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 … Read More
OPEC
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
1,000 Nuclear Plants Needed to Break Oil Addiction
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 … Read More
Saudi Arabia to Call Opec Summit
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.
“Our wells are drying”
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 … Read More
Iran to OPEC: Stop Oil Sales in Dollars
Iranian President Mahmoud Ahmadinejad is stirring the pot again. As the dollar continues to fall, he is urging OPEC members to form a joint bank and stop pricing oil trades in U.S. dollars. Ahmadinejad told OPEC Secretary General Abdalla Salem el-Badri the cartel “should establish a joint bank as well as having joint currency.”
Give Us More Oil Pleads Cheney
His boss may have tried it and failed but now its Dick Cheney, the US vice-president’s turn. He is expected to urge Saudi Arabia to increase oil production during his tour of the Middle East that begins today. Mr Bush spent two evenings with King Abdullah of Saudi Arabia during his January trip. But his … Read More
US Pleads for More Oil
U.S. Energy Secretary Sam Bodman has pleaded with Saudi Arabia for more oil, undeterred by OPEC’s cautious response to Washington’s request so far. Bodman told reporters in Abu Dhabi there were short-term concerns about the performance of the U.S. economy and he was hopeful Riyadh would steer a decision to increase oil supplies at OPEC’s … Read More
Brazil Considers Joining OPEC After “Monstrous” Find
Brazil is to consider joining OPEC after it has gauged the impact on its oil exports from its newly discovered giant offshore Tupi oil field. Isnard Penha Brasil said that “a membership decision will come after we know what our export capacity will be and we think this will be good.” Last week, Brazil confirmed … Read More
Opec Shifts on Climate
If you can’t join beat them, join them. Opec is seeking to “reposition itself at the centre of the climate change debate” by pushing for a fund to finance research and development on emissions capture and sequestration technology as a means to clean up fossil fuels. Ahead of a key United Nations climate conference next … Read More