Category Non-Renewable Energy

OPEC talks about production increases

iea_eia_opec_qvennerstedt

The group president of OPEC has said those organization ministers will raise output to protect the global economic recovery at a meeting in December if oil prices rise to US$100 per barrel. Jose Botelho de Vasconcelos, who is also Angola’s…

Gazprom gives bleak outlook

Gazprom

Russian gas monopoly Gazprom believes global demand and its own gas production will be depressed by around 10% for the next 4-5 years, its deputy chief executive said today. “A reduction in demand of 10 percent will continue for the…

Putin: Cheap gas era is over

gas flaring offshore rig

The era of cheap gas is coming to an end, Russia’s Prime Minister Vladimir Putin has told ministers from the world’s major gas-exporting countries. The Gas Exporting Countries Forum (GECF) meeting in Moscow has agreed a charter and plans for…

Saudi Prince: U.S. oil independence not applicable!

Prince Turki Al-Faisal

U.S. oil independence “is non-applicable” despite US President-elect Barack Obama’s assurances, said former Saudi Chief of Intelligence Prince Turki Al-Faisal Wednesday evening. Al-Faisal said in statements to KUNA, during a seminar held on Saudi-US relations organized by the Arab contemporary…

IEA: Six New Saudi Arabias Required

Oil depletion

The World Energy Outlook 2008 (WEO2008) was released last week, and it contains updated studies and forecast from the International Energy Agency (IEA). One of their conclusions is that six new Saudi-Arabias is required until 2030, corresponding to 64 million…

The New Oil Reality

oil barrels

Washington Post has expanded its investigating reportage section, Oil Shock, and continued to dig deeper into the new oil reality and the driving forces behind the dramatic increases in oil price. They point out remarkable events that have passed by…