Insight and inspiration in turbulent times.
In the April 2004 issue of the magazine the Middle East I found a statement that Vice- President Dick Cheney had made in a speech at the London Institute of Petroleum Autumn lunch in 1999 when he was Chairman of Halliburton. A key passage from his speech was: “That means by 2010 we will need on the order of an additional fifty million barrels a day.”
NEW YORK/LONDON – Oil prices bounced back to 13-year peaks above $40 on Tuesday on doubts that top world exporter Saudi Arabia’s call for a rise in OPEC quotas would add much actual supply to a tight international market.
The Federal Government will launch a major push to find another Bass Strait-type oil reserve to combat concerns over Australia’s looming oil supply crisis as part of a wide range of giveaways in today’s federal budget.
Oil prices, at their highest levels for more than a decade, are trending upward. Natural gas prices are going out of sight. Yet more blips in the ups and downs of fuel costs? Or, as many believe, the start of an era of ever-more-expensive energy?
Saudi Arabia’s oil minister said the Organization of Petroleum Exporting Countries should increase quotas by 6.4 percent, causing the biggest drop in crude oil prices in more than a month.
A suspected sabotage attack on an Iraqi oil pipeline has caused a significant drop in exports, reports say.
Saudi Arabia is considered the world’s lone indispensable oil supplier. But is it a reliable one?
HOUSTON — Medium-sized energy companies have become more aggressive in booking proved undeveloped oil and gas reserves to compensate for their inability to achieve production growth, according to a report released Monday.
As soon as natural resources start running out or some alternative energy sources come up, Russia will start slipping down into a bottomless precipice and will inevitably collapse into small territories.
“By 2007 at latest, any Saudi princes that might remain in power will have had their pumping capacity bluff called many times over!”
The oil price, in dollar terms at least, is now the highest it has been since 1990. It was soaring oil prices that tipped the world into three of the last four world recessions — the early ’70s, the early ’80s and the early ’90s — so there is an obvious concern. Add in the fact that the two countries with the largest oil reserves, Saudi Arabia and Iraq, are not in the most stable condition.
Spiralling oil prices would force an economic crisis in Australia within 15 years if authorities failed to act now, the Australian Greens said today.
