Insight and inspiration in turbulent times.
Limited spare capacity means that the ability of oil producers to meet the sharpest rise in demand since the 1970s is likely to be severely tested, according to experts attending an OPEC-sponsored seminar in Vienna.
While sought-after commodities like oil can generate immense revenues for an exporting nation, they can also end up inflicting great damage on its economy and political culture.
Ties together the cash-rich oil multinationals, US VP Cheney’s Energy Task Force, and the drive to privatise Middle East oil reserves via a war for ‘freedom and democracy’.
No matter when that peak occurs, though, the indisputable fact is that a few generations of humans—particularly we Americans—will have squandered a geological resource that took several hundred million years to accumulate.
High prices are unlikely to erode India’s booming demand for oil and the country has stepped up negotiations with producer nations to secure its energy supplies, said oil minister Mani Shankar Aiyar.
Oil producers’ struggle to keep up with rampant global demand growth will only be won with access to oilfields now off-limits, Exxon Mobil chief executive Lee Raymond said yesterday.
IF THEY sound worried, it is because they are desperate. The multinational oil companies are rolling in cash but they have little to spend it on.
The world of crude has flipped upside down, with high prices becoming the norm, says the president of Devon Energy Corp., the largest U.S. oil and gas independent.
India Friday urged the Organisation of Petroleum Exporting Countries (OPEC) to adopt a uniform pricing policy for all buyers and not charge a premium from developing countries in Asia.
Oil prices may have fallen about 10 per cent from their high near $US50 a barrel in mid-August, but that’s not deterring fund managers, many of whom say the long bull run has a lot of life left in it.
Russian oil major YUKOS, fighting to prevent a cheap fire sale of assets in a tax dispute with the state, boosted oil-reserve estimates of its core Yugansk unit fivefold today.
Saudi Arabia, long the largest supplier of oil to the United States, has cut U.S. sales dramatically and may soon no longer be among the top five largest U.S. suppliers.
