring the dragon,” said Dr. Wenran Jiang, director of the University of Alberta’s China Institute, […]

Greenpeace wants moratorium on palm oil expansion in Indonesia

Greenpeace called for a moratorium Monday on the expansion of palm oil plantations in Indonesia’s rainforests and peat-lands, warning that soaring world demand is creating an environmental crisis. It said a two-year investigation into the health of the country’s rainforests and peat-lands showed “wholesale” destruction driven by demand from food, cosmetic and biofuel companies.“Given the […]

Shell shuts some Nigeria output, force majeure on Bonny

LONDON (Reuters) – Royal Dutch Shell said on Monday it was forced to shut 169,000 barrels of Bonny Light crude oil production in Nigeria for repair work following sabotage to a pipeline last week. Shell has declared force majeure on Bonny Light exports. “It will become effective as of April 22 and it will remain […]

Oil running out as prime energy source: world poll

WASHINGTON (Reuters) – Most people believe oil is running out and governments need to find another fuel, but Americans are alone in thinking their leaders are out of touch with reality on this issue, an international poll said on Sunday. On average, 70 percent of respondents in 15 countries and the Palestinian territories said they […]

Russia starts to pay price for its energy strategy

Russian oil output in 2003 was increasing at such a swift pace even Saudi Arabia worried about upstart energy companies – including Yukos and Sibneft – then posting production gains of more than 20 per cent. But from 2004 the Moscow government changed its tax regime and began to take over privately held assets, including […]

Why flowers have lost their scent

Pollution is dulling the scent of flowers and impeding some of the most basic processes of nature, disrupting insect life and imperilling food supplies, a new study suggests. The potentially hugely significant research The researchers

Saudis put oil capacity rise on hold

Saudi Arabia, the world The realisation Saudi Arabia will not increase production to 15m barrels a day as quickly as important consumers and the markets had assumed could put further pressure on oil prices, which touched fresh records last week. New York benchmark futures reached a record of slightly less than $117 a barrel last […]

Oil majors forced to accept tough terms

ROME (Reuters) – From Iraq to Ecuador, international oil companies have swallowed their pride and agreed to contract terms they would have walked away from a few years ago. Oil prices have risen more than five-fold since 2002, emboldening OPEC and non-OPEC energy producers alike to demand a greater share of record revenues and tighten […]

Oil prices to head even higher says Opec chief

The secretary-general of Opec said yesterday that oil prices could rise even higher than the present record level of $117 a barrel. Speaking at the start of the biannual conference between oil-producing and consumer countries in Rome, Abdullah al-Badri said that factors other than supply and demand, particularly the weakness of the US dollar, were […]

Oil soars to record above $117

LONDON (Reuters) – Crude oil prices surged above $117, setting a new record high on Monday because of worries of supply disruptions from major producers and comments by OPEC reiterating there is no need to raise output. U.S. light crude struck a record high of $117.40 a barrel. It was trading 27 cents higher at […]

Japan oil tanker attacked off Yemen

TOKYO – An unidentified ship fired on a Japanese oil tanker Monday off the eastern coast of Yemen, leaving a hole from which hundreds of gallons of fuel leaked, the ship’s operator said. No one was injured. The 150,000-ton tanker Takayama was attacked about 270 miles off the coast of Aden in southwestern Yemen while […]

Peak oil theory: The Indian response

It will be better for India to start planning for a time when oil will be in limited quantity and prices far above the current level. Crude oil prices have made a record each day during the third week of April, reaching a high of $ 117 per barrel. Since 2004, crude oil prices have […]

UK: The fuel panic begins

MOTORISTS laid siege to Scotland’s forecourts yesterday, stockpiling against a feared fuel shortage as the country’s only oil refinery continued a phased shutdown in the face of strike action. With ministers warning against panic, a snapshot survey of garages by The Scotsman found 5am queues at the pumps, sales increases of up to 50 per […]

The boom is over in Detroit. But now India has its own motor city

The car industry in the region around Pune, Maharashtra, is growing apace as manufacturers see the potential for the Indian market to overtake China. The tiny Mahadev Temple is beginning to look out of place on its hill above the village of Chakan, 30km from the Indian city of Pune. Just a few years ago, […]

