Indonesian Oil News Round Up
Indonesia is a net oil importer, and as such, should leave OPEC, says its former energy minister. Meanwhile, the high oil prices are have a damaging effect on the nation’s economy.
Oil
U.S. energy official praises Russia’s oil increase
The U.S. energy secretary, Spencer Abraham, praised on Friday Russia’s plans to increase oil exports to America and highlighted natural gas as the next long-term U.S.- Russia joint energy project.
Nazarbayev Considers Oil Pipeline to Persian Gulf Via Iran
Kazakhstan would like to construct a pipeline through Iran to the Persian Gulf as the main outlet for its natural resources, the country’s president said.
Shell Reduces Earnings by $203 Million
Royal Dutch/Shell Group of Cos. reduced its 2003 earnings by $203 million Friday, in an annual report delayed by two months due to the scandal arising from the company’s downgrading of its oil and gas reserves.
If Oil Supplies Were Disrupted, Then …
With demand high, supplies squeezed, prices climbing and refineries already running flat out, what if something really went wrong? Something like a terror attack on crucial oil installations in Saudi Arabia or in the United States, or something less sinister but just as disruptive, like a fire or accident at a major refinery or port or a flare-up of civil or labor turmoil in Nigeria or Venezuela?
More Oil Co Reserves Shocks Unless Rules Tighten -Banker
The oil industry faces more reserves downgrade shocks unless disclosure regulations are radically overhauled, said Matthew Simmons, chief executive and chairman of investment bank Simmons & Co.
Asia’s surging energy demand
WHEN Hu Jintao, the president of China, went half way round the world in February to see President Omar Bongo of Gabon, he was not merely paying a courtesy visit to the African ruler of a population one-thousandth the size of China’s. Hu was after oil.
Are we running on empty?
The most negative theorists believe that a worldwide crisis of war and famine will be triggered not when we run out of oil, but when demand outstrips supply in a few years.
Spare world crude oil production capacity
A round up of various OPEC countries’ statements on their ability to increase production.
PetroChina makes major oil discovery
PetroChina, China’s largest oil producer, has made the nation’s biggest oil discovery in a decade, bolstering its reserves by at least a third at a time when oil prices are at a record and the country’s demand is soaring, the company said Thursday.
US: Rising Energy Costs Straining Farmers
The U.S. Agriculture Department’s chief economist, Keith Collins, said rising energy and fertilizer costs could add $1 billion to U.S. crop production costs.
Gas demand to soar for Canada’s oil sands – report
Natural gas volumes needed to help the oil industry unlock Canada’s vast oil sands are expected to nearly triple in the next decade, just as production is waning and prices are surging, the country’s energy regulator said Thursday.
