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News from May 2004

Iraqi Oil Exports Hit $10 Billion

Iraqi Oil Exports Hit $10 Billion thumbnail



UNITED NATIONS (Reuters) – Iraqi crude oil sales since last year’s U.S.-led invasion have hit more than $10 billion, the U.S.-led authority governing Iraq said on Monday.


Reuters


N.Y. Crude Oil May Rise as Saudi Attack Raises Supply Concern

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June 1 (Bloomberg) — Crude oil may rise in New York on increasing concern supply from Saudi Arabia, the world’s largest exporter, may be disrupted after the third attack this month against foreigners left 22 dead over the weekend.


Bloomberg


Saudi Arabia: Oil-Sector Experts Try To Gauge Impact Of Terror Attack

Saudi Arabia: Oil-Sector Experts Try To Gauge Impact Of Terror Attack thumbnail


Al-Muqrin has repeatedly issued calls for the Saudi royal family to be overthrown. But until last year, the Saudi government played down evidence that Islamic radicals were posing a threat to security. That has changed since a series of deadly attacks — including last month’s attack at the Yanbu petrochemical complex. Saudi officials are now seeking to reassure the global markets that their oil pipelines, terminals, and processing centers are protected.


Radio Free Europe


Investigating phantom barrels in the oil sands

Investigating phantom barrels in the oil sands thumbnail

Western Oil Sands Inc. chopped 15 million barrels from the estimated reserves for its part of the Athabasca Oil Sands Project, while its partner Shell Canada Ltd. made no change at all.

Globe and Mail


Don’t Gripe About Gas Prices

Don’t Gripe About Gas Prices thumbnail

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? Globe And MailIndustry magazines have been tracking a controversy about […]


The Empire at Oil’s End

The Empire at Oil’s End thumbnail

The oilmen in the White House, of course, have the best view of the lush terrain on the far side of Hubbert’s peak. No wonder, then, that a map of the “war against terrorism” corresponds with such uncanny accuracy to the geography of oil fields and proposed pipelines.

Alternet


PowerDown review by Bruce Thomson

PowerDown review by Bruce Thomson thumbnail

Moderator Bruce Thomson reviews ‘PowerDown’ (Richard Heinberg’s upcoming book) on the EnergyResources Yahoo group. Summary: he likes it. New Society Publishers sent me a draft of ‘PowerDown’ (Richard Heinberg’s upcoming book) to preview. It’s good, so I’ll send out this recommendation of it to the main egroups. A GOOD COVERAGE, A VERY USEFUL BOOK FOR […]


Do we have to beg for affordable oil?

Do we have to beg for affordable oil? thumbnail

Such a public plea, from the leading western industrial countries plus Japan, was hardly a show of strength. But in the old days the accompanying news that Saudi Arabia was prepared to raise output to assist western economies would almost certainly have brought instant relief.

Guardian Unlimited


A Saudi Riddle

A Saudi Riddle thumbnail

A Saudi Riddle
Billmon – Whiskey Bar
May 30, 2004

Which is this:

In yesterday’s attacks in Al Khobar, as in the attack earlier this month in Yanbu, the terrorists went after people, not infrastructure. And yet, if ex-CIA agent Robert Baer is right, they could have done far more damage and sown far more chaos if they had gone after the delicate web of pipelines, pumping stations and terminals that is currently squirting 8.35 million barrels of crude a day into the global oil market.

Here’s Baer’s take, from his book Sleeping With the Devil:

http://billmon.org/archives/001490.html


Solar Concentrators Tackle the Hydrogen Test

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SHEC’s unit uses a system of mirrors to concentrate the sun’s energy much like a satellite dish concentrates data frequencies to a central receiver. In the company’s previous press release from last June, SHEC said their unit could concentrate sunlight by a factor of 5,000 times.

SolarAccess


ten billion barrels of North Sea oil could remain untapped

ten billion barrels of North Sea oil could remain untapped thumbnail

If methods are not discovered soon to get at the remainder of supplies in the North Sea, the infrastructure that brings it to the surface will be too old to use.

BBC


Big oil collides with traditional life in Saudi desert

Big oil collides with traditional life in Saudi desert thumbnail

Saudi society was molded by the self-sufficient and egalitarian virtues of desert life, yet today it’s in thrall to fast food, cell phones and gas-guzzling SUVs. The country’s oil wealth has paid for an imported culture of conspicuous affluence, typified by modernistic shopping malls and highways worthy of southern California.

Chicago Sun Times


Coal May Shine Again

Coal May Shine Again thumbnail

The die-off begins at the bottom

The die-off begins at the bottom thumbnail

This one is from my local paper. Looks like the people on the bottom rung are already starting to feel the squeeze. Growing requests for help surprises N.C. charitiesCHARLOTTE, N.C. — Social workers and charities say rising gasoline and utility bills have sent more people into financial crisis during April and May, usually the slowest […]


Future of Natural Gas Supply

Future of Natural Gas Supply thumbnail

This paper by Jean Laherrere contains an enormous amount of data and forecasts of future productions and discoveries of natural gas.

