Insight and inspiration in turbulent times.
The myth or belief in OPEC overcapacity is a key cheap oil myth. The opposite myth, or rather belief is increasingle easy to prove: both OPEC and non-OPEC suppliers are not able to keep pace with world demand, their own domestic oil consumption, and ward off depletion losses.
Access to some of the most coveted oil reserves in the Western Hemisphere is at stake, with Venezuela exporting about 1.2 million barrels of oil a day to the United States, or nearly 15 percent of American imports. But the overtures to the Chinese, Russians and Iranians have added to worries among private oil companies that Venezuelan policies toward them are becoming increasingly unpredictable.
Talk to traders about oil prices and they only look a few months ahead. But a new book from George Soros’ former colleague Jim Rogers, ‘Hot Commodities’ points to a much more long-term outlook, and the news for oil is very good.
Fertilizer, DVDs, rubber, cheap flights, plastics and metals. None of these things have anything in common, right? Think again. An ingredient in all of them, in one form or another, is oil.
My interpretation is that the uptick [in world oil production] is part of the normal up-and-down jitter in the production curve. Worldwide, there have not been major discoveries or innovations that would put a permanent dogleg in the long-term trend.
By now anyone that listens to the news or reads a paper ought to know what Peak Oil means. The New Zealand Green Party, primed by Jeanette Fitzsimons’ “Picnic for the Planet Speech” intends making it an election issue.
OPEC no longer controls oil prices. This is not, as neoconservatives predicted, because a ‘liberated’ Iraq has broken ranks and flooded the market with cheap oil.
Post Carbon Institute is assisting Project Agastya and other Bangalore organizations to organize a one-day conference examining the implications of peak oil for India on January 28, 2005.
Tens of thousands of Bolivians have rallied in Santa Cruz – the country’s economic capital – to protest against cuts in fuel subsidies. Organisers pledged that the protests, the culmination of days of unrest over fuel prices, would remain peaceful.
Canada is striving to sell major consuming countries on the potential of its vast oil sands to help meet energy demand, but a recent string of output disruptions makes the job tougher, analysts said on Friday.
Representatives of indigenous peoples blocked more than 100 pieces of heavy machinery in Sakhalin on Friday to protest against local oil and gas projects.
OAO Yukos Oil Co., Russia’s biggest oil exporter last year, defaulted on long-term contracts to supply refiners after the government sold its biggest oil-producing unit to collect more than $20 billion in back taxes.
