Saudi September Production Lower Than Estimated
Saudi Arabia produced 9.5 million barrels per day in September, about 250,000 b/d below earlier estimations, Geneva-based tanker-tracker Petrologistics said in its latest report.
Fossil Fuels
Brazil, the Brightspot Dims
Brazil has been one of the countries where oil production has been constantly rising for the past 30 years. They are one of the countries taking up the slack for declines elsewhere. This field by field analysis of the biggest Brazilian deepwater fields, which is where most of the increase is coming from, shows that there is a limit to this growth in the not too distant future.
China to build four major oil reserve bases
China will formally launch its strategic petroleum reserve program next year, as learned from related departments. An oil reserve base in Zhenhai, Zhejiang Province is now under construction, which will be able to hold more than 5 million cubic meters oil when its first-stage project is completed next year.
Chart watchers eye $70 peak for oil
Signals are growing that oil’s price surge could push all the way to $70 a barrel, according to the technical analysts who forecast market trends by interpreting chart patterns.
Venezuelan Ambassador: Peak Oil is good for Venezuela
Venezuelan Ambassador to the United Kingdom, Alfredo Toro Hardy writes: Everything seems to indicate that Venezuela is at the end of the tunnel and about to enter into a new period of prosperity.
Venezuela raises oil drilling tax
Venezuela has announced that it is increasing the royalties paid by foreign oil companies from 1% to 16.6%.
World oil demand estimate raised
The International Energy Agency has revised upwards its estimate of world oil demand, quashing hopes of an imminent decline in oil prices.
How to Bring Down Civilisation
Derrick Jensen thinks the collapse of civilisation, be it deliberate or through oil depletion or any other means, can only be a good thing for the planet.
Oil and Empire in the Middle East
Henry Kissinger’s famous declaration that, “Oil is too important to be left to the Arabs” best expresses the experience of the Middle East over the last century.
UK: BP abandons small firms to concentrate on bigger picture
BP has decided to pull out of supplying small British manufacturers with industrial gas as thousands of businesses are being hit with a near-doubling of energy bills.
US developers see hope in abandoned oil wells
Production from “enhanced oil recovery” peaked at about 750,000 barrels a day in the early 1990s, and has fallen back slightly, with gas “flooding” now viewed as more economical than thermal methods, while chemical treatments have proved to be too expensive.
Saudi Arabia bitter over global taste for sweet and not sour oil
SAUDI ARABIA’s oil minister said his country was ready to pump more oil but it could not find buyers as the Kingdom’s high-sulphur crude was being rejected by Western refineries.