PeakOil.net


3rd International Workshop On Oil & Gas Depletion

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280 came to the 3rd International Workshop On Oil&Gas Depletion


Berlin, Germany, May 25-26 2004


Organised by the Association for the Study of Peak Oil&Gas


more


Alaska ranks as priciest place to produce oil

Alaska ranks as priciest place to produce oil thumbnail

KENAI–Alaska remains the most costly place on the planet to produce oil and gas but the state could take steps to attract major oil company investment, according to the head of the Alaska Oil and Gas Association.

more


Oil Mergers Saw Gas Prices Tick Up – GAO

Oil Mergers Saw Gas Prices Tick Up – GAO thumbnail



The General Accounting Office said over 2,600 mergers had occurred, some of them between large oil companies that had previously competed with each other for the sale of petroleum products.


more


Latest al-Qa’ida attack puts Saudi oil industry in question

Latest al-Qa’ida attack puts Saudi oil industry in question thumbnail


Despite assurances, analysts are likely to be wary for some time to come


more


Economy to ride out oil turmoil

Economy to ride out oil turmoil thumbnail

China still isn’t big enough to really matter


16 Dead In Attack On Halliburton Oil Compound In Saudi Arabia

16 Dead In Attack On Halliburton Oil Compound In Saudi Arabia thumbnail

At least 16 people were killed in multiple attacks on an oil company’s offices and a housing compound in the Saudi Arabian city of Al Khobar Saturday.


more


Militants kill 11, take hostages in assault on Saudi oil sector

Militants kill 11, take hostages in assault on Saudi oil sector thumbnail

AL-KHOBAR, Saudi Arabia : Suspected Islamist militants killed at least 11 people, including an American and an Egyptian boy, and then holed up with hostages in a series of spectacular attacks on oil facilities in Saudi Arabia.



more


Britain condemns deadly attacks in Saudi Arabia

Britain condemns deadly attacks in Saudi Arabia thumbnail

LONDON, May 29 (Xinhuanet) — British Foreign Secretary Jack Strawon Saturday issued a statement to condemn the deadly attacks that reportedly killed at least 10 people in the Saudi Arabia.

more


Are We Out of Gas?

Are We Out of Gas? thumbnail

Certainly supply isn’t declining yet. “Proved” oil reserves increased from 677 billion barrels in 1982 to 1048 billion in 2002, a 55 percent increase. (“Proved” means quantities that with reasonable certainty can be recovered from known reservoirs under existing economic and operation conditions.) Meanwhile worldwide consumption increased only 13 percent.

That’s not a particularly scary trend.

techcentralstation.com


America’s wake-up call

America’s wake-up call thumbnail

One of the strongest warnings comes from Kenneth S. Deffeyes, a geologist and Princeton University professor who has calculated that the world’s oil production will peak around Thanksgiving Day in 2005. After that, he predicts, production will begin a perilous and precipitous decline, as wells dry up and oil producers scour the globe for the last of its diminishing supply.

The Baltimore Sun


‘Al-Qaeda’ claims triple attacks in Saudi oil centre

‘Al-Qaeda’ claims triple attacks in Saudi oil centre thumbnail

“The heroic mujahedeen in the Jerusalem Squad were able, by the grace of God, to raid the locations of American companies … specializing in oil and exploration activities and which are plundering the Muslims’ resources, on Saturday morning,” said the statement signed by “the Al-Qaeda Organization in the Arabian Peninsula.”

News Asia


As prices rise, crime happens more often

As prices rise, crime happens more often thumbnail

Typically, gas stations across the country see between two and three gas thefts a week, a number that jumps to two or three a day when prices increase, according to the Virginia-based industry trade organization.

Fort Colins Coloradoan


The oil ‘crisis’ of 2004

The oil ‘crisis’ of 2004 thumbnail

Conspiracy theorists will see these oil-market developments as further evidence of a plot between the House of Saud and the House of Bush. That’s nonsense. What we are seeing in the market is a result of clever policies in Saudi Arabia, and dumb ones in the United States. This “crisis” is manmade…

The Cincinnati Post


Russia will boost oil production to capitalize on high prices

Russia will boost oil production to capitalize on high prices thumbnail

“If the prices for oil are high, we will increase its production to take advantage of this, and if the prices go down, we will not artificially hamper the economic growth in the world,” Kudrin said on Mayak radio, according to the Interfax news agencies.

CJAD.com


Mabro On The Futures Markets And The Price Of Oil

Mabro On The Futures Markets And The Price Of Oil thumbnail

If OPEC believes that a tight market will continue in the near future it should cease talking temporarily about quotas and simply say that demand will be met up to the limit of capacity and that after that point is reached the entire game is in the hands of the market.

PetroleumWorld


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