Oil

Oman, which has battled to halt a drop in oil production, is estimating a lower daily output of 750,000 barrels next year, the national economy minister said in remarks published Sunday.

India has oil reserves to last only till 2016, if no new discovery is made, the Petroleum Minister, Mr Mani Shankar Aiyar, said today.

The most recent announcement from Saudi Arabia’s oil minister says its production is set to rise, but many in the industry feel the thoughts from Ali al-Naimi are based more on political fiction than energy reality.

Here’s another reason we’re going to be sorry that we’ve allowed this administration to plunge the United States into record debt – we’re going to start running out of oil in the next decade or two.

WORLD oil prices continued to plummet yesterday ending fears of a global energy supply crunch.
But the sudden fall, with oil trading down to $US43.20, was not reflected on Asian markets on which Australia’s retail fuel prices are based.
Light crude sold on the Singapore exchange still traded above $US50 a barrel late yesterda

The Association for the Study of Peak Oil and Gas December Newsletter has an update on the Saudi situation, a country assessment of Canada and much more.

The Organisation of Petroleum Exporting Countries signalled that the cartel would keep pumping crude at currently high levels even though crude prices have cooled recently.