[dissident]

So, this bank will just lose business to the many other banks that will finance these operations. Next.

[Graeme]

Less cause to panic about oil running out

$this->bbcode_second_pass_quote('', 'F')or nearly 50 years we have been familiar with the concept of “peak oil”. The phrase was coined by the Shell geoscientist M King Hubbert, who accurately predicted that the US would hit its highest levels of oil production by the early 1970s, and decline thereafter.

Predicting the precise point at which the global extraction of oil will reach the top of its bell-curve has proved more difficult, partly because the size of untapped reserves must be classed as a “known unknown”.

But now a remarkable study says a strong chance exists that the worldwide demand for oil will peak by 2020 – and that this will most likely occur before any constraints on supply begin to make themselves felt. This startling conclusion has been reached after careful examination of the most recent academic and professional thinking on population, technology and public policy trends. The study was led by Ricardo Strategic Consulting in collaboration with Kevin J Lindemer and with industry-wide participation.

A key component of our overall conclusion is the assessment that the future contribution to oil demand growth from China, the world’s fastest-expanding market, will be less substantial than is generally anticipated. This outcome will arise because of China’s drive to limit its dependency on imported energy – particularly oil – and owing to the impact of the country’s demographic time-bomb on its economic growth.

[ohanian]

There is no reason to panic about the high price of oil in the future any more than there is reason to panic about the date of your own death. Both shall occur. Both will come to pass. The question is not what to do when the time comes but what did you do before the time comes.

[ralfy]

The energy returns from biofuels are not sufficient. And then there's also Brazil, Russia, India, and emerging markets.

[Pops]

$this->bbcode_second_pass_quote('Graeme', 'T')he study was led by Ricardo Strategic Consulting in collaboration

[davep]

$this->bbcode_second_pass_quote('', 'T')he first will only happen if we remove passenger safety equipment (cage and air bag equipment) to lighten the car.

[AdTheNad]

$this->bbcode_second_pass_quote('pstarr', 'S')o-called "1st Gen" biofuels" means corn ethanol and palm oil, both failures at this point.

[dissident]

$this->bbcode_second_pass_quote('AdTheNad', '')$this->bbcode_second_pass_quote('pstarr', 'S')o-called "1st Gen" biofuels" means corn ethanol and palm oil, both failures at this point.

[SeaGypsy]

EROEI on palm oil, very different equation to corn. Once mature, palm oil does not require replanting for decades, it is also harvested mostly by hand. On the other side, corn is grown mostly on ex grasslands, far less loss of biodiversity. Where is that cellulosic ethanol already?

[eXpat]

I hope you didn´t get used to $83 a barrel.
OPEC expects lower oil output in July
$this->bbcode_second_pass_quote('', '(')Reuters) - OPEC members will reduce the group's output to adhere to its 30 million barrels per day (bpd) output ceiling and the effects should be seen in July, OPEC Secretary-General Abdullah al-Badri told a news briefing on Friday.

The Organization of the Petroleum Exporting Countries agreed at a meeting in Vienna on Thursday to maintain the 30 million bpd production ceiling. Badri said that would entail curbing actual supplies by 1.6 million bpd.

"We overproduced by 1.6 (million barrels per day) now we decide to take out the 1.6 and stay with the 30 million," he said. "Everybody will respect that."

"Maybe this will start sometime in July. You need some time," he added.

OPEC did not issue individual member quotas as part of the 30 million bpd production agreement, which it adopted at its last meeting in December.

[SeaGypsy]

Here we go again, whoohooo! New price low & high just in time to heat the oil price race right up! Right on time too, wonder if Pops could be bothered doing up a graphic of the last 3 years and this superimposed? Anyone who doubts the game is rigged and the cycle is deliberate manipulation doesn't get the game. How many more cycles before the wheels fall off?

[Plantagenet]

$this->bbcode_second_pass_quote('Graeme', '[')b]German Bank Won’t Finance Arctic Ocean Drilling, Saying The ‘Risks And Costs Are Simply Too High’
The bank’s new eight-point policy on offshore drilling lays out specific criteria for the projects and companies that are eligible for financing — excluding any exploration or production activities in areas where the average temperature for the warmest month is below 10°C (50° F).

[Pops]

Pretty interesting.

This goes to the idea that we'll never burn all the oil.

And further, as the long global expansion turns to a global contraction, the owners will be less likely to gamble on the long shot.

[Plantagenet]

Germany doesn't even have an offshore oil-drilling industry, much less any territorial waters in the Arctic. When it comes to Arctic ocean oil drilling, its completely irrelevant what any bank in Germany says or does----. AND these are the same German bankers that up until a few years ago stupidly thought lending Greece and Spain hundreds of billions of dollars was a sure-fire thing--- .

The countries that do border the Arctic and have competence in drilling offshore are moving into the Arctic right now----Norway is drilling farther and farther north off its coast, Shell is drilling right now in the Arctic Ocean off Alaska, and Russian is quite busy on its side of the Arctic Ocean. Canada has had a thriving oil patch off Newfoundland for years. Denmark and Greenland don't have an offshore oil industry, but they are doing a lot of mineral exploration (a friend has just returned from working there) and oil will surely follow.

If you want more info on this, the latest ECONOMIST magazine just arrived----it has a special section on Arctic Ocean development, including oil development.


This weeks economist has a special section on Arctic region development--If anyone is interested in this topic---check out the ECONOMIST this week.

[Pops]

$this->bbcode_second_pass_quote('Plantagenet', 'W')hen it comes to Arctic ocean oil drilling, its completely irrelevant what any bank in Germany says or does----.

[PrestonSturges]

No fear! Romney's neocon advsers have that plan for a war that will give us free oil.

This time for sure!

[Graeme]

World oil supply up but spare capacity tight: EIA

$this->bbcode_second_pass_quote('', 'W')orld oil inventories have risen over the past two months, aided by increased output from Iraq and Libya, but spare production capacity remains tight, the U.S. government said on Tuesday.

Global fuels output exceeded consumption by an average of 1 million barrels per day in May and June, helping to push oil inventories higher and prices lower, the Energy Information Administration said in a report, obtained by Reuters ahead of its publication.

The EIA report is required every 60 days under the Iran sanctions law signed by President Barack Obama late last year that called for restricting Iran's ability to sell its crude oil on world markets.

The EIA estimated that world spare production capacity grew in the last two months to 2.4 million bpd, up from 2.1 million bpd in the previous two months.

The EIA warned, however, that spare world oil capacity was less than 3 percent of total world consumption, making it a factor as U.S. imposes sanctions and the European Union embargoes Iranian oil shipments from July 1.

"Spare capacity in May and June is still quite modest by historical standards, especially when measured as a percentage of global oil production and consumption," the EIA said.

[Lore]

Peddling faster, standing still comes to mind.