Click on the headline (link) for the full text.
Many more articles are available through the Energy Bulletin homepage
Middle East risks fuel oil crunch period, says IEA
Justin Smith, Business Intelleigence Middle East & agencies
The International Energy Agency yesterday warned that the Middle East runs the risk of becoming a net importer of fuel oil at precisely the time worldwide output of the product could diminish.
Fuel oil demand in the region, which sits on nearly three-quarters of the world’s proven reserves of crude oil, has reportedly spiked on the back of hefty power generation requirements as gas supplies become insufficient to meet electricity demand, the IEA said.
The region’s rapid economic expansion coupled with the start of Summer has led to power shortages in Kuwait, where a power-rationing programme during peak hours is in place, and in the United Arab Emirates, where industrial users are reportedly turning to coal and rolling blackouts have occurred in the emirates of Abu Dhabi and Sharjah, the IEA added.
For some countries, such as Kuwait, Saudi Arabia or Iran, turning to fuel oil for power generation may make economic sense, especially where power plants are close to refineries.
(12 August 2007)
Cuba: Oil and Pollution at a Critical Stage
Carlos A. Sánchez, Prensa Libre
High oil prices and global climate change have come hand in hand. This brings about actions and proposals that may be contradictory, because far from alleviating the problem, they may create additional and very serious difficulties like worsening the world´s food deficit.
Just when the majority of nations is increasingly concerned with the environmental pollution and it demands urgent global action to lessen massive emission of gases producing the greenhouse effect, some corporations propose to diminish the high oil bill by returning to the useful, but very dirty, coal.
As for automotive fuel, some governments like that of the United States, some in Europe and Brazil, propose the use of ethanol, an energy source made from food crops like corn, sugar cane, sunflower and soy oils, among others.
This, however, would reduce the supply and make the now known as biofuels more expensive for millions of persons.
… There are analysts asking if we already entered the final era of oil.
This leads to seriously think on developing new sources of cleaner energy in a world already feeling the dangers of global heating due to the massive use of fossil fuels as oil and coal.
Editor of Prensa Latina y author of the essay “Los tentáculos de las transnacionales” Havana, (1975).
(no date)
Trindidad and Tobago: Audit shows natural gas will run out by 2019 (Don’t panic)
Trindidad and Tobago Express
Trinidad and Tobago now has only 12 years of natural gas left to supply the multi-million dollar gas-based projects in the country.
The country therefore needs to get more of the natural gas that is its main source of revenue into production in a hurry.
Energy Minister Dr Lenny Saith maintained yesterday there was no need to panic.
“Concern is not the word,” he said.
Just two days after Prime Minister Patrick Manning said the time had come to see whether “new directions are called for” regarding the use of oil and gas, the Energy Ministry said an audit showed, at the present rate of production, there would only be enough gas to last until 2019.
Saith said yesterday the findings of the audit conducted by the Houston-based firm Ryder Scott for the last two years was not a doomsday prediction.
“Does it mean the country is running out of gas? No,” he said.
(11 August 2007)
ODAC News – Sunday 12 Aug
The Oil Depletion Analysis Centre
Economy – Europe
1/ Europe narrowly avoids financial meltdown, for now
1a/ ECB injects €95bn to help markets (Financial Times, Thu 09 Aug)
1b/ ECB injects emergency funds for first time since 9/11 (The Telegraph, Fri 10 Aug)
1c/ Europe slammed by U.S. credit crisis (International Herald Tribune, Thu 09 Aug)
1d/ The derivatives vacuum (Financial Times, Thu 09 Aug)
1e/ Credit crisis puts global finance to test (International Herald Tribune, Thu 09 Aug)
1f/ ECB steps in as lending rates rocket (The Telegraph, Fri 10 Aug)
1g/ Business Comment: ECB’s confidence trick won’t restore faith in market (The Telegraph, Fri 10 Aug)
1h/ Shaky markets stir rumors of who is in trouble (International Herald Tribune, Fri 10 Aug)
Iraqi Oil
2/ Iraqi Oil Update (Energy Intelligence, Thu 09 Aug)
Economy – USA
3a/ China threatens to trigger US dollar crash (The Telegraph [UK], Wed 08 Aug)
3b/ Toll warns on deepening [US] housing slump (Financial Times, Wed 08 Aug)
UK Oil Production / Trade Deficit
4a/ Increased North Sea oil production shrinks UK trade deficit (The Guardian, Thu 09 Aug)
4b/ UK trade gap narrows as oil exports jump (Financial Times, Thu 09 Aug)
Electricity/Coal – Canada
5/ Ontario Walks Tightrope on Plan to End Coal Use (Planet Ark [Reuters], Fri 10 Aug)
Economy – UK
6a/ More expensive borrowing the only credible outlook (The Times, Thu 09 Aug)
6b/ Why the Bank [of England] will raise rates, and soon (The Telegraph, Wed 08 Aug)
Gulf of Mexico storm
7/ Potential storm helps oil rebound (Houston Chronicle, Fri 10 Aug)
(12 August 2007)
