$80 Oil, Here We Come!!!
In this issue, I will examine several of the reasons why the price of oil will not significantly pull back from today’s levels and is likely to reach the $80 mark within the next 24 months.
Oil
Prognosticating oil supplies
A rather alarming theory about oil supplies — which had been discussed mostly among fringe economists and on quirky Internet Web sites — has recently received much broader attention.
Oil prices push up the cost of dairy processing
The cost of a litre of milk could be about to get dearer, as dairy processors are hit by high world oil prices
Analyst: Libya is ‘exploration buzz’ among IOCs for 2005
Libya is “the central exploration and production buzz for 2005” among international oil companies looking for access to potentially giant oil and gas fields, said energy analyst Catherine Hunter in a report drafted for the World Markets Research Centre, part of the London-based Global Insight group of companies.
Oil sands costs may rise 35%
Canadian Natural Resources says high prices for steel, fuel and labour could boost the cost of the first phase of its Horizon oil sands project in northern Alberta by nearly 35 per cent — to $6.6-billion.
Oil and NZ’s Department of Economic Mythology
A key assumption held by New Zealand’s Ministry of Economic Development (MED) covering the period between 2000 to 2025 is that oil prices will rise from US$20/bbl in 2000 to US$25 a barrel by 2020 and remain constant thereafter.
Iraq Oil Pipelines Hit by Biggest Attacks Yet
Saboteurs have mounted the biggest attacks yet on Iraq’s oil infrastructure, blowing up three pipelines in the north and hitting exports via Turkey, oil officials said Tuesday.
ASPO November Newsletter (text only)
November newsletter from the Association for the Study of Peak Oil & Gas is essential reading. Includes an update on Saudi reserves, an analysis of US petrodollars, a country assessment of Denmark and much more.
South Africa to seek oil from African countries
South Africa will explore ways to source its oil from other African countries in a effort to cope with spiralling global prices.
Another Major Iranian Energy Deal: $3B with India
State-run Indian Oil Corporation has entered into a $3 billion deal with Iran to develop a gas block in the enormous South Pars field, to build an LNG liquefaction plant and to sell the resulting product. This is the IOC’s largest non-Indian investment to date, and one of the largest single investments in South Pars.
Cosmic Easter Eggs
Mineral exploration, like a kind of cosmic Easter egg hunt, becomes increasingly difficult the longer the hunt proceeds. Today, most of the world’s oil explorers are finding that the best chocolate eggs are long gone. The only goodies remaining are a few stray jellybeans and some candy wrappers.
Iran warns of $US100 oil price
A TOP aide to Iran’s supreme leader today declared Tehran did not fear being taken to the UN security council over its nuclear program and warned any resulting oil embargo would see world prices top $US100 a barrel.
