Iraq: Oil well fire out of control
SABOTEURS have set fire to four oil wells in Iraq’s northern fields.
Successive explosions had rocked the four wells in Khabbaza, 20km northwest of Kirkuk, the state-run Northern Oil Co said today.
Fossil Fuels
China Barrels Ahead in Oil Market
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.
Russia’s oil and gold reserves close to exhaustion
Russia’s economic gold reserves will be exhausted in 2011, Natural Resources Minister Yury Trutnev said at a government meeting. According to Mr Trutnev, commercially exploitable reserves of some minerals are close to exhaustion. In particular, he said the country’s exploitable reserves of oil, uranium, copper and vein gold would be exhausted in 2015.
China Barrels Ahead in Oil Market
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.
Forecasters See No Repeat of 80s Oil Bust
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.
Heating stock shortage could renew oil rally
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.
Russian Oil Prospects
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.
World’s tanker fleet is ‘close to 100 percent utilization’
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.
Turkey: Oil to flow in Baku-Ceyhan pipeline by mid 2005
The end is in sight for the Baku-Tbilisi- Ceyhan (BTC) Crude Oil Pipeline Project designed to transfer Caucasian oils to the global market.
Japan to Protest to China Over Intruder Submarin
Japan will protest to China after concluding that a nuclear-powered submarine that intruded into its waters this week belonged to the Chinese navy. Tokyo and Beijing are also at odds over a Chinese gas field project in a disputed part of the East China Sea.
As the well runs dry
South Australia should be acting now to avert the economic, social and agricultural catastrophe that will come as oil reserves decline and prices soar.
No October Surprise
An oil shock potentially endangering U.S. national security and economic interests is the last thing a debt-saturated America, embarking on expensive overseas ventures, needs right now. Yet that appears to be where we are headed today.
