World oil stocks to build unless OPEC cuts
World oil stocks will swell in coming months unless OPEC producers pull back from a production surge that is replenishing inventories, the International Energy Agency said on Thursday.
Fossil Fuels
UN Darfur vote turns scramble for Sudan’s oil
As the UN Security Council is debating a US draft resolution on the Sudan crisis, based on colliding views whether a genocide is or is not happening in Darfur, the issue of Sudan’s oil is becoming a key factor.
UK: Experts warn of oil and inflation link
UK interest rates must rise at a faster rate than currently forecast if oil prices stay permanently above $42 a barrel, new research has suggested.
Australia, Mexico to sign energy pact in November
Australia and Mexico will forge an energy co-operation agreement in November, the energy minister of Australia, which wants to sell more coal and gas to the Latin American country, said yesterday.
Market is in charge as OPEC’s clout fades
OPEC’s 11 members possess three-quarters of the world’s known oil reserves, produce a third of its crude oil, and account for half the exports. Yet OPEC seems to have lost its clout to influence prices.
Mexico’s Pemex in a corner after oil find boast
A boast by Mexico’s Pemex that it may have spotted new deposits big enough to double its oil reserves has put fresh pressure on the state energy monopoly to finalize joint ventures needed to access the potential deposits.
UK: Record oil imports widen trade deficit
Britain became a net importer of oil for the first in more than a decade in July. North Sea oil output is expected to be “more or less over” by 2020 according to ASPO.
‘Dependence on Mideast, Russian oil to grow’
Despite vaunted crude oil finds in Africa and Latin America, widespread pumping decreases will make global markets more dependent on the Middle East and Russia over the decade, a study released on Wednesday found.
Should drilling be allowed along Rocky Mtn. Front?
“A book would need to be written in order to fully explain and diagram the on-going discussions and controversy that surrounds the prospect of drilling on the Rocky Mountain Front in Montana.”
Canada May Boost Oil-Sands Production Fivefold, Official Claims
Canada’s deputy minister for natural resources claims his country can boost output of oil from tar sands fivefold to 5 million barrels a day, without specifying a timeframe.
Oil output in Venezuela falls short of OPEC quotas
Oil output in Venezuela falls short of quota set by the Organization of Petroleum Exporting Countries (OPEC), according to a report by the organization.
Oil flow peaks as demand builds
Oil price declines won’t last long, many energy experts say, and Americans may have to get used to higher prices for everything from gasoline to groceries.