UK: Petrol panic looms as protesters threaten blockade, strike closes major refi

Fears were growing last night that Britain could lurch towards another fuel crisis. As forecourt prices hit record levels and oil went above $117 a barrel, campaigners said they were secretly planning a series of blockades in an attempt to bring the country to its knees. Angered by the Government’s planned 2p rise in fuel […]

UK: New school run charges for high-C02 cars

Parents are to be charged up to But despite their unpopularity, the charges – which will be piloted by Richmond council, in London, in September – are expected to be rolled out by local authorities across the country. Telegraph

UK: Fuel strike ‘will bleed pumps dry’

SCOTLAND is set to be hit by crippling fuel shortages within days after plans for a strike at the country’s biggest oil refinery led to it being shut down for safety reasons. Motorists could find petrol and diesel supplies beginning to dry up as early as Friday, the company which owns the giant Grangemouth plant […]

Saudi Aramco Says New Oil Field, Khursaniyah, Starts Production

(Bloomberg) — Saudi Arabia has started production at the Khursaniyah field that will eventually pump 500,000 barrels a day, the head of state-run oil company Saudi Aramco said. The new field on the east coast “has already started,” Saudi Aramco Chief Executive Officer Abdallah Jum’ah said in Rome today, where he is attending the International […]

Canada: Carbon tax won’t park drivers

A carbon tax likely won’t persuade people to conserve gas, according to new figures from Statistics Canada that show the rising price of oil hasn’t compelled drivers to cut their consumption. Nationally, gas prices rose 7.9% between March 2007 and March 2008, but Canadians spent 11.3% more at the pumps last year compared to 2006, […]

Apocalypse now

Mention the concepts permaculture, global warming, environmental education and the peak oil crisis five years ago and the reaction would have been a glazed-eyed vacant expression. Say it today and you can expect dire Apocalyptic predictions about impending doom and gloom with parts of Al Gore But these trendy catchwords aren

Sticker Shock in the Organic Aisles

…Organic prices are rising for many of the same reasons affecting conventional food prices: higher fuel costs, rising demand and a tight supply of the grains needed for animal feed and bakery items. In fact, demand for organic wheat, soybeans and corn is so great that farmers are receiving unheard-of prices. But people who have […]

Shell, Exxon Face Higher Costs on Carbon Limits

(Bloomberg) — Royal Dutch Shell Plc, Exxon Mobil Corp. and the rest of the oil industry may face higher costs to exploit Canada’s tar sands, the biggest deposit outside of Saudi Arabia, because of efforts to rein in climate change. A Canadian mandate to bury carbon dioxide emitted during the process of extracting the oil […]

Energy producers in driving seat at Rome talks

ROME – Consumer countries and international oil firms keen to gain greater access to the world’s energy resources are likely to walk away empty-handed from talks with producer nations in Rome. Record high oil, which struck $117 a barrel on Friday, has helped to drive up the profits of oil majors, but it has also […]

Is this the end for cheap airline fares?

Kiss goodbye the era of $34 airfares to the East Coast from Chicago, and $200 fares to Europe. The U.S. airline industry is undergoing a radical makeover and the first casualty, observers say, is the ultralow pricing that has sent Americans to the skies in record numbers but left carriers fighting to stay in business. […]

The Big Thirst

Oil prices rose above $116 a barrel last week, setting another record for the world

Review: Reinventing Collapse by Dmitry Orlov

… In comparing the two superpowers as two ideologically different sides of the same flawed empire coin, Orlov confirms the premise that empires fall and the US would fall particularly hard and perhaps quite soon. He takes on the task of breaking it to American readers that the very successes that made them so rich […]

No Need for Further Saudi Oil Capacity Expansion

ROME, 20 April 2008 Long-term future energy demand forecasts have fallen sharply, he said in the interview given to the weekly on April 11, casting doubt on the need for more Saudi oil. Demand forecasts have fallen as low as 106 million bpd in 2030, down from previous estimates as high as 130 million bpd. […]

Russian oil drop may be inflating prices

The International Energy Agency has hinted that a 1 per cent drop in Russian output in the first quarter of 2008 is contributing to record oil prices. This is the first time in ten years that Russian production will have fallen. Analysts say the fall may be anomalous, due simply to high taxes and inadequate […]

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