Era of cheap oil over, says Kuwait official
“Prices will never [again] go under the $40 per barrel mark,” Hani Hussain, Kuwait Petroleum Corp’s chief executive, told Gulf News in an interview yesterday.
Indonesia’s crude output falls to 34-year low in February
Indonesia’s crude oil production fell to 942,000 barrels per day (bpd) in February due to technical problems on several wells, an industry source said yesterday.
Audio: Andrew Nikiforuk on High Noon for Fossil Fuels
Enagaging series that examines the wealth generated from fossil fuels in Alberta, how Canadians are consuming and exporting these natural resources, and what Canada’s energy future holds
George, the axe and the cherry tree
Oil energy (gasoline and diesel) can be likened to the fruit of a cherry tree that bears but once in our tiny lifetimes.
The Militarisation Of Oil
Oil prices spiked to record levels last week, propelled by a rally in petrol prices and a cold snap in the northern hemisphere, against the backdrop of a tight balance between supply and demand. Yes, that’s right, basic “supply/demand,” not “political turbulence in the Middle East.”
Oil Demand Rises More Than Expected, Straining Supply, IEA Says
Oil demand this year will rise faster than expected because of cold weather and growing economies in the U.S. and China, straining the ability of producers to keep pace, the International Energy Agency said.
Opec has no capacity to lift quotas, says Algeria
Opec does not have the oil production capacity to enable it to lift supply quotas at next week’s meeting in Iran, Algeria’s Energy Minister said yesterday.
Middle East: Demand for power and water to go up
Demand for power and water in the Middle East is expected to skyrocket over the next ten years as rapid economic development, construction and tourism place an increased burden on the region’s infrastructure, experts averred.
US report acknowledges peak-oil threat
The Hirsch report on “peak oil” is unprecedented in US government circles. It is not just the existence of the report itself that is such a landmark in the current oil debate. Its conclusions also pull no punches.
IMF ‘wants more spare Opec oil’
London : The International Monetary Fund will recommend that Opec more than double its spare capacity to cushion the oil market against shocks, the Financial Times reported yesterday.
Commodity Prices Climb to 24-Year High on Global Demand Growth
Commodity prices surged to a 24-year high, led by gains in copper and crude oil, on concern that global economic growth is eroding inventories of raw materials faster than supplies can be replenished.
US bullish in 2005 oil price forecast
The US Deptartment of Energy raised its outlook for oil prices this year to nearly $50 a barrel. This time last year, it predicted a price of only $29.40 in the forecast for 2005.
