Archive for the 'OPEC' Category



The United States Joint Forces Command goes by the slogan “Ready for today. Preparing for tomorrow”.
But the military planners are certainly getting worried about tomorrow.
They argue that “Fossil fuels will very likely remain the predominant energy source going forward,” but then warn that “a severe energy crunch is inevitable without a massive expansion of production [...]

Back to the peak oil debate. We could reach peak oil much faster than predicted, according to Sir David King, the British Government’s former chief scientist, who has warned of shortages and price spikes within years.
King argues that the world’s oil reserves have been exaggerated by up to a third.  

Out of the frying pan into the fire. In a bid to end the global “addiction to oil”, British Prime Minister Gordon Brown has signalled he wants the UK to play a major role in the race to build an extra 1,000 nuclear power stations across the world.
Brown, who is flying to Saudia Arabia for [...]

Saudi Arabia says it will call a summit of oil producers and consumers in an effort to stem the surge in the price of oil.
The world’s biggest producer said recent rises, including the record $10 leap on Friday, were not justified by market fundamentals and it would work with Opec to guarantee supplies.

President Susilo Bambang Yudhoyono of Indonesia has said that his country was considering quitting OPEC because it was no longer a net oil exporter.
“Our wells are drying,” he said in a nationally televised speech, adding that the country needed to concentrate on increasing domestic production, which has dropped to less than a million barrels a day [...]