Change may only happen in small steps, but slowly and surely the geo-politics of oil are changing. The dynamics of Middle Eastern oil are in transition. Anyone who argued that the war in the Gulf was a war about oil should sit up and take notice. And anyone concerned about the climate should also be … Read More
Saudi Arabia
The Flawed Defence of “Dirty Oil”
It was inevitable that some sections of the Canadian press would defend tar sands, but the arguments they are using are fundamentally flawed. In an editorial entitled “’Dirty oil’ beats bloody oil” today, the Calgary Herald tries to hit back at recent moves (see blog here) that highlight the financial risks of oil sands. The … Read More
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
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
Saudi Holds 200 Over Foiled Oil Attack
Saudi Arabia says it has arrested 208 militants for involvement in cells planning an imminent attack on an oil installation, as well as attacks on clerics and security forces. State television in the world’s biggest oil exporter said one of the cells was planning to smuggle in missiles. Al Qaeda sympathizers have mounted a campaign … Read More
Saudis Embark on PR Exercise to Show World They Have Enough Oil
Slowly but surely the unthinkable is becoming thinkable. The days of “peak” are fast approaching, and such is the shortage of new areas coming on stream that there is a “production ceiling” to the amount of oil that can be pumped per day to an ever thirsty world. Take the Wall Street Journal this morning. … Read More
Twelve Dollars a Year
In the late winter of 2006, the citizens of Burlington, Vermont prepared to elect one of five candidates to a three-year term for an open mayor’s seat. At one forum, a citizen stood up and asked, “Within the next mayoral term, it’s likely the price of oil will hit $90 a barrel and gas will … Read More
Al-Qaeda “Confess” on TV About Saudi Oil Attack
Captured al-Qaeda militants have “confessed” on Saudi media that last year’s foiled suicide attack on the world’s largest oil processing facility was part of a plot to strike oil installations in an attempt to draw U.S. troops into Saudi Arabia. Four alleged members of an al-Qaeda terror cell arrested following the Feb. 2006 attack on … Read More
Oil Security Discussed in Saudi
Meanwhile at another meeting this week in Saudi Arabia, the security of oil supplies will be the central theme when Middle East and Asian oil ministers meet. The meeting comes days after Riyadh said it had foiled a militant plot against its oil facilities. Asian importers – who buy 55 percent of their oil from … Read More
Persian Gulf Needs Over $500bn in Oil Investment
The Persian Gulf states need to pump $523 billion over the next 25 years in exploration and production to meet a steady growth in global demand, according to the Abu Dhabi-based Emirates Centre for Strategic Studies and Research in a new book.