Divisions within OPEC have eased as the dual threat of the global economic crisis, and climate change talks force oil producers to be pragmatic and unified, analysts said on Sunday. But the stance of the price hawks has since lost…
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…
In the March 1998 issue of Scientific American Colin Campbell and Jean Laherrère published the classic article “The End of Cheap Oil”. That article became the starting point for the debate that has subsequently developed around a future peak of…
The Norwegian Petroleum Directorate (NPD) has cut its resource estimate for the Barents Sea by about 11%, it said today. The NPD said it had cut the Barents Sea play’s estimated recoverable resources from 1.03 billion cubic meters of oil…
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…
Offshore drilling companies are having a hard time expanding their fleets because the economic conditions have made new vessels harder to finance. Scorpion Offshore announced today that it was unable to secure financing for their Deepwater Rig semisubmersible. Keppel FELS…
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…
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…
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…
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…