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OilPrice.com | Energy | Crude Oil Detailed analysis of crude oil price movements and crude oil news which looks at geopolitics and technical advancements affecting the oil sector. http://oilprice.com/ Thu, 24 May 2012 23:46:28 GMT Oilprice.com (info@oilprice.com) OPEC's View of the World Oil Market http://oilprice.com/Energy/Crude-Oil/OPECs-View-of-the-World-Oil-Market.html It is interesting to read the viewpoint of OPEC each month, as it relates to global oil supply, and the numbers that they rely on to estimate how much production that will be required. For 2012, for example, they now see no need to increase production above 30 mbd, (though it averaged 31.62 mbd in April, when NGL and non-conventional sources are included) with adequate production growth to meet demand (some 0.6 mbd) coming from non-OPEC sources that are anticipated to average 53 mbd this year. At present supply is seen as exceeding demand,…

]]> summersd@oilprice.com (Dave Summers) Wed, 23 May 2012 22:29:50 GMT http://oilprice.com/Energy/Crude-Oil/OPECs-View-of-the-World-Oil-Market.html No One Can Afford Another Round of Iran Sanctions http://oilprice.com/Energy/Crude-Oil/No-One-Can-Afford-Another-Round-of-Iran-Sanctions.html As Iran and the P5+1 prepare to meet in Baghdad on 23 May for the next round of nuclear talks, Europe should be seriously considering the implications of its planned sanctions on Iranian oil scheduled to be implemented on 1 July. Obama certainly is considering this. Greece is collapsing and the entire Euro zone is in trouble. A newly elected French President Francois Hollande is a very important confidante for US President Barack Obama, and together they have plans to save Europe – particularly Greece and the Eurozone – with or without…

]]> corporate@oilprice.com (Jen Alic) Mon, 21 May 2012 19:21:13 GMT http://oilprice.com/Energy/Crude-Oil/No-One-Can-Afford-Another-Round-of-Iran-Sanctions.html India Decides to Invest in the Oil Potential of the Falklands http://oilprice.com/Energy/Crude-Oil/India-Decides-to-Invest-in-the-Oil-Potential-of-the-Falklands.html Britain and Argentina have been feuding over the sovereignty of the Falkland Islands for 180 years, and 1982 fought a brief but vicious war over them.Much has changed in the past three decades – Argentina has increasingly lined up fellow Latin American nations to support their claim to Las Malvinas, and in the past two years, intrepid British oil exploration companies have surveyed Falkland waters and found promising signs of hydrocarbon deposits.Now, an outside player has decided to take the plunge on what might be there under the stormy…

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]]> admin@namecake.com (John Daly) Wed, 16 May 2012 23:17:05 GMT http://oilprice.com/Energy/Crude-Oil/India-Decides-to-Invest-in-the-Oil-Potential-of-the-Falklands.html Libya: A Real World Syriana http://oilprice.com/Energy/Crude-Oil/LibyaA-Real-World-Syriana.html A curtain is slowly getting drawn back on the death of Shokri Ghanem, the former head of the Libyan oil industry found floating in the Danube River last month. Rumors have surfaced that Ghanem was perhaps speaking with former rebels curious about what he might've known about deals with foreign entities that made the Gadhafi family rich from the country's oil reserves. While nothing is certain, talks of a global energy mafia and investigations into the various dealings of energy companies working in Libya certainly make, at the very least, a compelling…

]]> dg@oilprice.com (Daniel J. Graeber) Tue, 15 May 2012 3:38:43 GMT http://oilprice.com/Energy/Crude-Oil/LibyaA-Real-World-Syriana.html New IMF Model is Far More Accurate at Predicting Oil Production http://oilprice.com/Energy/Crude-Oil/New-IMF-Model-is-far-more-Accurate-at-Predicting-Oil-Production.html The International Monetary Fund (IMF) recently issued a new working paper called “The Future of Oil: Geology versus Technology” (free PDF), which should be of interest to people who are following “peak oil” issues. This is a research paper that is being published to elicit comments and debate; it does not necessarily represent IMF views or policy.The paper considers two different approaches for modelling future oil supply:1. The economic/technological approach, used by the US Energy Information Administration…

