A weekly round-up including:
- Prices and production
- China

" />
Building a world of
resilient communities.

MAIN LIST

 

Peak oil notes - July 23

Prices and production

So far this week, oil has hovered around $65 dollars a barrel with very little news to move prices in either direction. The equity markets have been steady despite generally falling corporate earnings which, when they beat Wall Street estimates, are being interpreted as signs of economic recovery. The weekly stocks report showed US crude falling by 1.8 million barrels largely due to lower imports on the West coast. Gasoline, distillate, and propane stocks all increased, leaving the total US commercial inventories 1.9 million barrels higher for the week. As usual, distillate and jet fuel demand are down by 11 and nearly 14 percent respectively. Gasoline consumption over the last four-week period was up by 0.7 percent over last year, but then again gas prices are down by $1.60 a gallon as compared with July 2008.

Nigeria’s petroleum minister noted that the country’s production was down to 1.4 million b/d vs. a planned 2.2 million. Shell announced that it was resuming 65,000-70,000 b/d of production from a 115,000 b/d shallow offshore field that was shut down by militant attacks three years ago. Despite the current ceasefire, the militants promptly announced that they will attack the field again if production is restored.

China

Premier Wen announced that Beijing is going to use its $2.1 trillion in foreign exchange reserves to buy foreign assets. This is the first time that China has officially announced that it is government policy to directly support its large state-owned corporations by purchasing offshore assets.
China’s purchase of non-financial assets reached $40.7 billion last year, up from $143 million in 2002. Oil and other natural resource assets are expected to be at the top of Beijing’s shopping list.
The move is in response to China’s concerns over the possibility that US deficits will eventually lead to devaluation of the US dollar.

Editorial Notes: ASPO-USA writes: Register Now for the 2009 ASPO International Conference; Denver CO, Oct 11-13 and save $100. Early registration ends Aug 6, 2009 http://www.aspousa.org/2009denver/ -SO

What do you think? Leave a comment below.

Sign up for regular Resilience bulletins direct to your email.

Take action!  

Make connections via our GROUPS page.
Start your own projects. See our RESOURCES page.
Help build resilience. DONATE NOW.


The Changing Face of World Oil Markets

My conclusion is that hundred-dollar oil is here to stay.

IEA Oil Market Forecast: Optimistic Assumptions And An Economy Unable To Grow Out Of Its Problems

The International Energy Authority does does its best to paint a rosy …

Energy Crunch: Global debate heats up

News that last month was the world’s hottest June on record provided …

Divest! - Then What?

Divestment is one of the great campaigns of our times.But the question then …

World Oil Production at 3/31/2014-Where are We Headed?

The standard way to make forecasts of almost anything is to look at recent …

Peak oil notes - July 24

A midweek update. New York crude futures have traded in a narrow range …

Onshore Wind Power Is Now Cheapest Form Of New Electricity In Denmark

A new analysis from the government of Denmark found that wind power is by …