OPEC says it’s lost control of oil prices
Cartel producers say they can’t keep up with strong global demand. ‘This is their claim. But the fact of the matter is that nobody knows what their capacity is.’
— Sen. Ron Wyden
Dem. – Oregon
Fossil Fuels
New-world fundamentals hold sway in oil markets
Over the past two years, though, oil markets have been sending a clear message, reinforced during the past two months as prices have surged as high as $55 a barrel.
The gnawing concern about Hubbert’s Peak, the theory that worldwide oil production may be in permanent decline, is colliding with increased demand from emerging markets such as China. The result is an oil market that defies convention.
OPEC Agrees to Raise Production, Seeking to End Oil-Price Rally
The Organization of Petroleum Exporting Countries agreed to increase production for the fourth time in less than a year. “What will happen after the OPEC meeting is that they will all be producing at capacity,” said Kenneth Deffeyes
Venezuela: Bush’s next oil war?
The combination of Washington’s isolation in Latin America and its need for Venezuelan oil is likely to keep at bay the threat of a direct military attack by the US, but it is also clear the Bush administration is preparing the ground for an attack of some sort against the Chavez government.
The Endless Supply of Oil and Other Fairy Tales
The Stone Age didn’t end because we ran out of stone; we found something better, we replaced stone with iron but this transition took centuries. This time according to Dr Hirsh we have about a decade if we are lucky and a replacement for oil is yet to be identified.
Oil Output Growth to Drop Among Non-OPEC Producers
In a monthly report released last week, the IEA cut its forecast for non-Opec supply growth by 175,000 barrels per day (bpd) to 910,000 bpd, pointing to prolonged disruptions in Organisation for Economic Cooperation and Development (OECD) producers and lower expectations for Russia.
How Will the ‘Peak Oil’ Scenario Affect Our Global Economy?
A succinct introduction to concept of Peak Oil, from a mainstream energy publication, with focus on the technical aspects rather than the wider implications.
The View from the Summit of Hubbert’s Peak
““Understanding depletion is simple. Think of an Irish pub. The glass starts full and ends empty. There are only so many more drinks to closing time. It’s the same with oil.” – Colin J. Campbell
How to deceive friends and influence people: Oil crisis lies
“Oil prices will rise through 2008 and stay high thereafter as demand increases and concern mounts that global production is nearing its peak,” according to analysts at Lehman Brothers Holdings Inc. (March 8, 2005)
When Lehman Brothers admits oil is peaking on Bloomberg, its time to fasten your seatbelts. The ride is going to be rocky.
Running on empty
The NY Times discovers Peak Oil! The article begins:
“If the cost of energy skyrockets, are the suburbs doomed? Would Long Island, already paying among the highest fuel and electricity rates in the country, become an unsustainably expensive place to live?”
Era of cheap oil over, says Kuwait official
“Prices will never [again] go under the $40 per barrel mark,” Hani Hussain, Kuwait Petroleum Corp’s chief executive, told Gulf News in an interview yesterday.
Indonesia’s crude output falls to 34-year low in February
Indonesia’s crude oil production fell to 942,000 barrels per day (bpd) in February due to technical problems on several wells, an industry source said yesterday.