]]> tverberg@oilprice.com (Gail Tverberg) Fri, 11 May 2012 22:18:02 GMT http://oilprice.com/Energy/Crude-Oil/New-IMF-Model-is-far-more-Accurate-at-Predicting-Oil-Production.html Attack on Iran's Oil Industry Ups Cyber Warfare Stakes http://oilprice.com/Energy/Crude-Oil/Attack-on-Irans-Oil-Industry-Ups-Cyber-Warfare-Stakes.html Stuxnet failed to cause enough damage to Iran’s nuclear program, and more recent attacks on the country’s science ministry and oil industry have also apparently fallen flat, but practice makes perfect, and cyber warfare will continue to escalate, presumably with Iran going on the offensive as soon as its capabilities allow. Iran’s Fars news agency claimed on 29 April that cyber attacks on the Iranian Science Ministry and the oil industry “failed to penetrate” or to leave “any impact on the data system”.…

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]]> corporate@oilprice.com (Jen Alic) Wed, 02 May 2012 3:57:59 GMT http://oilprice.com/Energy/Crude-Oil/Attack-on-Irans-Oil-Industry-Ups-Cyber-Warfare-Stakes.html Stung by the Keystone XL Debacle, Canada Looks Eastwards http://oilprice.com/Energy/Crude-Oil/Thwarted-by-U.S.-Marginalizing-the-Keystone-XL-Pipeline-Canada-Looks-Eastwards.html Given that the Keystone XL pipeline is apparently dead in the water at least until after the next presidential election, Canada is seeking new export markets in Asia for its booming oil and natural gas production. Few Americans realize it, but according to the U.S. Energy Administration, the United States total crude oil imports now average 9.033 million barrels per day (mbpd), with Canada sending 2.666 mbpd southwards to the U.S., making it America’s top source of oil imports. In 1988, Canada and the United States signed a free trade…

]]> admin@namecake.com (John Daly) Fri, 20 Apr 2012 12:33:22 GMT http://oilprice.com/Energy/Crude-Oil/Thwarted-by-U.S.-Marginalizing-the-Keystone-XL-Pipeline-Canada-Looks-Eastwards.html Why the US is Not About to Become an Oil Exporter http://oilprice.com/Energy/Crude-Oil/Why-the-US-is-Not-About-to-Become-an-Oil-Exporter.html Countries trade crude oil and oil products back and forth. When all of these transactions are netted out, is the US close to becoming a “net” oil exporter? With the recent increase in oil production (perhaps even exceeding that of Russia on a “barrels-per-day” basis), a person might think that US oil production problems are behind us. If we look at the data, though, it is very clear that the US is still a long way from becoming a net oil exporter. There are several reasons for confusion. One is the fact that excess refinery…

]]> tverberg@oilprice.com (Gail Tverberg) Wed, 18 Apr 2012 22:26:04 GMT http://oilprice.com/Energy/Crude-Oil/Why-the-US-is-Not-About-to-Become-an-Oil-Exporter.html What the EIA's World Oil Production Data for 2011 Tells Us About 2012 http://oilprice.com/Energy/Crude-Oil/What-the-EIAs-World-Oil-Production-Data-for-2011-tells-us-about-2012.html The US Energy Information Administration (EIA) recently released full-year 2011 world oil production data. In this post, I would like show some graphs of recent data, and provide some views as to where this leads with respect to future production. World oil supply is not growing very much Figure 1. World crude oil and other "liquids" supply has dropped below the 1983-2005 trend line in recent years. Actual data is from EIA International Petroleum Monthly, through December 2011. The fitted line in Figure 1 suggests a “normal” growth…

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]]> tverberg@oilprice.com (Gail Tverberg) Thu, 12 Apr 2012 22:15:54 GMT http://oilprice.com/Energy/Crude-Oil/What-the-EIAs-World-Oil-Production-Data-for-2011-tells-us-about-2012.html Chechnya Courts Azerbaijan after Fallout with Russian Oil Giant http://oilprice.com/Energy/Crude-Oil/Chechnya-Courts-Azerbaijan-after-Fallout-with-Russian-Oil-Giant.html As the license for Russia’s state-own oil giant Rosneft to explore war-torn Chechnya’s hydrocarbon reserves is set to expire, Azerbaijan is invited to consider the contract as Chechen leader Ramzan Kadyrov seeks to increase his bargaining position vis-à-vis Moscow. On 4 April, Chechen officials announced that Rosneft’s license had expired and an invitation for exploration had been extended to Azerbaijan’s state oil company, SOCAR. Baku is doing its best to downplay the issue, hoping to avoid the politics behind developments…

