Insight and inspiration in turbulent times.
The Peak Oil message board asks questions of Dr. Ali Samsam Bakhtiari, one of the few experts from an OPEC country to speak out on Peak Oil. Dr. Bakkhtiari is Senior Expert attached to the Director’s office in the Corporate Planning Directorate of the National Iranian Oil Company (NIOC).
India’s crude oil imports jumped by 23.3 % in July this year on increased demand for oil products, a senior Petroleum Ministry official said.
Terrorists and insurgents are stepping up attacks on oil and gas operations overseas in an effort to disrupt jittery energy markets, destabilize governments and scare off foreign workers, analysts said.
Nigerian rebels fighting for sovereignty of the oil-producing Niger delta told oil companies in the world’s seventh largest exporter to shut production before they begin an “all-out war” on Oct. 1.
Crude oil futures on New York’s NYMEX have jumped 36 cents in electronic trading to the psychological $50 a barrel level, the highest in the 21 years oil futures have traded on the exchange, as Nigerian rebels decided an “all-out” war against the government starting October 1.
‘It looks like 2007-2008 will be about the latest before world oil supplies get into trouble, and if Saudi Arabia gets into trouble before then, very likely we will move into decline before then.’
Given the current supply climate, even a small nation can become important in helping provide new reserves of crude. Some of the world’s biggest oil companies have set their sights on Mauritania.
Russia and China agreed to terms for Russia’s membership in the World Trade Organization during top-level talks in Moscow on Friday, but both sides left unanswered questions about whether Russia was ready to guarantee stable oil supplies and boost oil and gas deliveries in the future to its energy-hungry neighbor.
We live in a time in which several “storms” are colliding: resource depletion, continued population growth, declining per-capita food production, global climate change and other signs of environmental degradation, unsustainable levels of US debt and a potential dollar collapse and international political instability. Powerdown, the path of cooperation, conserving and sharing, seems the most sane response.
Asian stocks dropped on concern record oil prices will slow global economic growth and corporate profits. Exporters such as Toyota Motor Corp. and airlines including Cathay Pacific Airways Ltd. led declines.
The continuing surge in oil prices is proving Opec’s limited influence on the market despite the organisation committing to increasing its production ceiling, analysts said.
Well, no. Oil’s startling price surge this year has actually driven many traders to the sidelines as wild intra-day swings magnified by powerful speculative funds confound traditional trading strategies, market sources say.
