Insight and inspiration in turbulent times.
Alex Lawler World oil demand will rise the most since 1988 as economic growth accelerates and consumption surges in China, said the International Energy Agency, an adviser to 26 industrialized countries on oil policy.
Three analyst groups have concluded that quarterly U.S. natural gas production dropped between 4.9-5.3% compared with a year ago, led by a sharp decline among the majors.
Gas prices, and the demand for permits, have been increasing steadily for about the past five years.
Oil production in the UK has typically has a seasonal pattern, which makes it a bit of a surprise that this Feb was the worst month on the DTI’s site for oil production.
In the April 2004 issue of the magazine the Middle East I found a statement that Vice- President Dick Cheney had made in a speech at the London Institute of Petroleum Autumn lunch in 1999 when he was Chairman of Halliburton. A key passage from his speech was: “That means by 2010 we will need on the order of an additional fifty million barrels a day.”
The Federal Government will launch a major push to find another Bass Strait-type oil reserve to combat concerns over Australia’s looming oil supply crisis as part of a wide range of giveaways in today’s federal budget.
Oil prices, at their highest levels for more than a decade, are trending upward. Natural gas prices are going out of sight. Yet more blips in the ups and downs of fuel costs? Or, as many believe, the start of an era of ever-more-expensive energy?
NEW YORK/LONDON – Oil prices bounced back to 13-year peaks above $40 on Tuesday on doubts that top world exporter Saudi Arabia’s call for a rise in OPEC quotas would add much actual supply to a tight international market.
As soon as natural resources start running out or some alternative energy sources come up, Russia will start slipping down into a bottomless precipice and will inevitably collapse into small territories.
Saudi Arabia’s oil minister said the Organization of Petroleum Exporting Countries should increase quotas by 6.4 percent, causing the biggest drop in crude oil prices in more than a month.
A suspected sabotage attack on an Iraqi oil pipeline has caused a significant drop in exports, reports say.
Saudi Arabia is considered the world’s lone indispensable oil supplier. But is it a reliable one?