]]> corporate@oilprice.com (Jen Alic) Thu, 12 Apr 2012 21:58:21 GMT http://oilprice.com/Energy/Crude-Oil/Chechnya-Courts-Azerbaijan-after-Fallout-with-Russian-Oil-Giant.html Kenya Must Get it Right With Oil http://oilprice.com/Energy/Crude-Oil/Kenya-Must-Get-it-Right-With-Oil.html Last month, Kenya declared that oil was discovered off its coast for the first time. Nairobi expects explorers to invest at least $40 million in the country and dozens of international oil companies have already expressed interested in offshore blocks. But with civil war simmering in neighboring Somalia and a looming water crisis in the region, Nairobi should take heed that the power which comes from oil reserves does not lead to corruption as the country heads toward national elections. British energy exploration Tullow Oil last month said…

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]]> dg@oilprice.com (Daniel J. Graeber) Wed, 11 Apr 2012 22:08:40 GMT http://oilprice.com/Energy/Crude-Oil/Kenya-Must-Get-it-Right-With-Oil.html What Happens if Iran Doesn't Back Down? http://oilprice.com/Energy/Crude-Oil/What-Happens-if-Iran-Doesnt-Back-Down.html If an embargo is successful in preventing Iran from selling a significant amount of oil on the world market, what would replace it? On Friday the White House released the following statement: there currently appears to be sufficient supply of non-Iranian oil to permit foreign countries to significantly reduce their import of Iranian oil, taking into account current estimates of demand, increased production by some countries, private inventories of crude oil and petroleum products, and available strategic petroleum reserves and in fact, many purchasers…

]]> flybiggles555@yahoo.com (James Hamilton) Thu, 05 Apr 2012 22:11:39 GMT http://oilprice.com/Energy/Crude-Oil/What-Happens-if-Iran-Doesnt-Back-Down.html Why the US Cannot Extract Most of its Oil Reserves http://oilprice.com/Energy/Crude-Oil/Why-the-US-cannot-Extract-most-of-its-Oil-Reserves.html People are often confused about the overall extent of U.S. oil reserves. Some claim that the U.S. has hundreds of billions or even trillions of barrels of oil waiting to be produced if bureaucrats will simply stop blocking development. In fact, in a recent debate between Republican candidates contending for Gabrielle Giffords' recently vacated House seat, one candidate declared "We have more oil in this country than in Saudi Arabia." So, I thought it might be a good idea to elaborate a bit on U.S. oil resources. Oil production has been increasing…

]]> tol@oilprice.com (The Oil Drum) Wed, 04 Apr 2012 22:14:46 GMT http://oilprice.com/Energy/Crude-Oil/Why-the-US-cannot-Extract-most-of-its-Oil-Reserves.html In Major Policy shift, Turkey to Buy Libyan Crude to Replace Iranian http://oilprice.com/Energy/Crude-Oil/In-Major-Policy-shift-Turkey-to-Buy-Libyan-Crude-to-Replace-Iranian.html Washington’s attempts to corral recalcitrant nations to support increased sanctions on Iran by boycotting their oil exports have seen a number of countries effectively ignore the U.S. pleas, including China and India. Now however, the Obama administration has apparently scored a diplomatic victory with one of Iran’s neighbors, as Turkey has announced that it will replace Iranian crude imports with oil shipped in from Libya. But not immediately. On 30 March Turkish Energy Minister Taner Yildiz announced, “We will…

]]> admin@namecake.com (John Daly) Tue, 03 Apr 2012 22:38:25 GMT http://oilprice.com/Energy/Crude-Oil/In-Major-Policy-shift-Turkey-to-Buy-Libyan-Crude-to-Replace-Iranian.html FARC Steps Up Attacks on Colombian Energy Infrastructure http://oilprice.com/Energy/Crude-Oil/FARC-Steps-Up-Attacks-on-Colombian-Energy-Infrastructure.html After a lull since 2008, the Revolutionary Armed Forces of Colombia have resumed attacks on Colombia’s oil infrastructure, launched 14 attacks this year alone on a major pipeline run by Ecopetrol SA (ECOPETL), which carries about 70,000 barrels a day of crude to the Caribbean coast. Output declined by 4.8% from January to February as a result of attacks, while the latest attack on 18 March forced ECOPETL to shut down the 771-kilometer pipeline to make repairs. The day before, FARC guerillas reportedly killed 11 soldiers guarding a roadway…

