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Page added on October 28, 2008

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Peak Oil Review – Oct 27

1. A spreading crisis

2. OPEC

3. Investment in new production

4. Briefs

1. A spreading crisis

Oil prices moved above $75 a barrel early last week as the markets anticipated a cut in OPEC production. By Wednesday, however, fears of a deepening recession, falling equities markets, a rising dollar, and increasing US stockpiles overcame concerns over the production cut to send the markets lower, closing out the week at $64.15. Early today oil fell to below $62 a barrel. […]

2. OPEC

Despite the predictions that the Oct. 23 meeting would be contentious, OPEC decided in 90 minutes to cut its oil production by 1.5 million b/d and allocated the cuts among its members. The final cut was a compromise between the conservative Gulf producers who were arguing for a cut less than 750,000 b/d and the price hawks who wanted a cut of 2 or more million b/d. […]

3. Investment in new production

Hardly a day goes by without a report that investment in new oil production projects is being delayed, postponed or cancelled. A combination of falling oil prices, declining demand, the unavailability of loans, and fears of a global economic meltdown are more than enough to stop many projects. […]

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