YUKOS raises Yugansk reserves estimate fivefold
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.
Oil
Exxon calls for off-limits oil to sate demand
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.
Saudi Arabia cuts oil sales to U.S., ups China
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.
Oil: Price falls as Ivan shuts refineries
Oil prices fell on Wednesday as Hurricane Ivan, one of the strongest storms on record, cut the demand for crude oil by shutting nearly 13 per cent of US refining capacity.
New Forecast Shows Oil Supply-Demand Tipping Point Within A Decade
World oil production will likely not be able to meet global demand as early as the middle of the next decade, according to a new study by Washington-based consultants PFC Energy.
Asia switches slowly to green power
Rising oil prices and pollution are fueling interest in green power in Asia but experts see no prospect of a rapid switch from the region’s growing dependence on oil, coal and gas.
Saudis Challenged To Verify Oil Claims
Energy investment banker Matthew Simmons has challenged the Saudi national oil company to substantiate its claims that it faces no imminent production problems and can reliably supply far greater amounts of oil than at present for at least 50 more years.
Democracy challenged by the global threat to the environment.
Oil depletion and global environmental crises represent a great threat to democracy, writes Peter McMahon.
Sustainable Growth = Protective Stupidity
To deceive ourselves into believing that growth is still possible by labelling it “sustainable” or “green” serves only to delay, and subsequently increase the severity of the consequences of peak oil.
$50 Oil: A Spreading Slick of Pain
Prices will most likely head back up — and if that happens, growth and the economy will be going down.
Big Oil hashes out issues with state-run firms
Big Oil met national oil Thursday during an OPEC-sponsored conference of the world’s most powerful companies, from Exxon Mobil and Royal Dutch-Shell to Saudi Aramco and Venezuela’s PDVSA.
Venezuela says oil prices could hit $100 a barrel
The war in Iraq could push oil prices to a record US$100 a barrel, Venezuelan President Hugo Chavez said Wednesday.
