Insight and inspiration in turbulent times.
Saudi Arabia has sold and is selling far more oil than it would if basic economic principles were observed. The excess — the difference between the volume of oil actually supplied and the volume that should be supplied in the strict observance of the national economic interests of Saudi Arabia — is in fact a subsidy it grants the West, Japan and other oil-importing nations.
An as yet undiscussed Early Day Motion (EDM 199) before the British Parlaiment states ‘that this House notes the growing consensus amongst the world’s leading petroleum geologists and geophysicists that the peak of global oil production will occur at some point within the next 10 years…’
US energy exchange Nymex has set up a new oil trading floor in Dublin, Ireland, in a move it hopes will lure disenchanted dealers from London.
Defying optimistic Bush administration projections, Iraq’s hobbled oil industry might be unable to beat the production capacity of Saddam Hussein’s era until sometime next year — if then, according to industry analysts.
Perhaps not in the near future, but thanks to economic trends in Asia, can $200 per-barrel crude oil really be ruled out? No, says Marc Faber. One of Asia’s best-known contrarians, the Hong Kong-based head of Marc Faber Limited has been managing money in this region for more than 20 years — $300 million at the moment.
To forestall “Operation Locust Feast,” as Alhaji Mujahid Asari Dokubo so ominously dubbed his campaign, he demanded that the country’s leaders agree to self-determination for the aggrieved people of the Niger Delta.
The Indian Power Ministry has warned of a massive 50 million tonne coal shortage in the next two-three years that could trigger a major crisis in the crucial infrastructure sector.
The world’s supply of petroleum is finite. Demand is increasing rapidly. And discoveries of new oil fields are declining. These three trends chart a collision course for the world’s most crucial commodity and its economy. But experts disagree about when the crunch will hit. Get this: Some say seriously the peak of global oil production is close at hand.
Kuwait ‘s three oil refineries, which have an output capacity of 920,000 barrels a day, halted production due to a total power outage that hit the emirate, a Kuwait National Petroleum Co. spokesman told AFP.
With crude oil prices reaching the $50-plus per barrel mark last week, Louisiana farmers are facing an unsettling outlook for energy and other inputs as they look ahead to the 2005 growing season.
Energy production through oil and gas has already peaked and ‘depletion of resources cannot be solved just by switching over to alternative sources’ said M S Srinivasan, India’s additional secretary of the Union Ministry of Petroleum and Natural Gas.
The U.S. “already has” a lock on Canada’s energy in the form of a stupendously dumb NAFTA agreement signed in the early 90s.