]]> corporate@oilprice.com (Jen Alic) Mon, 02 Apr 2012 22:12:48 GMT http://oilprice.com/Energy/Crude-Oil/FARC-Steps-Up-Attacks-on-Colombian-Energy-Infrastructure.html A New Industry to be Born from the End of North Sea Oil http://oilprice.com/Energy/Crude-Oil/A-New-Industry-to-be-Born-from-the-End-of-North-Sea-Oil.html It may be small by global standards, but Britain’s oil and gas industry has far greater significance than its size suggests. Apart from providing a global oil price benchmark — Brent Crude — derived from a blend of sweet North Sea crude types, exploration techniques and production technologies pioneered in the North Sea are used around the world to extract oil from hostile environments. Whatever is done in offshore oil and gas fields around the world, the chances are it was probably done first in the North Sea. The oil and gas…

]]> Burnss@oilprice.com (Stuart Burns) Thu, 29 Mar 2012 23:23:28 GMT http://oilprice.com/Energy/Crude-Oil/A-New-Industry-to-be-Born-from-the-End-of-North-Sea-Oil.html South Sudan Runs out of Time for Oil Transit Alternatives http://oilprice.com/Energy/Crude-Oil/South-Sudan-Runs-out-of-Time-for-Oil-Transit-Alternatives.html Ongoing border and oil disputes and the halting of oil production by South Sudan has led to renewed clashes between Khartoum and Juba, the specter of another war and the buckling of South Sudan’s underdeveloped economy. On 26 March, clashes erupted between the Sudan People’s Liberation Army (SPLA) of South Sudan and the Sudan Armed Forces (SAF) in a number of border-area hotspots. Fighting is ongoing in the states of Kordofan and Unity, the latter home to the main oil field in Heglig, inside South Sudan but claimed by both sides.…

]]> corporate@oilprice.com (Jen Alic) Wed, 28 Mar 2012 23:37:53 GMT http://oilprice.com/Energy/Crude-Oil/South-Sudan-Runs-out-of-Time-for-Oil-Transit-Alternatives.html Did Libya's Oil Bubble Burst Already? http://oilprice.com/Energy/Crude-Oil/Did-Libyas-Oil-Bubble-Burst-Already.html Libyan crude oil production has witnessed a notable uptick since major combat operations ended last year. In mid-2011, at the height of the international conflict, it looked as if the loss of Libyan crude oil could unravel any hopes of a global economic recovery. Crude oil prices have in general increased during the first four months of 2012, though some optimism was expressed because of Libya's return. With Tripoli headed for its first free election in 40 years, however, nothing is certain regarding the former OPEC giant. OPEC said in its…

]]> dg@oilprice.com (Daniel J. Graeber) Wed, 28 Mar 2012 23:32:36 GMT http://oilprice.com/Energy/Crude-Oil/Did-Libyas-Oil-Bubble-Burst-Already.html New Oil Sands Pipeline is More Carbon Friendly than Shipping http://oilprice.com/Energy/Crude-Oil/New-Oil-Sands-Pipeline-is-More-Carbon-Friendly-than-Shipping.html It didn’t take long for the oil industry to go to Plan B to get the massive new supplies of Bakken Formation oil in North Dakota and the Canadian Oil Sands to the remaining refineries at the Gulf Coast. It may not overcome the closing of refineries on the US east and west coasts, but the nation will get its own oil and its good neighbour’s supplies refined and off to market. It’s likely a more expensive alternative, but the current administration has made it clear the citizens, the neighbours and the economy are not…

]]> james@pokemoncard.info (Brian Westenhaus) Wed, 28 Mar 2012 23:14:31 GMT http://oilprice.com/Energy/Crude-Oil/New-Oil-Sands-Pipeline-is-More-Carbon-Friendly-than-Shipping.html Kenya Strikes Oil: New Regional Potential and Security Concerns http://oilprice.com/Energy/Crude-Oil/Kenya-Strikes-Oil-New-Regional-Potential-and-Security-Concerns.html Kenya has announced its first oil discovery and is already discussing plans for the drilling of four exploratory wells this year in a development that portends a new future for Kenya as East Africa’s oil hub. It also comes amid, and could ignite, new security concerns. On 26 March, Kenyan officials announced a discovery of 20 meters of oil in the Ngamia-1 well in the country’s northwestern Turkana region after drilling to only one-third of the well’s depth. Kenyan President Mwai Kibaki described the discovery as a “major…

]]> corporate@oilprice.com (Jen Alic) Tue, 27 Mar 2012 23:04:04 GMT http://oilprice.com/Energy/Crude-Oil/Kenya-Strikes-Oil-New-Regional-Potential-and-Security-Concerns.html