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Emerging Market Oil Use Exceeds U.S. as Prices Rise
Mark Shenk, 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 4.4 percent, according to the International Energy Agency in Paris. U.S. demand will contract 2 percent to 20.38 million barrels daily, the IEA says.
Economic growth of more than 8 percent in China and India, coupled with increasing car ownership among the countries’ combined populations of 2.45 billion people, will more than compensate for falling U.S. demand. Oil use worldwide will increase 2 percent this year because of growth in emerging markets, the Paris-based IEA says.
“Does the U.S. matter anymore?” said Mike Wittner, head of oil research at Societe Generale SA in London.
(21 April 2008)
Contributor Scott Chisholm Lamont writes:
Finally, some recognition that US demand is not the driving factor behind current or prospective oil prices.
Oil Markets, Conservation And Climate Policy (video)
Scott Nance, Energy Policy TV
42m 27s
Washington, DC – Kevin Book, Senior Vice President, Senior Analyst, FBR Capital Markets Corporation
Book is interviewed about oil markets and rising petroleum prices, the role of energy
policy, as well as developments in US climate policy.
Related content found at:
www.fbrcapitalmarkets.com/
(16 April 2008)
One of the better interviews I’ve heard from an analyst. Says that peak oil is “too early to call.” -BA
Nigeria’s oil output could fall by a third, says report
Matthew Green, BusinessDay (Nigeria)
Nigeria risks losing a third of its oil output by 2015 unless it finds ways to boost investment in joint ventures with foreign energy companies, an internal report by President Umaru Yar’Adua’s energy advisers warns.
The progess report, seen by the Financial Times, highlights the government’s need to find ways to finance the oil industry in the country. It comes after an internal memo from the Shell Petroleum Development Company late last year that said funding problems could put the existence of the company’s joint venture with the Nigerian government at risk. The fresh warning could add to supply fears that have pushed oil prices to fresh records this week and saw prices reach a record $114.95 a barrel yesterday.
(16 April 2008)
Submitted by driller.
Angola oil declines in 2014, state oil company
Reuters
Angola’s state-owned oil company Sonangol is expected to reach 2 million barrels per day output later this year, maintaining production to 2014 before tapering off, a senior official said on Tuesday.
… “We are doing our best to maintain our plateau of 2 million barrels, probably until 2014. Our production profile does indicate normal decline (after 2014) which we will be fulfilling with our exploration programme,” Abilio said.
(18 March 2008)
Contributor driller writes:
Tony Eriksen posted a graphic depletion curve on
TOD DrumBeat
