Tracking the oil spectrum from a financial, ecological, social perspective. Mar 25
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Oil production fails to keep up with demand CRUDE-OIL prices shot up on June 8th—Brent crude to a one-month high of $118.59 per barrel—after OPEC representatives meeting in Vienna were unable to reach an agreement on production quotas. Many had expected an increase in quotas as members with spare production capacity, led by Saudi Arabia, pushed to avoid a price spike that may dampen long-term demand.
Home Textiles Today Staff -- Home Textiles Today, 6/13/2011 2:37:08 PM London and White Plains, N.Y. - George Little Management is up for sale by its parent company The Daily Mail & General Trust. GLM is the company's U.S. tradeshow arm and produces 15 markets, including the New York International Gift Fair and National Stationery Show.
The Need to Consider the Possible Impact of Peak Oil During a recent discussion on the topic of peak oil, the dean of one of America’s most prestigious business schools [who asked to remain anonymous], said “…leaders should bring somebody in to their organizations right away to talk to them about this…if only to say they’ve had a thorough look at the subject and dismiss it. This is something that must appear on the radar screen and be addressed.”
About this blog The Prudent Bear is dedicated to the bear market philosophy. With news, commentary and more, it’s an all-in-one resource center for those who take a bearish stance on the economy. Most Popular Europe is again showing heightened fragility, while U.S. equities post a big first-quarter. Now that was one intriguing week.
The Barnett shale play has not only inspired one of the fastest growing energy industries ever created in North America, but is on the verge of propelling a multinational industry. By the end of this decade a small industry that started in an obscure basin in Texas-- and was dismissed by Government and Big Oil alike-- will likely be multicontinental in scope and strategically impressive in scale. Independents saw what Government is incapable of seeing and still cannot comprehend and Big Oil could afford to wait and see.
Merry Christmas, now pay up! Investors yesterday pushed crude oil prices to a two-year high near $91 a barrel, all but guaranteeing the metro area a record $3-a-gallon gas for the holidays. And this is supposed to be a low point in gas consumption. The crude spike is bad news for retailers and the overall economy as $100 million a day is siphoned from consumers' wallets -- dollars that could have been used to spur non-fuel sales and create jobs -- every time pump prices jump by 20 cents a gallon. "The main factor pushing prices higher is optimism over the economy," said analyst Peter Beutel of Cameron Hanover, who last week predicted crude oil could hit $100 a barrel by early spring.
Yesterday the Saudi Arabian oil Minister, Ali Al-Naimi, commented that the days of easy oil are not over , and that there remain at least 88 billion barrels in the Saudi oilfield of Ghawar, let alone the rest of the fields in that country. Well before that sends you out to buy a fleet of Hummers, you might want to take a wee bit closer look at some of the other things that he said, or did not say. For the future is not quite as rosy as his remarks might, at first, make you think.
RIYADH (Commodity Online) : World’s largest oil exporter Saudi Arabia has struggling to maintain its daily output quota target of 12.5 million barrels per day. According to officials from the Kingdom’s oil ministry, Saudi Arabia has decided to boost the number of oil rigs at its disposal by 28 per cent. However, analysts said extra rig activity would maintain rather than increase the kingdom's oil capacity. State-run oil giant Saudi Aramco met leading oil service companies including Halliburton over the weekend to discuss plans to boost the country's rig count this year and next to 118, from around 92 now. Saudi Arabia has increased its output to around 9m bpd this month to help compensate for disruption of supply from fellow Opec producer Libya.
The report can be accessed from the popular German paper Der Spiegel in this story: Bundeswehr-Studie warnt vor dramatischer Ölkrise . The report is so far only available in German, and while Ich spreche ein wenig Deutsch (I speak a little German), I am not fluent enough to capture the essence of the report. (Der Spiegel has summarized the report in English now: Military Study Warns of a Potentially Drastic Oil Crisis ).
The bewildering, entrancing, unpredictable nature of nature and people, the richness, diversity and changeability of life come from that evolutionary dance generated by cycles of growth, collapse, reorganization, renewal and re-establishment. We call that the adaptive cycle . Holling, 2009
Sir Richard Branson, founder of the Virgin Group, will say the coming crisis could be even more serious than the credit crunch. Photograph: Peter Schneider/EPA Sir Richard Branson and fellow leading businessmen will warn ministers this week that the world is running out of oil and faces an oil crunch within five years. The founder of the Virgin group, whose rail, airline and travel companies are sensitive to energy prices, will say that the coming crisis could be even more serious than the credit crunch. "The next five years will see us face another crunch – the oil crunch. This time, we do have the chance to prepare.
"It's GCSE economics that if production is constrained and demand increases from emerging countries, the price will go up and up and up," Mr Marchant said. He urged the Government to start dealing with the problem of limited oil supply by encouraging consumers to limit their energy usage. "We can have a debate about which year this problem will hit us, but I would rather have a debate about how we avoid it becoming a problem," he added. The electrification of the UK's transport system is likely to prove both a huge challenge and expansion opportunity for electricity companies and network operators in the UK. Mr Marchant believes that most consumers will probably be driving hybrid or electric cars by the middle of the next decade. "Driving two miles is a pretty low value use of oil," he said.
Posted by Gail the Actuary on February 11, 2010 - 10:08am Topic: Miscellaneous Tags: peak oil , wall street journal [ list all tags ] The Wall Street Journal today has an article about the work of Britain's Industry Taskforce on Peak Oil and Energy Security that goes well beyond summarizing what the task force said in its report. The article starts out: The Next Crisis: Prepare for Peak Oil As Europe's leaders gather in Brussels today, they have only one crisis in mind: the debts that threaten the stability of the European Union. They are unlikely to be in any mood to listen to warnings about a different crisis that is looming and that could cause massive disruption.
This a guest post by Ian Sutton, whom I had the pleasure of meeting at this year’s ASPO-USA conference . The author of this essay has worked in the process industries, both onshore and offshore, for forty years. He has extensive experience in design, operations and risk management and is the author of numerous technical books . He is a professional engineer, registered in the State of Texas.
Oil and the Economy