The new documentary film, Sweet Crude, directed by Sandy Cioffi, offers a rare visceral look at the enormous problems facing the people of Nigeria’s oil-rich Niger River delta. Everyone interested in energy knows the complexity of the problem: massive oil reserves, oil companies only too willing to get into bed with corrupt military dictators (or […]
In my family, there is the story of how, when one of my aunts sold her house, her sisters, helping her empty the place, found 27 boxes of Fab detergent squirreled away in the kitchen cupboard. In case she should ever run out, and besides it was on sale, you see. Something like this may […]
The United States maybe in the initial stages of a Southeast Asian foreign policy overhaul; the Obama Administration is not only reconsidering its sanctions against Myanmar, but also reevaluating America’s policy toward the entire Southeast Asian region. Brian McCartan has an informative article on the recent removal of Cambodia and Laos from the United States’ […]
Today the Senate Energy and Natural Resources Committee voted for an amendment, as part of a comprehensive energy bill, which would give the Secretary of the Interior Department flexibility in suspending mandatory royalty payments to companies for the production of oil and gas. The incentives, originally part of the 2005 Energy Bill, allow oil companies […]
Oil prices rose yesterday as Goldman Sachs stated it expects prices to reach $85 by the end of the year from its current level just below $70. Its analysts believe the recent price increase is the first stage of a longer sustained rally. They are right to see oil price rise over the long-term as […]
Oil has finished higher during 16 of the last 20 trading sessions and seven straight as it continues to rise from lows in February. Although it looks set to close lower today as traders cash in on recent gains, the price has increased over 110% over the past four months. But the fundamental drivers over […]
Nigerian militants from the Movement for the Emancipation of the Niger Delta (MEND) claimed to attack several pipelines of oil companies including Chevron yesterday, shitting in 100,000 barrels of crude a day. The attacks come in response as Nigerian forces over the past two weeks began a major operation against the rebel group. MEND claims […]
In a move that went widely unreported last week, California Governor Arnold Schwarzenegger unveiled a plan that would allow additional drilling within state waters in an attempt to help ease California’s fiscal troubles. California had banned new exploration activity within state waters (an area that roughly extends nine miles from the coast) since the 1969 […]
OPEC reported a rise in output despite a pledge from the organization’s member to reduce production to meet quotas agreed to in December. Five members (Saudi Arabia, Kuwait, Iran, Nigeria and Angola) increased production over the past month by a total of 180,000 bbls/day, although Saudi Arabia remains within its quota of roughly 8 mln […]
On Friday, T Boone Pickens entitled an article “Swimming in Natural Gas” playing off a similar quote from the Wall Street Journal. (It is also sounds similar to, er, my coulumn I wrote last month that the world is swimming in oil as stocks had increased driving down the price of oil.) In his piece, […]
OPEC and large Asian oil consuming countries led by Japan, India and China met on Sunday for the third Asian Ministerial Energy Roundtable. The group’s goal is to To foster dialogue between Asia’s resource producers, primarily Middle East countries, and consumers, such as China and India, and to send a message to the world that […]
One of the untold stories in the headlines during the past few months is that the price of oil has climbed. Recent reports have shown oil at $61 a barrel in the 4th quarter, definitely higher than the $30 reached in 2008. Many financial analysts contribute the rise in price mainly to OPEC cuts. Bloomberg […]
The world is swimming in oil. This coming less than one year after record high oil prices and when the world was running very low in spare capacity (the difference between what can be produced and the amount demanded and the linchpin to lower prices). US inventories are at record levels. Tankers are sitting off […]
Today the Secretary of the Interior Ken Salazar spoke to oil executives and stated: Just as your shareholders expect you to get a fair rate of return on your investments and to be wise stewards of your balance sheets, the American people are asking the same of us as we manage their resources Bravo, Ken. […]
Over the weekend OPEC members decided not to cut oil production levels. Instead, they chose to focus on doing what cartels are supposed to do: join together to regulate output. OPEC announced yesterday that member states would restrict oil production to their allotted amounts “to contribute to market stability” as members have yet to completely […]