OPEC urges U.S. to release Strategic Petroleum Reserve
JAKARTA, Indonesia (Reuters) — OPEC president Purnomo Yusgiantoro said Wednesday he had urged the United States to use its strategic petroleum reserves (SPR) to bring down oil prices.
Oil
Norway Peaking, To Invest NOK70B In Oil Business This Yr
“From what we see now we are about to peak on oil,” Oluf Ulseth, Norway’s Deputy Minister of Petroleum and Energy, said of Norway’s 3.2 million barrels a day of crude output.
Update on an old warning: Beware the coming shortages
Dennis Meadows warned 32 years ago that the world would run short of resources within a century, putting the planet at risk of expanding hunger as well as economic and social disaster. Today, that danger is more imminent, says Mr. Meadows, one of the authors of “The Limits to Growth,” a book published in 1972 and now just updated.
Vietnam oil find fuels China’s worries
HO CHI MINH CITY – News of the discovery of a new offshore oilfield in northern Vietnam may be drawing toasts at home, but it threatens to add fuel to a longtime controversy with China over a territorial dispute in the South China Sea.
NZ has time to prepare for future oil crisis: Energy Minister
New Zealand has time to prepare for a future energy crisis due to escalating oil prices, Energy Minister Pete Hodgson said today. But the Government has accepted forecasts that many experts believed were too optimistic. Green co-leader Jeanette was particularly concerned about a concept known as “peak oil”.
Opec asks US to release emergency oil stocks
The president of the Organization for Petroleum Exporting Countries (Opec) on Wednesday urged the United States to release some of its emergency crude oil stocks.
ConocoPhillips oil & gas production declines
Third-quarter oil output fell 7.6 percent from a year earlier, and natural-gas production slid 5.9 percent, partly because of asset sales, ConocoPhillips said.
Oil production rose from wells in Vietnam and the Timor Sea and declined everywhere else, the company said. Gas output fell everywhere the company did business except Norway and Vietnam.
NZ: Energy report: right direction but hurry up
The Green Party of New Zealand is enthusiastically welcoming the intent and content of the Government’s Sustainable Energy report, but says it still lacks a sense of urgency. A key example is Peak Oil. Some sections acknowledge that global oil production is going to peak in the foreseeable future. Yet it still appears to accept oil price forecasts that many experts think are way too optimistic.
Russia energizes Asian conquest
The Russian government is moving to tighten its grip on the country’s lucrative hydrocarbon and energy sectors, trying to consolidate all of the government’s energy assets under one roof.
EIA projections are not realistic
The former head of Saudi Arabian Oil Co’s oil exploration Wednesday sharply criticized U.S. government oil supply projections. “The whole industry laughs at it,” said Sadad Al-Husseini.
The future of energy security
In the aftermath of 9/11, fears of global oil disruption sent prices up by nearly 30 percent to over $30 a barrel. During June/July 2004, the price of oil hovered around $40 a barrel. During September/October the price of oil rose to $50 a barrel, and the high price will remain for the rest of the year. By December 2005, the price of oil is likely to reach $80 a barrel. Growing demand of China and India will be the main cause of this price spike.
Oil supplies ‘over-estimated’
Channel 4 News has been told by a top Saudi oil industry insider that the American government’s forecast for future oil supplies are a “dangerous over-estimate”.
