Spare world crude oil production capacity
A round up of various OPEC countries’ statements on their ability to increase production.
Oil
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.
Terrorists are now targeting Saudi Arabia’s oil infrastructure. How bad could things get?
NOT SO long ago, a certain well-known international figure penned a heart-felt speech he called his “Letter to the American People”. In it, he said: “You steal our wealth and oil at paltry prices because of your international influence and military threats. This theft is indeed the biggest theft ever witnessed by mankind in the history of the world.” The author was Osama bin Laden.
Saudis debate boosting oil output capacity, as OPEC weighs options
Saudi oil officials are considering when to start expanding their country’s long-term production capacity to stay ahead of the surging global demand for crude, executives at the state-run Saudi oil company said Thursday.
Canadian oilsands production expected to more than double by 2015
Northern Alberta’s oilsands are expected to more than double production to 2.2 million barrels per day by 2015 and boost Canada’s standing as a major oil producer, but it will likely do little to meet the world’s growing energy demands.
New Book Promotion: The End of the Oil Age
Promotional text about a new book on Peak Oil by From The Wilderness Energy Editor, Dale Allen Pfeiffer.
Oil becomes speculators’ market of choice
WITH heavy investment fund buying driving oil prices up 27 per cent this year to a 21-year high, opinion is divided on whether large funds are buying on the basis of solid market fundamentals or creating a bubble, the Financial Times said.
We are finally running out of cheap gas — good
As gas prices loft into the stratosphere, likely never to come down, we can expect to hear much doomsaying about how this will end the world as we know it. Let’s hope so.
The View from Hubbert’s Peak
The only certain beneficiaries of this coming economic chaos will be the big five oil corporations and their corrupt partners: the Nigerian generals, Saudi princes, Russian kleptocrats, and their ilk. Crude oil truly will become black gold.
Oil traders vs. the Saudis
If the Saudis plan to unilaterally boost their supply of crude oil, regardless of what the OPEC cartel decides to do — a promise the Saudi Arabian oil minister made last week — then why have crude prices continued to climb?
