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
Oil
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.
Full steam ahead for BC offshore oil drilling
No voices of caution or reason were invited to a $500-a-head meeting of government and energy industry leaders licking their chops and gripping their forks as they gaze out over the beautiful British Columbia coastline
For OPEC, Iran talks are a first in 34 years
The gathering in Iran is a testimony to a consensus that has shaped a rare unity among the Gulf oil producers in the cartel over the past five years. This rapprochement helped set in motion the group’s most successful period since its creation in 1960.
Running on empty
The leading energy analysts who foretold Enron’s demise have an alarming new claim: The world’s major oil companies are almost tapped out.
Peak Oil Presentation in the US Congress
Conservative Congressman Roscoe Bartlett, Chairman of the Projection Forces Subcommittee of the Armed Services Committee, gave an hour long presentation on Peak Oil to the US Congress on Monday. This is the full transcript.
The Long Fingers of Petroleum
When you finally realize how pervasive oil is in our everyday lives, you will begin to understand exactly how much the human race must change in order to do without it.
Oil could gush to $100
That’s the view from analysts who may have considered that prospect a long shot just a few months ago. And to be sure, some still think that’s a stretch from the current $55 level, short of a major disruption like a terrorist attack.
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.
