Insight and inspiration in turbulent times.
The fact is UK oil and gas, which has given a big boost to the economy for the past two and a half decades, is running out fast. At current rates of extraction, the last drop of oil could be sucked out of the North Sea fields in about 10 years’ time.
Saudi Arabia, the world’s safety valve for oil, may soon lose its ability to make up production shortfalls from other countries.
Saudi Arabia produced 9.5 million barrels per day in September, about 250,000 b/d below earlier estimations, Geneva-based tanker-tracker Petrologistics said in its latest report.
While there is no doubt that global oil output will attain peak levels, the current rise in prices reflects a more worrisome phenomenon: America’s growing dependence on imported petroleum from unstable and unfriendly countries.
Oil prices have surged to record highs above $54 as a fire at Nigerian export pipeline becomes the latest threat to consumers’ efforts to build winter heating fuel inventories.
Brazil has been one of the countries where oil production has been constantly rising for the past 30 years. They are one of the countries taking up the slack for declines elsewhere. This field by field analysis of the biggest Brazilian deepwater fields, which is where most of the increase is coming from, shows that there is a limit to this growth in the not too distant future.
Oddly enough, I’ve been cheering on a “Marxist Dictator” of late. Not that I’m a no good pinko commie red mind you… no, but I am rooting for Hugo Chavez as he’s poking the Plutocratic forces at play outside Venezuela.
Those who believe that abundant deposits are waiting to be discovered are misguided, said Mr. Buckee, who holds a Ph.D. in astrophysics from Oxford University. “There is precious little in the world now that isn’t known about or hasn’t been tried,” he said. “I don’t think there is going to be any new Middle Easts or Saudis hanging around. There aren’t many unexplored basins.”
A union leader threatened Tuesday to extend a four-day nationwide strike in Nigeria that has helped push world oil prices to record highs.
Oddly enough, I’ve been cheering on a “Marxist Dictator” of late. Not that I’m a no good pinko commie red mind you… no, but I am rooting for Hugo Chavez as he’s poking the Plutocratic forces at play outside Venezuela.
Venezuelan Ambassador to the United Kingdom, Alfredo Toro Hardy writes: Everything seems to indicate that Venezuela is at the end of the tunnel and about to enter into a new period of prosperity.
Signals are growing that oil’s price surge could push all the way to $70 a barrel, according to the technical analysts who forecast market trends by interpreting chart patterns.
