We’ve learned to loathe OPEC for oil. Will we have to deal with an OGEC for natural gas?
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The world’s biggest oil producers in OPEC turned out to be among the quietest of the several hundreds of groups attending Copenhagen. What happened to public demands for many billions of dollars in financial compensation from consumer nations for using less oil down the road, a possibility prior to the conference So maybe there was a last-minute breakthrough at Copenhagen after all—if not the big one. UPDATE : Here’s the accord. Everybody’s been looking at oil demand, but is the real story in oil supply? The International Energy Agency just published its latest monthly oil market report. For the fourth time in as many months, it has upped its forecast for 2009 oil production by all those countries that aren’t part of OPEC Oil seemed poised this morning to make another run at $70 a barrel. Could things get any worse for Iraq Oil Minister Hussain al-Shahristani? Associated Press Hussain Al-Shahristani, Iraqi oil minister, for now. More fun in the oil markets: OPEC decides against cutting production and crude prices rise. The 2.5% gain in oil futures today to above $65 a barrel probably has more to do with an unexpectedly large decline in U.S. oil inventories , but it does underscore how optimistic oil markets have become lately Is Russian oil production back? There’s less where that came from (AP) After months of struggling to lift production volumes, Russia says its crude production rose in April by almost 1%. If sustained, that could bode well for global oil supplies in the event demand ever recovers Dust off those survivalist manuals and brush up on your dystopias : Peak oil is back. Always tougher on the way down (AP) Global production of petroleum peaked in the first quarter of last year, says analysts Raymond James, which “represents a paradigm shift of historic proportions. Unfortunately, mankind better get ready to live in a peak oil world because we believe the ‘peak’ is now behind us.” Raymond James’s notes that non-OPEC oil production apparently peaked in the first quarter of 2007, and given precipitous falls in oil output from Russia to Mexico, there’s not much hope for a recovery The long-term outlook for oil supply isn’t getting any better, which means the prospects for a price spike when demand finally recovers is increasing. Abdalla Salem El-Badri (AP) OPEC Secretary-General Abdalla Salem El-Badri said even more oil drilling projects in cartel member countries are being put on hold or axed altogether. |
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