Insight and inspiration in turbulent times.
Andrew McKillop And one thing is sure: if the US$ falls fast and far against the Euro, Â¥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, 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.
China said its supplies of coal, electricity and oil remained insufficient despite increases in production and imports.
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.
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.
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.
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.
A team of market forecasters that correctly predicted the oil bust of the 1980s thinks history will not repeat itself, at least for now. “I think the real key is the peaking of world oil production,” said Groppe, a partner with Groppe, Long & Littell, who has consulted the industry for a half century.
The United States may soon decide to ask Japan and China to share security expenses in the Persian Gulf so that it would be able to use more regional energy resources, according to an Iranian oil expert.
THE tiny West African island group of Sao Tome e Principe has poor roads, rampant malaria and a population of about 150,000. But now City punters are being given the chance to make money out of an oil bonanza that is set to transform one of the world’s poorest countries.
The Royal Dutch/Shell group strongly reaffirmed its long-term commitment to the maturing UK North Sea fields yesterday, saying there was at least 50% more oil and gas to be produced.
The Oil Age, defined by abundant and cheap petroleum that fueled a century of boundless economic growth for the United States and other industrialized nations, is coming to a close more rapidly than most Americans realize.
