Peak Oil Review — June 23rd, 2008

1. Production and Prices

2. Jeddah

3. Nigeria

4. The Offshore Drilling Panacea

5. China Raises Prices

6. Energy Briefs

1. Production and Prices

In another volatile week, oil prices reacted sharply to breaking news, but ended the week just about where they started. Oil rose slightly on Monday after the UN Secretary General revealed that Saudi Arabia would announce only a 200,000 b/d production increase rather than the 500,000 b/d that had been widely discussed. A fire on a North Sea platform and a weaker dollar briefly sent oil prices to a new high of $139.98 but they soon receded to below $134.[…]

2. Jeddah

The meeting on Sunday was called by the Saudis in an attempt to defuse a mounting worldwide backlash against rapidly increasing oil prices. Many believe that Saudi and other OPEC members unwillingness to increase production is the cause of high gasoline prices, hence bills have been introduced in the US Congress to cut arms sales to the Kingdom or at least haul them into court for price fixing.[…]

International Business Times