Oil Eases Below $50 Ahead of U.S. Vote
Oil prices eased further below $50 a barrel on Tuesday, extending a week-long bout of profit-taking that has cut more than $5 from record-high crude ahead of the U.S. presidential election.
Oil
Nymex launches Dublin oil trading
US energy exchange Nymex has set up a new oil trading floor in Dublin, Ireland, in a move it hopes will lure disenchanted dealers from London.
UK: What is EDM 199?
An as yet undiscussed Early Day Motion (EDM 199) before the British Parlaiment states ‘that this House notes the growing consensus amongst the world’s leading petroleum geologists and geophysicists that the peak of global oil production will occur at some point within the next 10 years…’
Nigeria strike call targets Shell
Nigeria’s main trade union body is planning a second general strike over fuel price rises, and has warned it will target oil exports.
Energy Transition and Final Energy Crisis
The current ‘oil price crisis’ in reality reflects an emerging and permanent supply crisis for oil and gas (which currently provide about 65% of world commercial energy). Initially, this will concern ever slower net additions of world production capacity in the face of strong demand growth, and will manifest itself as continued oil price rises, and continued gas price rises.
Russian claims on Caspian: The Oil We`re Losing
The Caspian is a promising region for petroleum and natural gas, comparable to the North Sea. Thanks to the ambitions of the states and companies on the Caspian and Russian passivity, Russia has almost missed its chance at gaining a leading position in the region’s oil industry
China’s reliance on imported oil grows
China imported 76 million tons of crude oil in the first eight months of this year, making up 40 percent of the total domestic demand, a six percent rise over 2003.
Speculators Bet on Kerry Win, Oil Falls
Oil prices fell sharply on Monday on speculation that a U.S. election win for Senator John Kerry could ease the geopolitical friction that has helped fuel this year’s record-breaking rally.
Small drillers rush to tap oil while crude prices are high
Jerry Dewbre, who runs a 12-person oil-exploration company in Corpus Christi, Texas, is drilling twice as many wells this year as in 2003 because crude prices have doubled in the past 18 months.
Presidential Candidates Seen Ignoring Consequences of Global Oil Depletion
During months of often bitter campaigning, the U.S. presidential candidates have focused on many issues, but one that has gotten little if any attention is the problem of oil depletion, often referred to as “peak oil”; the point at which global demand for petroleum exceeds our ability to extract it.
Supply, demand and oil
Saudi Arabia has sold and is selling far more oil than it would if basic economic principles were observed. The excess — the difference between the volume of oil actually supplied and the volume that should be supplied in the strict observance of the national economic interests of Saudi Arabia — is in fact a subsidy it grants the West, Japan and other oil-importing nations.
No end in sight for the lag in Iraqi oil production
Defying optimistic Bush administration projections, Iraq’s hobbled oil industry might be unable to beat the production capacity of Saddam Hussein’s era until sometime next year — if then, according to industry analysts.
