Market is in charge as OPEC’s clout fades
OPEC’s 11 members possess three-quarters of the world’s known oil reserves, produce a third of its crude oil, and account for half the exports. Yet OPEC seems to have lost its clout to influence prices.
Jad Mouawad NYT
UK: Record oil imports widen trade deficit
Britain became a net importer of oil for the first in more than a decade in July. North Sea oil output is expected to be “more or less over” by 2020 according to ASPO.
Not enough juice to keep German industry growing
In 20 years, windmills may generate more electricity than nuclear power plants, but Germany may not have access to the energy it needs for its industrialized economy, according to Gerhard Ott, chairman of the World Energy Council’s German committee.
World oil stocks to build unless OPEC cuts
World oil stocks will swell in coming months unless OPEC producers pull back from a production surge that is replenishing inventories, the International Energy Agency said on Thursday.
UK: Experts warn of oil and inflation link
UK interest rates must rise at a faster rate than currently forecast if oil prices stay permanently above $42 a barrel, new research has suggested.
Britain gives Iran nuclear ultimatum
Britain has set Iran a two-month ultimatum to suspend all activities linked to the production of a nuclear bomb or face a demand for United Nations sanctions, the British press said Thursday.
Australia, Mexico to sign energy pact in November
Australia and Mexico will forge an energy co-operation agreement in November, the energy minister of Australia, which wants to sell more coal and gas to the Latin American country, said yesterday.
How long will the world’s oil last?
Since oil production peaked in the United States in 1970, a growing number of geologists, economists and industry analysts have been pondering the question of just how long worldwide supplies will keep up with growing demand. And some are predicting that global production may peak as soon as next year.
Should drilling be allowed along Rocky Mtn. Front?
“A book would need to be written in order to fully explain and diagram the on-going discussions and controversy that surrounds the prospect of drilling on the Rocky Mountain Front in Montana.”
Canada May Boost Oil-Sands Production Fivefold, Official Claims
Canada’s deputy minister for natural resources claims his country can boost output of oil from tar sands fivefold to 5 million barrels a day, without specifying a timeframe.
Oil output in Venezuela falls short of OPEC quotas
Oil output in Venezuela falls short of quota set by the Organization of Petroleum Exporting Countries (OPEC), according to a report by the organization.
Demand for Oil Could Outstrip Supply
A respected oil-forecasting group predicted that the energy industry may be unable to produce enough oil to meet projected demand by the end of the next decade, in a study that lends support to a small chorus of analysts who warn that a peak in petroleum output is looming in the years ahead.
