Market is in charge as OPEC’s clout fades
OPEC’s 11 members possess three-quarters of the world’s known oil reserves, produce a third of its crude oil, and account for half the exports. Yet OPEC seems to have lost its clout to influence prices.
Oil
UK: Record oil imports widen trade deficit
Britain became a net importer of oil for the first in more than a decade in July. North Sea oil output is expected to be “more or less over” by 2020 according to ASPO.
Mexico’s Pemex in a corner after oil find boast
A boast by Mexico’s Pemex that it may have spotted new deposits big enough to double its oil reserves has put fresh pressure on the state energy monopoly to finalize joint ventures needed to access the potential deposits.
Canada May Boost Oil-Sands Production Fivefold, Official Claims
Canada’s deputy minister for natural resources claims his country can boost output of oil from tar sands fivefold to 5 million barrels a day, without specifying a timeframe.
Ten specious fallacies on current world’s high oil prices
The anxiety, tension and panic induced by the oil prices permeate between the markets and the governments, which in turn makes it harder for people to understand the international oil market, and its underlying relationship to geo-politics and geology.
Oil output in Venezuela falls short of OPEC quotas
Oil output in Venezuela falls short of quota set by the Organization of Petroleum Exporting Countries (OPEC), according to a report by the organization.
New book claims Bush knows about peak oil
The Family, The Real Story of the Bush Dynasty by Kitty Kelly is an exposé on three generations of the Bush family. Kelly, who collaborated with Sharon Bush on the book, makes the allegation that George W. Bush understands both that world oil production will soon peak and that this has dire implications for the world economy – he’s just not letting on.
Demand for Oil Could Outstrip Supply
A respected oil-forecasting group predicted that the energy industry may be unable to produce enough oil to meet projected demand by the end of the next decade, in a study that lends support to a small chorus of analysts who warn that a peak in petroleum output is looming in the years ahead.
‘Dependence on Mideast, Russian oil to grow’
Despite vaunted crude oil finds in Africa and Latin America, widespread pumping decreases will make global markets more dependent on the Middle East and Russia over the decade, a study released on Wednesday found.
Oil flow peaks as demand builds
Oil price declines won’t last long, many energy experts say, and Americans may have to get used to higher prices for everything from gasoline to groceries.
Russia Ready to Strike Against ‘Terror’ Worldwide
Russia’s top general threatened Wednesday to attack “terrorist bases” anywhere in the world, as security services put a $10 million bounty on two Chechen rebels they blame for last week’s school siege.
How long will the world’s oil last?
Since oil production peaked in the United States in 1970, a growing number of geologists, economists and industry analysts have been pondering the question of just how long worldwide supplies will keep up with growing demand. And some are predicting that global production may peak as soon as next year.
