Click on the headline (link) for the full text.
Many more articles are available through the Energy Bulletin homepage
High-Priced Oil Adds Volatility to Power Scramble
Mark Landler, New York Times
…The prospect of triple-digit oil prices has redrawn the economic and political map of the world, challenging some old notions of power. Oil-rich nations are enjoying historic gains and opportunities, while major importers — including China and India, home to a third of the world’s population — confront rising economic and social costs.
Managing this new order is fast becoming a central problem of global politics. Countries that need oil are clawing at each other to lock up scarce supplies, and are willing to deal with any government, no matter how unsavory, to do it.
In many poor nations with oil, the proceeds are being lost to corruption, depriving these countries of their best hope for development. And oil is fueling gargantuan investment funds run by foreign governments, which some in the West see as a new threat.
…The basic calculus of expensive oil still holds: exporters enjoy a windfall and importers bear a heavier burden. But some unexpected countries are reaping benefits, as well as costs, from higher prices.
Consider Germany. Although it imports virtually all its oil, it has prospered from extensive trade with a booming Russia and the Middle East. German exports to Russia grew 128 percent from 2001 to 2006; exports to the United States grew just 15 percent.
Throughout Europe, the rise of the euro has acted as a hedge against fluctuations in the dollar-denominated oil market, while the heavy taxation of fuel has made rising oil prices less jarring to motorists.
(7 November 2007)
A Map of the Oil World
New York Times
In 2006, Saudi Arabia was by far the largest producer of oil, followed by Russia and United States. On average, the United States consumed 20.6 million barrels per day, which made it the largest oil consumer in the world.
Oil Producers
Oil Consumers
Oil Suppliers to the US
(6 November 2007)
Graphics at original.
Iraq Oil Production and Export Hit New High in October
Rigzone
The daily crude production and export in October in Iraq hit new high in three years with about 2.70 million barrels in production and over 1.80 million barrels for export, the state-run al-Sabah newspaper reported on Tuesday.
Hussein al-Shahristani, the Iraqi oil minister, was also quoted as saying Monday at a press conference that the crude production of Iraq is expected to reach 3 million barrels at the end of this year.
Al-Shahristani singled out that the daily oil export last month rose to 1.8 million barrels, the highest level since December 2005 when this figure was merely above 1.5 million barrels, said the paper.
… In December 2005, Iraqi oil export fell to their lowest level due to bad management of the reconstruction efforts, widespread corruption among government officials, and sabotage of the oil pipes by insurgents.
(6 November 2007)
Skepticism Greets New US Africa Command
Associated Press
Just a few years ago, the U.S. military was rarely seen in the oil-rich waters of West Africa’s Gulf of Guinea. This year, it plans to be there every day.
The strategic importance of Africa and its natural resources is on the rise, and the Defense Department last month created a new unified U.S. military command for the continent called Africom.
The first American mission to Africa since that move began Monday when the USS Fort McHenry arrived in Senegal’s capital to begin a half-year training exercise for African naval forces around the Gulf of Guinea.
For American commanders, Africom means consolidating responsibility for a continent previously split among three other regional commands, each of which viewed Africa as a secondary interest.
However, Africom’s creation has provoked so much skepticism on the continent that one of the most basic questions – where it will be located – remains unresolved.
Some Africans are concerned the new command could draw the continent deeper into the global war on terrorist groups.
Others wonder if it is meant to protect America’s competitive stake in African oil and other resources increasingly sought by rising powers like China and India. The continent has surpassed the Persian Gulf as the leading supplier of oil to the United States.
(7 November 2007)
Also at Truthout.
