Contrary to what most people believe, oil supply capacity is growing at such an unprecedented level that it might soon outpace consumption. This could lead to overproduction and a steep dip in oil prices. That is the startling conclusion from Leonardo Maugeri, a former senior executive with Italian oil giant ENI, who is currently a … Read More
oil reserves
“The last man will switch off the button”
At one point yesterday, Brent crude, the European benchmark grade of oil was topping $108 a barrel—its highest level in 2½ years. Such is the surge in oil prices caused by the Libyan crisis that it could derail the global economic recovery according to Fatih Birol, the International Energy Agency’s chief economist. Analysts argue that … Read More
Exxon is Running Out of Oil
When the history of the hydrocarbon age is written, the one company that will personify Big Oil more than any other will be Exxon. Yes, there are other oil majors like Shell and BP, but they are like young pretenders to the Oil King. Exxon is the company that has bet its future on oil, … Read More
Saudi Arabia’s “Inconvenient Truth”
New documents released by Wikileaks reveal that for over three years the Americans have been worried that Saudi Arabia may have overstated its reserves by 40 per cent or some 300bn barrels. The fact that Saudi Arabia may be overstating its reserves its nothing new, but many consider it the elephant in the room for … Read More
Oil Reserves “Exaggerated by One Third”
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. Â
Pumping more oil is the wrong solution…
Under huge political pressure, Saudi Arabia will raise oil production to record levels by pumping an extra half-a-million barrels of oil a day, bringing their production to 9.7 million barrels a day. That would be a rise of 550,000 bpd or over 6 percent since May and would take Saudi crude output to its highest … Read More
BP Blames the “Madness of Men” for Oil Rise
“We’re not running out of hydrocarbons,” insists Tony Hayward, the baby-faced boss of global oil giant BP. To back up this view, he cites various comforting figures from the latest edition of the firm’s “Statistical Review of World Energy”, released this week.
Oil Shortage a “Myth”, Says Industry Insider
Soaring oil prices, talk of peak oil… there is really nothing to worry about says a former oil man who claims that there is over twice as much oil in the ground as major producers say. Although it is widely assumed that the world has reached a point where oil production has peaked this idea … Read More
The Second North Sea Oil Boom
Happy Environment Day, story number three. The record oil price could cause a second oil boom in the North Sea. The popular view is that the UK’s share of the North Sea is in decline, with energy reserves diminishing rapidly about 35 years after the oilfields were first exploited. However, there is a growing body … Read More
The Seabed Scramble
We just don’t know when to stop. It looks like we are going to chase every drop of oil under every remote sea-bed, no matter the consequences. A fevered scramble for control of the world’s seabed is going on – mostly in secret – at a little known office of the United Nations in New … Read More