Iraq: Oil well fire out of control
SABOTEURS have set fire to four oil wells in Iraq’s northern fields.
Successive explosions had rocked the four wells in Khabbaza, 20km northwest of Kirkuk, the state-run Northern Oil Co said today.
Needed: three 1-billion-barrel oil banks
It’s too early to celebrate the recent decline in oil prices after they topped $55 a barrel. None of the reasons that created the price spike — the strong thirst for crude in China and India, the dismemberment of the Russian oil giant Yukos, the terror strikes against oil facilities in the Middle East — has gone away.
Russia: OIL COMPANIES CUT DRILLING VOLUMES
Russian oil companies are less interested in unexplored deposits and are not drilling new wells.
Russia’s oil and gold reserves close to exhaustion
Russia’s economic gold reserves will be exhausted in 2011, Natural Resources Minister Yury Trutnev said at a government meeting. According to Mr Trutnev, commercially exploitable reserves of some minerals are close to exhaustion. In particular, he said the country’s exploitable reserves of oil, uranium, copper and vein gold would be exhausted in 2015.
Readers Respond: How Do We Prepare for a World Without Cheap Oil?
Readers of Prof. Jim Heskett’s column respond to the question of how to prepare for a world without cheap oil. Contributors range from environmentalists to CEOs to analysts.
China Barrels Ahead in Oil Market
China, the world’s second-largest consumer of oil after the United States, has plenty of cash to secure sources of petroleum and natural gas. But as aggressively as any nation, it is also cutting deals and forging alliances to get the energy it needs.
US$ Health Warning! Will devaluation help energy transition?
And one thing is sure: if the US$ falls fast and far against the Euro, ¥en and likely not the Yuan then oil exporters will have little or no choice but to fully switch to Euro pricing… This will be very bad news to the US economy but could be good news for the rest of the world’s economy, especially on the front of Peak Oil and structural undersupply of world oil markets.
China Barrels Ahead in Oil Market
China, the world’s second-largest consumer of oil after the United States, has plenty of cash to secure sources of petroleum and natural gas. But as aggressively as any nation, it is also cutting deals and forging alliances to get the energy it needs.
Heating stock shortage could renew oil rally
Low heating fuel stocks in all major consuming regions could reverse oil’s slide from record highs, as refiners struggle to build a supply cushion for peak winter demand.
Russian Oil Prospects
Recent news about the situation in the Russian oil sector has been largely confined to two or three major oil companies. The Yukos saga has dominated, but there are other trends in the Russian oil sector that influence the country’s economy.
Alaska’s tundra now releasing carbon dioxide
A new study from the Pew Center on Global Climate change says the Arctic tundra is no longer absorbing carbon dioxide, but it rather releasing it.
World’s tanker fleet is ‘close to 100 percent utilization’
A lack of spare oil tankers and an increase in OPEC production are driving shipping rates to records, said Morten Arntzen, CEO of Overseas Shipholding Group, the largest U.S.-based oil tanker owner.
